Minimum Monthly Interest has the meaning set forth in Section 3 of the Schedule.
Minimum Monthly Interest is defined in Section 2.3(h).”
Minimum Monthly Interest. An amount equal to the Interest Rate described above charged against an outstanding daily loan balance of TWENTY PERCENT (20%) OF THE MAXIMUM DOLLAR AMOUNT during Year 1; an amount equal to the Interest Rate described above charged against an outstanding daily loan balance of THIRTY PERCENT (30%) OF THE MAXIMUM DOLLAR AMOUNT during Year 2; an amount equal to the Interest Rate described above charged against an outstanding daily loan balance of FORTY PERCENT (40%) OF THE MAXIMUM DOLLAR AMOUNT during Year 3 and thereafter.
Examples of Minimum Monthly Interest in a sentence
Within ten days after each Month End, Borrowers shall pay to Lender the Minimum Monthly Interest for the Monthly Period ending on such Month End.
More Definitions of Minimum Monthly Interest
Minimum Monthly Interest means for any Monthly Period the amount (if any) by which $4,000 exceeds the Finance Charge for that Monthly Period.
Minimum Monthly Interest. Shall be based on a minimum monthly average loan outstanding of $1,600,000 through March 31, 1999.
Minimum Monthly Interest. An amount not less than the interest payable based upon a minimum daily loan balance of $10,000,000.
Minimum Monthly Interest means at any point of determination an amount equal to the applicable interest rate as set forth in Section 2.3(a) of this Agreement multiplied by the lesser of (i) the maximum available Borrowing Base, or (ii) Ten Million Dollars ($10,000,000).
Minimum Monthly Interest is one twelfth of the product of (a) $1,000,000 multiplied by (b) the sum of (i) the Prime Rate in effect at the time of determination plus (ii) 1.75%.
Minimum Monthly Interest has the meaning set forth in Section 1.2 above.
Minimum Monthly Interest is an amount equal to the amount interest Bank would have earned (exclusive of any collateral monitoring fees, unused line fees, or any other fees and charges hereunder) in any month if Borrower’s Advances outstanding during such month period averaged Three Million Three Hundred Thirty Three Thousand Three Hundred Thirty Three and 33/100 Dollars ($3,333,333.33).