Alternate Rate. Upon the occurrence (and failure to cure) of any Event of Default, or upon the maturity hereof (by acceleration or otherwise), the entire unpaid principal sum, at the option of Authority, shall bear interest, from the date of occurrence of such Event of Default or maturity and after judgment and until collection, at the ―Alternate Rate,‖ such rate being the highest interest rate then permitted by law. Interest calculated at the Alternate Rate, when and if applicable, shall be due and payable immediately without notice or demand. Developer agrees that in the event of any Event of Default, Authority will incur additional expense in servicing the loan evidenced by this Note and will suffer damage and loss resulting from such Event of Default. Developer agrees that in such event Authority shall be entitled to damages for the detriment caused thereby, which damages are extremely difficult and impractical to ascertain. Therefore, Developer agrees that the Alternate Rate (as applied to the unpaid principal balance, accrued interest, fees, costs and expenses incurred) is a reasonable estimate of such damages to Authority, and Developer agrees to pay such sum on demand.
Alternate Rate. 8.05 Subject to clause 8.06, whenever an employee is assigned to perform the regular duties of a higher rated position for at least a full day or shift, he/she shall be paid the minimum of the hourly rate for the position of the higher classification or an increase of sixty-five cents (65¢) per hour, whichever is the greater.
Alternate Rate. 6.05 Subject to clause 6.07, whenever an employee is assigned to perform the regular duties of a higher rated classification for at least a full day or shift, he/she shall be paid the minimum of the hourly rate for the higher classification or an increase of sixty-five cents (65¢) per hour, whichever is the greater, but in no case shall an employee be paid in excess of the maximum rate for the higher rated classification. This clause does not apply to an employee in a trainee classification.
Alternate Rate. (a) Notwithstanding any provision of any Operative Document to the contrary (including, without limitation, the Issuer Indemnity Agreement), if any Guaranteed Lender (or the Calculation Agent on its behalf) shall provide notice to the Issuer pursuant to Section 6.3 of the Issuer Indemnity Agreement with respect to a potential Alternate Rate Claim in respect of an Interest Period for a Bank Note (the “Affected Interest Period”), then such Guaranteed Lender (an “Affected Lender”) (or the Calculation Agent on its behalf) may (but shall not be obliged to) promptly (and in any event by 3:00 p.m. (Washington, D.C. time) on the Quotation Date for such Affected Interest Period) provide notice thereof to the Security Trustee and Ex-Im Bank. Concurrently therewith, such Affected Lender shall provide to Ex-Im Bank and Lessee a certificate (an “Alternate Rate Certificate”) from a duly authorized officer of such Affected Lender (i) certifying the Alternate Rate for such Affected Interest Period and (ii) containing a representation that (A) in the case of a certification made pursuant to Section 6.3.1(a)(ii) or 6.3.1(b) of the Issuer Indemnity Agreement (1) LIBOR does not fairly and accurately reflect the cost to such Guaranteed Lender of maintaining or funding its portion of such Guaranteed Loan for such Affected Interest Period, (2) the determination of such Alternate Rate has been made in good faith and on a nondiscriminating basis and (3) such Affected Lender’s cost of funds included in such Alternate Rate (x) does not include any amount or costs not associated with the actual funding of its portion of a Bank Note for such Affected Interest Period and (y) is no more than its actual costs for the sourcing of funds in an amount equal to its portion of a Bank Note for a period equal to such Affected Interest Period and determined on the relevant Quotation Date or (B) in the case of a certification provided pursuant to Section 6.3.1(a)(i) of the Issuer Indemnity Agreement, (1) on the Quotation Date for the Affected Interest Period, (x) no offered rate for LIBOR appeared on Reuters Screen LIBOR01 Page (or any replacement page) and (y) not more than one of the Reference Banks was able to provide a quotation to the Calculation Agent of an offered quotation for United States dollar deposits for a period equal to such Affected Interest Period to prime banks in the London interbank market, (2) as to the Prior LIBOR Rate for such Affected Interest Period and (3) the determinat...
