Define: Overdue Payment

How is Overdue Payment defined in a legal contract?

• Overdue Payment means all payments, other than supplemental servicing fees, tax amounts, and excluded amounts, received from or for the related account during a certain period. This occurs to the extent of any outstanding advances made for a specific lease asset. Seen in 28 SEC filings
• Overdue Payment means all payments received during a specific monthly period in excess of any supplemental servicing fees, up to the point of any outstanding monthly advances for a certain receivable. Seen in 25 SEC filings
• Overdue Payment means payments that are made by or on behalf of the person owing the money that are not supplemental servicing fees and therefore should be applied first to reimburse the servicer for outstanding advances made with respect to such receivable. Seen in 18 SEC filings
• Overdue Payment means all due payments from a prior collection period that the servicer receives from or on behalf of the obligor during such collection period. This includes any servicing charges. Seen in 12 SEC filings
• Overdue Payment means all due payments from a prior due period that the servicer receives from or on behalf of an obligor during the related due period on such delinquent contract, including any servicing charges. Seen in 11 SEC filings
• Overdue Payment means compensation equivalent to 2 hours of straight time pay at the wage rate for each working day overdue, up to a maximum equal to the wages owing to the employee. This provision applies unless there is a proven force majeure, in which case the employee shall not receive such compensation. Seen in 9 SEC filings

Note: The Genie AI Legal Assistant pulled this data out of the SEC EDGAR Database of 500,000 records from the past 22 years of filings. We regularly update this page as new filings and definitions come in.

Search EDGAR for 'Definitions of overdue payment' yourself to verify these results. We are always keen to point people to source documents.

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Which definition should you use?

🤔 Our AI Legal Assistant 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.

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Genie Definition 1

• Overdue Payment means all payments the servicer receives by or on behalf of a payer that were due in a prior period, including outstanding advances and servicing charges.

Relevant Contract Types

• Lease Agreements
• Loan Agreements
• Service Level Agreements
• Credit Agreements

Relevant Circumstances

• When leasing property or equipment
• While offering credit or loan to clients
• Delivering long-term services with regular payments

Relevant Sectors

• Finance
• Property Management
• Telecommunications

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Genie Definition 2

• Overdue Payment means compensation equivalent to a predefined length of work at a set wage rate for each delayed day, excluding instances of proven force majeure.

Relevant Contract Types

• Employment Agreements
• Collective Bargaining Agreements

Relevant Circumstances

• When defining terms of compensation in employment
• Negotiating collective bargaining agreements

Relevant Sectors

• Human Resources
• Labor Unions
• Public and Private Sector Employment

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