NTC Interest Rate definition
NTC Interest Rate means the rate certified by the Guarantor to be the aggregate of (i) the cost to the Guarantor of funding the overdue amount from whatever sources it may reasonably select and (ii) 1% per annum. Interest so accrued shall be due on demand and, it not paid when due, the interest shall be added to the overdue sum and itself bear interest accordingly.
Examples of NTC Interest Rate in a sentence
Interest shall accrue on such overdue sums payable under the terms of this Clause 3.4 from the original due date of payment to the actual date of payment at the NTC Interest Rate applicable under Clause 1.1 of this Counter Indemnity Agreement; provided that the Borrower undertakes to compensate the Guarantor in full for any losses suffered by it as a consequence of the Borrower’s initial payment default.