Penal Interest Rate definition
Penal Interest Rate means the rate at which the Bank shall compute and apply interest on all amounts not paid when due for payment (or reimbursement) by the Borrower(s) to the Bank, as stated in the Schedule or as may be amended from time to time by the Bank.
Penal Interest Rate means the rate of interest that is two times of the rate of interest on the 10-year Government of India Security as on the date of Termination.
Examples of Penal Interest Rate in a sentence
For the purpose of this Agreement, Penal Interest Rate shall mean the rate of interest that is two times the rate of interest on the 10-year Government of India Security as on the date of Termination.