Defaulted Amount Sample Clauses
The 'Defaulted Amount' clause defines the specific sum of money that becomes due and payable when a party fails to meet its financial obligations under the agreement. In practice, this clause identifies the outstanding principal, interest, or other payments that are considered in default, and may outline how these amounts are calculated or adjusted in the event of non-payment. Its core function is to clearly establish the financial consequences of a default, ensuring both parties understand the liabilities involved and reducing disputes over the amount owed if a default occurs.
Defaulted Amount. (a) The aggregate amount of Defaulted Receivables with respect to the Trust for the Monthly Period immediately preceding the Distribution Date................................... $
(b) The aggregate Amount of Recoveries of Defaulted Receivables processed during the Monthly Period immediately preceding the Distribution Date................................... $ _____________________________________________ Series 1997-3 Monthly Statement __________ Distribution Date _____________________________________________
(c) The Defaulted Amount for the Monthly Period immediately preceding the Distribution Date [Defaulted Receivables minus Recoveries]............................................. $
(d) The Defaulted Amount for the Monthly Period immediately preceding the Distribution Date allocable to the Series 1997-3 Certificates (the "Series 1997-3 Defaulted Amount")................................................ $
(e) The Class A Defaulted Amount [Series 1997-3 Defaulted Amount multiplied by the Class A Percentage]................... $
(f) The Class B Defaulted Amount [Series 1997-3 Defaulted Amount multiplied by the Class B Percentage]................... $
Defaulted Amount. To the extent any portion of the Purchase Price is not paid to Seller when due hereunder (any such amount, a “Defaulted Payment”), then such Defaulted Payment shall bear interest at the rate of 10.0% per annum, compounded daily, from the due date for such Defaulted Payment until such time as the entire outstanding balance of such Defaulted Payment is paid in full by (or on behalf of) Buyer to Seller.
Defaulted Amount. Defaulted Amount" means, with respect to any Lender at any time, ------------------ any amount required to be paid hereunder or under any other Loan Document by such Lender to the Agent or any other Lender that has not been so paid.
Defaulted Amount. If the Company defaults with respect to payment (whether a Minor or Major Payment Default) on the Securities, (“Defaulted Amount”) such Defaulted Amount shall cease to be payable to the Security Holder on the relevant record date and shall be paid by the Company, at its election, under either (a) or (b) below:
(a) The Company may pay the Defaulted Amount together with interest thereon from the date of default to the date of actual payment (“Additional Interest”) to the Persons which are Security Holders on a subsequent special record date. The Company shall notify the Trustee of the Defaulted Amount together with Additional Interest to be paid and pay over such amount to the Trustee. The Trustee shall then fix a special record date and at the Company’s expense shall notify Security Holders not less than ten (10) days prior to such special record date of the proposed payment, of the special record date, and of the payment date.
(b) The Company may make payment of Defaulted Amount together with Additional Interest in any lawful manner. The Company shall give prompt notice to the Trustee and Security Holder(s) that it intends to make payment pursuant to this Section 2.13(b) and of the special record date of the proposed payment, and of the payment date.
Defaulted Amount. On each Business Day, the Servicer will calculate the principal amount of: (i) Eligible Advances and (ii) Advances that have been recorded as "non-accrual" in accordance with the Servicer's normal servicing procedures, but which would be Eligible Advances if they were not recorded as "non-accrual," for the then current, or related Settlement Period, as appropriate, that will be charged off as uncollectible in accordance with the Servicer's customary and usual policies and procedures (such amount referred to as the "Defaulted Amount"); provided however, that if an Event of Termination has occurred and is continuing, Defaulted Amounts shall not include the principal amount of Advances that are attributable to loans classified as non-accrual at the time the Event of Termination occurred. A portion of the Defaulted Amount will be allocated to each Series of Certificateholders and the Holder of the Variable Funding Certificate in an amount equal to the product of that Series' Invested Percentage applicable during the related Settlement Period and the amount of the Defaulted Amount for such Settlement Period in accordance with Section 4.05 hereof. Notwithstanding the foregoing, if there is a charge-off with respect to Advances under a Contract which have been recorded as non-accrual in accordance with the Servicer's normal servicing procedure, and (i) all of such Advances would be Eligible Advances if they were not recorded as non-accrual, then the entire amount of such charge-off shall be included in the Defaulted Amount, or (ii) a portion of such Advances would be Eligible Advances if they were not recorded as non-accrual, then such charge-off shall be allocated proportionately between (a) the portion of Advances under such Contract which would be Eligible Advances (which allocation will be included in the Defaulted Amount) and (b) the portion of Advances under such Contract which would not be Eligible Advances (which allocation will not be included in the Defaulted Amount) or (iii) none of such Advances would be Eligible Advances if they were not recorded as non-accrual, then no portion of such charge-off will be included in the Defaulted Amount.
Defaulted Amount. The aggregate amount of Defaulted Receivables with respect to the Trust for the Monthly Period immediately preceding the Distribution Date........................... $