Minimum Interest Charge

Minimum Interest Charge. Notwithstanding the interest payable pursuant to Subsection (a), the Borrower shall pay to the Lender interest of not less than $120,000 per calendar year (the 'Minimum Interest Charge') during the term of this Agreement, and the Borrower shall pay any deficiency between the Minimum Interest Charge and the amount of interest otherwise calculated under Section 2.8(a) on the last day of each calendar year and on the Termination Date. Any Minimum Interest... Charges paid by the Borrower during January and February 2004 shall be applied to the Minimum Interest Charge due on December 31, 2004. View More