Penalty Rates definition

Penalty Rates means the pay rate of ‘time and a half’ which is 1.5 times the ‘ordinary time’ hourly rate of pay, and the pay rates of ‘double time’ and ‘double time and a half’ which are 2 times and 2.5 times the ‘ordinary time’ hourly rate of pay respectively.
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Penalty Rates. Your Annual Percentage Rates (including Introductory Rates, Preferred Rates or Special Offer Rates) for all your Balance Categories may increase if one of these “Triggering Events” occurs: you fail to make your minimum payment to us when due or you make a payment to us that is dishonored for any reason. In such circumstances, we may increase your Annual Percentage Rates on all Balance Categories to higher Penalty Rates equal to those stated on the Schedule. Factors considered in determining the higher rates may include how you have handled your account with us and current and historical information regarding your credit in general. For your account to again become eligible for a lower daily periodic rate and corresponding Annual Percentage Rate, there must be no Triggering Event on your account for at least seven (7) consecutive billing cycles. If your daily periodic rate and Annual Percentage Rate are lowered (which occurs at our discretion after your account becomes eligible), the lower rates will not necessarily be as low as the Preferred Rates previously disclosed to you and will not necessarily apply to the balance of your account which is already outstanding as of the date the rates are lowered. An account that is closed while subject to Penalty Rates will not become eligible later for lower rates, regardless of the reason you or we closed the account and regardless of account performance. We are not obligated to give you notice that your Annual Percentage Rate is changing to a Penalty Rate. Even though we give you notice on one or more occasions, we may discontinue providing you a notice at any time. Penalty Rates will apply as provided above, regardless of whether, when or how you receive notice.
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Penalty Rates means the penalty rates and shift premiums set out in the following:
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Examples of Penalty Rates in a sentence

  • An employee required to work on a public holiday shall be paid an additional rate of time and a half for the ordinary hours worked and be paid at the rate of two and a half times in lieu of the rate prescribed in Clause 8 - Overtime and Penalty Rates for work in excess of ordinary hours.

  • Payment for time actually worked shall attract the appropriate loadings specified in Clause 24 - Penalty Rates, 25 - Overtime, or 26 - Public Holidays, of this Award.

  • All hours worked on weekends and outside 6.00 am to 6.30 pm Monday to Friday shall attract the appropriate penalties as per Clause 24 - Penalty Rates for Ordinary Time and Weekends.

  • Subject to Clause 24 - Penalty Rates, of this award the ordinary hours of work exclusive of meal times shall not exceed 8 hours per day or 76 hours per fortnight, Saturday to Friday.

  • Clause Number Subject 27 Additional payment and allowances 12 Hours of Work 24 Penalty Rates for ordinary time and Weekends 25 Overtime 26 Public Holidays For the purposes of this clause, such substitution shall only apply while the employee is working as a Live-in Housekeeper.

  • An employee required to work on a public holiday shall be paid an additional rate of time and a half for the ordinary hours worked and be paid at the rate of two and a half times in lieu of the rate prescribed in clause 8 - Overtime and Penalty Rates for work in excess of ordinary hours.

  • Overtime Penalty Rates All time worked in excess of the ordinary hours, shall be paid as follows (provided that a higher penalty elsewhere in this agreement does not apply): (a) From the commencement of this Agreement until midnight 30 June 2018, time and a half for the first two hours and double time thereafter; (b) From 1 July 2018 until midnight 31 December 2018, time and three quarters for the first two hours and double time thereafter; and (c) From 1 January 2019, double time.

  • Penalty Rates for Shiftwork Afternoon shift and night shift will attract a penalty rate of 15% of the ordinary time rate.

  • Week-end Penalty Rates All ordinary time worked by full-time employees on a Sunday shall be paid for at the rate of double time.

  • Should any or all contaminant level(s) in the Material be over the set limits, ABC has the right to refuse the Material, or apply Penalty Rates.


More Definitions of Penalty Rates

Penalty Rates. Penalty Rates (or “Penalty APRs”) are not applicable on your account.
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Related to Penalty Rates

  • Penalty Rate means the Stated Rate plus two percent (2.00%) per annum of the Liquidation Price of each share of Series A Preferred Stock.

  • Applicable Margins means collectively the Applicable Revolver Index Margin, the Applicable Term Loan Index Margin, the Applicable Revolver LIBOR Margin and the Applicable Term Loan LIBOR Margin.

