Monthly Payment Obligation definition

Monthly Payment Obligation means, for each Fiscal Month during any Fiscal Year, the dollar amount calculated in accordance with SCHEDULE 1 for such Fiscal Year, as adjusted quarterly in accordance with SCHEDULE 1, provided that, for Fiscal Year 1997, the Monthly Payment Obligation shall be as set forth on SCHEDULE 2, as adjusted quarterly in accordance with SCHEDULE 2.
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Examples of Monthly Payment Obligation in a sentence

  • Otherwise, Funder will calculate a Monthly Reconciliation Amount Owed for that month that is equal to the Reconciled Individual Earned Income Estimate multiplied by the Payment Percentage, and then subtracting the Monthly Payment Obligation that was already billed to the Student for that Month.

  • Funder may update the Student’s Individual Earned Income Estimate once per year so long as Funder provides notification to student 30 days in advance and Student has not provided updated Informal Income Documentation (or certifies (Individual Earned Income Estimate, expressed annually) x Payment Percentage = Monthly Payment Obligation that the existing Individual Earned Income Estimate on record with Funder is accurate) sometime in the prior 12 month period.

  • For the avoidance of doubt, YP will be obligated to pay no less than the Minimum Monthly Payment Obligation or the actual higher amount based on delivery and applicable rates in such calendar billing month.

  • If at any time, the Student’s annualized Individual Earned Income Estimate, is less than and not equal to $30,000, adjusted annually for inflation with a base year of 20192 and rounded to the nearest $100, the Student’s Monthly Payment Obligation will be $0.00.

  • For the purposes of calculating the Student's Monthly Payment Obligation, Funder will use the lesser of the Student's annualized Individual Earned Income Estimate or $79,700.00.

  • For each month in the calendar year being reconciled, Funder will add the Average Monthly Income Change amount to the Individual Earned Income Estimate value used to calculate the Monthly Payment Obligation for that month to determine a "Reconciled Individual Earned Income Estimate" for that month.

  • If at any time, the Student's annualized Individual Earned Income Estimate is less than and not equal to $42,500.00, adjusted annually for inflation with a base year of 20222 and rounded to the nearest $100, the Student's Monthly Payment Obligation will be $0.00.

  • For each month in the calendar year being reconciled, Funder will add the Average Monthly Income Change amount to the Individual Earned Income Estimate value used to calculate the Monthly Payment Obligation for that month to determine a “Reconciled Individual Earned Income Estimate” for that month.

Related to Monthly Payment Obligation

  • Payment Obligation means the Principal Amount of the District Note and, if the District Note is a Defaulted Note interest thereon at the Default Rate, until such amounts are paid in full.

  • L/C Reimbursement Obligation means, for any Letter of Credit, the obligation of the Borrower to the L/C Issuer thereof, as and when matured, to pay all amounts drawn under such Letter of Credit.

  • Monthly Payment Amount means, with respect to each Payment Date, a payment equal to the amount of interest which has accrued during the related Interest Accrual Period, computed at the Interest Rate.

  • Monthly Payment The scheduled monthly payment of principal and interest on a Mortgage Loan.

  • Discount Obligation Any Collateral Obligation forming part of the Assets which was purchased (as determined without averaging prices of purchases on different dates) for less than (a) 85.0% of its Principal Balance, if such Collateral Obligation has an S&P Rating lower than “B-” or (b) 80.0% of its Principal Balance, if such Collateral Obligation has an S&P Rating of “B-” or higher; provided that such Collateral Obligation shall cease to be a Discount Obligation at such time as the Market Value (expressed as a percentage of the par amount of such Collateral Obligation) determined for such Collateral Obligation on each day during any period of 30 consecutive days since the acquisition by the Issuer of such Collateral Obligation, equals or exceeds 90.0% on each such day.