Skip Payment definition

Skip Payment. If we make a skip payment option available, you may skip making your payment(s) for certain month(s). If you choose this option, interest will continue to accrue, but no late payment charges will be imposed during the skip period. All credit terms applicable immediately prior to the skip period will again apply once the skip period has expired.
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Skip Payment. We may allow you to skip one or more monthly payments during a year. This option, if made available to you, will be effective for only one month at a time. You will be given notice of any month for which the option is available. If we allow you to skip a payment, you may be required to pay a Skip Payment Fee, as provided in Section 9(b), Finance Charges will continue to accrue on the Account balance, and the regular Minimum Payment Due will be applicable for the next month. Allowing you to skip a payment will not extend the period within which you must pay the New Balance on a periodic statement to completely avoid paying a Finance Charge on Purchases as described in Section 7.
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Examples of Skip Payment in a sentence

  • Skip Payment Fee - $30.00 and is collected at the time of approved request.

  • To qualify for a skip payment: • the Credit Card account must be opened for at least six months with a payment made each month; • Savings or spending account must have enough funds to cover any applicable fees; • Your Credit Card may not be past due, have any unpaid fees, or in default; and • One Skip Payment is allowed per credit card per rolling calendar year (12 months).

  • Skip Payment Option will not be available to you if your Accounts are delinquent or in default.

  • We have no obligation to accept your application for any Skip Payment Period offered, and you authorize us to investigate your creditworthiness including obtaining consumer credit reports.

  • If you make extra or larger payments, you are still required to make at least the Minimum Payment each month that your Account has a balance unless you have received written permission from us not to or we do not require you to make a Minimum Payment during certain designated Billing Cycles (see Skip Payment Option below).

  • Beginning with the billing cycle following an allowed Skip Payment Period, all other provisions of this Agreement will apply.

  • To qualify for a skip payment: • the Credit Card account must be opened for at least six months with a payment made each month; • Savings or spending account must have enough funds to cover any applicable fees; • Your Credit Card may not be past due, have any unpaid fees, or in default; and • One Skip Payment is allowed per credit card per rolling calendar year.

  • Skip Payment Option ..............................................................

  • DEVELOPED MODELS3.1. The Periodic Geometric-Gradient Series Payment Model in A Skip Payment Loan with Rhythmic SkipsThe repayments are made periodically, for instance monthly or quarterly etc., in the periodic geometric-gradient series payment (PGGSP) model.

  • Skip Payment Fee ‐ $30.00 and is collected at the time of approved request.

Related to Skip Payment

  • AHYDO Catch-Up Payment means any payment with respect to any obligations of the Borrower or any Restricted Subsidiary, in each case to avoid the application of Section 163(e)(5) of the Code thereto.

  • Capitation Payment means a payment the STATE makes periodically to the MCO for each Enrollee covered under the Contract for the provision of services as defined in Article 6 regardless of whether the Enrollee receives these services during the period covered by the payment.

  • Delta Payment means as it is described in this Agreement.

  • Monthly Payment Amount means, with respect to each Payment Date, a payment equal to the amount of interest which has accrued during the related Interest Accrual Period, computed at the Interest Rate.

  • Interim Payment has the meaning specified in Section 10.1.

  • Payment month means, for all programs except EA, the calendar month for which benefits are issued.

  • Gross-Up Payment shall have the meaning set forth in Section 6.2 hereof.

  • PAGA Payment means the penalties pursuant to PAGA that the Parties have agreed is a

  • Payment Amount as defined in Section 3.5.

  • Initial Monthly Payment Fund An amount representing scheduled principal amortization and interest at the Net Mortgage Rate for the Due Date in the first Due Period commencing subsequent to the Cut-off Date for those Mortgage Loans for which the Trustee will not be entitled to receive such payment, and as more specifically defined in the Series Supplement.

  • Initial Trip Payment means the first payment made to the Insured’s Travel Supplier toward the cost of the Insured’s Trip.

  • PRE-PAYMENT The Tenant shall: (check one)

  • Minimum Monthly Payment for any Mortgage Loan and any month means the minimum amount required to be paid by the related mortgagor in that month.

  • Seller Remittance Amount With respect to each Servicer, the meaning assigned to such term in the related Servicing Agreement.

