Variable Discount definition
Variable Discount means a discount computed on the Initial Payment and accruing on the basis of actual days elapsed from the date of Initial Payment until and including five business days after KBK receives and deposits the proceeds of collection of such account at a per annum rate equal to KBK's Base Rate (as hereinafter defined) in effect on the date of purchase of such account plus two percent (2.0%) per annum; provided, however, in no event shall the Variable Discount with respect to any account purchased hereunder be less than seven percent (7.0%) per annum. "Base Rate" means that per annum variable rate (expressed as a per annum percentage based on a year consisting of 360 days) determined from time to time by KBK without notice to Seller as KBK's Base Rate for purposes of calculating variable discounts under KBK's account transfer agreements. The Fixed Discount and the Variable Discount shall be collectively referred to herein as the "KBK Discounts". The KBK Discounts may be subject to one or more adjustments during the term of this Agreement if a Performance Based Pricing Addendum is attached hereto. If a Performance Based Pricing Addendum is attached hereto, it is then made a part hereof as though fully written herein.
Variable Discount means a discount computed on the Initial Payment from the date of payment of the Initial Payment to the date of receipt by WFBC of the proceeds of collection of such account at a per annum rate equal to WFBC’s Prime Rate in effect on the date of purchase of such account plus one and a half percent (1.50%) per annum. WFBC’s “Prime Rate” shall mean the highest of the Prime Rate published by ▇▇▇▇▇ Fargo Bank, N.A. as the base rate on corporate loans. In the event the Prime Rate as published by ▇▇▇▇▇ Fargo Bank, N.A. ceases to exist or ▇▇▇▇▇ Fargo Bank, N.A. ceases publishing a Prime Rate, the holder hereof will substitute a comparable index which is outside the control of the holder. In the event of an error by ▇▇▇▇▇ Fargo Bank, N.A., the “Prime Rate” will be based upon the Prime Rate as corrected. Any increase or decrease in the Prime Rate shall be effective as of the next business day following such adjustment and such adjusted Prime Rate shall be the applicable Prime Rate in determining the rate of interest payable hereunder.
Variable Discount means the amount computed on the amount of the Initial Payment and any future Advance and accruing on the basis of actual days elapsed from the date of Initial Payment or any Advance and until and including three business days after MCF receives and deposits the full amount of the Account at a per annum rate equal to (based on a year consisting of 360 days) the Base Rate plus two percent (2.00%) per annum; provided, however, in no event shall the Variable Discount with respect to any Account assigned hereunder be less than five percent (5.00%) per annum.
Examples of Variable Discount in a sentence
The Fixed Discount and the Variable Discount shall be collectively referred to herein as the "KBK Discounts".
This amount shall in no way be interpreted or construed as interest but only as a guideline to the Variable Discount Amount charged.
The Variable Discount Fee shall be equal to Prime Rate + 2.25% of the purchase price of the receivable, with a minimum rate of 7.75% per annum, each day for each Receivable purchased.
The Variable Discount Amount is subject to change, with prior notice by telephone or facsimile notice from Purchaser to Seller.
The Variable Discount Amount shall be computed as Amegy Bank National Association, Prime Rate (the “Index”) plus 1.50% multiplied by The Purchase Price of the Receivable divided by 360 multiplied by the number of collection days.
More Definitions of Variable Discount
Variable Discount means a discount computed on the Initial Payment and accruing on the basis of actual days elapsed from the date of Initial Payment until and including five business days after KBK receives and deposits the proceeds of collection of such account at a per annum rate equal to KBK's Base Rate (as hereinafter defined) in effect on the date of purchase of such account plus two percent (2.00%) per annum; provided, however, in no event shall the Variable Discount with respect to any account purchased hereunder be less than seven percent (7.0%) per annum. "Base Rate" means that per annum variable rate (expressed as a per annum percentage based on a year consisting of 360 days) determined from time to time by KBK without notice to Seller as KBK's Base Rate for purposes of calculating variable discounts under KBK's account transfer agreements. Notwithstanding the foregoing, in the event the KBK Base Rate exceeds the Prime Rate published in THE WALL STREET JOURNAL by more than 25 basis points for more than 30 consecutive days (the "Rate Termination Event"), Seller shall have the right for 30 days after such event to terminate this Agreement without payment of the Termination Fee; provided, however, Seller must notify KBK in writing of its intention to so terminate within 10 days after the occurrence of a Rate Termination Event. The Fixed Discount and the Variable Discount shall be collectively referred to herein as the "KBK Discounts". The KBK Discounts may be subject to one or more adjustments during the term of this Agreement if a Performance Based Pricing Addendum is attached hereto.
Variable Discount means a discount computed on the Initial Payment and accruing on the basis of actual days elapsed from the date of Initial Payment until and including three (3) business days after KBK receives and deposits the proceeds of collection of such account at a per annum rate equal to KBK's Base Rate (as hereinafter defined) in effect on the date of purchase of such account plus TWO PERCENT (2.0%) per annum; provided, however, in no event shall the Variable Discount with respect to any account purchased hereunder be less than seven percent (7.0%) per annum. "Base Rate" means that per annum variable rate (expressed as a per annum percentage based on a year consisting of 360 days) determined from time to time by KBK without notice to Seller as KBK's Base Rate for purposes of calculating variable discounts under KBK's account transfer agreements. The Fixed Discount and the Variable Discount shall be collectively referred to herein as the "KBK Discounts". The KBK Discounts may be subject to one or more adjustments during the term of this Agreement if a Performance Based Pricing Addendum is attached hereto. Notwithstanding the foregoing, the minimum KBK Discount on each account purchased hereunder shall be $10.00.
