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).

Related to Moratory Interest

  • Mandatory income interest means the right of an income beneficiary to receive net income that the terms of the trust require the fiduciary to distribute.

  • Moratorium Period means the period of maximum 6 (Six) months from the Commencement Date provided by DMRC to the Lessee for carrying out Fit Out Activities in order to operationalize the Leased Space(s).

  • Liquidation Process Regulations means, the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations 2016 as amended from time to time;

  • Liquidation Profits As to any Distribution Date and any Mortgage Loan that became a Liquidated Loan during the Applicable Unscheduled Principal Receipt Period with respect to Full Unscheduled Principal Receipts for such Distribution Date, the excess, if any, of (i) Net Liquidation Proceeds in respect of such Liquidated Loan over (ii) the unpaid principal balance of such Liquidated Loan plus accrued interest thereon in accordance with the amortization schedule at the time applicable thereto at the applicable Net Mortgage Interest Rate from the Due Date to which interest was last paid with respect thereto through the last day of the month preceding the month in which such Distribution Date occurs.

  • Legislative or administrative interest means an economic interest, distinct from that of the general public, in: