Moratory Interest definition

Moratory Interest. Means the interest accrued as of the following day of the date when the obligation should have been satisfied, calculated at a rate equivalent to 1.5 (one point five) times the rate of the 28 (twenty-eight) day Interbanking Interest Rate (“TIIE”), as published by the Banco de México in the Official Gazette, for a month or fraction of a month delay, over the unpaid balance until its total payment, when the consideration is agreed in the legal currency of Mexico.  In the event consideration is agreed in dollars, legal currency of the United States of America, it shall mean the interest accrued as of the following day of the date when the obligation should have been satisfied, calculated at the greater rate (the “Interest Rate”) equivalent to (i) multiplying the Primer Rate, set by Citibank N.A., New York by 2 (two), or (ii) adding 5 (five) pertaining to percentage points to the Prime Rate set by Citibank N.A., New York.  K+N: ▇▇▇▇▇▇ & ▇▇▇▇▇, ▇.▇. de C.V.  México: United Mexican States.  Parts: The customer and K+N, when referred collectively.  Person: Means any person, whether an individual or a legal entity, corporation, general partnership, stock partnership in commendam, limited liability partnership, stock corporation, joint venture agreement, civil partnership, association, company, trust, irregular business entity, or any type of organization or entity, whether it is incorporated as a legal entity or not.  Products: Means all of the goods, merchandise, articles, effects, products, genders, objects, pieces, raw material, package material, and/or any promotional material acquired, developed, manufactured or commercialized by the Customer that has a direct interference with the purpose of this Agreement, as set forth in Exhibit 2.
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Moratory Interest. Means the interest accrued as of the following day of the date when the obligation should have been satisfied, calculated at a rate equivalent to 1.5 (one point five) times the rate of the 28 (twenty-eight) day Interbanking Interest Rate (“TIIE”), as published by the Banco de México in the Official Gazette, for a month or fraction of a month delay, over the unpaid balance until its total payment, when the consideration is agreed in the legal currency of Mexico. In the event consideration is agreed in dollars, legal currency of the United States of America, it shall mean the interest accrued as of the following day of the date when the obligation should have been satisfied, calculated at the greater rate (the “Interest Rate”) equivalent to (i) multiplying the Primer Rate, set by Citibank N.A., New York by 2 (two), or (ii) adding 5 (five) pertaining to percentage points to the Prime Rate set by Citibank N.A., New York. K+N: ▇▇▇▇▇▇ & ▇▇▇▇▇, ▇.▇. de C.V. México: United Mexican States.
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Examples of Moratory Interest in a sentence

  • In the case K+N decides, at its sole discretion, to provide the Services to the Customer, such action shall not be interpreted as an acceptance of the Customer’s breach or as a waiver of the rights derived hereof or from the applicable regulations, that entitle K+N to demand the payment of the unpaid considerations, including the Moratory Interest.

  • Moratory Interest shall be calculated on the basis of the rate resulting from adding two (2) times the Prime Rate, issued by the New York Citibank, proportionately to the days of delay in payment, divided into twelve (12) months, on unpaid balances of the amounts owed monthly.

  • Should the total amount of any invoice not be timely paid, the unpaid amount thereof will bear interest at LIBOR plus 2.5% (two point five percent) ("Moratory Interest Rate"), from and including the day after the due date and up to and including the date payment is made.

  • For purposes of calculating the Moratory Interest Rate, the arithmetic mean (rounded up, if necessary, to the higher integer multiple nearest 1/16 of 1%) shall be deemed equal to the interest rate as informed by the Central Bank of Chile as LIBOR USD 3 MONTHS, on the second Business Day prior to expiration of the respective payment, plus 2.5% (two point five percent).