VUC Default Charge Sample Clauses

The VUC Default Charge clause establishes the financial penalty or fee that applies when a party defaults on its obligations related to Variable Usage Charges (VUC) under an agreement. Typically, this clause outlines the circumstances that constitute a default, such as late payment or underpayment of VUC, and specifies the method for calculating the default charge, which may be a fixed amount or a percentage of the overdue sum. Its core practical function is to incentivize timely and accurate payment of usage-based charges, thereby mitigating the risk of non-payment and ensuring the financial stability of the contractual arrangement.
VUC Default Charge. For the purposes of paragraph 1, the term Dt means the amount of VUC Default Charge payable in respect of New Specified Equipment in Relevant Year t which is derived from the following formula: = ∑● where: Dnt means the VUC Default Rate for that New Specified Equipment for Relevant Year t, expressed in ▇▇▇▇▇ per Vehicle Mile and rounded to two decimal places, which is derived from the following formula: ● (1 + ( −1−−2) where: −1 ) −2 CPIt-1 has the meaning set out in paragraph Error! Reference source not found. above; and CPIt-2 has the meaning set out in paragraph 3.1 above, but so that in relation to the Relevant Year commencing on 1 April 2019, Dnt shall have, in respect of New Specified Equipment, the corresponding VUC Default Rate for that New Specified Equipment, multiplied by the Initial Indexation Factor; and in relation to the next following Relevant Year Dnt-1 shall have the same value; UDnt means the actual volume of usage of New Specified Equipment in Vehicle Miles during the VUC Default Period in Relevant Year t operated by or on behalf of the Train Operator; and ∑ means the summation across all relevant New Specified Equipment.
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VUC Default Charge. For the purposes of paragraph 1, the term Dt means the amount of VUC Default Charge payable in respect of New Specified Equipment in Relevant Year t which is derived from the following formula: = ∑ • where:
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VUC Default Charge. For the purposes of paragraph 1, the term Dt means the amount of VUC Default Charge payable in respect of New Specified Equipment in Relevant Year t which is derived from the following formula: where: Dnt means the VUC Default Rate for that New Specified Equipment for Relevant Year t, expressed in ▇▇▇▇▇ per Vehicle Mile and rounded to two decimal places, which is derived from the following formula: where: CPIt-1 has the meaning set out in paragraph Error: Reference source not found above; and CPIt-2 has the meaning set out in paragraph 3.1 above, but so that in relation to the Relevant Year commencing on 1 April 2019, Dnt shall have, in respect of New Specified Equipment, the corresponding VUC Default Rate for that New Specified Equipment, multiplied by the Initial Indexation Factor; and in relation to the next following Relevant Year Dnt-1 shall have the same value; UDnt means the actual volume of usage of New Specified Equipment in Vehicle Miles during the VUC Default Period in Relevant Year t operated by or on behalf of the Train Operator; and ∑ means the summation across all relevant New Specified Equipment. Where the Train Operator intends to use New Specified Equipment on the CVL, it shall where reasonably practicable inform the CVL IM in writing of the date or likely date from which it intends to do so. Where the Train Operator uses New Specified Equipment on the CVL, the Train Operator shall pay the CVL IM the relevant VUC Default Charge during the VUC Default Period. No supplement to the Track Usage Price List shall have effect under this contract unless it has been: agreed between the parties and ▇▇▇ has consented to it; or determined by ▇▇▇. Either the Train Operator or the CVL IM shall be entitled to propose that a supplemental agreement be agreed between the Train Operator and the CVL IM to incorporate into this contract any supplement to the Track Usage Price List as necessary to include a new vehicle type and corresponding rate. Any proposal of a kind referred to in paragraph 9.4 shall be made by notice to the other party and shall be accompanied by a specification of the proposal in reasonable detail and the reasons for it. The parties shall thereafter seek to agree in good faith the necessary supplement to the list in question. Either party may request from the other such information that it reasonably requires in connection with the proposal and the party from whom the information was requested shall use reasonable endeavours to provide t...
