Late Payment Surcharge Base Rate definition

Late Payment Surcharge Base Rate means the marginal cost of funds based on lending rate for one year of the State Bank of India, as applicable on the 1st April of the financial year in which the delay occurs, plus 5% (five percent) per annum on the amount under such delayed Invoice, and in the absence of and in the absence of marginal cost of funds based lending rate, any other arrangement that substitutes it, which the Central Government may, by notification, in the Official Gazette, specify. Provided that if the period of default lies in two or more financial years, the Late Payment Surcharge Base Rate shall be calculated separately for the periods falling in different years. Law means, in relation to this PPA, all laws including Electricity Laws in force in India and any statute, ordinance, regulation, notification or code, rule, or any interpretation of any of them by an Indian Governmental Instrumentality, including but not limited to or CEA/MNRE/MOP, and having force of law and shall further include without limitation all applicable rules, regulations, orders, notifications by an Indian Governmental Instrumentality pursuant to or under any of them and shall include without limitation all rules, regulations, decisions and orders of the Appropriate Commissions.
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Late Payment Surcharge Base Rate means the base rate that is stipulated in the Electricity (Late Payment Surcharge and Related Matters) Rules, 2022 as amended or substituted from time to time and is currently the marginal cost of funds based on lending rate for one year of the State Bank of India, as applicable on the 1st April of the Fiscal Year in which the delay occurs, plus 5% (five percent) per annum on the amount under such delayed Invoice, and in the absence of marginal cost of funds based lending rate, any other arrangement that substitutes it. Provided that if the period of default lies in two or more Fiscal Years, the Late Payment Surcharge Base Rate shall be calculated separately for the periods falling in different years. Illustration: In case the default period is beginning March 1, 2025 and ending on May 31, 2025, then the late payment surcharge applicable for the default period lying in FY 2025, i.e. March 2025 shall be calculated on the basis of the marginal cost of funds based on lending rate for one year of the State Bank of India as on April 1, 2024, while the late payment surcharge applicable for the default period lying in FY 2026, i.e. April and May 2025 shall be calculated on the basis of the marginal cost of funds based on lending rate for one year of the State Bank of India as on April 1, 2025. Law(s) means, in relation to this PPA, all laws including Electricity Laws in force in India and any statute, ordinance, regulation, notification or code, rule, or any interpretation of any of them by an Indian Governmental Instrumentality, including but not limited to or CEA/MNRE/MOP, and having force of law and shall further include without limitation all applicable rules, regulations, orders, notifications by an Indian Governmental Instrumentality pursuant to or under any of them and shall include without limitation all rules, regulations, decisions and orders of the Appropriate Commissions. Letter of Award shall have the meaning ascribed thereto in Recital (D) of this PPA. Letter of Credit shall have the meaning ascribed thereto in Article 9.4.1 of this PPA. Liquidated Damages means damages to be paid by the SPV on account of delay in achieving Commercial Operation Date of the Contracted Capacity or any part thereof. LIS shall have the meaning ascribed thereto in Recital (B) of this PPA.
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Examples of Late Payment Surcharge Base Rate in a sentence

  • Such Late Payment Surcharge shall be payable on the amounts outstanding after the Due Date of Payment and shall be calculated at the Late Payment Surcharge Base Rate.

  • Provided that if the delay in payment continues for a period of more than 1 (one) month, the Late Payment Surcharge for the successive months of delay in payment shall increase by 0.50 % (zero point five zero percent) for every month of delay, provided further that the Late Payment Surcharge shall in no event be more than 3% (three percent) higher than the Late Payment Surcharge Base Rate at any point during the Term of this PPA.

  • Provided that if the delay in payment continues for a period of more than 30 (thirty) days, the Late Payment Surcharge for the successive months of delay in payment shall increase by 0.50 % (zero point five zero percent) for every month of delay, provided further that the Late Payment Surcharge shall in no event be more than 3% (threercent) higher than the Late Payment Surcharge Base Rate at any point during the Term of this PPA.

Related to Late Payment Surcharge Base Rate

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

  • Late Payment Rate As defined in the Insurance Agreement.

  • 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.

  • 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.

  • U.S. Base Rate means, for any day, the rate of interest per annum equal to the greater of (a) the interest rate per annum publicly announced from time to time by the Administrative Agent as its reference rate in effect on such day at its principal office in Toronto for determining interest rates applicable to commercial loans denominated in U.S. Dollars in Canada (each change in such reference rate being effective from and including the date such change is publicly announced as being effective) and (b) the Federal Funds Effective Rate in effect on such day plus 1/2 of 1%.

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

  • Reference Interest Rate means the following rate (expressed as a percentage rate per annum) for deposits in the currency of the Strike Price: the Reference Interest Rate specified in the Table which has been published on the screen page specified in the Table (the "Screen

  • Applicable Base Rate means (i) with respect to a Rate Period of fewer than 49 days, the greater of (a) the SIFMA Municipal Swap Index or (b) the LIBOR Rate, and (ii) with respect to a Rate Period of 49 or more days, the LIBOR Rate.

  • additional rate means the additional rate levied by the City of Cape Town on rateable properties within the designated boundaries of the Special Rating Area for purposes of raising funds for improving and upgrading that area, subject to any exemptions or permissible differentiation between categories of property, as contemplated in section 22(1) of the Rates Act, read with sections 8(1) and 12(2) of the By-Law;

  • Interest Rate shall have the meaning assigned to such term or analogous term in the Mortgage Loan Agreement.