Variable Discount means a discount computed on the Initial Payment from the date of payment of the Initial Payment to the date of receipt by WFBC of the proceeds of collection of such account at a per annum rate equal to WFBC's Prime Rate in effect on the date of purchase of such account plus one percent (1.00%) per annum. WFBC's "Prime Rate" shall mean the highest of the Prime Rate published by Wells Fargo Bank, N.A. as the base rate on corporate loans. In ▇▇▇ ▇vent the Prime Rate as published by Wells Fargo Bank, N.A. ceases to exist or Wells Fargo Bank, ▇.▇. ceases publishing a Prime Rate, the hol▇▇▇ ▇ereof will substitute a comparable index which is outside the control of the holder. In the event of an error by Wells Fargo Bank, N.A., the "Prime Rate" will be based upon ▇▇▇ Prime Rate as corrected. Any increase or decrease in the Prime Rate shall be effective as of the next business day following such adjustment and such adjusted Prime Rate shall be the applicable Prime Rate in determining the rate of interest payable hereunder. A MINIMUM MONTHLY DISCOUNT FEE OF $3,500.00 (THREE THOUSAND FIVE HUNDRED DOLLARS) WILL BE CHARGED TO THE SELLER FOR THE DURATION OF THE AGREEMENT. IF THE AGREEMENT IS TERMINATED PRIOR TO THE EXPIRATION FOR ANY REASON, THE MINIMUM MONTHLY DISCOUNT FEE WILL BE ASSESSED TO THE SELLER FOR THE REMAINDER OF THE CONTRACT, NOT TO EXCEED A TOTAL OF $42,000.00 (FORTY TWO THOUSAND DOLLARS).
Variable Discount means a discount computed on the Initial Payment and accruing on the basis of actual days elapsed from the date of Initial Payment and until and including three business days after MCF received and deposits the proceeds of collection of such account at a per annum rate equal to (based on a year consisting of 360 days) equal to the Prime Rate (as hereinafter defined) in effect on the date of purchase of such account plus two percent (2.0%) per annum; provided, however, in no event shall the Variable Discount with respect to any account purchased hereunder be less than seven percent (7.0%) per annum. The term “Prime Rate” means the rate of interest quoted in the "Money Rates" section of The Wall Street Journal from time to time and designated as the "Prime Rate." If such prime rate, as so quoted is split between two or more different interest rates, then the Prime Rate shall be the highest of such interest rates. If such prime rate shall cease to be published or is published infrequently or sporadically, then the Prime Rate shall be the rate of interest per annum established from time to time by Meridian Bank, N.A. (the “Bank”) and designated as its base or prime rate, which may not necessarily be the lowest interest rate charged by the Bank and is set by the Bank in its sole discretion. Upon the occurrence of any change in the Prime Rate, MCF shall have up to five business days to effect a change in the Prime Rate for purposes of determining the Variable Discount. The Fixed Discount and the Variable Discount shall be collectively
Variable Discount. Means an amount equal to the Gross Amount or Net Amount of a Purchased Receivable, as applicable, used to determine the Initial Payment with respect to such Purchased Receivable multiplied by a daily percentage rate equal to forty-two thousandths percent (0.042%), commencing on the first (1st) calendar day after the end of the Fixed Discount Period with respect to such Purchased Receivable, and continuing for each calendar day in which a Purchased Receivable remains unpaid, in whole or in part, and ending on the Payment Credit Date with respect to which Buyer receives and deposits the full proceeds of Collections for such Purchased Receivable in an aggregate amount equal to the Gross Amount or Net Amount of a Purchased Receivable, as applicable, used to determine the Initial Payment with respect to such Purchased Receivable in Buyer’s Account; provided, however, with respect to each Purchased Receivable, or portion thereof, that remains unpaid after the Late Payment Date of such Purchased Receivable, the Variable Discount shall be computed at a rate equal to eighty six thousandths percent (0.086%) for each calendar day after the Late Payment Date. The Variable Discount shall continue to be charged on the amount of any Collections credited to the payment of any Purchased Receivable until the Payment Credit Date with respect to such Collections.
Variable Discount a discount on each Factored Receivable computed on the Initial Payment amount and accruing on a daily basis for each day of the period commencing on the Initial Payment Date until and including the Accrual Termination Date. The Variable Discount shall accrue daily, and for each day shall equal the product of the Daily Variable Discount Rate and the Initial Payment for such Factored Receivable. The total Variable Discount on a Factored Receivable shall equal the sum of all daily accruals commencing on the Initial Payment Date up to and including the Accrual Termination Date.
Variable Discount. Base Rate Plus 2.00% Beginning after the first three (3) full calendar months after the date of the Agreement ("Initial Quarter") and every three (3) months thereafter, Seller may apply for a change in the Discount Rates (an "Adjustment"), based on Seller achieving certain financial conditions set forth in the following table: # PROFIT ROLLING 6 ROLLING MOS. VARIABLE FIXED CURRENT MOS. OUT OF CUMM. DISC. DISC. RATIO(1) DEBT/TNW(2) LAST6(3) PROFIT(4) ---------- ----- ------- --------- ----------- --------- BASE+1.00 .25 *2.25:1 <2.50:1 6 >$250,000 1.25 .50 2.00:1 3.00:1 5 $250,000