Late Payment Rate

Example Definitions of "Late Payment Rate"
Late Payment Rate. The rate of interest as it is publicly announced by Citibank, N.A. at its principal office in New York, New York as its prime rate (any change in such prime rate of interest to be effective on the date such change is announced by Citibank, N.A. ), plus 3%. The Late Payment Rate shall be computed on the basis of a year of 365 days calculating the actual number of days elapsed. In no event shall the Late Payment Rate exceed the maximum rate permissible under any applicable law limiting interest... rates. View More
Late Payment Rate. Shall mean an annual interest rate equal to the lesser of 18% or the maximum interest rate permitted by Applicable Law.
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