Average Daily Purchases definition
Average Daily Purchases means, as of the end of each Fiscal Month and as reflected in the financial statements for such month prepared by Borrower on a basis consistent with its customary accounting practices, an amount equal to (i) the accrued cost during such Fiscal Month of (A) all telephony services incurred by Borrower in the operation of its Business during such period, plus (B) all other operating expenses of Borrower during such period other than (a) employee wages and salaries, (b) sales commissions for sales booked in such Fiscal Month, (c) overtime compensation; (d) other costs and expenses incurred in connection with sales during such period, (e) payroll and other withholding taxes, (f) other taxes and license fees, (g) interest expense, (h) expenses relating to bad debt and other writeoffs, and (i) depreciation expense, divided by (ii) the number of calendar days in such Fiscal Month.
Average Daily Purchases means, for any calendar month, (i) the sum of the amount of purchases and cash advances on each day of such calendar month divided by (ii) the number of days in such calendar month.
Examples of Average Daily Purchases in a sentence
The Periodic Rate that is applied to your Average Daily Purchases Balance and Average Daily Cash Advance Balance appears on your monthly statement.
Because the Index Rate may go up or down, the Periodic rate applied to your Average Daily Purchases Balance or Average Daily Cash Advance Balance, as the case may be, may also increase or decrease, thereby increasing or decreasing the number of payments you will be required to make in order to repay your Total New Balance.