Required Monthly Payment shall have the meaning set forth in Paragraph 3 below. “Reset Date” means the first day of each Accrual Period.
Required Monthly Payment means the sum of (i) the Minimum Payment plus (ii) the lesser of (a) Seventy-Three Thousand Nine Hundred Eighty-Nine and 41/100 Dollars ($73,989.41), or (b) the Adjusted Net Operating Income for the preceding month.
Required Monthly Payment shall be an amount equal to the Note Interest that has accrued on the entire unpaid principal balance of the Loan during the applicable Accrual Period, and shall change on each Payment Change Date based on the applicable Adjustable Rate and unpaid principal balance. For the avoidance of doubt, the first Interest Payment Date shall be the first Business Day of the month following the month in which the first disbursement of Loan proceeds is made in accordance with this Loan Agreement, or if the first disbursement of Loan proceeds is made after the 20th day of a month, means the first Business Day of the second month following the month in which the first disbursement of Loan proceeds is made in accordance with the Loan Agreement.
Examples of Required Monthly Payment in a sentence
Before each Payment Change Date, Lender shall re-calculate the Adjustable Rate and shall notify Borrower (in the manner specified in Section 18 of this Note for giving notices) of any change in the Required Monthly Payment.
The Minimum Required Monthly Payment is based on the total Break Even Point of the program plus 10% divided by the number of units and then divided by twelve (12) months.
The purpose of establishing the Minimum Required Monthly Payment is to insure program stability.
Thirty percent (30%) of the applicant’s adjusted income must be equivalent or exceed the Minimum Required Monthly Payment in order to be eligible for the program.
The Required Monthly Payment shall be an amount equal to the Note Interest that has accrued on the unpaid principal balance of the Loan during the applicable Accrual Period, and shall change on each Payment Change Date based on the applicable Adjustable Rate and unpaid principal balance.
More Definitions of Required Monthly Payment
Required Monthly Payment shall have the meaning set forth in Section 4.5(a) hereof.
Required Monthly Payment now appearing in Section 1.4(pp) of the Loan Agreement is hereby amended in its entirety to read as follows:
Required Monthly Payment means: (i) as of any Payment Date prior to the Payment Date occurring in the eighth full calendar month occurring subsequent to the date of this Agreement (for example, if this Agreement were dated July 26, 2013, then the Payment Date falling on March 3, 2014), a payment equal to Regular Interest for the immediately preceding calendar month plus the Commitment Fee; (ii) except as set forth in subsection (iii) below, on and after the Payment Date occurring in the eighth full calendar month occurring subsequent to the date of this Agreement, a payment in an aggregate amount equal to the Required Operating Sublimit Monthly Payment plus the Required App Fundings Sublimit Monthly Payment; (iii) from August 1, 2014 until such Payment Date after which the Borrower has collectively paid $1,000,000 (the “Monthly Payment Savings”) less to the Lender in Required Monthly Payments than it would have pursuant to subsection (ii) above, a payment equal to three percent (3%) of the Drawn Amount; and (iv) upon the delivery of an App Default Notice, unless and until such App Default Notice is withdrawn by Borrower in its sole discretion, a payment equal to Regular Interest for the immediately preceding calendar month plus the Commitment Fee. The Monthly Payment Savings shall be used by the Company for the purposes described in Sections 1.5(c)(i)-(ii) of the Loan Agreement.”
Required Monthly Payment means a payment equal to either, at Lender’s option in the exercise of its sole discretion, and regardless of whether a particular amount is higher or lower than the alternative, (i) three percent (3%) of the Drawn Amount, or (ii) the applicable Net Revenue Percentage calculated for the days during the calendar month preceding the applicable Payment Date during which any amounts were outstanding pursuant to this Agreement. At least five (5) days prior to each Payment Date, Lender shall notify Borrower what method is being used to calculate the Required Monthly Payment for such Payment Date. (ll)
Required Monthly Payment means: (i) as of any Payment Date prior to the Payment Date occurring in the eighth full calendar month occurring subsequent to the date of this Agreement (for example, if this Agreement were dated July 26, 2013, then the Payment Date falling on March 3, 2014), a payment equal to Regular Interest for the immediately preceding calendar month plus the Commitment Fee; (ii) on and after the Payment Date occurring in the eighth full calendar month occurring subsequent to the date of this Agreement, a payment in an aggregate amount equal to the Required Operating Sublimit Monthly Payment plus the Required App Fundings Sublimit Monthly Payment; and (iii) upon the delivery of an App Default Notice, unless and until such App Default Notice is withdrawn by Borrower in its sole discretion, a payment equal to Regular Interest for the immediately preceding calendar month plus the Commitment Fee..
Required Monthly Payment means, as of any Payment Date, a payment in an aggregate amount equal to the Required Monthly Interest Payment plus the Required Monthly Principal Payment plus the Commitment Fee. (ll)
Required Monthly Payment. (as defined in the Notes) shall be adjusted and computed monthly and sent to Borrower in accordance with the provisions of the Notes.