True-Up Interest Rate definition
Examples of True-Up Interest Rate in a sentence
If, based on an audit, it is determined that accrued costs were collected by the Operating Agent for costs that were not actually paid at or about the time originally anticipated at the time the accrual was initiated and are not likely to be paid out within one month, the Operating Agent shall make appropriate refunds of such amounts, plus interest at the True-Up Interest Rate, Compounded Monthly, over the actual number of days elapsed from the payment by the Lessee/Owner Party to the date of such refund.
When any Dispute regarding payment is resolved and any amount is to be refunded, payment of amounts due shall be refunded within ten days thereafter, together with interest at the True-Up Interest Rate, Compounded Monthly, based upon the actual number of days elapsed from the date of the payment to which the correction relates to the date of the refund.
Amounts which are to be refunded pursuant to this Section 6.9, shall include interest at the True-Up Interest Rate, compounded monthly, based upon the actual number of days elapsed from the date of the payment to which the correction relates to the date of the refund.
Adjustments (including interest at the True-Up Interest Rate, if applicable) shall be made among the Parties, if required, so that all costs properly incurred in the performance of Operating Functions shall have been shared by the Parties in accordance with this Agreement.
In either event, any amount so owning to any party hereto shall include interest on such amount calculated from the date of termination to the date of payment at the True-Up Interest Rate.