Waiting Period Compensation Sample Clauses

Waiting Period Compensation. ‌ During the three (3) day waiting period, an Employee may use accrued personal leave or accrued comp time to maintain paid status.

Waiting Period Compensation. (a) As compensation for the waiting period, if any, between the date on which a claim for compensation is made with respect to a Purchased Receivable under and in all respects in accordance with the Insurance Policy to the date on which such claim is paid (but, for the avoidance of doubt, without duplication of any amount of Additional Compensation payable with respect thereto), the applicable Seller agrees to pay the following amounts (such amounts, “Waiting Period Compensation”): (i) to the Banks, an amount equal to (x) the Agreed Base Value of such Purchased Receivable, times (y) the sum of the applicable LIBOR (as determined by the Administrative Agent), plus the Margin, times (z) a fraction, the numerator of which is the number of days that have elapsed from the date such claim is made to the date that such claim is paid under the Insurance Policy, and the denominator of which is 360; and (ii) to the Administrative Agent, for its own account, an amount equal to (x) the Agreed Base Value of such Purchased Receivable, times (y) 0.15%, times (z) a fraction, the numerator of which is the number of days that have elapsed from the date such claim is made to the date that such claim is paid under the Insurance Policy, and the denominator of which is 360. (b) Waiting Period Compensation with respect to any Purchased Receivable shall accrue based on a 360 day year and actual days elapsed and shall be due and payable on the last Settlement Date of each calendar month (so long as the Administrative Agent has notified the Parent that the Insurer has not rejected such claim for non-compliance with the Insurance Policy, including without limitation as a result of such claim not being timely filed), and on the date on which the applicable claim is paid under the Insurance Policy; provided, no Waiting Period Compensation shall accrue or be paid after the Settlement Date occurring immediately after the date that is three hundred and sixty (360) days after the date such claim is made under the Insurance Policy. (c) All Waiting Period Compensation shall be paid to the Administrative Agent at the Collection Account and upon receipt, the Administrative Agent shall promptly distribute to each Bank the Waiting Period Compensation owing to the Banks in an amount equal to such Bank’s Pro Rata Share thereof.