Common use of LATE PAYMENT & LIEN Clause in Contracts

LATE PAYMENT & LIEN. Without prejudice to any of our other rights and remedies whether under this Agreement or otherwise, if you fail to pay any amounts due to be paid under this Agreement by the due date then you shall pay interest on the overdue sum from the due date for payment until payment of the overdue sum, whether before or after judgment. Such interest will accrue each day at 5% a year above the base rate of the Bank of England from time to time, but at 5% a year for any period when that base rate is below 0%. In the event of non- payment, we may at our discretion: • exercise a lien over any vehicle or property stored at our Storage Facility. A lien gives Car-cocoon Limited the right to retain the vehicle and any other goods we hold as security for payment of all sums claimed by Car-cocoon Limited from you on any account; or • return the vehicle to the registered keeper’s last known address. You hereby acknowledge and agree that the effect of any such return will be the immediate termination of this Agreement. In these circumstances we will either hand the vehicle’s keys to the registered keeper, post the vehicle’s keys to the registered keeper’s address or return the keys to the Storage Facility for collection by the registered keeper. We reserve the right to dispose of any such keys that have not been collected in the 12 month period after termination of the Agreement. The following conditions apply to our right of lien: • Our storage charges shall continue to accrue on any vehicle detained under lien. • Access to the vehicle and any other goods shall be refused until full payment has been made. We may, without prejudice to our other rights and remedies against you, give you written notice of our intention to sell or otherwise dispose of the vehicle at your entire risk and expense. If such amount is not paid within 30 days of delivery of such notice. • (or such longer period as maybe agreed between you and us), we shall be entitled to sell or otherwise dispose of the vehicle and any other goods we hold and the proceeds of any such sale or disposal shall CONTINUED OVERLEAF INITIALS REQUIRED: Initial of Owner: Initial of Car-cocoon Limited: be remitted to you after deduction of all expenses and all amounts claimed by us from you (including accrued interest, legal and administrative costs which may have been incurred in administering the sale/ recovering the amount due). • If the proceeds of sale are insufficient to fully discharge our costs, we shall invoice you for the shortfall, payable within 14 days of the date of such invoice. • We will use a reasonably appropriate method of sale but will not be liable for any inadequacy in price achieved.

LATE PAYMENT & LIEN. Without prejudice to any of our other rights and remedies whether under this Agreement or otherwise, if you fail to pay any amounts due to be paid under this Agreement by the due date then you shall pay interest on the overdue sum from the due date for payment until payment of the overdue sum, whether before or after judgment. Such interest will accrue each day at 5% a year above the base rate of the Bank of England from time to time, but at 5% a year for any period when that base rate is below 0%. In the event of non- non-payment, we may at our discretion: •  exercise a lien over any vehicle or property stored at our Storage Facility. A lien gives Car-cocoon Limited ▇▇▇▇▇▇▇▇▇ the right to retain the vehicle and any other goods we hold as security for payment of all sums claimed by Car-cocoon Limited Broadpeak from you on any account; or •  return the vehicle to the registered keeper’s last known address. You hereby acknowledge and agree that the effect of any such return will be the immediate termination of this Agreement. In these circumstances we will either hand the vehicle’s keys to the registered keeper, post the vehicle’s keys to the registered keeper’s address or return the keys to the Storage Facility for collection by the registered keeper. We reserve the right to dispose of any such keys that have not been collected in the 12 month period after termination of the Agreement. The following conditions apply to our right of lien: •  Our storage charges shall continue to accrue on any vehicle detained under lien. •  Access to the vehicle and any other goods shall be refused until full payment has been made.  We may, without prejudice to our other rights and remedies against you, give you written notice of our intention to sell or otherwise dispose of the vehicle at your entire risk and expense. If such amount is not paid within 30 days of delivery of such notice. • notice (or such longer period as maybe agreed between you and us), we shall be entitled to sell or otherwise dispose of the vehicle and any other goods we hold and the proceeds of any such sale or disposal shall CONTINUED OVERLEAF INITIALS REQUIRED: Initial of Owner: Initial of Car-cocoon Limited: be remitted to you after deduction of all expenses and all amounts claimed by us from you (including accrued interest, legal and administrative costs which may have been incurred in administering the sale/ sale/recovering the amount due). •  If the proceeds of sale are insufficient insuffcient to fully discharge our costs, we shall invoice you for the shortfall, payable within 14 days of the date of such invoice. •  We will use a reasonably appropriate method of sale but will not be liable for any inadequacy in price achieved.

LATE PAYMENT & LIEN. Without prejudice to any of our other rights and remedies whether under this Agreement or otherwise, if you fail to pay any amounts due to be paid under this Agreement by the due date then you shall pay interest on the overdue sum from the due date for payment until payment of the overdue sum, whether before or after judgment. Such interest will accrue each day at 5% a year above the base rate of the Bank of England from time to time, but at 5% a year for any period when that base rate is below 0%. In the event of non- non-payment, we may at our discretion: • exercise a lien over any vehicle or property stored at our Storage Facility. A lien gives Car-cocoon Limited ▇▇▇▇▇▇▇▇▇ the right to retain the vehicle and any other goods we hold as security for payment of all sums claimed by Car-cocoon Limited Broadpeak from you on any account; or • return the vehicle to the registered keeper’s last known address. You hereby acknowledge and agree that the effect of any such return will be the immediate termination of this Agreement. In these circumstances we will either hand the vehicle’s keys to the registered keeper, post the vehicle’s keys to the registered keeper’s address or return the keys to the Storage Facility for collection by the registered keeper. We reserve the right to dispose of any such keys that have not been collected in the 12 month period after termination of the Agreement. The following conditions apply to our right of lien: • Our storage charges shall continue to accrue on any vehicle detained under lien. • Access to the vehicle and any other goods shall be refused until full payment has been made. We may, without prejudice to our other rights and remedies against you, give you written notice of our intention to sell or otherwise dispose of the vehicle at your entire risk and expense. If such amount is not paid within 30 days of delivery of such notice. notice • (or such longer period as maybe agreed between you and us), we shall be entitled to sell or otherwise dispose of the vehicle and any other goods we hold and the proceeds of any such sale or disposal shall CONTINUED OVERLEAF INITIALS REQUIRED: Initial of Owner: Initial of Car-cocoon Limited: be remitted to you after deduction of all expenses and all amounts claimed by us from you (including accrued interest, legal and administrative costs which may have been incurred in administering the sale/ sale/recovering the amount due). • If the proceeds of sale are insufficient to fully discharge our costs, we shall invoice you for the shortfall, payable within 14 days of the date of such invoice. • We will use a reasonably appropriate method of sale but will not be liable for any inadequacy in price achieved.