DEFAULT MANAGEMENT CHARGE Sample Clauses

The Default Management Charge clause defines the fee or charge that will be applied if a party fails to meet its obligations under the agreement, such as missing payments or breaching terms. Typically, this charge is calculated as a percentage of the outstanding amount or as a fixed fee, and it is automatically triggered upon the occurrence of a default event. The core function of this clause is to compensate the non-defaulting party for the administrative costs and risks associated with managing defaults, thereby encouraging timely compliance and deterring breaches.
DEFAULT MANAGEMENT CHARGE. 6.1 If: 6.1.1 Two (2) MI Failures occur in any rolling six (6) Month period; 6.1.2 Two (2) consecutive MI Failures occur; then a "MI Default" shall be deemed to have occurred. 6.2 If an MI Default occurs the Authority shall (without prejudice to any other rights or remedies available to it under this Framework Agreement) be entitled to determine the level of Management Charge in accordance with paragraph6.3, which the Supplier shall be required to pay to the Authority ("Default Management Charge") and/or to terminate this Framework Agreement. 6.3 The Default Management Charge shall be calculated as the higher of: 6.3.1 the average Management Charge paid or payable by the Supplier to the Authority based on any Management Information submitted in the six (6) Month period preceding the date on which the MI Default occurred or, if the MI Default occurred within less than six (6) Months from the commencement date of the first Call Off Agreement, in the whole period preceding the date on which the MI Default occurred; or 6.3.2 the sum of five hundred pounds (£500). 6.4 If an MI Default occurs, the Authority shall be entitled to invoice the Supplier the Default Management Charge (less any Management Charge which the Supplier has already paid to the Authority in accordance with Clause 17 for any Months in which the Default Management Charge is payable) calculated in accordance with paragraph 6.3 above: 6.4.1 in arrears for those Months in which an MI Failure occurred; and 6.4.2 on an ongoing Monthly basis, until all and any MI Failures have been rectified to the reasonable satisfaction of the Authority. 6.5 For the avoidance of doubt the Parties agree that: 6.5.1 the Default Management Charge shall be payable as though it was the Management Charge due in accordance with the provisions of Clause 17 of this Framework Agreement; and 6.5.2 any rights or remedies available to Authority under this Framework Agreement in respect of the payment of the Management Charge shall be available to the Authority also in respect of the payment of the Default Management Charge. 6.6 If the Supplier provides sufficient Management Information to rectify any MI Failures to the satisfaction of the Authority and the Management Information demonstrates that: 6.6.1 the Supplier has overpaid the Management Charges as a result of the application of the Default Management Charge then the Supplier shall be entitled to a refund of the overpayment, net of any Admin Fees where applicable; or 6.6....
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DEFAULT MANAGEMENT CHARGE. 6.1 If: 6.1.1 Three (3) MI Failures occur in any rolling six (6) Month period; 6.1.2 Three (3) consecutive MI Failures occur; then a "MI Default" shall be deemed to have occurred. 6.2 If a MI Default occurs the Authority shall (without prejudice to any other rights or remedies available to it under this Framework Agreement) be entitled to determine the level of Management Charge in accordance with paragraph 6.3 below, which the Supplier shall be required to pay to the Authority ("Default Management Charge"). 6.3 The Default Management Charge shall be calculated as the higher of: 6.3.1 the average Management Charge paid or payable by the Supplier to the Authority based on any Management Information submitted in the six (6) Month period preceding the date on which the MI Default arose; or 6.3.2 the sum of five hundred pounds (£500). 6.4 If an MI Default occurs, the Authority shall be entitled to invoice the Supplier the Default Management Charge calculated in accordance with paragraph 6.3 above: 6.4.1 in arrears for those Months in which a MI Failure occurred; and 6.4.2 on an on-going Monthly basis, 6.4.3 until all and any MI Failures have been rectified to the reasonable satisfaction of the Authority. 6.5 For the avoidance of doubt the Parties agree that the Default Management Charge shall be payable as though it were the Management Charge due in accordance with the provisions of Clause 16 of this Framework Agreement. 6.6 If the Supplier provides sufficient Management Information to rectify any MI Failures to the satisfaction of the Authority and the Management Information demonstrates that: 6.6.1 the Supplier has overpaid the Management Charges as a result of the application of the Default Management Charge then the Supplier shall be entitled to a refund of the overpayment, net of any Admin Fees where applicable; or
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DEFAULT MANAGEMENT CHARGE. 6.1.1 Three (3) MI Failures occur in any rolling six (6) Month period; 6.1.2 Three (3) consecutive MI Failures occur; then a "MI Default" shall be deemed to have occurred.
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DEFAULT MANAGEMENT CHARGE. 6.1 If: 6.1.1 Two (2) MI Failures occur in any rolling six (6) Month period; 6.1.2 Two (2) consecutive MI Failures occur; then a "MI Default" shall be deemed to have occurred. 6.2 If an MI Default occurs the Authority shall (without prejudice to any other rights or remedies available to it under this Framework Agreement) be entitled to determine the level of Management Charge in accordance with paragraph 6.3, which the Supplier shall be required to pay to the Authority ("Default Management Charge") and/or to terminate this Framework Agreement. 6.3 The Default Management Charge shall be calculated as the higher of: 6.3.1 the average Management Charge paid or payable by the Supplier to the Authority based on any Management Information submitted in the six
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DEFAULT MANAGEMENT CHARGE. If: Two (2) MI Failures occur in any rolling six (6) Month period; or
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DEFAULT MANAGEMENT CHARGE. 6.1 If: 6.1.1 Two (2) MI Failures occur in any rolling six (6) Month period; 6.1.2 Two (2) consecutive MI Failures occur; then a "MI Default" shall be deemed to have occurred. 6.2 If an MI Default occurs the Authority shall (without prejudice to any other rights or remedies available to it under this Framework Agreement) be entitled to determine the level of Management Charge in accordance with paragraph 6.3, which the Supplier shall be required to pay to the Authority ("Default Management Charge") and/or to terminate this Framework Agreement. 6.3 The Default Management Charge shall be calculated as the higher of: 6.3.1 the average Management Charge paid or payable by the Supplier to the Authority based on any Management Information submitted in the six (6) Month period preceding the date on which the MI Default occurred or, if the MI Default occurred within less than six (6) Months from the commencement date of the first Call Off Agreement, in the whole period preceding the date on which the MI Default occurred; or 6.3.2 the sum of five hundred pounds (£500).
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DEFAULT MANAGEMENT CHARGE. If: three (3) MI Failures occur in any rolling six (6) Month period;
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DEFAULT MANAGEMENT CHARGE. 6.1 If: 6.1.1 Two (2) MI Failures occur in any rolling six (6) Month period; 6.1.2 Two (2) consecutive MI Failures occur; then a "MI Default" shall be deemed to have occurred. 6.2 If an MI Default occurs the Authority shall (without prejudice to any other rights or remedies available to it under this Framework Agreement) be entitled to determine the level of Management Charge in accordance with paragraph 6.3, which the Supplier shall be required to pay to the Authority ("Default Management Charge") and/or to terminate this Framework Agreement.
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Related to DEFAULT MANAGEMENT CHARGE

