Prime Overdraft Rate definition

Prime Overdraft Rate means the rate of interest per year, which is equal to Absa Bank’s Limited publicly quoted Prime Overdraft Rate;

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedSchedule a Demo

Prime Overdraft Rate means the publicly quoted basic rate of interest (percent, per annum, compounded monthly in arrears and calculated on a three hundred and sixty-five day year (irrespective of whether or not the year is a leap year) from time to time published by First Rand Bank Limited or its successor-in-title as being its prime overdraft rate as certified by any manager or divisional director of its First National Bank or Rand Merchant Bank divisions, whose appointment and designation need not be proved;

Prime Overdraft Rate means the publicly quoted basic rate of interest from time to time published by First National Bank Limited (or its successor-in-title) as being its prime overdraft rate as certified by any manager of such bank, whose appointment and designation need notbe proved;

Examples of Prime Overdraft Rate in a sentence

• Any agreed amount due by the Contractor to the Contractor not paid on Due Date shall bear interest at the Prime Overdraft Rate plus 2% from the Due Date until the date of payment thereof.

• To target an annual income of SA Prime Overdraft Rate after administration fees over a rolling 36-month period, and to attempt to not have negative returns over a rolling 24-month period.

• To target an annual income of SA Prime Overdraft Rate less 2% after administration fees over a rolling 24- month period, and to attempt to not have negative returns over a rolling 18-month period.

• Any agreed amount due by the Contractor to the Contractor not paid on Due Date shall bear interest at the Prime Overdraft Rate plus 2% (Two) from the Due Date until the date of payment thereof.

• Any amount due by the Employer to the Developer not paid on the Due Date, shall bear Interest at the Prime Overdraft Rate plus 2% (Two Percent) from the Due Date until the date of full payment thereof.

• Any amount due by the Employer to the Contractor not paid on Due Date shall bear interest at the Prime Overdraft Rate plus 2% from the Due Date until the date of payment thereof.

• The Absa Managed Income Portfolios, and their respective objectives, which the Investor may select are the following: ▪ Low Income Portfolio To target an annual income of SA Prime Overdraft Rate less 4% after administration fees over a rolling 12- month period, and to attempt to not have negative returns over a rolling 12-month period.

• Any agreed amount due by the Employer to the Contractor not paid on Due Date shall bear interest at the Prime Overdraft Rate plus 2% (Two) from the Due Date until the date of payment thereof.

• The Managed Income portfolios, and their respective objectives, which the Investor may select are the following: ▪ Low Income Portfolio To target an annual income of SA Prime Overdraft Rate less 4% after administration fees over a rolling 12- month period, and to attempt to not have negative returns over a rolling 12-month period.

• Any agreed amount due by the Employer to the Developer not paid on Due Date shall bear interest at the Prime Overdraft Rate plus 2% from the Due Date until the date of payment thereof.

More Definitions of Prime Overdraft Rate

Prime Overdraft Rate means the publicly quoted basic interest rate per annum ruling from time

Prime Overdraft Rate means a rate of interest per annum, which is equal to the published minimum lending rate of interest per annum charged by the Bank referred to in 6.6.1, compounded monthly in arrears on the unsecured overdrawn current accounts of its most favoured corporate clients in the private sector from time to time. In the case of a dispute as to the rate so payable, the rate shall be certified by any manager or assistant manager of any branch of the said Bank, whose designation it shall not be necessary to prove, and whose certificate shall be prima facie evidence thereof.

Prime Overdraft Rate means the publicly quoted basic rate of interest from time to time published by First National Bank Limited (or its successor-in-title) as being its prime overdraft rate as certified by any manager of such bank, whose appointment and designation need not be proved; Signatory means the person(s) or trustee(s) who sign this Agreement on behalf of a Juristic Person or on behalf of a company still to be incorporated; Signature Date means the date on which this Agreement is signed by the Party signing last in time; Snags means any imperfections and/or minor defects in the Works, to be remedied and/or repaired by the Contractor at its cost, but which are not so serious, substantial and/or material to render the Works unfit for the intended purpose of residential accommodation; VAT means Value Added Tax payable in terms of the VAT Act;

Prime Overdraft Rate means the official published PRIME OVERDRAFT RATE calculated on an annual basis charged by from time to time;