  • Optimal Interest Remittance Amount For any Distribution Date, the excess of (i) the product of (1) (x) the weighted average of the Net Mortgage Rates of the Mortgage Loans as of the first day of the related Due Period less the Premium Percentage, divided by (y) 12 and (2) the applicable Aggregate Collateral Balance for the immediately preceding Distribution Date, over (ii) any expenses that reduce the Interest Remittance Amount that do not arise as a result of a default or delinquency of the Mortgage Loans.

  • Applicable Monthly Payment For any Mortgage Loan (including an Outside Serviced Mortgage Loan) with respect to any month (including any such Mortgage Loan as to which the related Mortgaged Property has become an REO Property), the Monthly Payment; provided, however, that for purposes of calculating the amount of any P&I Advance required to be made by the Master Servicer or the Trustee, notwithstanding the amount of such Applicable Monthly Payment, interest shall be calculated at the Mortgage Rate less the Servicing Fee Rate and, if applicable, shall be exclusive of Excess Interest; and provided, further, that for purposes of determining the amount of any P&I Advance, the Monthly Payment shall be as reduced pursuant to any modification of a Mortgage Loan pursuant to Section 3.24 of this Agreement or pursuant to the applicable Outside Servicing Agreement, or pursuant to any bankruptcy, insolvency, or other similar proceeding involving the related Mortgagor.

  • Late Payment Surcharge shall have the meaning ascribed thereto in Article 10.3.3 of this Agreement;

  • Servicer Prepayment Charge Payment Amount The amounts payable by the Servicer in respect of any waived Prepayment Charges pursuant to Section 2.05 or Section 3.01.

  • Down payment means all partial payments, whether made in cash or otherwise, received by or for the benefit of the seller before or substantially contemporaneous with either the execution of the installment sale contract or the delivery of the motor vehicle sold under that contract, whichever occurs later.

  • Monthly Payment The scheduled monthly payment of principal and interest on a Mortgage Loan.

  • Earnout Payment has the meaning set forth in Section 2.3(b).

  • Service Payment has the meaning given to it in clause 9.1;

  • Late Payment Charge means the charge that is applied when either Party fails to remit payment for any charges by the Bill Due Date, or if payment for any portion of the charges is received after the Bill Due Date, or if payment for any portion of the charges is received in funds which are not immediately available or received by either Party as of the Bill Due Date, or if either Party does not submit the Remittance Information.

  • Master Servicer Prepayment Charge Payment Amount The amounts payable by the Master Servicer pursuant to Section 2.03(b) in respect of any waived (or, with respect to subsequent changes of law, any unenforceable) Prepayment Charges.

  • Interest Remittance Amount For any Distribution Date and Loan Group, an amount equal to the sum of (1) all interest collected (other than related Payaheads, if applicable) or advanced in respect of Scheduled Payments on the Mortgage Loans in such Loan Group during the related Collection Period, the interest portion of Payaheads previously received and intended for application in the related Collection Period and the interest portion of all Payoffs and Curtailments received on the Mortgage Loans in such Loan Group during the related Prepayment Period (other than interest on Principal Prepayments that occur during the portion of the Prepayment Period that is in the same calendar month as the related Distribution Date), less (x) the Servicing Fees (other than any Excess Servicing Fee) and any lender paid Primary Insurance Policy premiums with respect to such Mortgage Loans and (y) unreimbursed Advances and other amounts due to a Servicer, the Back-Up Servicer or the Trustee with respect to such Mortgage Loans, to the extent allocable to interest, (2) all Compensating Interest Payments paid by a Servicer with respect to the related Mortgage Loans with respect to such Distribution Date, (3) the portion of any Substitution Adjustment Amount and Repurchase Price paid with respect to such Mortgage Loans during the calendar month immediately preceding the Distribution Date, in each case allocable to interest and the proceeds of any purchase of the Mortgage Loans by the Terminating Entity pursuant to Section 9.01 in an amount not exceeding the interest portion of the Par Value, (4) all Net Liquidation Proceeds, and any Insurance Proceeds and other recoveries (net of unreimbursed Advances, Servicing Advances and expenses, to the extent allocable to interest, and unpaid Servicing Fees) collected with respect to such Mortgage Loans during the prior calendar month, to the extent allocable to interest, (5) any amounts withdrawn from the Capitalized Interest Amount to pay interest on the related Certificates with respect to such Distribution Date and (6) the aggregate Excess Servicing Fee to be distributed to the Class A-IO-S Certificates.

  • Settlement Payment means the transfer, or contractual undertaking (including by automated clearing house transaction) to effect a transfer, of cash or other property to effect a Settlement.