Examples of Penalty Charges in a sentence
Provided that total amount of Penalty Charges so deducted shall not exceed, an amount equal to the value of Bid Security.
If the Contractor fails / delays provision of Performance Security within twenty-eight (28) days of the receipt of the Letter of Intent from the Purchaser, a sum of money @0.25% of the total Performance Security, for every day beyond twenty-eight (28) days of the receipt of the Letter of Intent from the Purchaser, will be deducted as Penalty Charges.
Consistent with the foregoing, the Master Servicer (with respect to Performing Serviced Loans) or Special Servicer (with respect to Specially Serviced Loans), as applicable, may in its discretion waive any Penalty Charges in connection with any delinquent Monthly Payment with respect to any Mortgage Loan (other than an Outside Serviced Mortgage Loan) or Serviced Companion Loan.
The Servicing Agreement may provide for the application of Penalty Charges paid in respect of the Mortgage Loan to be used to (i) pay the Master Servicer, the Trustee or the Special Servicer for interest accrued on any Property Advances, (ii) to pay the parties to any Securitization for interest accrued on any P&I Advance, (iii) to pay certain other expenses incurred with respect to the Mortgage Loan and (iv) to pay to the Master Servicer and/or the Special Servicer as additional servicing compensation.
Penalty Charges shall be applied in accordance with Section 5.2(b).