Net Commission Revenue definition

Net Commission Revenue means the dollar amount, determined as of the Measuring Date, of all commissions and policy fees (other than late charges on overdue premiums and contingent, bonus or profit sharing commissions) that became payable to the Company or the Subsidiaries (as hereinafter defined) during the twelve month period ending on the Measuring Date by reason of the sale or placement of or services related to an insurance policy or an insurance program less the following amounts which become payable by the Company or the Subsidiaries (as hereinafter defined) during the twelve-month period ending on the Measuring Date: (i) return commissions which become payable for any reason (such as cancellations, endorsements, audit adjustments, or the like) and (ii) fees and commissions which become payable by reason of the sale or placement of or services related to an insurance policy or insurance program. The Net Commission Revenue Statement shall be prepared in accordance with generally accepted accounting principles, which are applied on a basis consistent with that of the preceding periods, based on the data as in effect as of the Measuring Date.
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Examples of Net Commission Revenue in a sentence

  • Within ninety (90) days after the Measuring Date, Buyers shall prepare and deliver to Sellers a statement (the "Net Commission Revenue Statement"), setting forth in reasonable detail (i) the Net Commission Revenue of the Company and the Subsidiaries (as hereinafter defined) for the twelve-month period ending on the Measuring Date, and (ii) the amount, if any, of the Purchase Price reduction pursuant to Section 2.4(a).

  • Sellers and their respective representatives shall be entitled to review all work papers, schedules and other supporting materials relating to, the preparation of the Net Commission Revenue Statement and the Adjusted Effective Date Balance Sheet and to consult with Buyers' representatives regarding the methods used to calculate the Net Commission Revenue and the Adjusted Effective Date Balance Sheet.

  • The Net Commission Revenue Statement and the adjustment to shareholder equity as reflected on the Adjusted Effective Date Balance Sheet shall be final and binding on Sellers unless they give written notice to Buyers of their disagreement with respect to any matter contained therein (the "Notice of Disagreement") within 45 days after the receipt thereof.

  • The Net Commission Revenue Statement shall be prepared in accordance with generally accepted accounting principles, which are applied on a basis consistent with that of the preceding periods, based on the data as in effect as of the Measuring Date.