Compensatory Interest definition

Compensatory Interest means the interest that is due and payable at the Compensatory Interest Rate in accordance with Condition 22.6;

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Compensatory Interest means any AP Compensatory Interest and/or VP Compensatory Interest (as applicable);

Compensatory Interest has the meaning set forth in Section 16 hereof.

Examples of Compensatory Interest in a sentence

As long as BORROWER continues to be in Default LENDER shall be entitled to receive compensatory interest at the Interest Rate plus Late-Payment Interest equal to *** of the Compensatory Interest rate.
The Borrower shall repay the full amount to the Facility Agent within five (5) Business Days of receiving the notice from the Lender or Facility Agent for the payment to be transferred to the Facility Agent and/or the Lender and shall pay interest in the same currency calculated at the floating Compensatory Interest Rate (adjusted daily as the Compensatory Interest Rate changes) for the period between the advance date and the repayment date.
If the payment is overdue for less than six (6) months, extra amount based on 10% of the mentioned Compensatory Interest Rate shall be charged as the penalty.
When there are changes in the Compensatory Interest Rates, the Interest Rate Adjustment Date shall be the first day of the following month after the changes, and the default interest is calculated monthly based on the floating interest rates.
If the Borrower fails to pay any amount payable under this Agreement on time, to the extent permitted by law, the Borrower shall pay default interest for the period from the date the amount due to the date of actual payment in the same currency of such amount based on the floating Compensatory Interest Rate on the date the said amount due, while the business tax and stamp duty shall be borne by the Borrower.

More Definitions of Compensatory Interest

Compensatory Interest means any CP Compensatory Interest, OP Compensatory Interest and/or T&S Compensatory Interest (as applicable);

Compensatory Interest means interest in accordance with Article 229 (3) of the Code calculated in accordance with Point 295.

Compensatory Interest. As defined in Section 7.2(a).

Compensatory Interest the interest referred to in Clause 2.05 of the Contract and established in numeral 4 of Annex I of the Contract.

Compensatory Interest shall have the meaning set forth in Section 13.3(a).

Compensatory Interest. Interest due to the contractor at the ruling rate of interest on amounts certified after thirty-one (31) calendar days of the date of practical completion, compounded monthly until the date of payment DEFAULT INTEREST: Interest at six (6) percentage points per annum above the ruling rate of interest where payment has not been received within the stipulated period, compounded monthly from the due date for payment until the date of payment INTEREST: The bank rate applicable from time to time to registered banks borrowing money from the Central or Reserve Bank of the country [CD]. The ruling bank rate on the first calendar day of each month shall be used in calculating the interest due for such month The bank rate referred to in the definition of interest is determined by the Reserve Bank’s Monetary Policy Committee (MPC) every two months (six times a year) and it is the rate at which commercial banks would borrow money from the Reserve Bank. During their meetings they analyse a considerable amount of economic information and then decide whether the rate (known as the repo rate) should go up, go down or stay constant Uncertainty in the past has often existed between consultants and (sub)contractors on whether the repo rate or prime lending (overdraft) bank rate should be used. The overdraft rate is not ‘fixed’, banks generally add three-and-a-half percent (3.5%) on top of the repo rate, but will adjust this rate depending on the financial status of the client or type of transaction in question. This is then typically expressed as an ‘overdraft rate plus (or minus) a certain percentage’. The overdraft rate is therefore not suitable to be used In order to make the repo rate a ‘punishable’ rate six (6) percentage points on top of the repo rate is added in the case of default interest (see definition) to make it a truly ‘punishable’ rate when employers/contractors fail to make payments by the due date to contractors/ subcontractors After remaining at 15.5% for 21 years (since 1993) the Prescribed Rate of Interest (‘▇▇▇▇ interest’) was changed to 9% as of August 2014. At the time of drafting and final date of publishing Edition 6.1 (March 2014) the 15.5% rate applied and was found to be a sufficiently ‘punishable’ rate when employers/ contractors make an unjustified call on a security. However, because of the drastic lowering of the rate to 9% this was no longer the case and it was, therefore, decided to remove the application of the ▇▇▇▇ interest rate in Edition ...

Compensatory Interest has the meaning given to such term in Section 3.11(a).