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Under this plan, employees are eligible to receive variable pay awards--based o individual performance--in lieu of base salary increases or in addition to them Three basic types of variable merit pay plans are used the most. nbsp;swaps with Ambac Financial Services LLC, JPMorgan, Citibank, and Banc of America, whereby BATA will receive variable rate payments expressed as a function of LIBOR (between 54% of LIBOR +74 basis points to 75% of LIBOR) and make fixed rate payments ranging between 3. Under the swap agreement, the authority will receive variable rate payments equal to debt service on the bonds now being offered, and the authority will make fixed rate payments to AIG. |
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