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VUC Default Charge. For the purposes of paragraph 1, the term Dt means the amount of VUC Default Charge payable in respect of New Specified Equipment in Relevant Year t which is derived from the following formula: 𝐷𝑡 = ∑𝐷𝑛𝑡 • 𝑈𝐷𝑛𝑡 where: Dnt means the VUC Default Rate for that New Specified Equipment for Relevant Year t, expressed in ▇▇▇▇▇ per Vehicle Mile and rounded to two decimal places, which is derived from the following formula: × (1 + (𝐶𝑃𝐼𝑡−1−𝐶𝑃𝐼𝑡−2) 𝑛𝑡 𝑛𝑡−1 where: ) 𝐶𝑃𝐼𝑡−2 CPIt-1 has the meaning set out in paragraph 3.1(b) above; CPIt-2 means the CPI published or determined with respect to the month of November in Relevant Year t-2, but so that in relation to the Relevant Year commencing on 1 April 2019, Dnt shall have, in respect of New Specified Equipment, the corresponding VUC Default Rate for that New Specified Equipment, multiplied by the Initial Indexation Factor; and in relation to the next following Relevant Year Dnt-1 shall have the same value; UDnt means the actual volume of usage of New Specified Equipment in Vehicle Miles during the VUC Default Period in Relevant Year t operated by or on behalf of the Train Operator; and ∑ means the summation across all relevant New Specified Equipment.
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VUC Default Charge. For the purposes of paragraph 1, the term Dt means the amount of VUC Default Charge payable in respect of New Specified Equipment in Relevant Year t which is derived from the following formula: 𝐷𝑡 = ∑𝐷𝑛𝑡 • 𝑈𝐷𝑛𝑡 where: Dnt means the VUC Default Rate for that New Specified Equipment for Relevant Year t, expressed in ▇▇▇▇▇ per Vehicle Mile and rounded to two decimal places, which is derived from the following formula: 𝐷 = 𝐷 ● (1 + (𝐶𝑃𝐼𝑡−1−𝐶𝑃𝐼𝑡−2) 𝑛𝑡 𝑛𝑡−1 where: ) 𝐶𝑃𝐼��−2 CPIt-1 has the meaning set out in paragraph 3.1 above; CPIt-2 has the meaning set out in paragraph 3.1 above, but so that in relation to the Relevant Year commencing on 1 April 2024, Dnt-1 shall have, in respect of New Specified Equipment, the corresponding VUC Default Rate for that New Specified Equipment; 4th SA UDnt means the actual volume of usage of New Specified Equipment in Vehicle Miles during the VUC Default Period in Relevant Year t operated by or on behalf of the Train Operator; and ∑ means the summation across all relevant New Specified Equipment.
