Base rate of Late Payment Surcharge means the marginal cost of funds based lending rate for one year of the State Bank of India, as applicable on the 1st April of the financial year in which the period lies, plus five percent and in the absence of marginal cost of funds based lending rate, any other arrangement that substitutes it, which the Central Government may, by notification, in the Official Gazette, specify. Provided that if the period of default lies in two or more financial years, the base rate of Late Payment Surcharge shall be calculated separately for the periods falling in different years. “BusinessDay” shallmeanwith respecttoSPGandDISCOM,adayother thanSundayorastatutoryholiday,onwhichthebanks remainopenforbusinessintheState;
Base rate of Late Payment Surcharge means the marginal cost of funds based lending rate for one year of the State Bank of India, as applicable on the 1st April of the financial year in which the period lies, plus five percent and in the absence of marginal cost of funds based lending rate, any other arrangement that substitutes it, which the Central Government may, by notification, in the Official Gazette, specify. Provided that if the period of default lies in two or more financial years, the base rate of Late Payment Surcharge shall be calculated separately for the periods falling in different years.
Base rate of Late Payment Surcharge means the marginal cost of funds based lending rate for one year of the State Bank of India, as applicable on the 1st April of the financial year in which the period lies, plus five percent and in the absence of marginal cost of funds based lending rate, any other arrangement that substitutes it, which the Central Government may, by notification, in the Official Gazette, specify:
Examples of Base rate of Late Payment Surcharge in a sentence
Late Payment Surcharge shall be payable on the payment outstanding after the due date at the Base rate of Late Payment Surcharge applicable for the period for the first month of default.
In the event of delay in payment of a Monthly Bill by GUVNL beyond Due Date, a Late Payment Surcharge shall be payable on the payment outstanding after the Due Date, at the Base rate of Late Payment Surcharge applicable for the period for the first month of default.
In the event of delay in payment of a Monthly Xxxx by SECI beyond Due Date, a Late Payment Surcharge shall be payable on the payment outstanding after the Due Date, at the Base rate of Late Payment Surcharge applicable for the period for the first month of default.
More Definitions of Base rate of Late Payment Surcharge
Base rate of Late Payment Surcharge means the marginal cost of funds based lending rate for one year of the State Bank of India, as applicable on the 1st April of the financial year in which the period lies, plus five percent (500 bps) and in the absence of marginal cost of funds based lending rate, any other arrangement that substitutes it, which the Central Government may, by notification, in the Official Gazette, specify. The Late Payment Surcharge shall be claimed by the WPD through the Supplementary Bill. Late Payment Surcharge shall be payable on the outstanding payment at the base rate of Late Payment Surcharge applicable for the period for the first month of default. The rate of Late Payment Surcharge for the successive months of default shall increase by 0.5 percent (50 bps) for every month of delay provided that the Late Payment Surcharge shall not be more than 3 percent higher than the base rate at any time. If the period of default lies in two or more financial years, the base rate of Late Payment Surcharge shall be calculated separately for the periods falling in different years. The above payment will be made by SECI subject to such late payment surcharge being duly received by SECI under the PSA from the Buying Entity(ies).
Base rate of Late Payment Surcharge means the marginal cost of funds based lending rate for one year of the State Bank of India, as applicable on the 1st April of the financial year in which the period lies, plus five percent and in the absence of marginal cost of funds based lending rate, any other arrangement that substitutes it, which the Central Government may, by notification, in the Official Gazette, specify. The Late Payment Surcharge shall be claimed by SECI through the Supplementary Bill. Late Payment Surcharge shall be payable on the outstanding payment beyond the Due Date at the base rate of Late Payment Surcharge applicable for the period for the first month of default. The rate of Late Payment Surcharge for the successive months of default shall increase by 0.5 percent (50 bps) for every month of delay provided that the Late Payment Surcharge shall not be more than 3 percent higher than the base rate at any time:
Base rate of Late Payment Surcharge means the Marginal Cost of funds based Lending Rate (MCLR) for one year of the State Bank of India, as applicable on the 1st April of the Financial Year in which the period lies, plus five percent (5%). Provided that if the period of default lies in two or more financial years, the Base rate of Late Payment Surcharge shall be calculated separately for the periods falling in different years;
Base rate of Late Payment Surcharge means the marginal cost of funds based lending rate for one year of the State Bank of India, as applicable on the 1st April of the financial year in which the period lies, plus five percent. The Late Payment Surcharge shall be claimed by Buyer through the Supplementary Xxxx. Late Payment Surcharge shall be payable on the payment outstanding after 30 days after the due date at the base rate of Late Payment Surcharge applicable for the period for the first month of default. The rate of Late Payment Surcharge for the successive months of default shall increase by 0.5 percent for every month of delay provided that the Late Payment Surcharge shall not be more than 3 percent higher than the base rate at any time:
Base rate of Late Payment Surcharge means the marginal cost of funds-based lending rate for one year of the State Bank of India, as applicable on the 1st April of the financial year in which the period lies, plus five percent. Late Payment Surcharge shall be payable on the payment outstanding after the Due Date at the base rate of Late Payment Surcharge applicable for the period for the first month of default. The rate of Late Payment Surcharge for the successive months of default shall increase by 0.5 percent for every month of delay provided that the Late Payment Surcharge shall not be more than 3 percent higher than the base rate at any time, and provided further that, the rate at which Late Payment Surcharge shall be payable shall not be higher than 1.25% per month at any time for purchase of power. The above payment will be made by SECI subject to such late payment surcharge being duly received by SECI under the SCPA from the Buying Entity(ies). The Late Payment Surcharge shall be claimed by the WPD through the Supplementary Xxxx.
Base rate of Late Payment Surcharge means the marginal cost of funds-based lending rate for one year of the State Bank of India, as applicable on the 1st April of the financial year in which the period lies, plus five percent. Late Payment Surcharge shall be payable on the payment outstanding after the Due Date at the base rate of Late Payment Surcharge applicable for the period for the first month of default. The rate of Late Payment Surcharge for the successive months of default shall increase by 0.5 percent for every month of delay provided that the Late Payment Surcharge shall not be more than 3 percent higher than the base rate at any time, and provided further that, the rate at which Late Payment Surcharge shall be payable shall not be higher than 1.25% per month at any time for purchase of power. The above payment will be made by SECI subject to such late payment surcharge being duly received by SECI under the SCPA from the Buying Entity(ies). The Late Payment Surcharge shall be claimed by the WPD through the Supplementary Xxxx.