Common use of Minimum Amount Due Clause in Contracts

Minimum Amount Due. Notwithstanding anything contained in this Agreement, the Borrower shall be liable to deposit in the Account, the Minimum Amount Due, which shall be computed and shall be payable as follows: (a) first the percentage indicated in Item no. XIV of Schedule A hereto shall be applied on the average outstanding in the Account during a month. (b) If there is any amount outstanding in the said month over the Operating Limit, the same shall be added to the resulting amount of the aforesaid calculation. (c) The aggregate amount so arrived shall be the Minimum Amount Due, which shall be payable latest by the date of the next month more particularly mentioned in Item No. XIV of Schedule A hereto. Provided that in the event the Minimum Amount Due is not deposited in the said Account by the said date, then in computing the Minimum Amount Due for the following month, which shall be computed as per the formulae above, the amount arrived at pursuant to (a) above for the previous month shall be also added to determine the Minimum Amount Due. Nothing in this clause shall in any manner affect the liability of the Borrower to deposit the Interest in the Account pursuant to the other provisions of this Agreement.

Minimum Amount Due. Notwithstanding anything contained in this Agreement, the Borrower shall be liable to deposit in the Account, the Minimum Amount Due, which shall be computed and shall be payable as follows: (a) first 6.1 First the percentage indicated in Item no. XIV of Schedule 1 Part A hereto shall be applied on the average outstanding in the Account during a monthat the end of the month inclusive of interest. (b) 6.2 If there is any amount outstanding in the said month over the Operating Limit, the same shall be added to the resulting amount of the aforesaid calculation. (c) 6.3 The aggregate amount so arrived shall be the Minimum Amount Due, which shall be payable latest by the date of the next month more particularly mentioned in Item No. XIV of Schedule Schedule1 Part A hereto. Provided that in the event the Minimum Amount Due is not deposited in the said Account by the said date, then in computing the Minimum Amount Due for the following month, which shall be computed as per the formulae above, the amount arrived at pursuant to (a) above for the previous month shall be also added to determine the Minimum Amount Due. Nothing in this clause shall in any manner affect the liability of the Borrower and/or the Co-Borrower/s and/or the Guarantor/s to deposit the Interest in the Account pursuant to the other provisions of this Agreement.