Late Remittance. With respect to any remittance received by the Master Servicer after the day on which such payment was due, the Servicer shall pay to the Master Servicer interest on any such late payment at an annual rate equal to the Prime Rate, adjusted as of the date of each change, plus three percentage points, but in no event greater than the maximum amount permitted by applicable law. Such interest shall be deposited in the Distribution Account by the Servicer on the date such late payment is made and shall cover the period commencing with the day such payment was due and ending with the Business Day on which such payment is made, both inclusive. Such interest shall be remitted along with the distribution payable on the next succeeding Servicer Remittance Date. The payment by the Servicer of any such interest shall not be deemed an extension of time for payment or a waiver of any Servicer Event of Default.
Late Remittance. In the event that contributions are not remitted in the manner provided in Clause 33.5 above, the Employer shall be subject to the following provision. For all funds in arrears, the Employer will remit the appropriate contribution identified in Clause 33.3 above, and the Employer will include a delinquency charge payment of two percent (2%) per month, compounding monthly, on behalf of each individual for whom a remittance is to be made to the Fund. Any month or portion thereof is deemed to be one full month. The payment of such delinquency charge will be made in a manner prescribed by the B.C. Government and Service Employees' Union or its designate, and is payable as liquidated damages and not as a penalty.
Late Remittance. In the event that contributions are not remitted in the manner provided in Article 32.4 above, the Employer shall be subject to the following provision. For all funds in arrears, the Employer will remit the appropriate contribution identified in Article 32.2 above, and the Employer will include a delinquency charge payment of two percent (2%) per month, compounding monthly, on behalf of each individual for whom a remittance is to be made to the Fund. Any month or portion thereof is deemed to be one (1) full month.
Late Remittance. ARTICLE IV PAYMENTS TO CERTIFICATEHOLDERS SECTION 4.01. Distributions.
Late Remittance. SECTION 3.29 Advance Facility. SECTION 3.30 Solicitations.
Late Remittance. ARTICLE IIIA
Late Remittance. In the event that contributions are not remitted in the manner provided in Clause 33.5 above, the Employer shall be subject to the following provision. For all funds in arrears, the Employer will remit the appropriate contribution identified in Clause 33.3 above, and the Employer will include a delinquency charge payment of 2% per month, compounding monthly, on behalf of each individual for whom a remittance is to be made to the fund. Any month or portion thereof is deemed to be one full month. The payment for such delinquency charge will be made in a manner prescribed by the BCGEU or its designate, and is payable as liquidated damages and not as a penalty.
Late Remittance. With respect to any remittance received by the Trust Administrator after the day on which such payment was due, the Servicer shall pay to the Master Servicer interest on any such late payment at an annual rate equal to One-Month LIBOR plus fifty basis points (or, in the case of the Backup Servicer, at an annual rate equal to the Prime Rate, adjusted as of the date of each change, plus one percentage point), but in each case, no event greater than the maximum amount permitted by applicable law. Such interest shall be remitted to the Trust Administrator for deposit in the Distribution Account by the Servicer on the date such late payment is made and shall cover the period commencing with the day such payment was due and ending with the Business Day on which such payment is made, both inclusive. Such interest shall be remitted along with the distribution payable on the next succeeding Servicer Remittance Date. The payment by the Servicer of any such interest shall not be deemed an extension of time for payment or a waiver of any Servicer Event of Default. ARTICLE IIIA ADMINISTRATION AND SERVICING OF THE MORTGAGE LOANS SECTION 3A.01 Master Servicer to Act as Master Servicer The Master Servicer shall supervise, monitor and oversee the obligations of the Servicer to service and administer the Mortgage Loans in accordance with the terms of this Agreement and shall have full power and authority to do any and all things which it may deem necessary or desirable in connection with such master servicing and administration. In performing its obligations hereunder, the Master Servicer shall act in a manner consistent with Accepted Master Servicing Practices. Furthermore, the Master Servicer shall oversee and consult with the Servicer as reasonably necessary from time-to-time to carry out the Master Servicer’s obligations hereunder, shall receive, review and evaluate all reports, information and other data provided to the Master Servicer by the Servicer and shall cause the Servicer to perform and observe the covenants, obligations and conditions to be performed or observed by the Servicer under this Agreement. The Master Servicer shall independently monitor the Servicer’s servicing activities with respect to each Mortgage Loan, reconcile the results of such monitoring with such information provided in the previous sentence on a monthly basis and coordinate corrective adjustments to the Servicer’s and Master Servicer’s records, and based on such reconciled and corrected i...
Late Remittance. ARTICLE IIIA ADMINISTRATION AND SERVICING OF THE MORTGAGE LOANS SECTION 3A.01. Master Servicer to Act as Master Servicer SECTION 3A.02. [Reserved]. SECTION 3A.03. Monitoring of Servicer. SECTION 3A.04. Fidelity Bond SECTION 3A.05. Power to Act; Procedures.
Late Remittance. The payment of such delinquency charge will be made in a manner prescribed by the B.C. Government and Service Employees' Union or its designate.
