Default Payment definition

Default Payment has the meaning ascribed to it in Clause 8.3;

Default Payment means moneys received, realized or recovered through proceedings taken by the Corporation in the event of default in respect of any Education Loan or in respect of any insurance on or guarantee with respect to any Education Loan, including moneys received pursuant to a contract of insurance in respect of any Education Loan.

Default Payment means the amount of money, if any, paid by Company to the Local Governmental Entities in the event of a Default as provided in Article VI.

Examples of Default Payment in a sentence

• The Default Payment shall be due and payable immediately on the date that the Holder has exercised its rights pursuant to this Section 4.3.

• The Default Payment shall be 130% of the outstanding principal amount of the Note, plus accrued but unpaid interest, all other fees then remaining unpaid, and all other amounts payable hereunder.

• The Default Payment shall be applied first to any fees due and payable to the Holder pursuant to this Note, the Purchase Agreement, and/or the other Related Agreements, then to accrued and unpaid interest due on this Note and then to the outstanding principal balance of this Note.

• The Default Payment shall be due and payable immediately on the date that the Holder has exercised its rights pursuant to Section 4.1 (“Default Payment Date”).

• The Default Payment shall be applied first to any fees due and payable to Holder pursuant to the Notes or the Ancillary Agreements, then to accrued and unpaid interest due on the Notes and then to outstanding principal balance of the Notes.

More Definitions of Default Payment

Default Payment shall have the meaning assigned to such term in section 10.1.

Default Payment means the amount of money, if any, paid by Company to the Local Governmental Entities in the event of a Default as provided in Article VI. “Effective Date” is the date of execution of this Agreement by the Secretary.

Default Payment means, with respect to the Series 2019 Notes, an amount equal to three percent (3%) of the regularly scheduled principal and interest payments due on the Series 2019 Notes on the subject payment date.

Default Payment shall have the meaning set forth in Section 2(b)(i).

Default Payment any payment made with respect to a Defaulted Contract --------------- (i) by the Obligor under or with respect to such Contract (or by the application of any security deposit or other monies owed or belonging to such Obligor) as actual, liquidated or punitive damages resulting from the breach of such Contract, (ii) by a transfer to the Collection Account pursuant to Section 3.04, or (iii) by the Servicer or the Indenture Trustee from the proceeds of any disposition of the Vehicle subject to such Contract. Contract Payments for any Contract Payment Period prior to a Contract becoming a Defaulted Contract are not Default Payments.

Default Payment has the meaning set forth in Section 5.2(b).

Default Payment means moneys received, realized or recovered through proceedings taken by the Corporation in the event of default in respect of any Student Loan or in respect of any insurance on or guarantee with respect to any Student Loan, including moneys received pursuant to a contract of insurance in respect of any Student Loan.