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VUC Default Charge. For the purposes of paragraph 1, the term Dt means the amount of VUC Default Charge payable in respect of New Specified Equipment in Relevant Year t which is derived from the following formula: where: Dnt means the VUC Default Rate for that New Specified Equipment for Relevant Year t, expressed in ▇▇▇▇▇ per Vehicle Mile and rounded to two decimal places, which is derived from the following formula: where: CPIt-1 has the meaning set out in paragraph 2.2 above; and CPIt-2 has the meaning set out in paragraph 3.1 above, but so that in relation to the Relevant Year commencing on 1 April 2024, Dnt-1 shall have, in respect of New Specified Equipment, the corresponding VUC Default Rate for that New Specified Equipment; UDnt means the actual volume of usage of New Specified Equipment in Vehicle Miles during the VUC Default Period in Relevant Year t operated by or on behalf of the Train Operator; and ∑ means the summation across all relevant New Specified Equipment. For the purposes of paragraph 1, the term Et means an amount in respect of the Traction Electricity Charge in Relevant Year t, which is derived from the following formula: where: Etmo means an amount calculated in accordance with paragraph 4.1.2 below; Etme means an amount calculated in accordance with paragraph 4.1.3 below; EtmuAC means an amount calculated in accordance with paragraph 4.1.4(a) below; and EtmuDC means an amount calculated in accordance with paragraph 4.1.4(b) below. Etmo shall be calculated in respect of all trains other than those identified in the table at Appendix 7D, and Etme, EtmuAC and EtmuDC shall be calculated in respect of the trains identified in the table at Appendix 7D. Etmo is derived from the following formula: where: ∑ means the summation across all Geographic Areas g, as appropriate; Etmog is derived from the following formula: where: ∑ means the summation across all relevant train categories i (determined in accordance with paragraph 4.1.1 above), New Modelled Trains and tariff bands j, as appropriate; Ci means, as appropriate: the consumption rate:
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Related to VUC Default Charge

  • Default Charges If permitted under Applicable Law, Lender may charge Borrower fees for services performed in connection with ▇▇▇▇▇▇▇▇’s Default to protect ▇▇▇▇▇▇’s interest in the Property and rights under this Security Instrument, including: (i) reasonable attorneys’ fees and costs; (ii) property inspection, valuation, mediation, and loss mitigation fees; and (iii) other related fees.

  • Post-Default Interest The Borrower shall pay interest on all Obligations (other than any Administrative Expenses) that are not paid when due for the period from the due date thereof until the date the same is paid in full at the Post-Default Rate. Interest payable at the Post-Default Rate shall be payable on each Payment Date in accordance with the Priority of Payments.

  • Late Fee; Default Rate If any payment is not made within ten (10) days after the date such payment is due, Borrower shall pay Bank a late fee equal to the lesser of (i) five percent (5%) of the amount of such unpaid amount or (ii) the maximum amount permitted to be charged under applicable law. All Obligations shall bear interest, from and after the occurrence and during the continuance of an Event of Default, at a rate equal to five (5) percentage points above the interest rate applicable immediately prior to the occurrence of the Event of Default.

  • Servicing Default If any one of the following events ("Servicing Default") shall occur and be continuing: (a) Any failure by the Master Servicer to deposit in the Custodial Account or Payment Account any deposit required to be made under the terms of this Servicing Agreement which continues unremedied for a period of five Business Days after the date upon which written notice of such failure shall have been given to the Master Servicer by the Issuer or the Indenture Trustee, or to the Master Servicer, the Issuer and the Indenture Trustee by the Credit Enhancer; or (b) Failure on the part of the Master Servicer duly to observe or perform in any material respect any other covenants or agreements of the Master Servicer set forth in the Securities or in this Servicing Agreement, which failure, in each case, materially and adversely affects the interests of Securityholders or the Credit Enhancer and which continues unremedied for a period of 45 days after the date on which written notice of such failure, requiring the same to be remedied, and stating that such notice is a "Notice of Default" hereunder, shall have been given to the Master Servicer by the Issuer or the Indenture Trustee, or to the Master Servicer, the Issuer and the Indenture Trustee by the Credit Enhancer; or (c) The entry against the Master Servicer of a decree or order by a court or agency or supervisory authority having jurisdiction in the premises for the appointment of a trustee, conservator, receiver or liquidator in any insolvency, conservatorship, receivership, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding up or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect for a period of 60 consecutive days; or (d) The Master Servicer shall voluntarily go into liquidation, consent to the appointment of a conservator, receiver, liquidator or similar person in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Master Servicer or of or relating to all or