Common use of Minimum Interest Clause in Contracts

Minimum Interest. In the event the aggregate amount of interest earned by Bank under the Revolving Line in any quarter (such period, the “Minimum Interest Period,” which period shall begin on the Effective Date and continue with each quarter thereafter until the earlier of the Revolving Line Maturity Date or the date this Agreement is terminated) is less than Five Thousand Dollars ($5,000) (exclusive of any collateral monitoring fees, unused line fees, or any other fees and charges hereunder) (“Minimum Interest”), Borrower shall pay to Bank, upon demand by Bank, an amount equal to the (i) Minimum Interest minus (ii) the aggregate amount of all interest earned by Bank under the Revolving Line (exclusive of any collateral monitoring fees, unused line fees or any other fees and charges hereunder) in such Minimum Interest Period. Borrower shall not be entitled to any credit, rebate, or repayment of any Minimum Interest pursuant to this Section 2.3(d) notwithstanding any termination of this Agreement or the suspension or termination of Bank’s obligation to make loans and advances hereunder. Bank may deduct amounts owing by Borrower under this Section 2.3(d) pursuant to the terms of Section 2.5(c). Bank shall provide Borrower prompt written notice of deductions made from the Designated Deposit Account pursuant to the terms of this Section 2.3(d).

Minimum Interest. In the event the aggregate amount of interest earned by Bank under in connection with the Revolving Line in any calendar quarter (such period, the “Minimum Interest Period,” which period shall begin on the Effective Date and continue with each quarter thereafter until the earlier of the Revolving Line Maturity Date or the date this Agreement is terminated) is less than Five Four Thousand Dollars ($5,0004,000.00) (exclusive of any collateral monitoring fees, unused line fees, or any other fees and charges hereunder) (“Minimum Interest”), Borrower shall pay to Bank, upon demand by Bank, an amount equal to the (i) Minimum Interest minus (ii) the aggregate amount of all interest earned by Bank under the Revolving Line (exclusive of any collateral monitoring fees, unused line fees or any other fees and charges hereunder) in such Minimum Interest Period. The amount of Minimum Interest charged shall be prorated for any partial Minimum Interest Period. Borrower shall not be entitled to any credit, rebate, or repayment of any Minimum Interest pursuant to this Section 2.3(d2.5(d) notwithstanding any termination of this Agreement or the suspension or termination of Bank’s obligation to make loans and advances hereunder. Bank may deduct amounts owing by Borrower under this Section 2.3(d2.5(d) pursuant to the terms of Section 2.5(c2.7(c). Bank shall provide Borrower prompt written notice of deductions made from the Designated Deposit Account pursuant to the terms of this Section 2.3(d2.5(d).

Minimum Interest. In the event the aggregate amount of interest earned by Bank under the Revolving Line in any fiscal quarter (such period, the “Minimum Interest Period,” which period shall begin on the Effective Date and continue with each fiscal quarter thereafter until the earlier of the Revolving Line Maturity Date or the date this Agreement is terminated) ), is less than Forty Five Thousand Dollars ($5,00045,000) (exclusive of any collateral monitoring fees, unused line fees, or any other fees and charges hereunder) (“Minimum Interest”), Borrower shall pay to Bank, upon demand by Bank, an amount equal to the (i) Minimum Interest minus (ii) the aggregate amount of all interest earned by Bank under the Revolving Line (exclusive of any collateral monitoring fees, unused line fees fees, or any other fees and charges hereunder) in such Minimum Interest Period. The amount of Minimum Interest charged shall be prorated for any partial Minimum Interest Period. Borrower shall not be entitled to any credit, rebate, or repayment of any Minimum Interest pursuant to this Section 2.3(d) notwithstanding any termination of this Agreement or the suspension or termination of Bank’s obligation to make loans and advances hereunder. Bank may deduct amounts owing by Borrower under this Section 2.3(d) pursuant to the terms of Section 2.5(c). Bank shall provide Borrower prompt written notice of deductions made from the Designated Deposit Account pursuant to the terms of this Section 2.3(d).

Minimum Interest. In the event the aggregate amount of interest earned by Bank under the Revolving Line in any quarter month (such period, the “Minimum Interest Period,” which period shall begin on the Effective Date November 1, 2013 and continue with each quarter month thereafter until the earlier of the Revolving Line Maturity Date or the date this Agreement is terminated) is less than Five Thousand Dollars ($5,000) 1,000 (exclusive of any collateral monitoring fees, unused line fees, or any other fees and charges hereunder) (“Minimum Interest”), Borrower shall pay to Bank, upon demand by Bank, an amount equal to the (i) Minimum Interest minus (ii) the aggregate amount of all interest earned by Bank under the Revolving Line (exclusive of any collateral monitoring fees, unused line fees fees, or any other fees and charges hereunder) in such Minimum Interest Period. The amount of Minimum Interest charged shall be prorated for any partial Minimum Interest Period upon termination of this Agreement. Borrower shall not be entitled to any credit, rebate, or repayment of any Minimum Interest pursuant to this Section 2.3(d2.3(g) notwithstanding any termination of this Agreement or the suspension or termination of Bank’s obligation to make loans and advances hereunder. Bank may deduct amounts owing by Borrower under this Section 2.3(d2.3(g) pursuant to the terms of Section 2.5(c2.3(d). Bank shall provide Borrower prompt written notice of deductions made from the Designated Deposit Account pursuant to the terms of this Section 2.3(d2.3(g).