Required Monthly Payment definition

Required Monthly Payment shall have the meaning set forth in Paragraph 3 below. “Reset Date” means the first day of each Accrual Period.

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Required Monthly Payment means the sum of (i) the Minimum Payment plus (ii) the lesser of (a) Seventy-Three Thousand Nine Hundred Eighty-Nine and 41/100 Dollars ($73,989.41), or (b) the Adjusted Net Operating Income for the preceding month.

Required Monthly Payment means a payment equal to either, at Lender’s option in the exercise of its sole discretion, and regardless of whether a particular amount is higher or lower than the alternative, (i) three percent (3%) of the Drawn Amount, or (ii) the applicable Net Revenue Percentage calculated for the days during the calendar month preceding the applicable Payment Date during which any amounts were outstanding pursuant to this Agreement. At least five (5) days prior to each Payment Date, Lender shall notify Borrower what method is being used to calculate the Required Monthly Payment for such Payment Date. (ll)

Examples of Required Monthly Payment in a sentence

Thereafter, to the extent that the Adjustable Rate has changed, the Required Monthly Payment shall change on each Payment Change Date based on the then-applicable Adjustable Rate.
Before each Payment Change Date, Lender shall re-calculate the Adjustable Rate and shall notify Borrower (in the manner specified in the Security Instrument for giving notices) of any change in the Adjustable Rate and the Required Monthly Payment.
The initial Required Monthly Payment shall be calculated based on the outstanding principal balance and the then-applicable Adjustable Rate.
Thereafter, to the extent that the Adjusted Interest Rate has changed, the Required Monthly Payment shall change on each Payment Change Date, and shall be set to such amount required to amortize the unpaid principal balance of the Note in equal monthly installments, including accrued interest at the then applicable Adjusted Interest Rate, over the then Remaining Amortization Period.
Thereafter, during the Adjustable Rate Period, consecutive monthly installments of principal and interest, each in the amount of the Required Monthly Payment (defined below), shall be payable on the first day of each month beginning on the first Payment Change Date until the entire unpaid principal balance evidenced by this Note is fully paid.

More Definitions of Required Monthly Payment

Required Monthly Payment now appearing in Section 1.4(pp) of the Loan Agreement is hereby amended in its entirety to read as follows:

Required Monthly Payment means the amount required to pay the unpaid principal balance of this Note (as of the date hereof), including accrued interest, over a twenty five (25) year amortization schedule, in equal monthly installments. Accordingly, the Required Monthly Payment shall be $43,246.98.

Required Monthly Payment shall be an amount equal to the Note Interest that has accrued on the entire unpaid principal balance of the Loan during the applicable Accrual Period, and shall change on each Payment Change Date based on the applicable Adjustable Rate and unpaid principal balance. For the avoidance of doubt, the first Interest Payment Date shall be the first Business Day of the month following the month in which the first disbursement of Loan proceeds is made in accordance with this Loan Agreement, or if the first disbursement of Loan proceeds is made after the 20th day of a month, means the first Business Day of the second month following the month in which the first disbursement of Loan proceeds is made in accordance with the Loan Agreement.

Required Monthly Payment means: (i) as of any Payment Date prior to the Payment Date occurring in the eighth full calendar month occurring subsequent to the date of this Agreement (for example, if this Agreement were dated July 26, 2013, then the Payment Date falling on March 3, 2014), a payment equal to Regular Interest for the immediately preceding calendar month plus the Commitment Fee; (ii) except as set forth in subsection (iii) below, on and after the Payment Date occurring in the eighth full calendar month occurring subsequent to the date of this Agreement, a payment in an aggregate amount equal to the Required Operating Sublimit Monthly Payment plus the Required App Fundings Sublimit Monthly Payment; (iii) from August 1, 2014 until such Payment Date after which the Borrower has collectively paid $1,000,000 (the “Monthly Payment Savings”) less to the Lender in Required Monthly Payments than it would have pursuant to subsection (ii) above, a payment equal to three percent (3%) of the Drawn Amount; and (iv) upon the delivery of an App Default Notice, unless and until such App Default Notice is withdrawn by Borrower in its sole discretion, a payment equal to Regular Interest for the immediately preceding calendar month plus the Commitment Fee. The Monthly Payment Savings shall be used by the Company for the purposes described in Sections 1.5(c)(i)-(ii) of the Loan Agreement.”

Required Monthly Payment means, as of any Payment Date, a payment in an aggregate amount equal to the Required Monthly Interest Payment plus the Required Monthly Principal Payment plus the Commitment Fee. (ll)

Required Monthly Payment shall have the meaning set forth in Section 4.5(a) hereof.