Penal Rate definition

Penal Rate shall have the meaning ascribed to the term in Clause 5.3(a).
Sample 1Sample 2Sample 3
Penal Rate is the rate of pay for time worked (other than overtime) within ordinary hours of work during times specified in Clause 8.3.2
Sample 1Sample 2Sample 3
Penal Rate means Tl.25 paid for any hours worked after 7pm and before 7am on any weekday and T1.5 for any time from midnight Friday/Saturday to midnight Sunday/Monday.
Sample 1Sample 2

Examples of Penal Rate in a sentence

  • Penal Rate: The penal rates for materials supplied by the Department shall be as follows:1) Cement: It shall be double the issue rate shown in Schedule ‘A’ or prevailing market rate at the time of completion of work (including Sales Tax and General Tax) whichever is more.2) Steel: It shall be issue rate shown in Schedule ‘A’ or 115% of the prevailing market rate (including Sales Tax and General Tax) at the time of completion of work whichever is more.

  • The interest paid will be lower by the Penal Rate of 1% than the rate prevailing on the date of placement of the deposit for the period for which the deposit remained with the Bank or the contractual rate, whichever is lower.

  • The payment of outstanding accrued Ground Rent at that rate shall be considered the Penal Rate.

  • If wastage exceeds the specified limit, the recovery of excess wastage shall be made from monthly R/A Bill at the Penal Rate.

  • S-3 Wastage beyond five percent (5%) Penal Rate of the aforesaid theoreticalconsumption (S-1).

  • Where this occurs, Penal Rate, as in 2.5 below, shall apply 2.3Drawing against Uncleared Effects Negotiable 2.4Micro Leasing/Microfinancerelated Hire purchase Negotiable 8 Three (3) days from the date of execution, shall be allowed within which the contract may be rescinded provided no draw down has been made 2.5Penal Rate9 for late repayment of loans, authorized overdrafts, micro leases,microfinance-related hire purchase and other advances/facilities, including unauthorized overdraft as in 2.2 above.

  • Penal Rate of Interest [Clause 28] Penalty @ 18% p.a. on the overdue period shall be payable on the unpaid amount of deposits which have matured and been claimed.

  • Penal Rate of Interest will not apply in case of prematurely closed term deposit accounts.⮚ Branches have to compulsorily open MACT Saving Bank account before opening of MACAD annuity deposit account.

  • Economic Stability-( Full Employment and achievement of high level ofeconomy’s growth)surplus funds with RBI is called ReverseRepo Rate.f. Being a Penal Rate, it is above the RepoRate.Under second part the bank re-purchase the security and pay back toNov 2018a.

  • EARTHING ROD 40 mm MS ROUND PENAL RECOVERYR-1 Theoretical consumption (without Free Considering wastage and scrap or loss) R-2 Wastage limited to plus five percent Free (+5%) of aforesaid theoreticalConsumption (R-1) towards allowable Wastage (cut pieces plus scrap to be returned to BHEL).R-3 Wastage beyond five percent (+5%) Penal Rate of the theoretical consumption above(R-1).

Related to Penal Rate

  • additional rate means the additional rate levied by the City of Cape Town on rateable properties within the designated boundaries of the Special Rating Area for purposes of raising funds for improving and upgrading that area, subject to any exemptions or permissible differentiation between categories of property, as contemplated in section 22(1) of the Rates Act, read with sections 8(1) and 12(2) of the By-Law;

