Default interest and default fees Sample Clauses
The Default Interest and Default Fees clause establishes the lender's right to charge additional interest or fees if the borrower fails to make payments on time or otherwise breaches payment obligations. Typically, this clause specifies the increased interest rate that will apply to overdue amounts and may outline specific fees incurred for late payments or other defaults. Its core practical function is to incentivize timely payment, compensate the lender for the increased risk and administrative burden of late payments, and provide a clear framework for handling payment defaults.
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Default interest and default fees a. If you are in financial default you must pay us default interest on any overdue instalment or other overdue amount at the rate shown in the disclosure statement. You must pay default interest from the date you fall into financial default until you are no longer in financial default. However we will not charge default interest on any part of the unpaid balance after we have accelerated payment of that part unless payment of that part has fallen due by the time of the charge without the acceleration.
b. If you are in any default at all you must pay default fees. You must pay default fees from when you fall into default until you cease that default.
c. We may debit all default interest and default fees as set out in the “Default interest charges and default fees” section of the disclosure statement and they will become part of the unpaid balance. You must continue to pay default interest and default fees (including the cost of any court action or Disputes Tribunal claim) after judgment against you.
d. Your obligation to pay ordinary and default interest and credit and default fees is subject to section 83M of the Credit Contracts and Consumer Finance Act which prevents us from charging costs or interest on any part of the unpaid balance after we have sold consumer goods collateral
a. Any goods included in the collateral are at risk.
b. You breach any of the paragraphs of these Operative terms which provide that we may accelerate payment if you default under that paragraph
c. You fail to pay any money for 5 working days after it is due or
d. You continue any other default for 9 working days after the posting of any notice of that default to you (or 5 working days if such notice is sent by electronic means). We may call up that money even although the time for payment has not yet been reached.
Default interest and default fees a. Whether or not the unpaid balance is at call you must pay us default interest on any overdue instalment or any other overdue amount at the rate shown in the disclosure statement (under Default interest charges and default fees) from the due date until you pay the instalment or amount.
b. If the unpaid balance is not at call you do not pay default interest on the unpaid balance if payment is accelerated as a result of your default save for those amounts that fall due other than as a result of the acceleration.
c. If the unpaid balance is at call and we accelerate payment for any reason or if the term expires you must pay default interest on the unpaid balance from the date of acceleration or expiry as the case may be.
d. If the unpaid balance is not at call and you must pay default interest on any overdue amount, that overdue amount is not included in the unpaid balance for the purpose of calculating annual interest on the unpaid balance.
e. If you are in any default at all you must pay default fees as listed in the disclosure statement under “Default interest charges and default fees”. You must pay default fees from when you fall into any default and until you are no longer in default. Default fees include costs and fees described in paragraph 11d if they are incurred in connection with your being in default.
f. We may debit all default interest and default fees to your account and they will become part of the unpaid balance.
g. You must continue to pay default interest and default fees after judgment against you. That means you must keep paying them after we sue you in a Disputes Tribunal or court for the unpaid balance and obtain an order or judgment that you must pay. 15 If the loan is not at call but subject to section 119 and 128 of the Property Law Act 2007 (which in some cases requires a legal document to be sent about collateral goods which are not consumer goods or about the land to be mortgaged)) the lender may accelerate repayment of the loan and require you to pay the unpaid balance to the lender straight away (forthwith) if:
a. any goods included in the collateral are at risk or are stolen;
b. you breach any paragraph of these operative terms which provides that we may accelerate payment if you default under that paragraph; or
c. you fail to pay any money for 5 working days after it is due or if you continue any other default for 9 working days after the posting of any notice of that default to you (or 5 working days if such notice is sent ...
Default interest and default fees. Default interest rate The Default Interest Rate is the aggregate of the Interest Rate from time to time and 4% per annum. Further information about how we calculate default interest and when it applies is set out in clause 4 of the Memorandum. If the repayment of the loan is accelerated as a result of default under this agreement, however, default interest does not accrue on the amount payable early and interest at the relevant interest rate continues to accrue. Default fees Description Amount How and When Paid Payment Dishonour Fee $25.00 by you immediately upon the Is a fee that covers our average occurrence of a dishonour – administrative costs for work the Payment Dishonour Fee associated with a payment dishonour. will be debited to your account on the day that we are advised of the dishonour. Property Law Act Notice Fee $185.00 by you when we prepare a Is a fee that covers part of the administrative costs we incur when we prepare or instruct the preparation of a default notice required by sections 118, 119 or 122 (or any amendments to or replacements of these sections) of the Property Law Act 2007. notice required by sections 118, 119 or 122 (or any amendments to or replacements of these sections) of the Property Law Act 2007. Expired Insurance Fee $50.00 by you when your insurance Is a fee that covers part of the administrative costs associated with corresponding with the insurer of the Secured Property and the Borrower or Mortgagor in relation to the currency of insurance and, in some instances, paying the premium and debiting it to the loan account. on the Secured Property expires. Rates Arrears Fee $250.00 by you when we are notified Is a fee that covers part of the administrative costs associated with receiving notification of non-payment of rates from a local or water rating authority and corresponding with the Borrower or Mortgagor and, in some instances, paying the outstanding amounts and debiting those to the loan account. by a local or water rating authority that there has been a non-payment of any rates in relation to a Secured Property.
