Escalator clause definition

Escalator clause the lease rate as provided for in paragraph (D) of this rule, shall be recalculated every five years beginning on the first day of July following the fifth anniversary of the effective date of this rule and any increase shall be at the same rate of increase as the "National Consumers Price Index" (C.P.I.). The annual base rate for calculation purposes shall be the rate established by the U.S. department of labor for the city of Cleveland, Ohio, urban, all categories (C.P.I.U.) for November, 2001. That annual base rate is 172.3. The new rate shall be the most recent C.P.I.U. annual rate established to the nearest month prior to the date of recalculation by the U.S department of labor. Once the new annual rate has been determined and the amount of increase has been calculated, then the new annual rate shall become the base annual rate for calculation purposes for the next five year period of time. This change in rates shall continue until such time as the C.P.I.U. is no longer used or the director determines that another method may be more accurate. The lease rate percentage increase shall be the following: The base annual rate shall be subtracted from the new annual rate, the base rate shall be divided into the difference between the base rate and the new rate and the answer will be the percentage of increase or decrease over that five year period of time: At no time shall the lease rate charged in any lease written by the state of Ohio pursuant to section 1520.03 of the Revised Code or by these rules be lowered. Should the United States department of labor discontinue the use of C.P.I. the director shall select as nearly compatible a statistical formula on the purchasing power of the consumer dollar as is then available and published in some responsible governmental publication.
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Examples of Escalator clause in a sentence

  • The following Cost of Living Escalator clause shall be applicable to all employees covered by the Agreement and shall provide for an adjustment of wages upwards or downwards of 0.50% for each full 0.50% change in the Statistics Canada Consumer Price Index for Toronto (1992 = 100).

  • The following two cost of living paragraphs will operate from February until January The following Cost of Living Escalator clause shall be applicable to all employees covered by the Agreement and shall provide for an adjustment of wages upwards or downwards of for each full change in the Statistics Canada Consumer Price Index for Toronto (1992 = 100).

  • The following Cost of Living Escalator clause shall be applicable to all employees covered by the Agreement and shall provide for an adjustment of wages upwards or downwards of 1% for each full 1% change in the Statistics Canada Consumer Price Index for Toronto (1992 = 100).

  • The following two cost of living paragraphs will operate February until January The following Cost of Living Escalator clause shall be applicable to all employees covered by the Agreement and shall provide for an adjustment of wages upwards or downwards of for each full change in the Statistics Canada Consumer Price Index for Toronto (1 = 100).

  • The following two cost of living paragraphs will operate from February until January The following Cost of Living Escalator clause shall be applicable to all employees covered by the Agreement and shall provide for an adjustment of wages upwards or downwards of for each change in the Statistics Canada Consumer Price Index for Toronto (1992 = 100).

  • The following Cost of Living Escalator clause shall be applicable to all employees covered by the Agreement and shall provide for an adjustment of wages upwards or downwards of 0.50% for each full 0.50% change in the Statistics Canada Consumer Price Index for Toronto (1992 = 1 00).

  • The Service Fee stated above for total volumes received during any month shall be adjusted in accordance with the Escalator clause stated in Paragraph (d) below.

  • The following two cost of living paragraphs will operate from February until January 3 The following Cost of Living Escalator clause shall be applicable to all employees covered by the Agreement and shall provide for an adjustment of wages upwards or downwards of for each full change in the Statistics Canada Consumer Price Index for Toronto = The Index Figure published in January is to be the base for calculating adjustments.

  • The following cost of living paragraphs will operate from February until January The following Cost of Living Escalator clause shall be applicable to all employees covered by the Agreement and shall provide for an adjustment of wages upwards or downwards of for each full change in the Statistics Canada Consumer Price Index for Toronto (1992 = 100).

  • The Service Fee stated above for total volumes delivered during any month shall be adjusted in accordance with the Escalator clause stated in Paragraph (d) below.