Penal Rate definition

Penal Rate shall have the meaning ascribed to the term in Clause 5.3(a).
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Penal Rate is the rate of pay for time worked (other than overtime) within ordinary hours of work during times specified in Clause 8.3.2
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Penal Rate means Tl.25 paid for any hours worked after 7pm and before 7am on any weekday and T1.5 for any time from midnight Friday/Saturday to midnight Sunday/Monday.
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Examples of Penal Rate in a sentence

  • Penal Rate: The penal rates for materials supplied by the Department shall be as follows:1) Cement: It shall be double the issue rate shown in Schedule ‘A’ or prevailing market rate at the time of completion of work (including Sales Tax and General Tax) whichever is more.2) Steel: It shall be issue rate shown in Schedule ‘A’ or 115% of the prevailing market rate (including Sales Tax and General Tax) at the time of completion of work whichever is more.

  • The interest paid will be lower by the Penal Rate of 1% than the rate prevailing on the date of placement of the deposit for the period for which the deposit remained with the Bank or the contractual rate, whichever is lower.

  • The payment of outstanding accrued Ground Rent at that rate shall be considered the Penal Rate.

  • If wastage exceeds the specified limit, the recovery of excess wastage shall be made from monthly R/A Bill at the Penal Rate.

  • S-3 Wastage beyond five percent (5%) Penal Rate of the aforesaid theoreticalconsumption (S-1).

  • Where this occurs, Penal Rate, as in 2.5 below, shall apply 2.3Drawing against Uncleared Effects Negotiable 2.4Micro Leasing/Microfinancerelated Hire purchase Negotiable 8 Three (3) days from the date of execution, shall be allowed within which the contract may be rescinded provided no draw down has been made 2.5Penal Rate9 for late repayment of loans, authorized overdrafts, micro leases,microfinance-related hire purchase and other advances/facilities, including unauthorized overdraft as in 2.2 above.

  • Penal Rate of Interest [Clause 28] Penalty @ 18% p.a. on the overdue period shall be payable on the unpaid amount of deposits which have matured and been claimed.

  • Penal Rate of Interest will not apply in case of prematurely closed term deposit accounts.⮚ Branches have to compulsorily open MACT Saving Bank account before opening of MACAD annuity deposit account.

  • Economic Stability-( Full Employment and achievement of high level ofeconomy’s growth)surplus funds with RBI is called ReverseRepo Rate.f. Being a Penal Rate, it is above the RepoRate.Under second part the bank re-purchase the security and pay back toNov 2018a.

  • EARTHING ROD 40 mm MS ROUND PENAL RECOVERYR-1 Theoretical consumption (without Free Considering wastage and scrap or loss) R-2 Wastage limited to plus five percent Free (+5%) of aforesaid theoreticalConsumption (R-1) towards allowable Wastage (cut pieces plus scrap to be returned to BHEL).R-3 Wastage beyond five percent (+5%) Penal Rate of the theoretical consumption above(R-1).


More Definitions of Penal Rate

Penal Rate means a rate which is paid for work completed outside ordinary hours or in excess of the ordinary hours. Penal rates will be either time and a half or double time, depending on the conditions applicable in this agreement.
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Related to Penal Rate

  • Final rate means an indirect cost rate applicable to a specified past period which is based on the actual allowable costs of the period. A final audited rate is not subject to adjustment.

  • 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;

  • Maximum Legal Rate means the maximum nonusurious interest rate, if any, that at any time or from time to time may be contracted for, taken, reserved, charged or received on the indebtedness evidenced by the Note and as provided for herein or the other Loan Documents, under the laws of such state or states whose laws are held by any court of competent jurisdiction to govern the interest rate provisions of the Loan.