Default interest and default fees. If an Event of Default occurs under clause 11.2(a) of the General Terms, or if at any time the Maximum Amount or Maximum Credit Limit is exceeded, and while the relevant Event continues, you may be charged Interest at the Default Rate on the unpaid amount or excess, as the case may be, and be charged the Fees as specified below. The Default Rate is 3.00 % per annum above the Annual Interest Rate A default fee of $5.00 is charged for any breach by you under this agreement or if we enforce this Agreement. The default fees and charges compensate us for the costs incurred by us in connection with enforcement or the remedy of a breach under this Agreement. Such costs could include debt collection and repossession fees.
Default interest and default fees. If an Event of Default occurs under Clause 13.2 (a) of the General Lending Terms, or if at any time the Maximum Amount is exceeded, and while the relevant event continues, you must pay Interest at the Default Rate and the Fees as specified below. The Default Rate is 4.00% per annum above the annual interest rate A Default Administration Fee of $45.00 (plus Recovery Costs) may be charged for any breach by you under this Agreement or if we enforce this Agreement. When choosing a fixed rate loan you need to know that if you: • repay the loan early either in full or in part or • switch to another fixed or variable interest rate before the end of the Fixed Interest Rate Period (Early Repayment), you may be required to pay an Early Repayment Recovery amount to us. Fixed rate loans are a contract between you and NBS. They give you certainty of your repayments and the interest you will be charged during the Fixed Interest Rate Period. In exchange, we receive certainty of income that will be received. If you repay some or all of your fixed rate loan early or switch to another fixed or variable rate before the end of your Fixed Interest Rate Period, we may lose income. The Early Repayment Recovery amount helps us recover an estimate of the likely loss of that income. When calculating the loss, we use the calculation set out in the Credit Contracts and Consumer Finance Regulations 2004 (regulation 9 and 11). The calculation is complex and takes into account: • the amount being repaid early; • the time remaining in the Fixed Interest Rate Period; • our current applicable fixed interest rates; and Initial • what your current regular payments are. We calculate the Early Repayment Recovery amount by comparing: • the interest that would have been payable on the relevant part of your loan for the time remaining in your Fixed Interest Rate Period; and • the interest that would be payable if we relend the amount you intend to repay early, on the day of your repayment at the applicable prevailing interest rate. The result of the calculation depends on the specific features and term of your loan. We recommend you contact your branch for an estimate of your Early Repayment Recovery amount before you look to repay or restructure your fixed rate loan. You may also have to pay a $50.00 administrative fee relating to the Early Repayment (Early Repayment Administration Fee). You can increase the amount of your regular payments, or you can make lump sum payments during your Fixed Int...
Default interest and default fees. Default interest charges and default fees
Default interest and default fees. If you are in financial default you must pay us default interest on any overdue instalment or other overdue amount at the rate shown in the disclosure statement and if you are in any default at all you must pay default fees. You must pay default interest from the date you fall into financial default until you are no longer in financial default. You must pay default fees from when you fall into any default until you cease that default. We may debit all default interest and default fees as set out in the “Default interest charges and default fees” section of the disclosure statement and they will become part of the unpaid balance. You must continue to pay default interest and default fees after judgment against you. That means you must keep paying them after we sue you in a court or tribunal for the unpaid balance and obtain a judgement or an order that you must pay. Notwithstanding anything else in this agreement, if this agreement is not a consumer credit contract, the lender may charge default interest on the unpaid balance in the event that you commit any default whether a default in any payment or otherwise.
Default interest and default fees. 13.1 The way in which default interest is calculated and charged to your account is explained in the loan agreement.
13.2 We can change a default interest rate (or how it is calculated or charged) at any time, but we will only do so on reasonable grounds and in accordance with applicable law. If we do, we’ll notify you as required by law.
13.3 The loan agreement also explains the default fees and charges that may apply, and when these are charged to your account.
13.4 We can change the amount, frequency, time for payment or method of calculation of any default fees or charges or introduce new default fees or charges, but we will only do so on reasonable grounds and in accordance with applicable law. If we do, we’ll notify you as required by law.
Default interest and default fees. If you are in financial default you must pay us default interest: If you are in financial default you must pay us default interest on any overdue instalment or other overdue amount at the rate for those amounts shown in the Disclosure Statement. You must pay default interest from the date you fall into financial default until you are no longer in financial default.
Default interest and default fees. If you are in financial default you must pay us default interest on any overdue instalment or other overdue amount at the rate for those amounts shown in the disclosure statement and if you are in any default at all you must pay default fees. You must pay default fees from when you fall into any default until you cease that default. We may debit all default interest and default fees as set out in the “Default Interest charges and default fees” section of the disclosure statement and they will become part of the unpaid balance. You must continue to pay default interest and default fees after judgement against you. That means you must keep paying them after we sue you in court for the unpaid balance and obtain an order that you must pay.