Default Charges definition

Default Charges. Default Interest and/or late payment charges that are paid or payable, as the context may require, in respect of any Mortgage Loan or Serviced Pari Passu Companion Loan or REO Mortgage Loan.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedSchedule a Demo

Default Charges means Default Interest and/or late payment charges that are paid or payable, as the context may require, to the Trust (or, if applicable, a Serviced Non-Trust Mortgage Loan Noteholder) in respect of any Mortgage Loan or any successor REO Mortgage Loan with respect thereto.

Default Charges means the amount set out in the Loan Term Sheet payable by the Borrower to the Lender as a penalty where the Repayment Instrument(s) issued by the Borrower is not honoured;

Examples of Default Charges in a sentence

• Default Charges applied to reimburse the Trust pursuant to clause second of Section 3.25(a) shall be deemed to offset payments of Advance Interest in the chronological order in which it accrued with respect to the subject Mortgage Loan or REO Mortgage Loan (whereupon such Advance Interest shall thereafter be deemed to have been paid out of Default Charges).

• Consistent with the foregoing, the applicable Master Servicer or the applicable Special Servicer may grant case-by-case waivers of Default Charges in connection with a late payment on a Mortgage Loan or Serviced Pari Passu Companion Loan.

• Default Charges applied to pay outstanding expenses in respect of the related Trust Mortgage Loan or REO Trust Mortgage Loan, as applicable, pursuant to clause second of subsection (a), shall be applied to pay such expenses in the chronological order in which they were incurred.

• Default Charges applied to pay outstanding interest on Advances in respect of the related Trust Mortgage Loan or REO Trust Mortgage Loan, as applicable, to any particular party, pursuant to clause first of subsection (a), shall be applied to pay such party such interest on Advances in such manner that the interest that accrued first and has been outstanding the longest shall be paid first.

• Consistent with the foregoing, the Master Servicer or the Special Servicer may grant case-by-case waivers of Default Charges in connection with a late payment on a Mortgage Loan or Serviced Pari Passu Companion Loan.

More Definitions of Default Charges

Default Charges. Any and all Default Interest and late payment charges paid or payable, as the context requires, in connection with a default under a Mortgage Loan or any successor REO Loan.

Default Charges. Penalty Interest and/or late payment charges that are paid or payable, as the context may require, in respect of any Mortgage Loan or REO Loan.

Default Charges means nonbypassable amounts to be charged on all wholesale market transactions administered by the independent organization certified under Section 39.151 for the ERCOT power region, approved by the commission under a financing order to recover qualified costs, that shall be collected by the independent organization, its successors, an assignee, or other collection agents as provided by the financing order.

Default Charges means charges levied by Fedfina from the due date till payment, on happening of any Event of Default as set out in Article 7 of this Agreement.

Default Charges means collectively all Prime Interest, Default Interest, Late Charges, Protective Advances and Collection Costs payable under this Agreement or any of the other Prime Documents.

Default Charges means nonbypassable amounts to

Default Charges. We do not charge interest on default charges for the first 28 days after the day we give you notice (usually in your statement) that they are payable. After that we charge simple interest, so we will not charge interest on interest. For more about this, see A5. Annual fee £X Cash transaction fee (any currency) N/A Non-sterling transaction fee (any non-sterling transaction, including cash withdrawals) N/A Promotional balance transfer fee 3% of transfer Promotional money transfer fee 3% of transfer Non-introductory balance transfer fee 0% of transfer Non-introductory money transfer fee 0% of transfer Your minimum payment is late as we did not receive it in cleared funds in full by the payment due date £12 We add fees and default charges (and any interest incurred) to the most relevant balance type set out in A3. For example, we would add a cash transaction fee (including any associated non-sterling transaction fee) and any interest incurred on that fee to the cash transaction balance. We add annual fees, non-sterling transaction fees associated with purchases and any interest incurred on those fees to the purchase balance. We may also charge you reasonable costs for enforcing the agreement, for example court costs, tracing costs and third-party collection costs. If you or we have given notice to end your agreement, we may still apply these fees and charges until you have repaid the full balance.