additional rate definition

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;

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additional rate means an additional rate contemplated in sections 19(1)(d) and 22(1)(b) of the Property Rates Act and in section 12(2) of this By-law;

additional rate means the additional rate contemplated in section 22(1)(b) of the Local Government: Municipal Property Rates Act, 6 of 2004) (the “MPRA”), and in sections 22 of the City of Cape Town: City Improvement District By-law 2023 (the “By-law”);

Examples of additional rate in a sentence

• In the event that the Company does not make a timely PIK Election in accordance with this clause (b) for an interest payment period, then the Company shall be deemed to have elected to pay the Additional Rate, if applicable, in cash.

• The Company shall have the option, at its election, to pay the Additional Rate, if applicable, on the Notes in either cash (“Cash Interest”) or PIK Interest.

• To elect PIK Interest for an interest payment period in respect of the Additional Rate, the Company shall deliver a written notice to the Trustee and the Holders prior to the fifteenth (15th) calendar day immediately prior to the interest payment date for such interest payment period, which notice shall state the form of interest payment with respect the Additional Rate, if applicable, to such interest period and the total amount of interest to be paid on such interest payment date (a “PIK Election”).

• In the event that the Company does not make a timely PIK Election with respect to the Additional Rate, if applicable, for an interest payment period, then the Company shall pay the Additional Rate in Cash Interest for such interest payment period.

More Definitions of additional rate

additional rate means an annual rate initially equal to 7.0% per annum, increasing by 1.0% on every anniversary of the occurrence of the Specified Event.

additional rate means the additional rate charged by the City to registered owners of property situated in the SRA for the benefit of the SRA, as contemplated in sections 19(1)(d) and 22(1)(b) of the Property Rates Act and section 12(2) of the By- law (subject to any applicable exemptions);

additional rate means an additional rate contemplated in section 22 of the Local Government: Municipal Property Rates Act, 6 of 2004 (the “MPRA”), and in Section 22 of this By-law;

additional rate means an additional rate contemplated in Sections 19(1)(d) and 22(1)(b) of the Act read together with clause 9, and is payable and collected in the same manner as other property rates imposed by the Municipality;

additional rate means an additional rate contemplated in sections

additional rate means an additional rate contemplated in sections 19(1) (d) and 22(1) (b) of the Act read together with clause 9 of this Policy;

additional rate means an additional rate contemplated in sections 19(1)(d) and 22(1)(b) of the Municipal Property Rates Act, 2004 (Act No. 6 of 2004) in section 11(2) of this by-law;