Common use of Monthly Minimum Clause in Contracts

Monthly Minimum. Any provision in this Agreement to the contrary notwithstanding, Company guarantee to Bank: (i) from the date hereof until and including May 31, 2008, that Bank will suffer no losses in connection with the operation of the OLB Secondary Marketing Division Employees; and (ii) that commencing June 1, 2008, , and continuing each month thereafter during the term of this Agreement, the sum of the Override Fee and the Graduated Funding Fee payable to Bank as part of the calculation of the Net Divisional Profitability shall be at least $10,000 per month (“Monthly Minimum”). In the event that (a) the Monthly Minimum is not met, or (b) Bank suffers any losses in connection with the operation of the OLB Secondary Marketing Division Employees prior to the effectiveness of the Monthly Minimum, Company shall promptly pay to Bank such shortfall. In addition to paying such shortfall, Company agrees to provide additional capital to the OLB Secondary Marketing Division Employees from time to time on an as-needed basis and when reasonably requested by Bank. No payments due Company hereunder shall be made by Bank until each Monthly Minimum has been received by Bank. Company absolutely and unconditionally guarantees to Bank and its successors and assigns, the full and complete Monthly Minimum as and when the same becomes due and payable. The obligations of Company under this Section shall be an absolute, unconditional, present and continuing guaranty of payment and not collectibility. This guaranty shall be binding upon the Company and its successors and assigns. No waiver, amendment, release or modification of this Section shall be established by conduct, custom or course of dealing, but solely by an instrument in writing duly executed by Bank and Company.

Monthly Minimum. Any provision in this Agreement to the contrary notwithstanding, Company guarantee to Bank: (i) from the date hereof until and including May 31, 2008, that Bank will suffer no losses in connection with the operation of the OLB Secondary Marketing Division Employees; and (ii) that commencing June 1, 2008, , and continuing each month thereafter during the term of this Agreement, the sum of the Override Fee and the Graduated Funding Fee payable to Bank as part of the calculation of the Net Divisional Profitability shall be at least $10,000 [ * ] per month (“Monthly Minimum”). In the event that (a) the Monthly Minimum is not met, or (b) Bank suffers any losses in connection with the operation of the OLB Secondary Marketing Division Employees prior to the effectiveness of the Monthly Minimum, Company shall promptly pay to Bank such shortfall. In addition to paying such shortfall, Company agrees to provide additional capital to the OLB Secondary Marketing Division Employees from time to time on an as-needed basis and when reasonably requested by Bank. No payments due Company hereunder shall be made by Bank until each Monthly Minimum has been received by Bank. Company absolutely and unconditionally guarantees to Bank and its successors and assigns, the full and complete Monthly Minimum as and when the same becomes due and payable. The obligations of Company under this Section shall be an absolute, unconditional, present and continuing guaranty of payment and not collectibility. This guaranty shall be binding upon the Company and its successors and assigns. No waiver, amendment, release or modification of this Section shall be established by conduct, custom or course of dealing, but solely by an instrument in writing duly executed by Bank and Company.