Alternate Rate. Subject to clause whenever an employee is assigned to perform the regular duties of a higher rated position for at least a full day or shift, shall be paid the minimum of the hourly rate for the position of the higher classification or an increase of sixty-five cents per hour, whichever is the greater. Subject to clauses and where an employee is assigned to perform the regular duties of a higher-rated position and actually works sufficient aggregate time in such higher-rated position to qualify for an increment or an automatic adjustment, shall be granted such increment effective the beginning of the pay period nearest the date on which qualifies for the increment. An employee may qualify for any subsequent increments in the same manner as set out above and will begin to accumulate such aggregate qualifying time immediately following the effective date of the initial increment. All employees shall, as a condition of their employment, participate in payroll direct deposit. The City may set rates of pay for new or changed classifications and shall advise Local of such new or changed classifications at least ten working days prior to the implementation of the new or changed rate of pay changed classification. If Local is of the opinion that the rate is unfair or improper, Local shall have the right of filing a grievance in accordance with the procedure as set forth in clause (Policy Grievances) hereof.
Alternate Rate. Upon the occurrence of a LIBOR Phase-Out Event (as defined below), the Purchaser and the County agree to use their best efforts to select a mutually agreeable alternate index to be used in replacement of the LIBOR Index Rate that complies with current proposed or final safe harbor regulations of the Internal Revenue Service, which may be the Secured Overnight Financing Rate (“SOFR”), and to amend the Bond Indenture to include appropriate modifications to implement such new rate mode into the Bond Indenture. Any such amendment to the Bond Indenture shall be in accordance with Article IX of the Bond Indenture and will require the delivery of a Favorable Opinion of Bond Counsel as set forth in Section 9.02 of the Bond Indenture. For the avoidance of doubt, the occurrence of a LIBOR Phase-Out Event and the amendment of the Bond Indenture to implement a new alternate rate mode shall not be construed as to require the County or the Purchaser to convert to such new rate mode and any subsequent conversion to such mode shall be in accordance with Section 2.04(d) of the Bond Indenture.
Alternate Rate. Subject to clause whenever an employee assigned to the regular duties of a higher rated position for at least a full day or shift, shall be paid the minimum of the hourly rate for the position of the classification or an increase of thirty cents per hour, whichever is the greater. Effective October this rate increases to cents This clause does not apply to an employee in a trainee classification. The foregoing alternate rate provisions shall apply to periods during which the employee is absent on leave, receiving sick pay in accordance with or on paid or on annual vacation, provided such employee has been continuously at such alternate rate for at least three (3) months and such period has not been interrupted by an aggregate of absences on paid leave, sick pay, paid holidays or vacation in excess of twenty (20) working days prior to such absence on paid leave, These provisions shall apply only when the three (3) continuous months has been and such employee is being paid such alternate rate at the commencement of such absence and such alternate rate be paid only to the extent that it would have been paid had the employee remained at work. Subject to clause where an employee is assigned the regular of a higher rated and actually works sufficient aggregate time to qualify for an increment within the eighteen month period following the Initial assignment such position, shall be granted such increment effective the beginning of the pay period nearest the date on which qualifies for such increment. In to actual worked, and pursuant to clause all time that an employee is absent on leave, receiving sick pay in accordance with Article (Sick Pay) or on paid or annual vacation shall apply towards an employee's aggregate in qualifying for an increment. An employee may qualify for any subsequent increments in the same manner as set out above and begin to accumulate such aggregate qualifying time immediately following the effective date of the initial increment. All employees shall as a condition of their In payroll direct deposit.
Alternate Rate. For any day, for any Alternative Currency, the sum of (a) a rate per annum quoted or established as the “prime rate” appearing on a nationally recognized screen (or if no such screen is available a similar rate quoted by a nationally recognized bank) as determined by the Agent in its reasonable discretion, in consultation with the Borrower and based on market conditions, reflecting the cost to the Lenders of obtaining funds in such Alternative Currency, plus (b) the Applicable Margin for LIBOR Rate Loans. When used in reference to any Loan, “Alternate Rate” refers to whether such Loan is bearing interest at a rate determined by reference to the Alternate Rate.
Alternate Rate. If, at any time during the term of this Agreement, the Administrative Agent, acting in good faith, determines, or the Majority Lenders, acting in good faith, determine and notify the Administrative Agent (which determinations shall be final, conclusive and binding upon the Borrower) that, on a basis that is expected to be temporary:
