Late Payment Compensation definition

Late Payment Compensation means the fixed sum that We are entitled to charge You in respect of each individual Qualifying Debt, in accordance with the Regulations.
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Late Payment Compensation means costs and expenses incurred by the Bank calculated based on the BNM Guidelines on Late Payment Compensation for Islamic Banking Institutions (including any alteration, modification, supplement and substitution thereof) due to late payment by Customer of the Instalment/Payment due.
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Late Payment Compensation means the fixed sum that we are entitled to charge you in respect of each individual Qualifying Debt (defined below), in accordance with section 5A of the Regulations (defined below).
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Examples of Late Payment Compensation in a sentence

  • For the avoidance of doubt, the Company shall therefore be entitled to charge Late Payment Interest and Late Payment Compensation in terms of the said Act and in terms of regulations made thereunder on each individual invoice or part thereof which remains unpaid by the due date for payment, all of which invoices, or parts thereof, shall be deemed to be qualifying debts for the purpose of the said Act and for the purposes of the said regulations thereunder.

  • Late Payment Compensation calculated in accordance with the said Act and any amendments thereof shall apply to each invoice or part thereof and each invoice, or part thereof, which remains outstanding after the due date for payment shall be deemed to be a “qualifying debt” for the purposes of the Late Payment and Compensation provisions hereof whether chargeable to a Credit Account which may be charged to the Customer on a monthly basis or otherwise.

  • The due date for the monthly instalment payment and treatment for Late Payment Compensation (Ta’widh) WILL BE SYNCHRONIZED as per MBSB Bank's practice stated below:-.

  • In respect of each Qualifying Debt, once the Late Payment Interest begins to run in accordance with clause 24.8, we shall be entitled to charge you Late Payment Compensation upon each outstanding invoice.

  • During facility tenure: Late Payment Compensation (Ta’widh) will be charged at 1.0% p.a. on such overdue amounts under the Facility or such as part thereof or such other method or rate as shall be stipulated by Shariah Advisor of Aspirasi from time to time and not compounded.

  • Such an approach amounts to leveraging the existing manual annotation to generalize global tendencies and then automatically correct outliers.This paper is organized as follows: Section 2.

  • If payment is not made in accordance with these Terms & Conditions, the Seller reserves the right to charge a Late Payment Compensation Fee together with Statutory Interest on the overdue balance for the period from the date on which payment became due until the date on which payment is made including any period after the date of any judgement or decree against the Buyer.

  • Late Payment Compensation calculated in accordance with the said Act and any amendments thereof shall apply to each invoice or part thereof and each invoice, or part thereof, which remains outstanding after the due date for payment shall be deemed to be a“qualifying debt”for the purposes of the Late Payment and Compensation provisions hereof whether chargeable to a Credit Account which may be charged to the Customer on a monthly basis or otherwise.

  • The rebate (Ibra’) for settlement is calculated in accordance to the following formula:- Settlement Amount: Outstanding Selling Price + Installment Due + Late Payment Compensation (Ta’widh) + Other Charges - Rebate (Ibra’) Where:- Rebate (Ibra’) = Deferred Profit – Early Settlement Charges Deferred Profit means unaccrued profit at the point of settlement of the Facility.

  • In respect of each Qualifying Debt, once the Late Payment Interest begins to run in accordance with clause 5.10, the Supplier shall be entitled to charge the Customer Late Payment Compensation upon each outstanding invoice.


More Definitions of Late Payment Compensation

Late Payment Compensation means, in relation to any amount which a Paying Party fails to pay to the Receiving Party on the due or agreed date for payment thereof, the compensation amount for the period from the due or agreed date until the date of actual payment by the Paying Party or recovery of the unpaid amount by the Receiving Party (after as well as before judgment) (the “Relevant Period”) in respect of an unpaid amount for any day in the Relevant Period shall be determined according to the following formula:A x BNwhere : A is the unpaid amount;B is the percentage rate per annum determined by the Receiving Party but not exceeding the prevailing IIMM-Rate (namely the daily weighted average overnight rate for Mudharabah interbank investment quoted in Malaysia’s Islamic interbank money market) or such other rate as permitted by the Shariah Advisory Council of Bank Negara Malaysia (or any successor entity thereto) to be charged for late payments in relation to moneys payable under any Shariah-compliant banking facilities in Malaysia;N is the relevant market day count convention for the currency of the unpaid amount (e.g. where the unpaid amount is in Malaysian Ringgit, N is 365 or where the unpaid amount is in any other currency, N is 360 or such other number as is appropriate in accordance with the market practice for such currency);
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Related to Late Payment Compensation

  • Contingent Compensation Payment means any payment (or benefit) in the nature of compensation that is made or made available (under this Agreement or otherwise) to a “disqualified individual” (as defined in Section 280G(c) of the Code) and that is contingent (within the meaning of Section 280G(b)(2)(A)(i) of the Code) on a Change in Ownership or Control of the Company.

  • Late Payment means any amount that is due and payable by law under a written procurement contract, without deferral, delay, or set-off under COMAR 21.02.07.03, and remains unpaid more than 45 days after an agency receives a Proper Invoice.

  • Late Payment Fee means the excess of the Price Differential paid as a result of its calculation at the Post-Default Rate over the Price Differential as would have been calculated at the Pricing Rate.

  • Current Compensation means all regular wage, salary and commission payments paid by the Company to a Participant in accordance with the terms of his or her employment, but excluding annual bonus payments and all other forms of special compensation.

  • Compensation Payment means a payment, whether in monetary form or in the form of a benefit or service, by or on behalf of an insurer to a complainant to compensate the complainant for a proven or estimated financial loss incurred as a result of the insurer’s contravention, non-compliance, action, failure to act, or unfair treatment forming the basis of the complaint, where the insurer accepts liability for having caused the loss concerned, but excludes any –

  • Late Payment Surcharge shall have the meaning ascribed thereto in Article 10.3.3 of this Agreement;

  • 414(s) Compensation means any definition of compensation that satisfies the nondiscrimination requirements of Code Section 414(s) and the Regulations thereunder. The period for determining 414(s) Compensation must be either the Plan Year or the calendar year ending with or within the Plan Year. An Employer may further limit the period taken into account to that part of the Plan Year or calendar year in which an Employee was a Participant in the component of the Plan being tested. The period used to determine 414(s) Compensation must be applied uniformly to all Participants for the Plan Year.

  • Unemployment compensation means cash benefits (including depend- ents’ allowances) payable to individ- uals with respect to their unemploy- ment, and includes regular, additional, emergency, and extended compensa- tion.(2) Regular compensation means unem- ployment compensation payable to an individual under any State law, but not including additional compensation or extended compensation.(3) Additional compensation means un- employment compensation totally fi- nanced by a State and payable under a State law by reason of conditions of high unemployment or by reason of other special factors.(4) Emergency compensation means supplementary unemployment com- pensation payable under a temporary Federal law after exhaustion of regular and extended compensation.(5) Extended compensation means un- employment compensation payable to an individual for weeks of unemploy- ment in an extended benefit period, under those provisions of a State law which satisfy the requirements of the Federal-State Extended Unemploy- ment Compensation Act of 1970, as amended, 26 U.S.C. 3304 note, and part 615 of this chapter, with respect to the payment of extended compensation.

  • Late Payment Interest means and refer to interest on a particular Late Payment at the Default Rate.

  • Late Payment Rate As defined in the Insurance Agreement.

  • Late Payment Charge means the charge that is applied when either Party fails to remit payment for any charges by the Bill Due Date, or if payment for any portion of the charges is received after the Bill Due Date, or if payment for any portion of the charges is received in funds which are not immediately available or received by either Party as of the Bill Due Date, or if either Party does not submit the Remittance Information.

  • Final compensation of a member means:

  • Additional Compensation has the meaning set out in Section 13.3(1).

  • Section 409A Deferred Compensation means compensation provided pursuant to an Award that constitutes nonqualified deferred compensation within the meaning of Section 409A.

  • Termination Compensation means a monthly cash amount equal to one-twelfth ( 1/12th) of the highest amount of the annual cash compensation (including cash bonuses and other cash-based compensation, including for these purposes amounts earned or payable whether or not deferred) received by Executive during any one of the three (3) calendar years immediately preceding the calendar year in which Executive’s Termination Date occurs; provided, that if the cash compensation received by Executive during the Termination Year exceeds the highest amount of the annual cash compensation received by Executive during any one of the immediately preceding three (3) consecutive calendar years, the cash compensation received by Executive during the Termination Year shall be deemed to be Executive’s highest amount of annual cash compensation. In no event shall Executive’s Termination Compensation include equity-based compensation (e.g., income realized as a result of Executive’s exercise of non-qualified stock options or other stock based benefits).

  • Section 415 Compensation means:

  • Includible Compensation means an Employee’s actual wages in box 1 of Form W-2 for a year for services to the Employer, but subject to a maximum of $245,000 (or such higher maximum as may apply under section 401(a)(17) of the Code) and increased (up to the dollar maximum) by any compensation reduction election under section 125, 132(f), 401(k), 403(b), or 457(b) of the Code (including any Elective Deferral under the Plan). Beginning in 2009 and thereafter, such term also includes any “differential pay” that may be received from the Employer while performing qualified military service under section 414(u) of the Code. The amount of Includible Compensation is determined without regard to any community property laws.

  • 415 Compensation means:

  • Separation Payment means any lump sum cash payment in excess of Earned Salary and Accrued Obligations payable to Employee under this Agreement.

  • Capitation Payment means a payment the STATE makes periodically to the MCO for each Enrollee covered under the Contract for the provision of services as defined in Article 6 regardless of whether the Enrollee receives these services during the period covered by the payment.

  • Eligible Compensation means, with respect to each Participant for each pay period, the full salary and wages paid to such Participant by the Company or a Participating Subsidiary, including commissions, bonuses (to the extent not excluded below), overtime pay and shift differentials. Except as otherwise determined by the Committee, “Eligible Compensation” does not include

  • Deferred Compensation Account means the account maintained with respect to each Participant under the Plan. The Deferred Compensation Account shall be credited with Participant Deferral Credits and Employer Credits, credited or debited for deemed investment gains or losses, and adjusted for payments in accordance with the rules and elections in effect under Section 8. The Deferred Compensation Account of a Participant shall include any In-Service or Education Account of the Participant, if applicable.

  • Creditable compensation means the full compensation payable annually to an employee working

  • Deferred Compensation Award means an award of Stock Units granted to a Participant pursuant to Section 11 of the Plan.

  • Earned Compensation means any Annual Base Salary earned, but unpaid, for services rendered to the Company on or prior to the date on which the Employment Period ends pursuant to Section 3(a) (but excluding any salary and interest accrued thereon payment of which has been deferred).

  • Excess Compensation means Compensation in excess of the following Integration Level: (Choose (1) or (2))