Penalty Interest. (1) If the loan is overdue or not used for the purpose specified in the contract, from the date of overdue or misappropriation, the penalty interest shall be calculated and collected according to the penalty interest rate specified in this paragraph for the overdue or misappropriated part until the principal and interest are paid off. For overdue and misappropriated loans, the penalty interest shall be calculated and charged at higher penalty interest rate.
(2) For the interest and penalty interest that cannot be paid on time by the borrower, compound interest shall be calculated and collected by the interest settlement method described in paragraph 3 of this article.
(3) Penalty interest rate Penalty Interest Rate of the Floating Rate Loan
A. The interest rate shall float according to the floating period specified in this article from the date of overdue or misappropriation.
B. The penalty interest rate of overdue loan is 50% higher than the penalty interest base rate determined in item C of this article, and the penalty interest rate of misappropriated loan is 100% higher than the penalty interest base rate.
C. In the first floating cycle of the loan, the penalty prime rate is the actual current interest rate in the cycle when overdue or misappropriation occurs. At the end of each cycle, the penalty interest prime rate of the next floating cycle will be adjusted on the repricing date by using the method specified in paragraph 1 of this article.
Penalty Interest. Following the occurrence and during the continuance of any Event of Default, the holders of the Notes shall be entitled to receive, to the extent permitted by applicable law, interest on the outstanding principal of, and overdue interest, if any, on, the Notes at a rate per annum equal to the highest rate permitted by applicable law.
Penalty Interest. (1) For the loan overdue or violated use the loan purpose, penalty interest rate will apply to the loan amount that is overdue or misappropriated from the date of overdue or misappropriation until the principal and interest are paid off. On both overdue and misappropriation of loans, a higher penalty interest rate shall be charged.
(2) If the borrower does not pay interest and/or penalty interest by the interest payment date, the interest is calculated based on Clause 3 and 4.
(3) Penalty rate ■ The penalty interest rate on floating-rate loans According to the floating period and the method of floating as agreed in Clause 1, the penalty interest rate of the overdue loan shall be the agreed interest rate plus 50%, and the penalty interest rate of the misappropriated loan shall be the agreed interest rate plus 100%;
Penalty Interest.
(a) The Owner shall pay penalty interest on any amount of a Charge Payment:
(i) which the Owner is liable to pay; and
(ii) which has not been paid by the Owner by the Charge Payment Date, calculated at the rate for the time being fixed under section 2 of the Penalty Interest Rates Xxx 0000 (Vic) (“Penalty Interest”).
(b) The Penalty Interest must be calculated, paid by the Owner and recovered by Council in accordance with sections 172(2), 172(2A) and 172(4) of the Local Government Act.
Penalty Interest. 3.3.3.1 Where the borrower fails to repay the loan principal within the period set forth herein, the lender will charge the penalty interest period by period according to the overdue period on the overdue loan from the due date on the basis of the applicable loan interest rate set forth herein: penalty interest will be charged at the applicable loan interest rate plus _fifty_(in words) percent within 30 days (inclusive) of the due date; penalty interest will be charged at the applicable loan interest rate plus _fifty_(in words) percent beyond 30 days and less than 60 days (inclusive) of the due date; penalty interest will be charged at the applicable loan interest rate plus _fifty_(in words) percents beyond 60 days of the due date; During the overdue period, with respect to RMB loan on which interest accrues at the fixed interest rate (base rate pricing), the penalty interest rate shall be adjusted accordingly as of the date of adjustment to the base rate in case of any upward adjustment to the RMB loan base rate of the same period by the People’s Bank of China; with respect to RMB loan on which interest accrues at the fixed interest rate (prime rate pricing), the penalty interest rate shall be adjusted accordingly as of the working day immediately following the adjustment to the one-year LPR in case of any upward adjustment to the one-year LPR.
3.3.3.2 Where the borrower fails to use the loan for the purpose set forth herein, the lender will charge the penalty interest on the misappropriated loan from the misappropriation date at the agreed loan interest rate plus one hundred (in words) percent, until repayment of the loan principal and interest. During the misappropriation period, with respect to RMB loan on which interest accrues at the fixed interest rate (base rate pricing), the penalty interest rate shall be adjusted accordingly as of the date of adjustment to the base rate in case of any upward adjustment to the RMB loan base rate of the same period by the People’s Bank of China; with respect to RMB loan on which interest accrues at the fixed interest rate (prime rate pricing), the penalty interest rate shall be adjusted accordingly as of the working day immediately following the adjustment to the one-year LPR in case of any upward adjustment to the one-year LPR.
