Common use of Default Fees Clause in Contracts

Default Fees. If you don’t keep to this agreement or if another default event occurs, you may need to pay default fees (our current default fees are outlined below as at the date of disclosure). We may vary these fees and charges at any time (but we will only do so on reasonable grounds and in accordance with applicable law). All default fees and charges are charged to your account at the time the relevant fee or charge is incurred. If you do not pay any default fees when they are charged to your account, they will become part of your unpaid principal balance and an overdue amount on which default interest may be charged. Late Payment Fee Charged to your account each time you are more than two days late in paying an amount that is due and on a weekly/fortnightly or monthly basis for the period while the amount is overdue (to cover the additional cost of administering your account while payments are overdue). Payment Plan Late Fee A reduced late fee charged to your account when you have a payment plan in place instead of the late fee described above. This fee is incurred each time you are more than two days late in paying an amount due under a payment plan (to cover the additional cost of administering your account when payments are overdue). Door Knock Fee $35.00 Charged to your account each time we are reasonably required to visit you to discuss an event of default (to cover the cost of the visit). Other Repossession Fees: locksmith, storage, disposal costs, repossession agents. Actual Cost Charged to your account when reasonably incurred as a result of a default event. You must give notice that you intend to cancel this loan agreement within: (a) 5 working days of receipt, if this loan agreement is handed to you in person; (b) 7 working days of the date this loan agreement is emailed to you; or (c) 9 working days of the date this loan agreement is posted to you. Saturdays, Sundays and public holidays are not counted as working days. If you want to cancel this agreement, you must let us know in writing by: • Giving notice to us or one of our employees in person at the office of Limelight Financial Services Limited • Posting notice to us at PO Box 204365, Highbrook, Manukau 2161 • Emailing notice to us at ▇▇▇▇▇▇▇▇@▇▇▇▇▇▇▇▇▇▇▇▇.▇▇.▇▇ If you cancel this agreement, we can charge you: a) The amount of any reasonable expenses we had to pay in connection with this agreement and its cancellation (including legal fees and fees for credit reports, etc); and b) Interest for the period from the day you received the advance until the day you repay the advance. You must also repay to us any advance you’ve received under this agreement

Default Fees. If you don’t keep default under this contract (including a default in payment) you will become liable for all costs, charges and expenses provided for in clause 19 of the Terms and Conditions, including, but not limited to, the Lender’s own internal costs of administering the default (such as having to this agreement or if another default event occurs, you may need to pay default fees (our current default fees are outlined below as at the date of disclosure). We may vary these send arrears letters and notices and instruct solicitors) and all legal fees and charges at any time (but we will only do so on reasonable grounds and in accordance with applicable law). All default fees and charges are charged to your account at the time the relevant fee or charge is incurred. If you do not pay any default fees when they are charged to your account, they will become part of your unpaid principal balance and an overdue amount on which default interest may be charged. Late Payment Fee Charged to your account each time you are more than two days late in paying an amount that is due and disbursements calculated on a weekly/fortnightly or monthly solicitor and own client basis for incurred by the period while Lender in connection with the amount is overdue (to cover the additional cost of administering your account while payments are overdue). Payment Plan Late Fee A reduced late fee charged to your account when you have a payment plan in place instead enforcement of the late contract and the security documents Default fees become payable on the day the letter is generated, or on the day the service relating to the default fee described abovewas rendered or invoiced to the creditor. This fee is incurred each time you are more than two days late in paying an amount due under a payment plan (to cover the additional cost of administering your account when payments are overdue). Door Knock Fee $35.00 Charged to your account each time we are reasonably required to visit you to discuss an event of default (to cover the cost of the visit). Other Repossession Fees: locksmith, storage, disposal costs, repossession agents. Actual Cost Charged to your account when reasonably Charges incurred as a result of a default eventwhich are invoiced to the creditor by a third party are passed on to your account at the invoiced amount. Outline of fees as at the date of this statement:  Standard overdue notice $13.00  Reversed payment letter $15.00  Pre-possession notice $26.00  Post-possession notice $27.00  Letter of demand $30.00  Standard repossession charge $190.00 (passed on at cost, actual cost can vary) If you pay the unpaid balance in full before the final payment is due (full prepayment), you will be required to pay a fee or charge to compensate the creditor for the loss (if any) resulting from the full prepayment. While the creditor has opted not to use the formula prescribed by the Credit Contracts and Consumer Finance Regulations 2004 to calculate the charge, the charge is only intended to compensate the creditor for the loss they incur as a result of full repayment. See below for a description and formula showing how this fee is calculated. You must give notice that you intend may also be required to cancel this loan agreement within: (a) 5 working days of receiptpay an account closure administration fee being a charge equal to the creditor’s average monthly administration cost arising from full prepayments, if this loan agreement is handed as well as the actual costs the creditor incurs in releasing security interests relating to you in person; (b) 7 working days of the credit contract. As at the date this loan agreement statement, these fees were: The amount of any fee or charge specified above in this disclosure statement is emailed subject to you; change, and the amount that will be charged will be the creditor’s standard fee or charge at the time that particular fee or charge is imposed.  Account closure administration fee $17.00  Discharge of caveat $130.00  Discharge of mortgage $180.00 All borrowers and guarantors initial in box: The amount you will have to pay to compensate the creditor for the loss (cif any) 9 working is determined by calculating the difference between the interest rate on your credit contract, and the interest rate the lender would earn if they put the money from the full prepayment on term deposit with their trading bank for the number of days it takes to re-lend the money (or the remaining duration of your account if that would be a lesser period). The loss calculation is represented by the following formula. u Unpaid future balance at time of full prepayment t Average time taken to re-lend that money (38 days as at the date of this loan agreement statement), calculated periodically by the creditor, or remaining term of contract (whichever is posted the lesser period of time). cin Interest rate on credit contract bin Interest rate bank would give the lender if it were to you. Saturdaysput amount u on term deposit for time t Formula: cin  bin 100 u 365 t So, Sundays and public holidays are not counted as working days. If you want given: u =5000, t =44, cin =22, bin =7, the fee to cancel this agreement, you must let us know in writing bycompensate the creditors loss is: • Giving notice to us or one of our employees in person at the office of Limelight Financial Services Limited • Posting notice to us at PO Box 204365, Highbrook, Manukau 2161 • Emailing notice to us at 22  7 100 ▇▇▇▇ ▇▇▇▇@▇▇▇▇▇▇▇▇▇▇▇▇.▇▇. ▇▇ If you cancel this agreement, we can charge you: a) The amount of any reasonable expenses we had to pay in connection with this agreement and its cancellation (including legal fees and fees for credit reports, etc); and b) Interest for the period from the day you received the advance until the day you repay the advance. You must also repay to us any advance you’ve received under this agreement= $90.41

