Minimum Deposits Clause Samples
The Minimum Deposits clause sets a required baseline amount that must be deposited by a party, typically at the outset of an agreement or periodically throughout its term. This clause specifies the minimum sum that must be maintained in an account or paid upfront, ensuring that sufficient funds are available to cover obligations such as rent, services, or potential damages. By establishing a clear financial threshold, the clause helps prevent underfunding and provides security to the receiving party, reducing the risk of non-payment or default.
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Minimum Deposits. The average of Cornerstone Bank’s aggregate outstanding balance of deposits, excluding (i) all time/maturity deposits and (ii) any “brokered deposits,” as such term is defined in the rules and regulations of the FDIC, over the ten (10) consecutive Business Days ending the second Business Day immediately preceding the Closing Date shall be not less than $405,000,000.
Minimum Deposits. Borrower shall maintain on deposit with Bank the lesser of $4,000,000 or 100% of cash in the form of certificate of deposits, money market accounts and/or checking accounts. For any period in which the minimum balance requirement is not kept, Borrower will pay to Bank a fee calculated at a rate of one percent (1%) per annum, based on the difference between the minimum required balance and the actual average daily balance during the period. The fee will be calculated quarterly and shall be due within 15 days of each quarter end.
10. Section 6.9 entitled "Liquidity Coverage" is hereby amended and restated in its entirety to read: Borrower shall maintain, as of the last day of each calendar month, a ratio of (a)(i) unrestricted cash and cash equivalents plus (ii) 80% of Eligible Accounts minus (iii) outstanding Revolving Advances of not less than (b)(i) two (2) times the aggregate outstanding amount of all Equipment Advances and Non-Revolving Advances under Section 2.2 and 2.3 through the month ending June 30, 1999, then (ii) 1.5 times the aggregate outstanding amount of all Equipment Advances and Non-Revolving Advances under Section 2.2. and 2.3 through the month ending December 31, 1999, then (iii) two (2) times the aggregate outstanding amount of all Equipment Advances and Non-Revolving Advances under Section 2.2. and 2.3, thereafter. Notwithstanding the foregoing, at such time as Borrower achieves a Debt Service Coverage ratio of 1.50 to 1.00 for two (2) consecutive quarters, the Liquidity Coverage shall be replaced by a Debt Service Coverage ratio of 1.50 to 1.00, measured on a quarterly basis.
Minimum Deposits. To maintain average deposit balances of the Borrowers and their Affiliates held at the Lender of not less than Thirty Million Dollars ($30,000,000) in the aggregate (the “Deposit Level Target”), provided that the sole remedy of the Lender for the Borrowers’ failure to satisfy the Minimum Deposit Target shall be an increase in the Applicable Interest Rate Spread (as defined in the Credit Note) and the Applicable Nonusage Rate as provided herein.”
Minimum Deposits. Parent shall maintain, or cause to be maintained, average daily free collected balances on deposit at all of the Lenders in the aggregate amount of at least $25,000,000, and of such amount, not less than $22,500,000 must be held at Western Alliance Bank, this covenant to be tested by Administrative Agent as of the end of each fiscal quarter of Parent (commencing with the fiscal Year ending December 31, 2017) for the fiscal quarter then ended. Such deposits shall be maintained by Parent, another Loan Party or other Subsidiaries of Parent designated in writing by Parent to Administrative Agent in such form as Administrative Agent may reasonably request. For clarity and for purposes of determining compliance with this Section 7.13(b), such free collected balances shall include Cash Collateral held by the Issuing Bank (or the Administrative Agent) in order to Cash Collateralize L/C Obligations pursuant to Section 2.05 or Section 2.19 to the extent that such Cash Collateral has not been applied to the payment of L/C Obligations or other Obligations and without limiting any Loan Party’s obligation with respect to the pledge and maintenance of such Cash Collateral.
(iv) To correct a cross reference, Section 8.1(b) of the Credit Agreement is hereby amended in its entirety to read as follows:
Minimum Deposits. During any period in which Borrower and its Affiliates maintains aggregate deposits of Twenty Million Dollars ($20,000,000.00) or greater with Lender, no Unused Fee shall be due or payable.
Minimum Deposits. Maintain demand deposits (in immediately available funds) with the Lender (which deposits are the subject of Section 6.14 hereof) in an amount less than $3,000,000 at any time from and after the Effective Date.
Minimum Deposits. As of the Closing Date, the average of IDPK’s total deposits, based on the average balance for the preceding 30 days up to and including the month-end prior to the Closing Date, shall not be less than $310,150,000.
Minimum Deposits. At all times Revolving Obligations equal or exceed $5,000,000, the Company shall maintain, on a consolidated basis, unrestricted cash and cash equivalents in investments and deposit accounts maintained in financial institutions within the United States equal to or greater than an amount equal to the product of: (i) the Revolving Obligations multiplied by (ii) 0.
Minimum Deposits. Not Applicable
Minimum Deposits. As of the Closing Date, the average of FAB’s total deposits (including sweep repo accounts), commencing June 1, 2012 and ending on the month-end prior to the Closing Date, shall not be less than $313,360,617.90.