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 our default interest rate displayed on our website at xxx.xxxxxxxxxxxxxxx.xx.xx at the time of default. This is charged on any amount in arrears from the time you fail to make due payment until the arrears are paid. The default fees are: • $10.00 if any payment you make to us is dishonoured. • $35.00 if we engage a repossession agent to retake possession of the Vehicle. 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.