  • MANAGEMENT CHARGE 16.1 In consideration of the establishment and award of this Framework Agreement and the management and administration by the Authority of the same, the Supplier agrees to pay to the Authority the Management Charge in accordance with Clause 16.2 below. 16.2 The Authority shall be entitled to submit invoices to the Supplier in respect of the Management Charge due each Month based on the Management Information provided pursuant to Framework Agreement Schedule 8 (Management Information), and adjusted: 16.2.1 in accordance with paragraph 5.5 of Framework Agreement Schedule 8 (Management Information) to take into account of any Admin Fee(s) that may have accrued in respect of the late provision of Management Information; and 16.2.2 pursuant to paragraph 6 (Default Management Charge) of Framework Agreement Schedule 8 (Management Information) to take into account any under payment of the Management Charge. 16.3 Unless agreed otherwise, the Supplier shall pay the amount stated in any invoice submitted under Clause 16.2 within thirty (30) Days of the date of issue of the invoice. 16.4 The Management Charge shall apply to the full Charges as specified in each and every Order and shall not be varied as a result of any reduction in the Charges due to the application of any service credits and/or any other deductions made under any Call-Off Contract. 16.5 The Management Charge shall be exclusive of VAT. The Supplier shall pay the VAT on the Management Charge at the rate and in the manner prescribed by Law from time to time. 16.6 Interest shall be payable on any late payments of the Management Charge under this Framework Agreement in accordance with the Late Payment of Commercial Debts (Interest) Act 1998.

  • Late Payment Charge If any principal, interest or any other sums due under the Loan Documents (including the amounts due on the Maturity Date) are not paid by Borrower on or prior to the date on which it is due, Borrower shall pay to Lender upon demand an amount equal to the lesser of five percent (5%) of such unpaid sum or the Maximum Legal Rate in order to defray the expense incurred by Lender in handling and processing such delinquent payment and to compensate Lender for the loss of the use of such delinquent payment. Any such amount shall be secured by the Mortgage and the other Loan Documents to the extent permitted by applicable law.