Minimum Payment Requirements Sample Clauses

Minimum Payment Requirements. Under the terms of this Home Equity Line of Credit, you may obtain two types of credit advances: Variable Rate Advances; and Fixed Rate Advances. The advance requirements, the repayment requirements, and the applicable periodic interest rates for these two types of advances differ, as explained below. You may obtain Variable Rate Advances at any time, subject to your maximum credit limit, and the terms of your Agreement. You may also obtain Fixed Rate Advances at any time, subject to your maximum credit limit, the terms of your Agreement, and the limitations described in the next two sentences. The terms of each Fixed Rate Advance will depend on the terms that you request and the circumstances of your Account at the time of your request, and will be disclosed to you at the time of each advance. Your Account is limited to a maximum of three (3) outstanding Fixed Rate Advance balances at any time. Your minimum periodic payment for each billing cycle is the sum of the minimum periodic payments due for any Variable Rate Advance balance and any Fixed Rate Advance balance you have during that billing cycle, plus any other amounts that may be due under the terms of the agreement. You can obtain credit advances for 120 months (the draw period). During the draw period, payments will be due on a monthly basis during any time that you have a balance on your account. At our option, we may extend the draw period. Your minimum monthly payment will be established at the close of each billing cycle at an amount equal to all accrued yet unpaid finance charges due, subject to the lesser of $100.00 or Your Account balance. After the draw period ends, you will no longer be able to obtain credit advances and you must repay your outstanding account balance (the repayment period). The length of the repayment period will be 180 months. During the repayment period, your minimum periodic payment will be established on the first day of the repayment period and any subsequent change in interest rate, to the amount necessary to fully amortize your then outstanding account balance by the agreement maturity date.
View SourceView Similar (29)
Minimum Payment Requirements. You must make monthly payments both during the draw period and the repayment period. Interest accrues on your total balance owing from the date of each advance and there is no time period within which any credit extended may be repaid without incurring a finance charge. At the time of each credit advance a payoff period will be established based upon the following chart for the outstanding balance then owed at the time of the last advance: Range of Balances Payoff Period Up to $10,000.00 60 Monthly Payments $5,000.01 to $20,000.00 96 Monthly Payments $20,000.01 and Above 120 Monthly Payments The length of the repayment period will depend on the balance at the time of the last advance you obtain before the draw period ends. The payoff period will always be the shorter of the payoff period for your outstanding balance or the time remaining to the maturity date. Your payment will be set to repay the balance after the advance, at the current annual percentage rate, within the payoff period. Your payment will be rounded up to the nearest dollar. Upon each advance, we will calculate your payments as specified in this paragraph. The payment will remain the same unless you obtain another credit advance. Your payments may also change if the annual percentage rate increases. We will check your account each year and if the annual percentage rate increases, we will review the effect the increase has had on your plan. If the annual percentage rate has increased so much that your payment is not sufficient to repay the balance within the payoff period, we will adjust your payment to repay the balance within the payoff period. Your payment will include any amounts past due and any amount by which you have exceeded your credit limit, and all other charges. Your payment will never be less than a minimum payment established by the Credit Union of $25.00 or, if the balance owing is less than $25.00, the remaining balance owing. You may receive advances by using your Home Equity Line of Credit that will not be paid off during the Draw Period. After the draw period ends, you will no longer be able to obtain credit advances and must repay the outstanding balance (the "repayment period") in monthly payments calculated in the same manner as your payments during the Draw Period.
View SourceView Similar (3)
Minimum Payment Requirements. For each Statement Period you must pay at least the minimum payment due shown on your statement by the payment due date shown on your statement.
View Source

Related to Minimum Payment Requirements

  • Payment Requirements ‌ A. Contract Amount: It is expressly agreed and understood that the total amount to be paid by County under this Contract shall not exceed the total County funding as set forth in Attachment B-Payment/Compensation to Subrecipient attached hereto and incorporated herein by reference. B. County will reclaim any unused balance of funds for reallocation to other County approved projects.

  • Minimum Payments (a) Where the employee is under 45 years of age, the employer shall pay the employee Less than 1 year Nil 1 year and less than 2 years 4 weeks pay 2 years and less than 3 years 7 weeks pay 3 years and less than 4 years 10 weeks pay 4 years and less than 5 years 12 weeks pay 5 years and less than 6 years 14 weeks pay 6 years and over 16 weeks pay. (b) Where the employee is 45 years of age or over, the employer shall pay the employee in accordance with the following scale: Less than 1 year Nil 1 year and less than 2 years 5 weeks pay 2 years and less than 3 years 8.75 weeks pay 3 years and less than 4 years 12.5 weeks pay 4 years and less than 5 years 15 weeks pay 5 years and less than 6 years 17.5 weeks pay 6 years and over 20 weeks pay

  • Minimum Payment Overtime worked on a Saturday or Sunday will be paid for at the rate of double Ordinary Rates. Employees required to work on a Saturday or Sunday will be afforded a minimum 4 hours work, or be paid as if for 4 hours at the aforementioned overtime rates.

  • Agreement Requirements This agreement will be issued to cover the Janitorial Service requirements for all State Agencies and shall be accessible to any School District, Political Subdivision, or Volunteer Fire Company.

  • Minimum Purchase Requirements Distributor shall make the minimum annual purchase of Products established in Exhibit B, unless the Agreement has become coexclusive. In the period within the fixed term and extension, if applicable, of the Agreement under Section 10(a) subsequent to [ * ], the parties shall meet in San Francisco at least [ * ] prior to the beginning of each of respective year to discuss market conditions and appropriate minimum purchases for such year. In the event that the parties fail to agree on an appropriate minimum any year subsequent to [ * ], the minimum annual purchase requirement for such year shall be calculated increasing or decreasing (as the case may be) the minimum purchase requirement for the preceding year in proportion to the increase or decrease in the [ * ] (based on data from mutually acceptable data provider) of the applicable product in the Territory. In the event Supplier is unable to deliver Products ordered by Distributor in an amount consistent with the most recent forecast, then the minimum annual purchase requirement shall be reduced by the quantity of Products that Supplier is unable to deliver when requested. In the event Distributor fails in any year (a “Shortfall Year”) to make the annual minimum purchase of Agreement Products required by Exhibit B, Supplier shall have the right to give Distributor written notice of default, and if such failure to make the minimum purchase is not cured (through the purchase of an amount of Agreement Product equal to the entire shortfall in the Shortfall Year, which amount shall not be counted towards any minimum purchase requirements for the year of purchase) within [ * ] of receipt of the notice, then Supplier shall have the right, in Supplier’s sole discretion and as Supplier’s sole remedy for Distributor’s failure to meet the minimum purchase requirements hereunder, either to convert the appointment of Distributor from exclusive to non-exclusive or to terminate this Agreement. In the event of either conversion to non-exclusive or termination of this Agreement pursuant to this Section 3(e), the Supplier shall pay Distributor a conversion fee equal to [ * ], and Distributor shall transfer all Regulatory Approvals relating to BMS or DES in the Territory to Supplier.