Default Fees. If you don’t keep default under this contract (including a default in payment) you will become liable for all costs, charges and expenses provided for in clause 19 of the Terms and Conditions, including, but not limited to, the Lender’s own internal costs of administering the default (such as having to this agreement or if another default event occurs, you may need to pay default fees (our current default fees are outlined below as at the date of disclosure). We may vary these send arrears letters and notices and instruct solicitors) and all legal fees and charges at any time (but we will only do so on reasonable grounds and in accordance with applicable law). All default fees and charges are charged to your account at the time the relevant fee or charge is incurred. If you do not pay any default fees when they are charged to your account, they will become part of your unpaid principal balance and an overdue amount on which default interest may be charged. Late Payment Fee Charged to your account each time you are more than two days late in paying an amount that is due and disbursements calculated on a weekly/fortnightly or monthly solicitor and own client basis for incurred by the period while Lender in connection with the amount is overdue (to cover the additional cost of administering your account while payments are overdue). Payment Plan Late Fee A reduced late fee charged to your account when you have a payment plan in place instead enforcement of the late contract and the security documents Default fees become payable on the day the letter is generated, or on the day the service relating to the default fee described abovewas rendered or invoiced to the creditor. This fee is incurred each time you are more than two days late in paying an amount due under a payment plan (to cover the additional cost of administering your account when payments are overdue). Door Knock Fee $35.00 Charged to your account each time we are reasonably required to visit you to discuss an event of default (to cover the cost of the visit). Other Repossession Fees: locksmith, storage, disposal costs, repossession agents. Actual Cost Charged to your account when reasonably Charges incurred as a result of a default eventwhich are invoiced to the creditor by a third party are passed on to your account at the invoiced amount. Outline of fees as at the date of this statement: ▪ Standard overdue notice $13.00 ▪ Reversed payment letter $15.00 ▪ Repossession warning $26.00 ▪ Post-possession notice $27.00 ▪ Letter of demand $30.00 ▪ Standard repossession charge $200.00 (passed on at cost, actual cost can vary) If you pay the unpaid balance in full before the final payment is due (full prepayment), you will be required to pay a fee or charge to compensate the creditor for the loss (if any) resulting from the full prepayment. While the creditor has opted not to use the formula prescribed by the Credit Contracts and Consumer Finance Regulations 2004 to calculate the charge, the charge is only intended to compensate the creditor for the loss they incur as a result of full repayment. See below for a description and formula showing how this fee is calculated. You must give notice that you intend may also be required to cancel this loan agreement within: (a) 5 working days of receiptpay an account closure administration fee being a charge equal to the creditor’s average monthly administration cost arising from full prepayments, if this loan agreement is handed as well as the actual costs the creditor incurs in releasing security interests relating to you in person; (b) 7 working days of the credit contract. As at the date this loan agreement is emailed to you; or (c) 9 working days statement, these fees were: ▪ Account closure administration fee $45.00 ▪ Discharge of the date this loan agreement is posted to you. Saturdays, Sundays and public holidays are not counted as working days. If you want to cancel this agreement, you must let us know in writing by: • Giving notice to us or one caveat $220.00 ▪ Discharge of our employees in person at the office of Limelight Financial Services Limited • Posting notice to us at PO Box 204365, Highbrook, Manukau 2161 • Emailing notice to us at ▇▇▇▇▇▇▇▇@▇▇▇▇▇▇▇▇▇▇▇▇.▇▇.▇▇ If you cancel this agreement, we can charge you: a) mortgage $220.00 The amount of any reasonable expenses we had fee or charge specified above in this disclosure statement is subject to change, and the amount that will be charged will be the creditor’s standard fee or charge at the time that particular fee or charge is imposed. The amount you will have to pay in connection with this agreement and its cancellation (including legal fees and fees for credit reports, etc); and b) Interest to compensate the creditor for the period loss (if any) is determined by calculating the difference between the interest rate on your credit contract, and the interest rate the lender would earn if they put the money from the day you received full prepayment on term deposit with their trading bank for the advance until number of days it takes to re-lend the day you repay money (or the advanceremaining duration of your account if that would be a lesser period). You must also repay The loss calculation is represented by the following formula. u Unpaid future balance at time of full prepayment t Average time taken to us any advance you’ve received under re-lend that money (28 days as at the date of this agreementstatement), calculated periodically by the creditor, or remaining term of contract (whichever is the lesser period of time). cin Interest rate on credit contract bin Interest rate bank would give the lender if it were to put amount u on term deposit for time t Formula: [[(cin − bin ÷100)× u]÷ 365]× t So, given: u =5000, t =44, cin =22, bin =7, the fee to compensate the creditors loss is: [[(22 − 7 ÷100)× 5000]÷ 365]× 44 = $90.41