How is Recovery Fee defined in a legal contract?
- Recovery Fee means a standard charge determined by extra recovery amounts required for the acquisition of more recovery amounts regarding any Mortgage Loan post the period at which this Mortgage Loan morphed into a Liquidated Mortgage Loan. Seen in 18 SEC filings.
- Recovery Fee means a charge that equals the lesser amount between $5,000 or 5% of the quantity of such item, in situations where the Borrower could not submit it by demands of the Agreement. However, under no circumstances should this fee be less than $1,000. Seen in 16 SEC filings.
- Recovery Fee means a standard fee levied for the collection process related to Liquidation Proceeds on any Mortgage Loan post the time when the Mortgage Loan turned to a Liquidated Mortgage Loan. Seen in 7 SEC filings.
- Recovery Fee means a rate that equals to $5,000 for any collections which the Borrower has failed to remit as required by the Agreement. Seen in 5 SEC filings.
- Recovery Fee means all of the costs linked with actions like winching, rolling, dragging, and moving a vehicle onto the roadway. Seen in 4 SEC filings.
- Recovery Fee means the total sum collected during the sale of a Preneed Funeral Contract. Seen in 3 SEC filings.
- Recovery Fee means a standard fee determined based on supplementary recovery amounts charged for the collection of those additional recovery amounts on any mortgage loan following the date such mortgage loan became a Liquidated Mortgage Loan. Seen in 2 SEC filings.
- Recovery Fee means a usual fee calculated based on additional recovery amounts charged for the collection of such additional recovery amounts on any Home Loan after the date such Home Loan became a Liquidated Home Loan. Seen in 2 SEC filings.
Which definition should you use?
🤔 has combined and improved the above descriptions to create market-standard 'Genie definitions' below, with guidance on which documents and which industry to use for each.
Genie Definition 1
Recovery Fee means a standard charge imposed for the collection of additional owing amounts following the loan conversion to a liquidated status.
Relevant Contract Types
Relevant Circumstances
- When a loan defaults and the lender is recovering the balance.
- If the Mortgage Loan is liquidated.
Relevant Sectors
Genie Definition 2
Recovery Fee means a fee for collections not remitted as required by the [Agreement].
Relevant Contract Types
Relevant Circumstances
- When the borrower fails to pay the amount as per agreement.
- If Services or Goods are not delivered as per the agreement.
Relevant Sectors
Genie Definition 3
Recovery Fee means costs associated with vehicle recovery actions onto a [Roadway].
Relevant Contract Types
Relevant Circumstances
- When vehicle recovery services are required.
- If the vehicle needs to be moved to a roadway.
Relevant Sectors
Genie Definition 4
Recovery Fee means the total amount collected during the [Asset] sale.
Relevant Contract Types
Relevant Circumstances
- When a business or asset is sold.
- At the time of property sale.
Relevant Sectors
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Recovery Fee means a standard charge imposed for the collection of additional owing amounts following the loan conversion to a liquidated status
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