Statutory Interest definition

Statutory Interest means statutory interest as defined in the Late Payment of Commercial Debts (Interest) Act 1998 as amended & supplemented by the Late Payment of Commercial Debts Regulations 2002.
Statutory Interest means simple interest for late payment at a rate which is the sum of the reference rate, plus at least seven percentage points;

Examples of Statutory Interest in a sentence

  • The interest equals the statutory interest for non-commercial transactions (which may be found on wetten.overheid.nl by entering the search ‘Besluit wettelijke rente’ (Statutory Interest Decree)) plus the maximum number of percentage points as contained in section 4 of ‘Besluit Kredietvergoeding’ (Lending Rate Decree).

  • Amounts due from the Company to a CVA Creditor in respect of a CVA Claim or an Allowed Claim shall not include Statutory Interest.

  • The interest equals the statutory interest for non-commercial transactions (which may be found on wetten.overheid.nl by entering the search ‘Besluit wettelijke rente’ (Statutory Interest Decree) plus the maximum number of percentage points as contained in section 4 of ‘Besluit Kredietvergoeding’ (Lending Rate Decree).

  • As a result creditors will not be entitled to Statutory Interest which currently stands at the greater of 8% per annum and the rate that would apply apart from the administration of the Company.

  • Repayment must include Statutory Interest computed from the first day of the month following the overpayment.


More Definitions of Statutory Interest

Statutory Interest means interest carried by virtue of the term implied by section 1(1); and
Statutory Interest means statutory interest as defined in the Late Payment of Commercial Debts (Interest) Act 1998
Statutory Interest has the meaning provided in Exhibit Y.8.
Statutory Interest in the Finnish legislation means both the interest rate that applies to an outstanding debt before the due date and penalty interest for late payments. Provisions on both types of statutory interest are laid down in the Interest Act (633/1982). The obligation to pay interest or penalty interest for late payments is determined under the Interest Act, unless otherwise follows from the obligation of the debtor or a business practice or unless otherwise provided by law (Interest Act, section 2, subsection 1).
Statutory Interest means simple interest for late payment at a rate which is
Statutory Interest means simple interest for late payment at the rate of 8% above the base rate set by the Gibraltar Savings Bank for savings on the day the debt became due; if the base rate changes thereafter, the Reference Rate shall also change to remain 8% above the base rate; and
Statutory Interest means the interest as defined in article 2 of EU Directive 2011/7/EU; “Subcontractor” means either an affiliate or subsidiary of the Consultant, or an independent