  • ANNUAL RATE ADJUST: MONTHLY P&I : 537.67 OUTSIDE CONV DATE : LIFETIME RATE : 7.50000 MATURITY DATE : 02/01/14 CURRENT INT RATE: 7.50000 PRODUCT CODE : 250 LTV : 71.60400 ---------------------------------------------------------------------------- 0 0007805435 MORTGAGORS: WARNOCK BRENT WARNOCK XXXXXX XXXXXX XODE ADDRESS : 154-158 WEST 0000 XXXXX 00 CITY : BOUNTIFUL STATE/ZIP : UT 84010 MORTGAGE AMOUNT : 97,500.00 OPTION TO CONVERT : UNPAID BALANCE : 97,205.54 ANNUAL RATE ADJUST: MONTHLY P&I : 903.84 OUTSIDE CONV DATE : LIFETIME RATE : 7.50000 MATURITY DATE : 03/01/14 CURRENT INT RATE: 7.50000 PRODUCT CODE : 250 LTV : 65.00000 ---------------------------------------------------------------------------- 0 0007805443 MORTGAGORS: YAMAMICHI KIMITO YAMAMICHI FUSAKO REGION CODE ADDRESS : 55221 RIVIERX 00 XXXX : LA QUINTA STATE/ZIP : CA 92253 MORTGAGE AMOUNT : 222,000.00 OPTION TO CONVERT : UNXXXX XXXXNCE : 219,931.62 ANNUAL RATE ADJUST: MONTHLY P&I : 2,026.56 OUTSIDE CONV DATE : LIFETIME RATE : 7.25000 MATURITY DATE : 01/01/14 CURRENT INT RATE: 7.25000 PRODUCT CODE : 250 LTV : 55.50000 ---------------------------------------------------------------------------- 0 0007805450 MORTGAGORS: CHO JOSEPH CHO XXXX XXXXXX XXXE ADDRESS : 14174 SW WINDSXXX XXXXX 00 CITY : TIGARD XXXXX/XXX : OR 97223 MORTGAGE AMOUNT : 168,000.00 OPTION TO CONVERT : UNPAID BALANCE : 166,484.89 ANNUAL RATE ADJUST: MONTHLY P&I : 1,569.34 OUTSIDE CONV DATE : LIFETIME RATE : 7.62500 MATURITY DATE : 01/01/14 CURRENT INT RATE: 7.62500 PRODUCT CODE : 250 LTV : 80.00000 ---------------------------------------------------------------------------- - **** PAGE TOTALS ***** NUM OF LOANS: 5 LOAN AMT: 673,200.00 P & I AMT: 6,167.44 UPB AMT: 667,728.51 1 GE CAPITAL MORTGAGE SERVICES, INC. EXHIBIT C ISSUE DATE: 04/01/99 P.O. BOX 5260 TMS AG0004991015 00 01 XXGE: 19 CHERRY HILL, N.J. 08034 (800) 257-7818

  • Late Payment Rate As defined in the Insurance Agreement.

  • Highest Lawful Rate means, with respect to any Agent or any Lender, the maximum non-usurious interest rate, if any, that at any time or from time to time may be contracted for, taken, reserved, charged or received on the Obligations under laws applicable to such Agent or such Lender which are currently in effect or, to the extent allowed by law, under such applicable laws which may hereafter be in effect and which allow a higher maximum non-usurious interest rate than applicable laws now allow.

  • Wage Rate refers to an Employee’s hourly rate of pay reflected by the pay grade of her position and her step within that grade, as set out in the Wage Rate grid in Appendix II.

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

  • Rate means the Adjusted LIBO Rate and the Alternate Base Rate.

  • 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:

  • Rental Rate means the average annualized composite rate for United States treasury bonds issued for periods of ten years and longer plus two percent. The rental rate shall not exceed ten and three-quarters percent nor fall below eight and one-quarter percent.

  • Loan Rate for any Mortgage Loan and on any day means the per annum rate of interest applicable under the related Credit Line Agreement to the calculation of interest for the day on the Asset Balance of the Mortgage Loan.