Eligible Commission definition
Eligible Commission means 100% of the commissions which Sector, Inc. pays on or before March 31, 2006 to any commission eligible employee for a Plan Year, but not in excess of 40% of his or her annualized rate of Base Salary as of the last day of the prior Plan Year; provided, however, that in a Participant’s initial year of employment, Eligible Commissions shall not exceed 40% of such Participant’s annualized rate of Base Salary as of the last day of the Plan Year in which such Participant was initially employed.
Examples of Eligible Commission in a sentence
Borrower shall not permit any Commission to be included as an "Eligible Insurance Commission" under the Oak Street Credit Agreement at the same time that such Commission is included as an Eligible Commission hereunder.
At the time of delivery of each Borrowing Base Certificate, each Commission Receivable reflected therein as eligible for inclusion in the Borrowing Base constitutes Eligible Commission Receivables.