  • ANNUAL RATE ADJUST: MONTHLY P&I : 2,447.26 OUTSIDE CONV DATE : LIFETIME RATE : 7.50000 MATURITY DATE : 03/01/28 CURRENT INT RATE: 7.50000 PRODUCT CODE : 002 LTV : 76.08600 ---------------------------------------------------------------- 0 0031405459 MORTGAGORS: XXXXXX XXXXXX XXXXXX XXXXXX REGION CODE ADDRESS : 0000 XXXXXXX XXXXXX 01 CITY : SAN XXXX STATE/ZIP : CA 95125 MORTGAGE AMOUNT : 270,000.00 OPTION TO CONVERT : UNPAID BALANCE : 269,789.37 ANNUAL RATE ADJUST: MONTHLY P&I : 1,841.88 OUTSIDE CONV DATE : LIFETIME RATE : 7.25000 MATURITY DATE : 03/01/28 CURRENT INT RATE: 7.25000 PRODUCT CODE : 002 LTV : 65.37500 ---------------------------------------------------------------- 0 0031405533 MORTGAGORS: XXXXXXXX XXXX XXXXXXXX XXXXX REGION CODE ADDRESS : 00000 XXXXX XXXX 01 CITY : BOULDER CREEK STATE/ZIP : XX 00000 MORTGAGE AMOUNT : 285,600.00 OPTION TO CONVERT : UNPAID BALANCE : 285,371.61 ANNUAL RATE ADJUST: MONTHLY P&I : 1,924.14 OUTSIDE CONV DATE : LIFETIME RATE : 7.12500 MATURITY DATE : 03/01/28 CURRENT INT RATE: 7.12500 PRODUCT CODE : 002 LTV : 80.00000 ---------------------------------------------------------------- 0 0031405624 MORTGAGORS: XXXXXXX XXXXX XXXXXXX XXXXXXX REGION CODE ADDRESS : 000 XXXXX XXXXX 01 CITY : BEN LOMOND STATE/ZIP : XX 00000 MORTGAGE AMOUNT : 300,000.00 OPTION TO CONVERT : UNPAID BALANCE : 299,771.72 ANNUAL RATE ADJUST: MONTHLY P&I : 2,072.03 OUTSIDE CONV DATE : LIFETIME RATE : 7.37500 MATURITY DATE : 03/01/28 CURRENT INT RATE: 7.37500 PRODUCT CODE : 002 LTV : 50.42000 ---------------------------------------------------------------- - **** PAGE TOTALS ***** NUM OF LOANS: 5 LOAN AMT: 1,521,600.00 P & I AMT: 10,521.94 UPB AMT: 1,520,444.23 1 GE CAPITAL MORTGAGE SERVICES, INC. EXHIBIT C ISSUE DATE: 04/01/98 P.O. BOX 5260 TMS AG0004980830 01 PAGE: 000 XXXXXX XXXX, X.X. 00000 (000) 000-0000

  • Late Payment Rate As defined in the Insurance Agreement.

  • Initial Rate means each rate of interest to be paid in an Initial Period as set forth in the Certificate.

  • Highest Lawful Rate means the maximum lawful interest rate, if any, that at any time or from time to time may be contracted for, charged, or received under the laws applicable to any Lender which are presently in effect or, to the extent allowed by law, under such applicable laws which may hereafter be in effect and which allow a higher maximum nonusurious interest rate than applicable laws now allow.

  • Maximum Lawful Rate has the meaning set forth in Section 2.7.

  • Heat Rate means the quantity of BTU’s consumed to produce a kilowatt-hour of energy, calculated as follows:

  • Wage Rate refers to an Employee’s hourly rate of pay reflected by the pay grade of her position and her step within that grade, as set out in the Wage Rate grid in Appendix II.

  • Day Rate means the rate per day per grade tendered by the Supplier in the Supplier’s proposal that shall never be exceeded within this Contract;

  • Interest Rate shall have the meaning assigned to such term or analogous term in the Mortgage Loan Agreement.

  • Rate means the Adjusted LIBO Rate and the Alternate Base Rate.

  • Compounded Daily Reference Rate means, with respect to an Interest Period, the rate of return of a daily compound interest investment in the Specified Currency (with the applicable Reference Rate (as indicated in the relevant Final Terms and further provided for below) as the reference rate for the calculation of interest) and will be calculated by the Calculation Agent on the Interest Determination Date, as follows, and the resulting percentage will be rounded, if necessary, to the fifth decimal place, with 0.000005 being rounded upwards:

  • Average Rate means the simple arithmetic mean of the bank rates in effect at 4:00 p.m. Eastern Standard Time each day during the calendar month which immediately precedes the calendar month in which payment is made, where the "bank rate" means the rate of interest established from time to time by the Bank of Canada as the minimum rate at which the Bank of Canada makes short term advances to members of the Canadian Payments Association;