Common use of Prevailing Rate Clause in Contracts

Prevailing Rate. Interest at the Prevailing Rate of such percentage per annum stated in the Letter of Offer above BLR shall be levied on the daily debit balance of the account and posted to the account on the last day of each calendar month. The interest shall be paid monthly. Unless paid, the interest shall be treated as a Drawing under the OD.

Prevailing Rate. Interest at the Prevailing Rate of such percentage per annum stated in the Letter of Offer above BLR shall be levied on the daily debit balance of the account and posted to the account on the last day of each calendar month. The interest shall be paid monthly. Unless paid, the interest shall be treated as a Drawing under the ODCF.