Minimum Not Met Sample Clauses
The 'Minimum Not Met' clause establishes the consequences or procedures that apply if a specified minimum requirement—such as a minimum purchase quantity, sales target, or performance threshold—is not achieved within a given period. Typically, this clause outlines what happens if the party responsible fails to meet the agreed minimum, such as triggering penalties, allowing renegotiation, or permitting contract termination. Its core function is to ensure accountability and provide a clear remedy or course of action when minimum contractual obligations are not fulfilled, thereby protecting the interests of the party expecting the minimum performance.
Minimum Not Met. If, prior to the Termination Date, the Deposit Account Agent has not received Cleared Funds at least equaling the Minimum Amount, the Deposit Account Agent shall return all Proceeds to Subscribers according to the amounts and return payment instructions contained in the Offering Report promptly (noon the following business day) upon Termination Date, without deduction, penalty, or expense to Subscriber