Monthly Payment Date Sample Clauses
The Monthly Payment Date clause establishes the specific day each month when a payment is due under an agreement. Typically, this clause will state a calendar date—such as the first or fifteenth of each month—on which the paying party must remit funds to the recipient, and may also address adjustments if the date falls on a weekend or holiday. Its core function is to provide clear, predictable timing for payments, thereby reducing confusion and helping both parties manage their financial planning and obligations.
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Monthly Payment Date. On each Monthly Payment Date, the Servicing Fee for such calendar month shall be paid in advance to the Servicer from the amounts on deposit in the Collection Account; provided, that the amount paid on each Monthly Payment Date shall not exceed $291,666. Such payment shall be made so long as no Event of Default has occurred and is continuing; provided, that after the occurrence and during the continuance of an Event of Default, the Administrative Agent may direct such payment, and shall direct such payment upon the direction of the Required Lenders or after the Obligations of the Borrower have been accelerated. Pursuant to the terms of the Collection Account Control Agreement, the parties hereto hereby agree that the amount of each such payment shall equal $291,666 (or such lesser amount that is on deposit in the Collections Accounts), unless the Borrower notifies the Administrative Agent and City National Bank in writing that the Servicing Fee for such calendar month is a lesser amount.
Monthly Payment Date. The definition of “Monthly Payment Date” shall be amended as follows:
Monthly Payment Date. Within four (4) calendar days of the Effective Date of this Agreement for the initial payment (the “Initial Payment”) or on or prior to the fourth (4th) Business Day (as defined in the Certificate of Designation) following the beginning of each future calendar month, starting with the calendar month beginning on May 1, 2024 (each such date, a “Monthly Payment Date”), the Company shall pay the Purchase Price to the Shareholders for each of a minimum of approximately one eighteenth (1/18) of each Shareholder’s Redeemed Shares (the “Monthly Redemption Threshold”) by ACH transfer of funds in exchange for such portion of each Shareholder’s Redeemed Shares. In lieu of fractional Redeemed Shares, the number of shares shall be rounded up each time. For the avoidance of doubt, the Company has no obligation to make any payments on any Monthly Payment Date; and the Company may, at its sole discretion, redeem more than the Monthly Redemption Threshold of each Shareholder’s Redeemed Shares on any Monthly Payment Date. If the Company elects to redeem more than the Monthly Redemption Threshold of each Shareholder’s Redeemed Shares on any Monthly Payment Date, the Company may apply the amount in excess of the minimum one eighteenth (1/18) of each Shareholder’s Redeemed Shares to any future Monthly Payment Date (by way of example only, if the Company redeems one nineth (1/9) of each Shareholder’s Redeemed Shares on the Monthly Payment Date for May 2024, redeems one eighteenth (1/18) of each Shareholder’s Redeemed Shares on the Monthly Payment Date for June 2024 and opts to not redeem additional shares for July 2024, the excess Redeemed Shares from May 2024 shall apply towards the Monthly Redemption Threshold for the calendar month of July 2024).