3.3.3.3 Where the borrower fails to both repay the loan principal on due date and use the loan for the purpose set forth herein with respect to one and the same loan, the penalty interest r...
Penalty Interest.
(a) Council will pay to the Lending Body by way of electronic transfer all Penalty Interest received by Council from the Owner or otherwise recovered by Council, whether as a result of the exercise of its powers of enforcement or otherwise, less an amount equal to that Penalty Interest calculated at the rate of 0.5% per annum paid with respect to the unpaid amount under clause 4.2(a), which Council may retain as an administrative cost of imposing and collecting the Penalty Interest. Payment must be made by Council by way of electronic transfer within 5 Business Days after Council has received cleared funds for the Penalty Interest.
(b) Council is not liable to the Lending Body if Council fails to receive all Penalty Interest from the Owner. Accordingly, any such failure does not make Council liable to pay the Lending Body any amount under clause 5.4(a) as if Council had received that amount from the Owner.
Penalty Interest. (1) Where the loan is overdue or is not used for purposes as agreed herein, penalty interest will be imposed on the part of loan overdue or used for other purposes at the penalty interest rate as agreed herein from the date on which the loan becomes overdue or is misappropriated, till both the principal and interests are paid up. Where the loan is overdue and misappropriated at the same time, penalty interest will be imposed at a higher penalty interest rate.
(2) Where the Borrower fails to pay the interest and penalty interest on time, the interest settlement method as agreed in Para. 3 herein shall apply, and compound interest will be calculated and collected at the penalty interest rate as agreed herein.
(3) Penalty interest rate ∎ Penalty interest rate for floating rate loan
A. Penalty interest rate shall be subject to repricing according to the repricing periods as agreed in Para. 1 herein from the day on which the loan becomes overdue or is misappropriated. The penalty interest rate repricing day shall be the corresponding day of the day on which the loan becomes overdue or is misappropriated in the reppricing month. Where there is no corresponding day, the last day of the month shall be the penalty interest rate repricing day.
B. The penalty interest rate for overdue loan shall be 150 % of the basic penalty interest rate as determined in Item C herein, and that for misappropriated loan shall be 200 % of the basic penalty interest rate as determined in Item C herein.
C. In the initial repricing period, the basic penalty interest rate shall be the interest rate for loan applicable in the current period of overdue or misappropriated loan. When each repricing period expires, the basic penalty interest rate of the next period shall be repriced on the repricing day by the method as agreed in Para. 1 herein.
Penalty Interest. Overdue penalty interest, misappropriation penalty, calculation and payment arising out of the financing under this Agreement shall be defined by the Credit Line Table or subsequent financing documents.
Penalty Interest. If the Buyer fails to pay the purchase price within the period agreed, the Seller shall levy a 16% penalty interest starting from the invoice due date. The penalty interest shall be charged in a reminder invoice and a reminder fee.
Penalty Interest. 12.1 If the Purchaser fails to comply with the payment of any instalment or of any of the Conditions of Sale, those being the provisions requiring the payment of any moneys on account of the purchase price and interest thereon, then the Purchaser shall:
(a) pay the Penalty Rate of interest from the date on which compliance was due and terminating on the date on which the default has been remedied, and
(b) pay all expenses and legal costs incurred by the Vendor in or towards obtaining remedy of such failure to comply.
12.2 The Purchaser will (if required by the Vendor) pay to the Vendor interest calculated at the Penalty Interest Rate on any judgement sum awarded in respect of any judgement sum in respect of this agreement, or on any payments to be made in accordance with the provisions of this Agreement which shall for the time being remain unpaid after the due date for payment such interest to be computed from the due date for payment until the date the amount remains unpaid and the relevant amount is fully paid to the Vendor PROVIDED THAT the Vendor shall not be entitled to require payment of interest in accordance with the provisions of this Condition in respect of any instalment to be paid hereunder if the Penalty Interest Rate already applies as a result of the default of the Purchaser in making such payment.
12.3 If the Purchaser has elected to pay the purchase price on a deferred payment basis and the Purchaser fails duly and punctually to pay on the date on which it fell due for payment then, whether or not the Purchaser is in possession, the Vendor may immediately give notice to the Purchaser calling up the unpaid balance of the Purchase Price, which shall upon service of the notice fall immediately due and payable as though the sale were a cash sale and the date of service of the notice under this condition shall be deemed the settlement date as hereinbefore defined. The Vendor may give a settlement notice with a notice under this clause.
