DEFAULT AND COLLECTION Sample Clauses
The "Default and Collection" clause defines the consequences and procedures that apply when a party fails to meet its obligations under the agreement, such as missing payments or breaching terms. Typically, this clause outlines what constitutes a default, the steps the non-defaulting party can take—such as demanding immediate payment of outstanding amounts, charging late fees, or initiating collection actions—and may specify the rights to recover costs associated with collection efforts. Its core practical function is to protect the interests of the non-defaulting party by providing clear remedies and processes for addressing non-performance, thereby reducing uncertainty and facilitating enforcement.
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DEFAULT AND COLLECTION. You will be in default under this Agreement if any one or more of the following events occurs: (1)
DEFAULT AND COLLECTION. It is expressly provided that, upon default in the punctual payment of this Note, or any part hereof, principal or interest, as the same shall become due and payable, or upon default in the performance of or compliance with any of the terms of any of the Collateral Agreements, or if the Payee deems the Payee insecure, either because the prospect of timely payment of this Note becomes impaired, or because the prospect of timely performance of any of the Collateral Agreements becomes impaired, at the option of the Payee, the entire indebtedness evidenced hereby shall be matured, and in the event default is made in the prompt payment of this Note when due or declared due, and the same is placed in the hands of an attorney for collection, or suit is brought on the same, or the same is collected through probate, bankruptcy or other judicial proceedings, then the Makers jointly and severally agree and promise to pay all reasonable attorney's fees, court costs and collection costs incurred by the Payee.
DEFAULT AND COLLECTION. If I fail to make payment of any installment on time, the entire unpaid balance including service charges, plus any applicable penalty charges may, at the sole option of AU, become immediately due and payable. I understand and agree that if I default on my scheduled payment, AU and/or its collection agent may disclose the fact that I have defaulted, along with other relevant information, to credit reporting organizations. I promise to pay all attorney's fees and other collection costs and charges necessary for the collection of my amount not paid when due. If a collection agency subject to the Fair Debt Collection Practices Act is used, I will pay all collection costs and service charges. I waive my right to privacy with regard to the disclosure of any and all information to any party, organization, business or entity in an effort to collect any debt owed under this agreement. CHANGE IN NAME, ADDRESS, E-MAIL ADDRESS, OR PHONE NUMBER I am responsible for informing the AU records office of any changes in my name, address, email address, or phone number within thirty (30) days of any such change. GRADUATION/COMPLETION RATES According to regulations published by the Department of Education based on the Student Right-to-Know Act, the graduation/completion rates for first-time, full-time students who entered school and graduated/completed within 150% of the normal time to complete the program must be made available to current and prospective students. You may obtain this information in the Admissions Department.
DEFAULT AND COLLECTION. If you do not make a required payment when due or you fail to comply with any of the terms of this Agreement we may, subject to applicable law, declare the entire balance of your Account due and payable at once without notice or demand. We may also do this if you have made false or misleading statements to us or if you die or
DEFAULT AND COLLECTION. Subject to the express notice and cure provisions contained in this Note, it is expressly provided that, upon default in the punctual payment of this Note, or any part hereof, principal or interest, as the same shall become due and payable, or upon default in the performance of or compliance with any of the terms of any of the Collateral Agreements, or if the Payee deems the Payee insecure, either because the prospect of timely payment of this Note becomes impaired, or because the prospect of timely performance of any of the Collateral Agreements becomes impaired, at the option of the Payee, the entire indebtedness evidenced hereby shall be matured, and in the event default is made in the prompt payment of this Note when due or declared due, and the same is placed in the hands of an attorney for collection, or suit is brought on the same, or the same is collected through probate, bankruptcy or other judicial proceedings, then the Makers jointly and severally agree and promise to pay all reasonable attorney's fees, court costs and collection costs incurred by the Payee.
DEFAULT AND COLLECTION. I understand that if I fail to make any payment due to the University in a timely manner, the University may, in its absolute and sole discretion, accelerate my entire debt to become immediately due and payable. TUI will provide me with advance notice and a reasonable opportunity to cure, not to exceed 4 weeks. I agree to reimburse TUI for any costs of collecting the amount that I owe TUI, including collection agency fees, legal costs and attorneys’ fees.
DEFAULT AND COLLECTION. Subject to the express notice and cure rights described in this Note, it is expressly provided that, upon default in the punctual payment of this Note, or any part hereof, principal or interest, as the same shall become due and payable, or if the Lender deems itself insecure, either because the prospect of timely payment of this Note becomes impaired, or because the prospect of timely performance of any of the Collateral Agreements becomes impaired, at the option of the Lender, the entire indebtedness evidenced hereby shall be matured, and in the event default is made in the prompt payment of this Note when due or declared due, and the same is placed in the hands of an attorney for collection, or suit is brought on the same, or the same is collected through probate, bankruptcy or other judicial proceedings, then the Makers jointly and severally agree and promise to pay all reasonable attorney's fees, court costs and collection costs incurred by the Lender.
DEFAULT AND COLLECTION. It is expressly provided that, upon default in the punctual payment of this Note, or any part hereof, principal or interest, as the same shall become due and payable, or if the Payee deems the Payee insecure because the prospect of timely payment of this Note becomes impaired, at the option of the Payee, the entire indebtedness evidenced hereby shall be matured, and in the event default is made in the prompt payment of this Note when due or declared due, and the same is placed in the hands of an attorney for collection, or suit is brought on the same, or the same is collected through probate, bankruptcy or other judicial proceedings, then the Makers jointly and severally agree and promise to pay all reasonable attorney's fees, court costs and collection costs incurred by the Payee.
DEFAULT AND COLLECTION. Unless prohibited by applicable law, your Account is considered to be in default if
DEFAULT AND COLLECTION. If Customer fails to pay any amount due under the terms and conditions of this Contract within thirty (30) days of billing date, Customer will be assessed a late charge of 1.5% per month (18% annual percentage rate) of the past due amount. Upon the second such failure Summit shall have the right to declare the entire balance due under the Contract immediately due and payable, including any discounts shown on the face of the Contract. Summit may, at its discretion, suspend or cancel Customer’s products and/or services until account is current. Customer agrees to pay the reasonable costs incurred by Summit in enforcement and collection of this debt including reasonable attorneys’ fees, court costs, agency fees and other collection expenses. Any failure by Summit to enforce its rights under this paragraph shall not be construed as a waiver of such rights.