substantially all of its property, or a decree or order of a court, agency or supervisory authority having jurisdiction in the premises for the appointment of a conservator, receiver, liquidator or similar person in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Master Servicer and such decree or order shall have remained in force undischarged, unbonded or unstayed for a period of 60 days; or the Master Servicer shall admit in writing its inability to pay its debts generally as they become due, file a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors or voluntarily suspend payment of its obligations, then, and in every such case, so long as a Servicing Default shall not have been remedied by the Master Servicer, either the Issuer or the Indenture Trustee, with the consent of the Credit Enhancer, or the Credit Enhancer, by notice then given in writing to the Master Servicer (and to the Issuer and the Indenture Trustee if given by the Credit Enhancer) may terminate all of the rights and obligations of the Master Servicer as servicer under this Servicing Agreement other than its right to receive servicing compensation and expenses for servicing the Home Equity Loans hereunder during any period prior to the date of such termination and the Issuer or the Indenture Trustee, with the consent of the Credit Enhancer, or the Credit Enhancer may exercise any and all other remedies available at law or equity. Any such notice to the Master Servicer shall also be given to each Rating Agency, the Credit Enhancer and the Issuer. On or after the receipt by the Master Servicer of such written notice, all authority and power of the Master Servicer under this Servicing Agreement, whether with respect to the Securities or the Home Equity Loans or otherwise, shall pass to and be vested in the Indenture Trustee as pledgee of the Home Equity Loans, as successor Master Servicer pursuant to and under this Section 7.01; and, without limitation, the Indenture Trustee is hereby authorized and empowered to execute and deliver, on behalf of the Master Servicer, as attorney-in-fact or otherwise, any and all documents and other instruments, and to do or accomplish all other acts or things necessary or appropriate to effect the purposes of such notice of termination, whether to complete the transfer and endorsement of each Home Equity Loan and related documents, or otherwise. The Master Servicer agrees to cooperate with the Indenture Trustee in effecting the termination of the responsibilities and rights of the Master Servicer hereunder, including, without limitation, the transfer to the Indenture Trustee for the administration by it of all cash amounts relating to the Home Equity Loans that shall at the time be held by the Master Servicer and to be deposited by it in the Custodial Account, or that have been deposited by the Master Servicer in the Custodial Account or thereafter received by the Master Servicer with respect to the Home Equity Loans. All reasonable costs and expenses (including, but not limited to, attorneys' fees) incurred in connection with amending this Servicing Agreement to reflect such succession as Master Servicer pursuant to this Section 7.01 shall be paid by the predecessor Master Servicer (or if the predecessor Master Servicer is the Indenture Trustee, the initial Master Servicer) upon presentation of reasonable documentation of such costs and expenses. Notwithstanding any termination of the activities of the Master Servicer hereunder, the Master Servicer shall be entitled to receive, out of any late collection of a payment on a Home Equity Loan which was due prior to the notice terminating the Master Servicer's rights and obligations hereunder and received after such notice, that portion to which the Master Servicer would have been entitled pursuant to Sections 3.03 and 3.09 as well as its Master Servicing Fee in respect thereof, and any other amounts payable to the Master Servicer hereunder the entitlement to which arose prior to the termination of its activities hereunder. Notwithstanding the foregoing, a delay in or failure of performance under Section 7.01(a) or under Section 7.01(b) after the applicable grace periods specified in such Sections, shall not constitute a Servicing Default if such delay or failure could not be prevented by the exercise of reasonable diligence by the Master Servicer and such delay or failure was caused by an act of God or the public enemy, acts of declared or undeclared war, public disorder, rebellion or sabotage, epidemics, landslides, lightning, fire, hurricanes, earthquakes, floods or similar causes. The preceding sentence shall not relieve the Master Servicer from using reasonable efforts to perform its respective obligations in a timely manner in accordance with the terms of this Servicing Agreement and the Master Servicer shall provide the Indenture Trustee, the Credit Enhancer and the Securityholders with notice of such failure or delay by it, together with a description of its efforts to so perform its obligations. The Master Servicer shall immediately notify the Indenture Trustee, the Credit Enhancer and the Owner Trustee in writing of any Servicing Default.

  • Post-Default Rate Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower or any Guarantor hereunder or under any other Loan Document is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to two percent (2%) plus the rate applicable to ABR Loans as provided in Section 3.02(a), but in no event to exceed the Highest Lawful Rate.