Minimum Required Payments Clause Samples
The Minimum Required Payments clause sets out the lowest amount a party must pay at specified intervals under an agreement, regardless of other circumstances. Typically, this clause applies to payment schedules in contracts such as loans, leases, or service agreements, where the payer is obligated to make at least a certain payment each period, even if additional charges or interest accrue. Its core function is to ensure a predictable cash flow for the receiving party and to prevent the accumulation of unpaid balances, thereby reducing financial risk and promoting timely payments.
Minimum Required Payments. Borrower shall make the following payments on the Loan:
Minimum Required Payments. 9 2.8 Prepayment........................................................................................
Minimum Required Payments. The Borrower shall pay or cause to be paid to the Bank, by not later than the 15th day of each month commencing effective January 15, 1999, principal payments in the amount of not less than Twenty Five Thousand Dollars ($25,000.00) which shall be applied against the principal portion of the Loans then outstanding in such manner as the Bank may determine in its sole discretion. The Borrower shall also continue to pay, on the first day of each month continuing on March 1, 1999, until all of the Indebtedness is paid finally and in full, interest and fees at the rates provided for in the Notes and with respect to the Loans.
Minimum Required Payments. 17 Section 2.11 Prepayment; Non-Utilization.....................................18 Section 2.12
Minimum Required Payments. (a) Borrower will pay to Lender 100% of the Collateral Proceeds. The Collateral Proceeds sent to the lockbox provided for in the Lockbox Agreement shall be swept on a weekly basis; provided, however, that as an accommodation to Borrower and Lockbox Agent, Lockbox Agent may wire such proceeds to Lender on each Business Day with the express understanding and agreement that such proceeds shall be held by Lender and only applied to the outstanding balance of the Loan (i) on a weekly basis (i.e. the proceeds collected during the prior week shall be applied to the Loan on Wednesday of each calendar week, or if such day is not a Business Day, the next Business Day) and (ii) on a monthly basis (i.e. any other proceeds collected during the month shall be applied to the Loan on the last Business Day of each calendar month). Any portion of the Collateral proceeds delivered to Borrower or any other Person shall be within one (1) Business Day thereafter delivered to Lockbox Agent. The Collateral Proceeds received by Lender will be applied to the outstanding principal balance of the Loan on a weekly and on a monthly basis as provided for above; provided, however, while an Event of Default or Potential Default exists, each payment received by Lender with respect to the Loan shall be applied to the payment of Borrower's obligations under the Loan Documents as Lender in its discretion may determine. At any time, upon notice to Borrower, Lender may, in its commercially reasonable discretion, modify the above-described method of the application of the payments received under the Loan to be consistent with industry standards.
(b) In the event that the Collateral Proceeds received by Lender include payments for items other than principal and interest payable under the Instruments (e.g. tax and insurance impounds, maintenance and other assessment payments, late charges, "NSF" or returned check charges, etc.), Lender shall remit such other payments back to Borrower provided that (i) no Event of Default or Potential Default exists, (ii) Borrower requests in writing that Lender remit such other payments back to Borrower, (iii) Borrower specifically identifies (inclusive of the amount of) such other payments, (iv) Borrower provides Lender with back-up to support the claim that such payments should not be part of the Collateral Proceeds, and (v) if such amount is actually remitted to Borrower, then Lender may adjust the Loan balance as Lender deems appropriate under the circumstance...
Minimum Required Payments. (a) Receivables Loan.
Minimum Required Payments. 5 6. Repayment and Restructure of Loans .................................... 5 7. Confirmation of Collateral and Security Interests ..................... 6 8.
Minimum Required Payments