Minimum Repayment definition

Minimum Repayment means either (a) 5% (five per cent) of the Balance Outstanding on the Account on the Statement Date; or (b) £10 (ten pounds), whichever is the greater except where the Balance Outstanding is less than £10 (ten pounds) in which case the Minimum Repayment will be the Balance Outstanding. In either case, any Fees applied to your Account during the previous Statement Period (excluding the Annual Fee) will be added to your Minimum Repayment.

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Minimum Repayment means the amount due shown on your statement;

Minimum Repayment. Up until 13/11/2022: means either (a) 5% (five per cent) of the Balance Outstanding on the Account on the Statement Date; or (b) £10 (ten pounds), whichever is the greater except where the Balance Outstanding is less than £10 (ten pounds) in which case the Minimum Repayment will be the Balance Outstanding. In either case, any Fees applied to your Account during the previous Monthly Statement Period (excluding the Annual Fee) will be added to your Minimum Repayment. On or after 14/11/2022: means the greater of the following: • £10 (or the total Balance Outstanding if it’s less than £10); or • 2% of the Balance Outstanding on the Account on the Statement Date, plus all interest charged for the previous Monthly Statement Period, plus any Fees applied to your Account during the previous Monthly Statement Period (excluding the Annual Fee), plus any Instalment Plan payment due for that month (if applicable)

Examples of Minimum Repayment in a sentence

• You can pay more than the Minimum Repayment at any time, including paying your entire Balance Outstanding.

• You must remember to check your Statement and to make the Minimum Repayment each month.

• If you only make your Minimum Repayment each month, it will take longer and cost more to pay off your Balance Outstanding.

• You must still pay the full Minimum Repayment, unless the refund reduces your Balance Outstanding to an amount which is less than your Minimum Repayment, in which case you will only have to pay the Balance Outstanding.

• The Late Payment Fee is payable for every month (or part of any month) that the Minimum Repayment Amount plus any arrears remains outstanding.

• If any Event of Default occurs, the Tokenholders’ Representative has the right, but not the obligation, to serve a written notice of default (“Default Notice”), such notice having the effect that the Bond shall become immediately due and payable at the Minimum Repayment Amount plus accrued interest, if any, on the day the Default Notice is served.

• Following receipt of the approval referred to in clause 6.8.2 of the Project Loan Agreement, the Bank Agent shall notify all other parties to this Agreement of such recalculation and provide to them a copy of the Replacement Schedule of Minimum Repayment Amounts.

• If, as of any Testing Date, the aggregate principal amount of all outstanding Loans exceeds the Borrowing Base, Borrower shall within fifteen (15) Business Days after the date on which the Borrowing Base Certificate is due, pay to Administrative Agent for the benefit of the Lenders, an amount equal to the Minimum Repayment Amount.

• Charges If You fail to pay the Minimum Repayment when due You may be liable for any reasonable costs and charges that We incur or pay to a third party, including collection agency fees and legal costs.

• This means that interest will be charged on the balance at the standard rate, and from your next statement your Minimum Repayment will be calculated in the normal way.

More Definitions of Minimum Repayment

Minimum Repayment means the minimum amount to be paid by you, as advised by us and as reflected on your latest monthly Statement or Interest Rate Change Letter;

Minimum Repayment means the minimum amount to be paid by you, as advised by us and as reflected on your latest monthly Statement or Interest Rate Change Letter (as applicable);

Minimum Repayment means the minimum amount to be paid by you as set out in clause 4 of Part A of this Agreement.

Minimum Repayment means the amount reflected on your monthly statement described in clause 5 of Part B, which will be calculated in accordance with the formulae stipulated in clause 7 of Part A;