Common use of DEFAULT INTEREST CHARGES AND DEFAULT FEES Clause in Contracts

DEFAULT INTEREST CHARGES AND DEFAULT FEES. In the event of a default in payment and while the default continues you must pay the default charges. In the event of a breach of this agreement or on the enforcement of this agreement, the default fees specified below are payable. The default rate is the rate per annum (expressed as a percentage) which is 3% above the annual interest rate (referred to above) or our default interest rate displayed on our website at xxx.xxxxxxxxxxxxxxx.xx.xx whichever is the higher. This is charged on any amount you owe us under this agreement that has not been paid from the time you fail to make the payment until the payment is made. It is also charged on the amount of the Residual Value referred to above if you do not return the Vehicle when this lease ends, whether on or before the End Date. The default fees are: • $10.00 if any payment you make to us is dishonoured. • $20.00 if we have to prepare and send you a repossession warning notice. • $60.00 if we have to prepare and send you a post repossession notice. • $35.00 if we engage a repossession agent. Note: There may be charges we incur if we engage third parties as a result of your breach under this agreement or if we enforce this agreement. These charges could include debt collection and repossession fees. These are in addition to the default fees listed above. Our General Terms allow us to change the default interest rate and default fees.