  • Base Interest Rate means a rate of interest based on the LIBOR-Rate. "Base Interest Rate Loan" means amounts outstanding under this note that bear interest at a Base Interest Rate. "Base Rate Maturity Date" means the last day of the Interest Period with respect to principal outstanding under a Base Interest Rate Loan. "Business Day" means a day on which Bank is open for business for the funding of corporate loans, and, with respect to the rate of interest based on the LIBOR Rate, on which dealings in U.S. dollar deposits outside of the United States may be carried on by Bank. "Interest Period" means with respect to funds bearing interest at a rate based on the LIBOR Rate, any calendar period of one, three, six, nine or twelve months. In determining an Interest Period, a month means a period that starts on one Business Day in a month and ends on and includes the day preceding the numerically corresponding day in the next month. For any month in which there is no such numerically corresponding day, then as to that month, such day shall be deemed to be the last calendar day of such month. Any Interest Period which would otherwise an on a non-Business Day shall end on the next succeeding Business Day unless that is the first day of a month, in which event such Interest Period shall end on the next preceding Business Day. "LIBOR Rate" means a per annum rate of interest (rounded upward, if necessary, to the nearest 1/100 of 1%) at which dollar deposits, in immediately available funds and in lawful money of the United Sates would be offered to Bank, outside of the United Sates, for a term coinciding with the Interest Period selected by Debtor and for an amount equal to the amount of principal covered by Debtors' interest rate selection, plus Bank's costs, including the costs, if any, of reserve requirements. "Origination Date" means the first day of the Interest Period. "Reference Rate" means the rate announced by Bank from time to time at its corporate headquarters as its Reference Rate. The Reference Rate is an index rate determined by Bank from time to time as a means of pricing certain extensions of credit and is neither directly tied to any external rate of interest or index nor necessarily the lowest rate of interest or index nor necessarily the lowest rate of interest charged by Bank at any given time.

  • Prime Interest Rate means the publicly quoted variable annual basic rate of interest, published from time to time by the bankers of FUNDI as being their prime rate and as certified by the auditors of FUNDI, whose appointment it shall not be necessary to prove. Details of such bankers will be provided to the Applicant when so requested in writing.

  • Final payment rate means the aggregate sum of the two components (the blended base amount and capital costs) that, when added together, form the final dollar value used to calculate each provider’s reimbursement amount when multiplied by the DRG weight. These dollar values are displayed on the rate table listing.

  • Basic Rate means the applicable basic minimum wage rate prevailing on the date 28 days prior to the latest date for submission of Tenders, by reason of any National or State Statute or Ordinance.

  • Capped Interest Rate is defined in the Note, if applicable.

  • CD Base Rate has the meaning set forth in Section 2.07(b).

  • Default Interest Rate is two percent above the base lending rate of Barclays Bank PLC, as varied from time to time;

  • Cash Interest Rate means the Federal Funds Effective Rate - the rate for that day opposite the caption “Federal Funds (Effective)” as set forth in the weekly statistical release designated as H.15 (519), or any successor publication, published by the Board of Governors of the Federal Reserve System.

  • Annual Interest Rate in accordance with the rate applicable to the equal instalment financing plan in effect on the conversion date, up to a maximum of 19.90%.

  • 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.

  • Alternate Base Rate means, for any day, a rate per annum equal to the greater of (a) the Prime Rate in effect on such day and (b) the Federal Funds Effective Rate in effect on such day plus 1/2 of 1%. Any change in the Alternate Base Rate due to a change in the Prime Rate or the Federal Funds Effective Rate shall be effective from and including the effective date of such change in the Prime Rate or the Federal Funds Effective Rate, respectively.

  • Compounded Daily Reference Rate means, with respect to an Interest Period, the rate of return of a daily compound interest investment in the Specified Currency (with the applicable Reference Rate (as indicated in the applicable Final Terms and further provided for below) as the reference rate for the calculation of interest) and will be calculated by the Principal Paying Agent on the relevant Interest Determination Date, as follows, and the resulting percentage will be rounded, if necessary, to the Relevant Decimal Place:

  • Three-Month Secondary CD Rate means, for any day, the secondary market rate for three-month certificates of deposit reported as being in effect on such day (or, if such day is not a Business Day, the next preceding Business Day) by the Board through the public information telephone line of the Federal Reserve Bank of New York (which rate will, under the current practices of the Board, be published in Federal Reserve Statistical Release H.15(519) during the week following such day) or, if such rate is not so reported on such day or such next preceding Business Day, the average of the secondary market quotations for three-month certificates of deposit of major money center banks in New York City received at approximately 10:00 a.m., New York City time, on such day (or, if such day is not a Business Day, on the next preceding Business Day) by the Administrative Agent from three negotiable certificate of deposit dealers of recognized standing selected by it.

  • Alternative Base Rate means the rate that has replaced LIBOR in customary market usage for determining floating interest rates in respect of bonds denominated in Dollars or, if the Independent Financial Adviser or the Issuer (in consultation with the Calculation Agent and acting in good faith and a commercially reasonable manner), as applicable, determines that there is no such rate, such other rate as the Independent Financial Adviser or the Issuer (in consultation with the Calculation Agent and acting in good faith and a commercially reasonable manner), as applicable, determines in its or the Issuer’s sole discretion is most comparable to LIBOR. If the Alternative Base Rate is determined, such Alternative Base Rate shall be the Alternative Base Rate for the remaining Interest Periods.

  • Minimum Interest Rate With respect to each Adjustable Rate Mortgage Loan, a rate that is set forth on the Mortgage Loan Schedule and in the related Mortgage Note and is the minimum interest rate to which the Mortgage Interest Rate on such Mortgage Loan may be decreased.

  • Effective Interest Rate means the rate of interest per annum on the Loans in effect from time to time pursuant to the provisions of Section 3.1(a), (b) and (c).