  • Hourly Rates means payment on the basis of time reasonably spent on a case (as opposed to payment by way of a Standard Fee) where payment is based on the rates set out in the Remuneration Regulations;

  • Recovery Rate means, in relation to any UK Four institution the percentage of the original face value of senior unsecured debt obligations of the affected UK Four institution, as derived by the Calculation Agent from either the ISDA Auction Final Price or the Market Value.

  • Royalty Rate means the percentage defined in Exhibit B.

  • Differential Amount means the Differential Amount as calculated or, respectively, specified by the Calculation Agent pursuant to § 4 of the Special Conditions.

  • Pricing Level V any time when (i) the senior unsecured long term debt rating of the Borrower by (x) S&P is BBB‑ or higher or (y) Xxxxx’x is Baa3 or higher and (ii) none of Pricing Level I, Pricing Level II, Pricing Level III or Pricing Level IV applies.

  • Applicable ABR Margin means, at any date:

  • S&P Recovery Rate With respect to a Collateral Obligation, the recovery rate set forth in Section 1 of Schedule 4 using the Initial Rating of the most senior Class of Secured Notes Outstanding at the time of determination.

  • Applicable Utilization Fee Rate means, as of any date, the percentage rate per annum at which Utilization Fees accrue on all Revolving Credit Advances at such time as set forth in the Pricing Schedule.

  • Utilization Fee Rate means the percentage set forth in Schedule 1 hereto beside the then applicable Level.

  • Maintenance Margin means the minimum amount of money required in your Trading Account as specified on the Trading Platform in order to keep a Transaction open on the Trading Platform.

  • Applicable Commitment Fee Margin means, for each Pricing Period, the margin set forth below (expressed in basis points per annum) opposite the Applicable Pricing Level for that Pricing Period: Applicable Pricing Level Margin II 10.0 V 17.5

  • Pricing Level III shall exist on an Adjustment Date if the Consolidated Leverage Ratio for the relevant period is less than 3.00 to 1.00 but greater than or equal to 2.50 to 1.00.

  • Advance Rates shall have the meaning set forth in Section 2.1(a) hereof.

  • Money Rates listing under the caption “London Interbank Offered Rates” for a one month period (or, if no such rate is published therein for any reason, then the Published Rate shall be the rate at which U.S. dollar deposits are offered by leading banks in the London interbank deposit market for a one month period as published in another publication selected by the Administrative Agent).

  • Pricing Level refers to the determination of which of Level I, Level II, Level III, Level IV, Level V or Level VI applies at any date.

  • Pricing Level IV means any time when (i) no Event of Default has occurred and is continuing, (ii) the Senior Debt Rating is BBB- or higher by S&P or Baa3 or higher by Moody’s and (iii) Pricing Levels I, II and III do not apply.

  • Applicable Margin means, with respect to Advances of any Type at any time, the percentage rate per annum which is applicable at such time with respect to Advances of such Type as set forth in the Pricing Schedule.

  • Mandatory Cost Rate means, with respect to any period, a rate per annum determined in accordance with Schedule 1.01.

  • Applicable Utilization Fee means, as of any date that the aggregate Advances exceed 33% of the aggregate Commitments, a percentage per annum determined by reference to the Public Debt Rating in effect on such date as set forth below: -------------------------------- ----------------------------- Public Debt Rating Applicable S&P/Moody's Utilization Fee -------------------------------- ----------------------------- Level 1 BBB+ or Baa1 or above 0.125% -------------------------------- ----------------------------- Level 2 BBB or Baa2 0.250% -------------------------------- ----------------------------- Level 3 BBB- and Baa3 0.000% -------------------------------- ----------------------------- Level 4 BBB- or Baa3 0.000% -------------------------------- ----------------------------- Level 5 BB+ and Ba1 0.000% -------------------------------- ----------------------------- Level 6 Lower than Level 5 0.000% -------------------------------- -----------------------------

  • Level V Pricing applies on any day if no other Pricing Level applies on such day.

  • Pricing Level I shall exist on an Adjustment Date if the Consolidated Leverage Ratio for the relevant period is greater than or equal to 3.50 to 1.00.

  • Pricing Level II shall exist on an Adjustment Date if the Consolidated Leverage Ratio for the relevant period is less than 3.50 to 1.00 but greater than or equal to 3.00 to 1.00.