Common use of Minimum Funding Clause in Contracts

Minimum Funding. In no event shall the rate of interest chargeable hereunder for any day be less than the amount of interest that would be charged on Obligations of $3,500,000 outstanding on such day. To the extent that interest accrued hereunder at the rate set forth herein would be less than the foregoing minimum, the interest chargeable hereunder for such day automatically shall be deemed increased to the foregoing minimum. To the extent that interest accrued hereunder at the rate set forth herein would yield less than the foregoing minimum amount, the interest rate chargeable hereunder for the period in question automatically shall be deemed increased to that rate that would result in the minimum amount of interest being accrued and payable hereunder.