Examples of Penalty Rate in a sentence
The Penalty Rate applies to new and outstanding account balances if you fail to make the required minimum payment to Nusenda Federal Credit Union within 60 days after the payment is due.
Any introductory or promotional rate that applies to new or outstanding Account balances will increase to the standard rate that would otherwise apply, or, when appropriate under the terms of this Agreement, a Penalty Rate due to an Adjustment Event (as indicated above).
To find the "Penalty Rate Factor" for any month, multiply twice the current monthly "Penalty Rate" by the percentage of trading days during the month that were Days in Excess for the Participant; that is, (2 x current monthly Penalty Rate) x (# Days in Excess / # trading days in the month).
If at any time we have not received the required minimum monthly payment within 60 days of the respective payment due date, we may increase the applicable APR to the Penalty Rate.
If the Indemnifying Party delays making payment beyond the due date hereunder, such party shall pay interest on the amount unpaid at the IRS Penalty Rate for each day and the actual number of days for which any amount due hereunder is unpaid.