APPLICATION of the BASIC FEE RATE Sample Clauses

The 'Application of the Basic Fee Rate' clause defines how the standard fee rate is applied to the services or goods provided under the agreement. Typically, this clause outlines the specific activities, time periods, or deliverables to which the basic fee rate pertains, and may clarify any exceptions or adjustments. Its core function is to ensure both parties have a clear understanding of how charges are calculated, thereby preventing disputes over payment and promoting transparency in billing.
APPLICATION of the BASIC FEE RATE. (Applicable to Percentage Based Fees only) If the Basic Fee is to be determined by a Basic Fee Rate, and the Special Provisions of the Agreement or an amendment to the Agreement does not provide otherwise, the Basic Fee Rate shall be applied, without change, to: (1) the tentative Cost of the Work (as described below) until opening of bids and then retroactively to the amount of the Construction Contract, including Change Orders and (2) the combined cost of all buildings or other Work covered by the Agreement. If the Work is executed in any manner other than under one lump sum Construction Contract, or one lump sum Construction Contract for sitework and a second lump sum Construction Contract for building construction, the Basic Fee Rate shall be subject to adjustment.
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APPLICATION of the BASIC FEE RATE. If the Basic Fee is to be determined by a Basic Fee Rate, and the Special Provisions of the Agreement or an amendment to the Agreement does not provide otherwise, the Basic Fee Rate shall be applied, without change, to: (1) the tentative Cost of the Work until opening of bids and then retroactively to the amount of the Construction Contract, including Change Orders and Sales Tax Savings and (2) the combined cost of all buildings or other Work covered by the Agreement. If the Work is executed in any manner other than under one lump sum Construction Contract, or one lump sum Construction Contract for sitework and a second lump sum Construction Contract for building construction, the Basic Fee Rate shall be subject to adjustment.
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APPLICATION of the BASIC FEE RATE. If the Basic Fee is to be determined by a Basic Fee Rate, and the Special Provisions of the Agreement or an amendment to the Agreement does not provide otherwise, the Basic Fee Rate shall be applied, without change, to: (1) the tentative Cost of the Work until opening of bids and then retroactively to the amount of the Construction Contract, including Change Orders and Sales Tax Savings and (2) the combined cost of all buildings or other Work covered by the Agreement. If the Work is executed in any manner other than under one lump sum Construction Contract, or one lump sum Construction Contract for sitework and a second lump sum Construction Contract for building construction, the Basic Fee Rate shall be subject to adjustment. The Basic Fee agreed upon in the Agreement typically fully compensates the Architect for investigation, research, measuring, and drawing of the reasonably accessible conditions existing in the building or spaces to be renovated or altered to facilitate the production of Drawings and Specifications of the Work covered by the Agreement. An increase of up to 25% in the Basic Fee Rate is allowed for major renovation projects as stated in Manual of Procedures Exhibit D. The Schedule of Basic Fee Rates is structured for new construction and may not adequately cover additional work required of design professionals for renovation projects. A project is considered a major renovation if more than 50% of the construction cost involves renovations and alterations. This additional work required for renovation projects usually involves investigating and developing drawings of existing conditions before design can be developed. In general, exterior projects, including, but not limited to, re-roofing, re-coating, and landscape/hardscape are not to be considered as major renovations. If the Awarding Authority/Owner can provide the design professional with drawings of the existing conditions, this adjustment may be minimized or eliminated. If the Owner and design professional agree to increase the Basic Fee Rate of the Schedule for Major Renovation, this must be stated in the spaces provided in the Agreement form. When stating the Basic Fee Rate on the form, state the increased rate. If the Basic Fee is a Basic Fee Rate and the Work covered by the Agreement involves substantial duplication of buildings on the same or separate sites, the Basic Fee Rate will be adjusted for the duplicated buildings in accordance with the Manual of Procedures Exhibit D u...
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Related to APPLICATION of the BASIC FEE RATE

  • Applicable Margin On the Third Amendment Effective Date and thereafter, the Applicable Margin with respect to the Term Loan D Loans shall be for Base Rate Advances, 1.50%, and for LIBOR Advances, 2.50%. The Applicable Margin with respect to the Term Loan D Loans shall be subject to reduction or increase, as applicable, and as set forth in the tables below, based upon the Borrower Leverage Ratio and the Senior Leverage Ratio set forth on a pro forma basis in any Request for Advance and as reflected in the financial statements required to be delivered for the fiscal quarter most recently ended pursuant to Section 6.1 or Section 6.2 hereof; provided that the Applicable Margins set forth in the tables below shall be increased by 25 bps at any time when the Senior Leverage Ratio is greater than 2.5 to 1.0. The adjustment provided for in this Section 2.3(f)(ii) shall be effective (A) with respect to an increase of the Applicable Margin, as of the second (2nd) Business Day after the earliest of (1) with respect to Base Rate Advances, the day on which any Request for Advance is delivered, (2) with respect to LIBOR Advances, the day on which the requested Advance is made or (3) the day on which financial statements are required to be delivered to the Administrative Agent pursuant to Sections 6.1 and 6.2 hereof, as the case may be, and (B) with respect to a decrease in the Applicable Margin, as of the second (2nd) Business Day after the earliest of (1) with respect to Base Rate Advances, the day on which any Request for Advance is delivered, (2) with respect to LIBOR Advances, the day on which the requested Advance is made or (3) except with respect to Interest Periods ending (or other payments of interest occurring) before the date that such financial statements are actually delivered to the Administrative Agent, the day on which such financial statements are required to be delivered to the Administrative Agent pursuant to Section 6.1 or 6.2 hereof. Notwithstanding the foregoing, if the Borrower shall fail to deliver financial statements within forty-five (45) days after the end of any of the first three fiscal quarters of the Borrower’s fiscal year (or within ninety (90) days after the end of the last fiscal quarter of the Borrower’s fiscal year), as required by Sections 6.1 or 6.2 hereof, it shall be conclusively presumed that the Applicable Margin is based upon a Borrower Leverage Ratio equal to the highest level set forth in the table below and a Senior Leverage Ratio greater than 2.5 to 1.0 for the period from and including the forty-sixth (46th) day (or ninety-first (91st) day, in the case of the last quarter) after the end of such fiscal quarter, as the case may be, to the Business Day following the delivery by the Borrower to the Administrative Agent of such financial statements: Greater than 4.00 to 1.00 1.50% 2.50% Less than or equal to 4.00 to 1.00 1.25% 2.25%

