Lower Sample Clauses
The "Lower" clause typically sets a minimum threshold or floor for a particular value, such as pricing, payment, or performance standards, within a contract. In practice, this means that even if external factors would otherwise reduce a value below this threshold—such as market fluctuations or cost changes—the agreed-upon minimum will still apply. This clause ensures that parties are protected from values dropping too low, thereby providing financial stability and predictability in the contractual relationship.
Lower. Lower Classification or Lower is a classification in an employee’s OGL where the base weekly rate or base hourly rate is lower except for all weekly salaried clerical employees on salary schedules 20 and 21 where for purposes of displacement in a Location the base weekly rate is 2 or more salary grades lower. For pay equity adjusted rates, lower will be deemed to be those jobs whose terminal rates are lower than the Step 3 rates listed on Salary Schedule 20. Example 1: Grade 56 (no PEA) is lower than a Grade 55 + PEA equivalent to Grade 57 Step 3.
Lower. If the “personal” maximum rate is “lower” in the new Classification, then your total Seniority hours are used to determine what level you shall start at, and the number of hours towards the next increment. The exception to this is a rejection on class trial period, in which case the Employee returns to their previous rate and the Hours Worked at the new level are credited to the previous level.
Lower. This Agreement is made as of November 1, 2000 (the "Effective Date"), between APW Ltd., a Bermuda corporation (the "Company"), and ▇▇▇▇▇▇ ▇. Lower (the "Executive").
Lower minor amendments to existing tenures; small scale operational level plans and permits; temporary structures; short term activities; investigative permits; authorizations related to access; small structures.
Lower. If a lower pay range is assigned to a position or a class of positions, the employee shall salary until increment date, at which time shall go to next step in the new range. When a lower pay range is assigned to a class of positions and an employee’s current is above the maximum of such range, hisher salary shall remain set at the specific rate was earning at the time until is placed in another position allowing to continue to additional increments. The Employer shall endeavour to place the employee in a position with a salary range equal to that of former classification, subject to the provisions of An employee have the right to accept or such a position offered to pursuant to sub-section of this section. If elects to reject the position offered, shall be subject to a reduction in pay as on a voluntary demotion. If elects to accept the position offered, shall be required to complete the probationary period for such position, and in the event of failing to do so, shall be entitled to return to former position, but shall be subject to a reduction in pay as on a voluntary demotion.
Lower. Tiered Recipient shall return Project Funds to Subrecipient if County determines, in its sole discretion, any or all of the following occurs:
(1) Lower-Tiered Recipient is unable to expend the Project Funds within the applicable deadlines provided herein; or,
(2) Lower-Tiered Recipient has expended Project Funds not in accordance with this Agreement and the ARP Act, including but not limited to, current and subsequent Treasury rules, regulations, guidelines, and instructions, executive orders and other applicable laws (collectively "Treasury Laws and Regulations").
Lower. Tier Interest 1 and Lower-Tier Interest 2 shall each have Pass-Through Rates equal to the Group I Net Weighted Average Coupon Rate (the sum expressed as a per annum rate on the sum of the Loan Balances for Mortgage Loans in Group I). Lower-Tier Interest 3 and Lower-Tier Interest 4 shall each have a Pass-Through Rate equal to the Group II Net Weighted Average Coupon Rate (the sum expressed as a per annum rate on the sum of the Loan Balances for the Mortgage Loans in Group II). Lower-Tier Interest 5 shall have a Pass-Through Rate equal to the weighted average of the Group I Net Weighted Average Coupon Rate and the Group II Net Weighted Average Coupon Rate (the sum expressed as a per annum rate on the sum of Loan Balances of the Mortgage Loans). The Lower-Tier REMIC Residual Interest shall have no principal balance and no Pass-Through Rate and shall be entitled to only those distributable assets, if any, remaining in the Lower-Tier REMIC on each Payment Date after all amounts required to be distributed to Lower-Tier Interest 1, Lower-Tier Interest 2, Lower-Tier Interest 3, Lower-Tier Interest 4, and Lower-Tier Interest 5 and applicable Trust expenses have been paid. The Lower-Tier REMIC Interests will have the following designations and Pass-Through Rates, and distributions of principal and interest thereon shall be allocated to the Certificates in the following manner:
Lower. Tier Interest 1 shall have an initial principal balance equal to one percent of the sum of the initial principal balances of the Group I Certificates (that is, $3,250,000). Lower-Tier Interest 2 shall have an initial principal balance equal to one percent of the Group I Original Balance (that is, $3,267,973). Lower-Tier Interest 3 shall have an initial principal balance equal to one percent of the initial principal balance of the Class A-7 Certificates (that is, $750,000). Lower-Tier Interest 4 shall have an initial principal balance equal to one percent of the Group II Original Balance (that is, $765,306). Lower-Tier Interest 5 shall have an initial principal balance equal to the excess of (i) the sum of the Group I Original Balance and the Group II Original Balance over (ii) the sum of the initial principal balances of Lower-Tier Interest 1, Lower-Tier Interest 2, Lower-Tier Interest 3, and Lower-Tier Interest 4 (that is, $395,294,718). On each Payment Date, principal payments on the Mortgage Loans shall be allocated 99% to Lower-Tier Interest 2, Lower-Tier Interest 4 and Lower-Tier Interest 5, and 1% to Lower-Tier Interest 1 and Lower-Tier Interest 3 until paid in full. The aggregate amount of principal allocated to the Lower-Tier Interest 1 and Lower-Tier Interest 3 shall be apportioned between such Interests in the same manner in which principal on the Mortgage Loans is payable with respect to the Group I Certificates and the Group II Certificates, respectively. The aggregate amount of principal allocated to Lower-Tier Interest 2, Lower-Tier Interest 4 and Lower-Tier Interest 5 shall be allocated and apportioned among such Interests first, to Lower-Tier Interest 2 and Lower-Tier Interest 4 the least amount of principal necessary which when applied to such Interests can be applied so that the ratio of the principal balance of Lower-Tier Interest 2 to the principal balance of Lower-Tier Interest 4 equals the ratio of the sum of Loan Balances of the Mortgage Loans in Group I to the sum of the Loan Balances of the Mortgage Loans in Group II (the "Balance Ratio") and second, to Lower-Tier Interest 5. Any Overcollateralization Increase Amount will not be paid as interest to the Lower-Tier REMIC Regular Interests, but instead to the extent available, a portion of the interest payable with respect to Lower-Tier Interest 5 which equals 1% of the Overcollateralization Increase Amount (and, to the extent 1% of the Overcollateralization Increase Amount exceeds th...