HIGHER RATE APPLICABLE Sample Clauses

The "Higher Rate Applicable" clause establishes that, in situations where multiple rates could apply to a transaction or obligation, the highest of those rates will be used. For example, if a contract references both a statutory interest rate and a contractual default rate, this clause ensures that the greater of the two is enforced. This approach prevents ambiguity and ensures that the party entitled to payment receives the maximum rate allowed, thereby discouraging delay or default and providing a clear standard for calculating amounts due.
HIGHER RATE APPLICABLE. The Employer agrees that any Employees who are employed on work specified in Article 6 who are re- quired to work within the territorial jurisdiction of any other Local Union covered by the terms of the Col- lective Agreement whose gross wage (i.e. wage rate, welfare and/or pension fund and vacation pay per- centage, etc.) are higher than those contained in the Local’s schedule, then the higher gross wage of the job site local will apply. All of the work covered by the terms and condi- tions of this Collective Agreement shall be performed by qualified Roofing Personnel recognized by the Lo- cal Union.
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HIGHER RATE APPLICABLE. The Employer agrees that any Employees who are employed on work specified in Article 6 who are re- quired to work within the territorial jurisdiction of any other Local Union covered by the terms of the Collect- ive Agreement whose gross wage (i.e. wage rate, wel- fare and/or pension fund and vacation pay percent- age, etc.) is higher than that contained in the Local’s schedule, then the higher gross wage of the job site local will apply. If the job site local’s gross wage rate is lower, than the higher gross wage of the member’s home local shall apply. Regardless of the location of the work being per- formed, any dues deductions and remittances re- quired by the provisions of this Collective Agreement shall be carried out as if the employee was working within the geographic jurisdiction of his home local. All of the work covered by the terms and condi- tions of this Collective Agreement shall be performed by qualified Roofing Personnel recognized by the Lo- cal Union.
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HIGHER RATE APPLICABLE. The Employer agrees that any Employees who are employed on work specified in Article 6 who are required to work within the territorial jurisdiction of any other Union covered by the terms of the Collective Agreement whose gross wage (i.e. wage rate, welfare and/or pension fund and vacation pay percentage, etc.) are higher than those contained in the Local’s schedule, then the higher gross wage of the job site local will apply. All of the work covered by the terms and conditions of this Collective Agreement be performed by quali- fied Roofing Personnel by the Local Union.
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HIGHER RATE APPLICABLE. The Employer agrees that any Employees who are employed on work specified in Article who are re- quired to work within the territorial jurisdiction of any other Local Union covered by the terms of the Col- lective Agreement whose gross wage (i.e. wage rate, welfare and/or pension fund and vacation pay per- centage, etc.) are higher than those contained in the Local’s schedule, then the higher gross wage of the job site local will apply. All of the work covered by the terms and conditions of this Collective Agreement shall be performed by qualified Roofing Personnel recognized by the Local Union.
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HIGHER RATE APPLICABLE. The Employer agrees that any Employees who are employed on work specified in Article who are re- quired to work within the territorial jurisdiction of any other Local Union covered by the terms of the Col- lective Agreement whose gross wage wage rate, welfare pension fund and vacation pay percent- age, etc.) are higher than those contained in the Lo- cal’s schedule, then the higher gross wage of the job site local will apply. All of the work covered by the terms and conditions of this Collective Agreement shall be performed by qualified Roofing Personnel recognized by the Local Union.
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Related to HIGHER RATE APPLICABLE

  • Determination of Interest Rate Basis The Calculation Agent shall determine the rate derived from each Interest Rate Basis in accordance with the following provisions.

  • Interest Rates; LIBOR Notification The interest rate on Eurodollar Loans is determined by reference to the LIBO Rate, which is derived from the London interbank offered rate. The London interbank offered rate is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. In July 2017, the U.K. Financial Conduct Authority announced that, after the end of 2021, it would no longer persuade or compel contributing banks to make rate submissions to the ICE Benchmark Administration (together with any successor to the ICE Benchmark Administrator, the “IBA”) for purposes of the IBA setting the London interbank offered rate. As a result, it is possible that commencing in 2022, the London interbank offered rate may no longer be available or may no longer be deemed an appropriate reference rate upon which to determine the interest rate on Eurodollar Loans. In light of this eventuality, public and private sector industry initiatives are currently underway to identify new or alternative reference rates to be used in place of the London interbank offered rate. In the event that the London interbank offered rate is no longer available or in certain other circumstances as set forth in Section 2.14(c) of this Agreement, such Section 2.14(c) provides a mechanism for determining an alternative rate of interest. The Administrative Agent will notify the Borrower, pursuant to Section 2.14, in advance of any change to the reference rate upon which the interest rate on Eurodollar Loans is based. However, the Administrative Agent does not warrant or accept any responsibility for, and shall not have any liability with respect to, the administration, submission or any other matter related to the London interbank offered rate or other rates in the definition of “LIBO Rate” or with respect to any alternative or successor rate thereto, or replacement rate thereof, including without limitation, whether the composition or characteristics of any such alternative, successor or replacement reference rate, as it may or may not be adjusted pursuant to Section 2.14(c), will be similar to, or produce the same value or economic equivalence of, the LIBO Rate or have the same volume or liquidity as did the London interbank offered rate prior to its discontinuance or unavailability.

  • Interest Rate Options The Borrower shall pay interest in respect of the outstanding unpaid principal amount of the Loans as selected by it from the Base Rate Option or LIBOR Rate Option set forth below applicable to the Loans, it being understood that, subject to the provisions of this Agreement, the Borrower may select different Interest Rate Options and different Interest Periods to apply simultaneously to the Loans comprising different Borrowing Tranches and may convert to or renew one or more Interest Rate Options with respect to all or any portion of the Loans comprising any Borrowing Tranche; provided that (i) there shall not be at any one time outstanding more than ten (10) Borrowing Tranches in the aggregate among all of the Loans and (ii) if an Event of Default or Potential Default exists and is continuing, the Borrower may not request, convert to, or renew the LIBOR Rate Option for any Loans and the Required Lenders may demand that all existing Borrowing Tranches bearing interest under the LIBOR Rate Option shall be converted immediately to the Base Rate Option, subject to the obligation of the Borrower to pay any indemnity under Section 5.9 [Indemnity] in connection with such conversion. If at any time the designated rate applicable to any Loan made by any Lender exceeds such Lender’s highest lawful rate, the rate of interest on such Lender’s Loan shall be limited to such Lender’s highest lawful rate.

  • Determination of Applicable Interest Rate As soon as practicable on each Interest Rate Determination Date, Bank shall determine (which determination shall, absent manifest error in calculation, be final, conclusive and binding upon all parties) the interest rate that shall apply to the LIBOR Advances for which an interest rate is then being determined for the applicable Interest Period and shall promptly give notice thereof (in writing or by telephone confirmed in writing) to Borrower.

  • 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%