Prevailing Rate Clause Examples for Any Agreement
The Prevailing Rate clause defines the standard or most commonly accepted rate that will apply to certain payments or charges under the agreement. In practice, this clause is often used to determine interest rates, currency exchange rates, or service fees by referencing the rate currently in effect in the relevant market or as published by a recognized authority. Its core function is to ensure fairness and transparency by tying variable financial terms to an objective, external benchmark, thereby reducing disputes over what rate should apply at any given time.
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Prevailing Rate. The Borrower shall pay interest on the Drawing at the Prevailing Rate specified in the Letter of Offer. Unless any other interest payment period is specified by the Bank, the Borrower shall pay the interest chargeable monthly.
Prevailing Rate. Interest at the Prevailing Rate of such percentage per annum stated in the Letter of Offer above BLR shall be levied on the daily debit balance of the account and posted to the account on the last day of each calendar month. The interest shall be paid monthly. Unless paid, the interest shall be treated as a Drawing under the CF.
Prevailing Rate. The Customer shall pay profit on the Disbursement at the Prevailing Rate as stated in the Letter of Offer . Unless any other profit payment period is stipulated by the Bank, the Customer shall pay the payable profit monthly.
Prevailing Rate. The Union and the District agree that the wages and salaries negotiated in good faith and listed in this Agreement are at least equal to the prevailing salary or wage for the same quality of service rendered to private employers under similar employment.
Prevailing Rate. The Borrower shall pay to the Bank interest at the rate of BLR plus the percentage per annum stated in the Letter of Offer and such rate shall be subject to revision at the discretion of the Bank from time to time, by notice to the Borrower.
Prevailing Rate. The Borrower shall pay to the Bank interest at the rate of BLR plus such percentage per annum stated in the Letter of Offer for bills denominated in RM, and for bills denominated in other currencies the Borrower shall be charged the rate prevailing for the respective currency (as advised by the Bank). The prevailing rate shall be subject to revision at the discretion of the Bank from time to time, by notice to the Borrower.
Prevailing Rate. For purposes of this Agreement, the "Prevailing Rate" shall mean eight percent (8%) per annum.
Prevailing Rate. As used in this lease, the term "Prevailing Rate --------------- for Comparable Space" shall mean the average of the annual rates then being charged in the county in which the Premises are located, for space and land comparable to the Premises (taking into consideration the use, location, leasehold improvements provided, age, rental concessions, and the time the particular new rate under consideration shall be effective, which rate may be an escalating rate during the new extended term of this Lease) but in no event less than the monthly amount charged immediately prior to the applicable renewal period. In the event Landlord and Tenant cannot agree upon the Prevailing Rate for Comparable Space within sixty (60) days after the date Tenant has notified Landlord that it intends to extend the initial term of this Lease, or any extension thereof, as provided in this Article 26, Landlord shall serve a written notice on Tenant stating that an appraisal should be conducted, in which event twenty (20) days after such notice is given, Landlord shall nominate and appoint one appraiser, and Tenant shall nominate and appoint one appraiser. Upon the appointment of the two appraisers as hereinabove provided, said two appraisers shall be sworn faithfully and fairly to determine the Prevailing Rate for Comparable Space. The two appraisers shall afford to Landlord and Tenant a hearing and the right to submit evidence, with the privilege of cross- examination, on the question at issue, and shall, with all possible speed, make their respective determinations in writing and shall give notice to Landlord and Tenant of their respective conclusions. If there is a variance of less than 5% in the Prevailing Rate for Comparable Space determined by the two appraisers, the average of the values so determined shall be controlling and shall be binding upon Landlord and Tenant. If there is a variance of more than 5% in the Prevailing Rate for Comparable Space determined by the two appraisers, said appraisers shall forthwith and within ten (10) days after both of said appraisers have made their determinations appoint in writing a third appraiser and give written notice of such appointment to Landlord and Tenant. In the event the two appraisers shall fail to appoint or agree upon such third appraiser within said ten (10) day period, a third appraiser shall be selected by Landlord and Tenant, if they so agree upon such third appraiser within a further period of ten (10) days. If any apprais...
Prevailing Rate. Foreign DC (Sight)
(i) Interest at the prevailing overdraft rate levied by the Bank’s depository agent shall be levied on each DC drawing from the date the Bank’s Nostro account is debited to the date of payment by the Bank.
(ii) From the date of payment by the Bank to the date of payment by the Borrower or conversion into financing, interest at the Prevailing Rate of such percentage per annum stated in the Letter of Offer shall be levied on the amount so paid by the Bank.
(iii) From the date of maturity to the date of payment by the Borrower or date of conversion into financing, interest at the Prevailing Rate of such percentage per annum stated in the Letter of Offer shall be levied on the amount paid by the Bank.
(iv) From the date of payment by the Bank to the date of payment by the Borrower or conversion into financing, interest at the Prevailing Rate of such percentage per annum stated in the Letter of Offer shall be levied on each DC.
Prevailing Rate. Section 8.06(m) Primary Premises.................................. Section 2.01 Primary Premises Delivery Work.................... Section 1.02(a) Property..........................................