Minimum Commission Charge definition
Minimum Commission Charge means the difference between the Minimum Commission and the Actual Commission if the Actual Commission is less than the Minimum Commission.
Minimum Commission Charge shall have the meaning set forth in Section 2.4(e) hereof.
Minimum Commission Charge. (pound)20,000 per annum Subject to VAT at the standard rate. CHARGE FOR FINANCE Discounting Charge: 2.25% per annum Expressed over The Royal Bank of Scotland Plc base rate currently 4.00% Arrangement Fee: (pound)4,500 (plus VAT) Payable upon commencement of this Agreement PRECOMMENCEMENT CONDITIONS Letter of continued support from Ultralife Batteries Inc. Waiver from Congress Financial Corporation in respect of the trade receivables. Deed of postponement from Ultralife Batteries Inc. in respect of interest bearing loan and trade creditor balance. ENDURING OPERATIONAL/SPECIAL CONDITIONS ESF will require copies of your management accounts on a quarterly basis to include a profit & loss account and balance sheet. These are to be provided no later than 6 weeks from the quarter end. ESF will require you to obtain proof of delivery for all invoices raised & funded by us. These documents are to be retained by you & held to our order, ESF, at its absolute discretion, may request copies of these documents from time to time. Debtor concentration limits will be 15%. MOD Concentration limit will be 30% of the approved eligible debt. Separate application to this can be made on an on-going basis, Our facility is reliant on your credit control & collection systems being correctly implemented. We would not, therefore, expect to see a month when your sales ledger debt turn exceeded 80 days (excluding intercompany sales receivables). Should this happen, we shall reduce your prepayment facility according to the following formula: Actual days outstanding = 82 days 2 divided by 80 days x 100% = 3% Your pre-payment facility will reduce to 67% in the following month. The terms & conditions set out above may be varied according to the following criteria:
Examples of Minimum Commission Charge in a sentence
If the Actual Commission is less than the Minimum Commission in any Contract Year, Factor shall charge to Client's account the Minimum Commission Charge for such Contract Year.