Common use of Payment - Minimum Amount and Allocation Clause in Contracts

Payment - Minimum Amount and Allocation. The Line of Credit minimum payment amount will be the greater of $25 or 2% of the outstanding balance on your account at the end of the billing cycle statement period which begins on the second day of the month and ends on the first day of the following month (“Ending Balance”). The Ending Balance does not include late payment fees but includes voluntary payment protection costs, returned payment fees and the cost of collection and attorneys due to your default. When credit availability is suspended or terminated, the minimum payment amount will be calculated for the remaining balance at 2% of the outstanding balance at the time of suspension or termination, and will be fixed at that amount until the balance is paid in full. Payments will be applied first to late payment fees and other fees and charges (other than finance charges), then to accrued finance charges, and the remainder, if any, to the balance, unless otherwise agreed to by BECU or required by applicable law.

Payment - Minimum Amount and Allocation. The Line of Credit minimum payment amount will be the greater of $25 or 2% of the outstanding balance on your account at the end of the billing cycle statement period period, which begins on the second 17th day of the month and ends on the first 16th day of the following month (“Ending Balance”). The Ending Balance does not include late payment fees but includes voluntary payment protection costs, returned payment fees and the cost of collection and attorneys due to your default. When credit availability is suspended or terminated, the minimum payment amount will be calculated for the remaining balance at 2% of the outstanding balance at the time of suspension or termination, and will be fixed at that amount until the balance is paid in full. Payments will be applied first to late payment fees and other fees and charges (other than finance charges), then to accrued finance charges, and the remainder, if any, to the balance, unless otherwise agreed to by BECU or required by applicable law.