Official Rate definition

Official Rate. , in relation to interest, means the rate of interest applicable from time to time under section 178 of FA 1989 for the purposes of Chapter 7 of Part 3 of ITEPA 2003.
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Official Rate means in relation to any Advance, the taux de l'usure calculated by the Banque de France (as provided in Article L.313-3 of the French Code de la Consommation and implementing laws) and published in the Journal Officiel of the French Republic applicable to floating rate loans made for an initial duration exceeding two years for the quarter preceding that which such Advance is proposed to be made.
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Official Rate means the official rate of interest as it is from time to time, used in the determination of taxable employment benefits, as prescribed by the Income Tax Act 58 of 1962, as amended, replaced or re-enacted from time to time, being the reference rate in respect of Staff (“Staff” means employees of the Bank or the Group);
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Examples of Official Rate in a sentence

  • The variable interest rate applicable to this Agreement, is linked to the Prime Interest Rate or the Official Rate (whichever is applicable), by a Margin related to the Prime Rate or the Official Rate (whichever is applicable) that is determined by us and has been disclosed in the "Variable interest rate" clause of Part A.


More Definitions of Official Rate

Official Rate means the official rate of interest used in the determination of taxable employment benefits, as prescribed by the Income Tax Act 58 of 1962, and all regulations promulgated in terms of this act, being the reference rate in respect of Staff (“Staff” means an employee of Standard Bank or the Group);
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Official Rate means, as of any date of determination, the MXN/USD FIX Rate published by Banco de México on such date.
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Official Rate means the official rate of interest used in the determination of taxable employment benefits, as prescribed by the Income Tax Act, 1962, as amended, replaced or re-enacted from time to time, being the reference rate in respect of employees of the Bank;
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Official Rate means the official rate of interest used in the determination of taxable employment benefits, as prescribed by the Income Tax Act 58 of 1962, and all regulations promulgated in terms of this act, being the reference rate in respect of employees of the Bank; Parties means you and us and Party means any one of us as the context may indicate; Prime Interest Rate means our publicly quoted basic rate of interest (percent, per annum/yearly, compounded monthly in arrears and calculated on the basis of a 365 day year irrespective of whether or not the year is a leap year) published by us from time to time as being our prime rate, as certified by any of our managers whose authority, appointment and designation need not be proved; Principal Debt means the total amount owing to us at any time in terms of this Agreement as reflected in the cost of credit (Part A) of this Agreement, being the amount deferred in terms of this Agreement; Repayment means a payment made by you to us; Repayment Due Date means the due date for payment of all amounts due and payable as advised to you by us; Service Fee means the fee levied by us in connection with the routine administration cost of maintaining this Loan which forms part of the Principal Debt; Settlement Date means the date on which all amounts due and payable to us by you are paid and this Agreement is cancelled; Staff means an employee of any member of the Standard Bank Group; Statement means a document reflecting the transactions made on your Account up to the date of the Statement, the full amount owing to us (including any legally permissible interest, costs, fees and charges that may be levied) and the due date of the Repayment due to us; Termination means that you, or we, may withdraw from this Agreement. You will, on termination, be responsible to immediately pay all amounts that are due and payable by you to us; and Transaction Account means an account that offers the ability to deposit, have debit orders, transfer and withdraw funds. - When any number of days is referred to in this Agreement this will exclude the first day and include the last day. Saturdays, Sundays and public holidays in the Republic of South Africa are excluded. - Where we are required to exercise our discretion in this Agreement we will exercise such discretion in a reasonable manner. - The singular includes the plural and vice versa and any gender includes the other gender. - The headings are for convenience only and are not to be taken into acc...
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Related to Official Rate

  • Reset Reference Rate means in respect of a Reset Period, the gross redemption yield (as calculated by the Agent Bank on the basis set out by the United Kingdom Debt Management Office in the paper “Formulae for Calculating Gilt Prices from Yields”, page 5, Section One: Price/Yield Formulae “Conventional Gilts”; Double dated and Undated Gilts with Assumed (or Actual) Redemption on a Quasi-Coupon Date (published 8 June 1998, as amended or updated from time to time) or if such basis is no longer in customary market usage at such time, in accordance with generally accepted market practice at such time, on a semi-annual compounding basis (rounded up (if necessary) to four decimal places) of the Benchmark Gilt in respect of that Reset Period, with the price of the Benchmark Gilt for the purpose of determining the gross redemption yield being the arithmetic average (rounded up (if necessary) to the nearest 0.001 per cent. (0.0005 per cent. being rounded upwards)) of the bid and offered prices of such Benchmark Gilt quoted by the Reset Reference Banks at 11.00 a.m. (London time) on the Reset Determination Date in respect of such Reset Period on a dealing basis for settlement on the next following dealing day in London. Such quotations shall be obtained by or on behalf of the Issuer and provided to the Agent Bank. If at least four quotations are provided, the Reset Reference Rate will be determined by reference to the rounded arithmetic mean of the quotations provided, eliminating the highest quotation (or, in the event of equality, one of the highest) and the lowest quotation (or, in the event of equality, one of the lowest). If only two or three quotations are provided, the Reset Reference Rate will be determined by reference to the rounded arithmetic mean of the quotations provided. If only one quotation is provided, the Reset Reference Rate will be determined by reference to the rounded quotation provided. If no quotations are provided, the Reset Reference Rate will be the previous Reset Reference Rate or (in the case of the first Reset Period) 1.581 per cent., where:

  • SONIA Reference Rate means, in respect of any London Banking Day, a reference rate equal to the daily Sterling Overnight Index Average ("SONIA") rate for such London Banking Day as provided by the administrator of SONIA to authorised distributors and as then published on the Relevant Screen Page (or if the Relevant Screen Page is unavailable, as otherwise is published by such authorised distributors) on the London Banking Day immediately following such London Banking Day; and

  • Base Rate Margin has the meaning set forth in the definition of Applicable Margin.

  • Floating Rate Margin means 7.50 per cent. per annum.

  • Annual Rate of Pay means, as of any date, an employee’s annualized base pay rate. An employee’s Annual Rate of Pay shall not include sales commissions or other similar payments or awards.

  • Base Rate means a fluctuating interest rate per annum in effect from time to time, which rate per annum shall at all times be equal to the highest of:

  • 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 relevant Final Terms and further provided for below) as the reference rate for the calculation of interest) and will be calculated by the Calculation Agent on the Interest Determination Date, as follows, and the resulting percentage will be rounded, if necessary, to the fifth decimal place, with 0.000005 being rounded upwards:

  • U.S. Base Rate means, on any day, the annual rate of interest equal to the greater of (a) the annual rate of interest announced by a commercial Canadian bank selected by the Lender and in effect as its base rate at its principal office in Toronto, Ontario on such day for determining interest rates on Dollar demand commercial loans in Canada, and (b) the sum of the Federal Funds (Effective) Rate plus 0.50% per annum.