PERIODS OF LESS THAN Clause Samples

The "PERIODS OF LESS THAN" clause defines how obligations, payments, or calculations are handled when they apply to time periods shorter than a standard reference period, such as a month or a year. In practice, this clause typically specifies that amounts due or entitlements are prorated based on the actual number of days in the shorter period compared to the full standard period. For example, if a service is provided for only part of a month, the fee might be calculated proportionally. This clause ensures fairness and accuracy in financial or service arrangements by clarifying how partial periods are treated, thereby preventing disputes over partial payments or entitlements.
PERIODS OF LESS THAN. 24 HOURS (Aca&Gen) 6.1.1.1 Where an employee leaves and returns to their place of work on the same day the Employer may approve payment of actual and reasonable expenses above the day to day work related expenses. 6.1.1.2 Where the period is less than 24 hours but is overnight, either actual and reasonable expenses or an incidentals allowance of $8.08 are payable but not the travelling expenses in clause 6.1.2 below.

Related to PERIODS OF LESS THAN

  • Minimum Interest Coverage Ratio The Borrowers shall not permit the Interest Coverage Ratio, calculated as of the end of each fiscal quarter for the four fiscal quarters then ended, to be less than 3.50 to 1.00.

  • Funded Debt to EBITDA Maintain, tested on the last day of each fiscal quarter, a ratio of (i) Funded Debt of Borrower as of the last day of such fiscal quarter to (ii) EBITDA for the four (4) consecutive fiscal quarters of Borrower then ended, not greater than 3.25 to 1.

  • Interest Coverage Ratio The Borrower will not permit the Interest Coverage Ratio to be less than 2.75 to 1.0 on the last day of any Fiscal Quarter.

  • Fiscal Periods Change its fiscal year-end to a date other than December 31, or its fiscal quarters to a date other than March 31, June 30, September 30 and December 31.

  • Funded Debt to EBITDA Ratio To maintain on a consolidated basis a ratio of Funded Debt to EBITDA not exceeding 3.0:1.0.