NCOs definition

NCOs. : means Net charge offs.
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NCOs means, for any period, the cost of sales made by the Merchant Stores, based on the lower of the Company's or Buyer's actual cost of product and is defined as the amount of money paid to the vendors for products sold (invoice amount less cash discounts) less any monies or the value of benefits received from the vendor or affiliates of the vendor without regard to the method of receipt (cash, credit, check, free goods, provided services). Examples of monies or the value of benefits included in the NCOS calculation include, but are not limited to, all co-op or advertising funds, marketing funds, promotional funds, spiff fund credits (other than amounts paid by third parties directly to employees of the Company), core return credits, share of account discounts, volume discounts, mix incentive discounts, volume incentive discounts, lot pricing discounts, training funds net of directly related expenses, point of sale development funds, net of directly related expenses, cash rebates or discounts, anticipation discounts less incremental borrowing costs, meet competition discounts, delivery commissions, bonuses, manufacturer price supports, fill rate penalty reimbursements, forward buy savings less incremental borrowing costs, market development funds, net of directly related expenses, defect allowances in lieu of product returns, obsolescence allowances or discounts, slotting or placement funds, end of year discounts or funds, advertising placed by manufacturers on behalf of the Company, free product, meeting funds or discounts net of directly related expenses, headquarters allowances, administrative allowances, changeover incentives, employee purchase discounts, growth rebates, buying group discounts, new store allowances, functional discounts, product discounts, management fees, discounts in lieu of representation, pickup allowances in lieu of prepaid freight, and quantity discounts. Funds received by Buyer or any affiliate or subsidiary of Buyer that were earned in full or part by purchases of goods sold by the Company must be allocated to Net Cost of Sales based upon the Company's share of such purchases compared to the total. NCOS shall not include any internal xxxx-up, administrative fee, transfer fee, up charge, or the like from Buyer or any affiliate or subsidiary of Buyer.
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