Compensatory Interest definition

Compensatory Interest means the interest that is due and payable at the Compensatory Interest Rate in accordance with Condition 22.6;

Compensatory Interest means any AP Compensatory Interest and/or VP Compensatory Interest (as applicable);

Compensatory Interest has the meaning set forth in Section 16 hereof.

Examples of Compensatory Interest in a sentence

• As long as BORROWER continues to be in Default LENDER shall be entitled to receive compensatory interest at the Interest Rate plus Late-Payment Interest equal to *** of the Compensatory Interest rate.

• The Debentures acquired by Issuer to be held in treasury pursuant to this item, if and when replaced on the market, shall be entitled to the same Compensatory Interest applicable to the other Debentures.

• For the payment overdue for more than six (6) months, extra amount based on 20% of the mentioned Compensatory Interest Rate shall be charged as the penalty, while the business tax and stamp duty shall be borne by the Borrower.

• The Board of Managers shall file or cause the LLC to file all returns, reports and other documentation as may be required to perfect and maintain the Safe Harbor Election with respect to Transfers of any Compensatory Interest.

• If the Borrower fails to pay any amount payable under this Agreement on time, to the extent permitted by law, the Borrower shall pay default interest for the period from the date the amount due to the date of actual payment in the same currency of such amount based on the floating Compensatory Interest Rate on the date the said amount due, while the business tax and stamp duty shall be borne by the Borrower.

More Definitions of Compensatory Interest

Compensatory Interest means any CP Compensatory Interest, OP Compensatory Interest and/or T&S Compensatory Interest (as applicable);

Compensatory Interest. As defined in Section 7.2(a).

Compensatory Interest means interest in accordance with Article 229 (3) of the Code calculated in accordance with Point 295.

Compensatory Interest means the annual interest of 15 (fifteen) per cent payable by the Borrower on any amounts not repaid timely as compensation for failure to fulfil the relevant obligation for the time period from the date of lodging of a claim with court until the date the relevant obligations are fulfilled in full.

Compensatory Interest shall have the meaning set forth in Section 13.3(a).

Compensatory Interest. Interest due to the contractor at the ruling rate of interest on amounts certified after thirty-one (31) calendar days of the date of practical completion, compounded monthly until the date of payment DEFAULT INTEREST: Interest at six (6) percentage points per annum above the ruling rate of interest where payment has not been received within the stipulated period, compounded monthly from the due date for payment until the date of payment INTEREST: The bank rate applicable from time to time to registered banks borrowing money from the Central or Reserve Bank of the country [CD]. The ruling bank rate on the first calendar day of each month shall be used in calculating the interest due for such month INTERPRETATION The bank rate referred to in the definition of interest is determined by the Reserve Bank’s Monetary Policy Committee (MPC) every two months (six times a year) and it is the rate at which commercial banks would borrow money from the Reserve Bank. During their meetings they analyse a considerable amount of economic information and then decide whether the rate (known as the repo rate) should go up, go down or stay constant Uncertainty in the past has often existed between consultants and (sub)contractors on whether the repo rate or prime lending (overdraft) bank rate should be used. The overdraft rate is not ‘fixed’, banks generally add three-and-a-half percent (3.5%) on top of the repo rate, but will adjust this rate depending on the financial status of the client or type of transaction in question. This is then typically expressed as an ‘overdraft rate plus (or minus) a certain percentage’. The overdraft rate is therefore not suitable to be used In order to make the repo rate a ‘punishable’ rate six (6) percentage points on top of the repo rate is added in the case of default interest (see definition) to make it a truly ‘punishable’ rate when employers/contractors fail to make payments by the due date to contractors/ subcontractors After remaining at 15.5% for 21 years (since 1993) the Prescribed Rate of Interest (‘xxxx interest’) was changed to 9% as of August 2014. At the time of drafting and final date of publishing Edition 6.1 (March 2014) the 15.5% rate applied and was found to be a sufficiently ‘punishable’ rate when employers/ contractors make an unjustified call on a security. However, because of the drastic lowering of the rate to 9% this was no longer the case and it was, therefore, decided to remove the application of the xxxx interest r...

Compensatory Interest has the meaning established in item 5.2.2;