Common use of Total Minimum Payments Clause in Contracts

Total Minimum Payments. We must receive at least the Total Minimum Payment by the Payment Due Date. The method of calculating the Total Minimum Payment is set out in the Disclosure Statement. We may decide to reduce or waive the Total Minimum Payment for a particular statement period, but if so, interest will still accrue on the unpaid Balance and such interest and any applicable unpaid Installment Pay fees and monthly processing fees will be added to the Balance on the next monthly statement. A credit to the Business Account, for example, as a result of a return of goods to a merchant, does not constitute a payment to the Business Account and does not satisfy the requirement to pay the Total Minimum Payment.