  • Interest Rates and Letter of Credit Fee Rates Payments and Calculations (a) Interest Rates. Except as provided in Section 2.13(c) and Section 2.15(a), all Obligations (except for the undrawn portion of the face amount of Letters of Credit) that have been charged to the Loan Account pursuant to the terms hereof shall bear interest at a per annum rate equal to the lesser of (i) the LIBOR Rate plus the Applicable Margin, or (ii) the maximum rate of interest allowed by applicable laws; provided, that following notice to Borrower in accordance with Section 2.15(a) hereof, all Obligations that have been charged to the Loan Account pursuant to the terms hereof shall bear interest at a per annum rate equal, during the duration of the circumstances described in Section 2.15(a), to the lesser of (A) the Base Rate plus the Applicable Margin as calculated pursuant to Section 2.15(a) or (B) the maximum rate of interest allowable by applicable laws.

  • Applicable Rate The definition of “Applicable Rate” set forth in Section 14 is hereby amended by adding to the end of Subsection (b) of the definition after the word “Rate” the following provision: “; provided, however, that if the payee is a Defaulting Party for purposes of Section 6(e), then the rate shall be the Non-default Rate.”

  • Applicable Margins The ABR Applicable Margin and the LIBOR Applicable Margin to be used in calculating the interest rate applicable to different Types of Advances shall vary from time to time in accordance with the long-term unsecured debt ratings from ▇▇▇▇▇’▇, and Fitch of the General Partner and the Borrower. In the event the General Partner and the Borrower have different ratings, the rating of the higher rated entity shall be used. In the event the rating agencies are split on the rating for the higher rated entity, the lower rating for such entity shall be deemed to be the applicable rating (e.g., if the higher rated entity’s ▇▇▇▇▇’▇ debt rating is Baa1, and its Fitch’s rating is BBB, then the Applicable Margins shall be computed based on the Fitch rating), and the Applicable Margins shall be adjusted effective on the next Business Day following any change in the higher rated entity’s ▇▇▇▇▇’▇ debt rating, and/or Fitch’s debt rating, as the case may be. The applicable debt ratings and the Applicable Margins are set forth in the table attached as Exhibit A. In the event that Fitch or ▇▇▇▇▇’▇ shall discontinue their ratings of the REIT industry, the General Partner or the Borrower, a mutually agreeable substitute rating agency (or two mutually agreeable substitute agencies if both existing rating agencies discontinue such ratings) shall be selected by the Required Lenders and the Borrower. If the Required Lenders and the Borrower cannot agree on a substitute rating agency or substitute rating agencies within thirty (30) days after such discontinuance, or if Fitch and ▇▇▇▇▇’▇ shall discontinue their ratings of the REIT industry, the Borrower, or the General Partner, the Applicable Margin to be used for the calculation of interest on Advances hereunder shall be the highest Applicable Margin for each Type. If a rating agency downgrade or discontinuance results in an increase in the ABR Applicable Margin, the LIBOR Applicable Margin, or Facility Fee Rate and if such downgrade or discontinuance is reversed and the affected Applicable Margin is restored within ninety (90) days thereafter, at the Borrower’s request, the Borrower shall receive a credit against interest next due the Lenders equal to interest accrued from time to time during such period of downgrade or discontinuance and actually paid by the Borrower on the Advances at the differential between such Applicable Margins, and the differential of the Facility Fee paid during such period of downgrade. If a rating agency upgrade results in a decrease in the ABR Applicable Margin, LIBOR Applicable Margin or Facility Fee Rate and if such upgrade is reversed and the affected Applicable Margin is restored within ninety (90) days thereafter, Borrower shall be required to pay an amount to the Lenders equal to the interest differential on the Advances and the differential on the Facility Fees during such period of upgrade.

  • Borrower Information Used to Determine Applicable Interest Rates The parties understand that the applicable interest rate for the Obligations and certain fees set forth herein may be determined and/or adjusted from time to time based upon certain financial ratios and/or other information to be provided or certified to the Lenders by the Borrower (the “Borrower Information”). If it is subsequently determined that any such Borrower Information was incorrect (for whatever reason, including without limitation because of a subsequent restatement of earnings by the Borrower) at the time it was delivered to the Administrative Agent, and if the applicable interest rate or fees calculated for any period were lower than they should have been had the correct information been timely provided, then, such interest rate and such fees for such period shall be automatically recalculated using correct Borrower Information. The Administrative Agent shall promptly notify the Borrower in writing of any additional interest and fees due because of such recalculation, and the Borrower shall pay such additional interest or fees due to the Administrative Agent, for the account of each Lender, within five (5) Business Days of receipt of such written notice. Any recalculation of interest or fees required by this provision shall survive the termination of this Agreement, and this provision shall not in any way limit any of the Administrative Agent’s, the Issuing Bank’s, or any Lender’s other rights under this Agreement.