WFBC Discount shall be a fee which shall be equal to the lesser of the gross face amount of the Account multiplied by (i) the sum of the Prime Rate, plus 0.75% per annum, or (ii) the lawful maximum, if any, in effect from time to time for advances of the type, in the amount, for the purposes and otherwise of the kind herein contemplated. Such fee shall be computed on a daily basis starting on the date each Account is purchased through and including the date of receipt of good funds paying each Account in full. The fee shall be calculated on the basis of a 360-day year for the actual number of days elapsed.
WFBC Discount means, with respect to each Purchased Account and the Related Rights with respect thereto, an amount equal to the lesser of (i) the sum of LIBOR, which interest rate shall change whenever LIBOR changes, plus six and seventeen hundredths of one percent (6.17%) per annum, or (ii) the lawful maximum, if any, in effect from time to time for advances to customers of the type, in the amount, for the purposes and otherwise of the kind herein contemplated. Upon the occurrence and during the continuation of an Event of Termination, with respect to each Purchased Account and the Related Rights with respect thereto, the WFBC Discount shall be equal to the sum of LIBOR, which interest rate shall change whenever LIBOR changes, plus nine and seventeen hundredths of one percent (9.17%) per annum, or such lesser amount as WFBC in its sole discretion may determine (but in no event shall such fee be more than the lawful maximum, if any, in effect from time to time for advances of the type, in the amount, for the purposes and otherwise of the kind herein contemplated). The WFBC Discount shall be calculated on the basis of a 360-day year for the actual number of days elapsed. WFBC may increase the WFBC Discount if WFBC’s cost of funds increases for any reason. Such change shall be effective upon the actual change in WFBC’s cost of funds.”
WFBC Discount means, with respect to each Purchased Account and the Related Rights with respect thereto, an amount equal to the lesser of (i) the sum of LIBOR, which interest rate shall change whenever LIBOR changes, plus four and one quarter of one percent (4.25%) per annum, or (ii) the lawful maximum, if any, in effect from time to time for advances to customers of the type, in the amount, for the purposes and otherwise of the kind herein contemplated. Upon the occurrence and during the continuation of an Event of Termination, with respect to each Purchased Account and the Related Rights with respect thereto, the WFBC Discount shall be equal to the sum of LIBOR, which interest rate shall change whenever LIBOR changes, plus eight and three quarters of one percent (8.75%) per annum, or such lesser amount as WFBC in its sole discretion may determine (but in no event shall such fee be more than the lawful maximum, if any, in effect from time to time for advances of the type, in the amount, for the purposes and otherwise of the kind herein contemplated). The WFBC Discount shall be calculated on the basis of a 360-day year for the actual number of days elapsed. WFBC may increase the WFBC Discount if WFBC’s cost of funds increases for any reason. Such change shall be effective upon the actual change in WFBC’s cost of funds.”
Examples of WFBC Discount in a sentence
The Customer shall pay WFBC a fully earned fee equal to the product of the WFBC Discount multiplied by the aggregate Outstanding Balance of the Purchased Accounts (the “WFBC Discount Fee”).
The WFBC Discount Fee shall accrue daily and shall be due and payable in arrears on the first day of each month and on the Final Termination Date.
The WFBC Discount Fee shall accrue daily and shall be due and payable in arrears on the last day of each month and on the Final Termination Date.
Customer shall pay a Minimum Fee per month during the Term (and any renewals hereof) in the amount calculated as follows: The difference, if any, between (i) the amount of the WFBC Discount that would be paid on average outstanding advances in the amount of $750,000.00 per month and (ii) the WFBC Discount paid on actual advances made that month to Customer and the fee or WFBC Discount, as the case may be, such Minimum Fee to be paid by the fifteenth (15th) day of the next calendar month.
Under the Receivables Financing System, WFBC will implement modifications to certain accounting methods and operational procedures for various matters, including, without limitation, matters pertaining to the payment of the purchase price for Acceptable Accounts, the application of the proceeds of Acceptable Accounts, the accounting of the Collected Reserve Account and the calculation of the WFBC Discount.
More Definitions of WFBC Discount
WFBC Discount means, with respect to each Purchased Account and the Related Rights with respect thereto, an amount equal to the lesser of (i) the sum of LIBOR, which interest rate shall change whenever LIBOR changes, plus five and fifty-five one hundredths of one percent (5.55%) per annum, or (ii) the lawful maximum, if any, in effect from time to time for advances to customers of the type, in the amount, for the purposes and otherwise of the kind herein contemplated. Upon the occurrence and during the continuation of an Event of Termination, with respect to each Purchased Account and the Related Rights with respect thereto, the WFBC Discount shall be equal to the sum of LIBOR, which interest rate shall change whenever LIBOR changes, plus eight and fifty-five one hundredths of one percent (8.55%) per annum, or such lesser amount as WFBC in its sole discretion may determine (but in no event shall such fee be more than the lawful maximum, if any, in effect from time to time for advances of the type, in the amount, for the purposes and otherwise of the kind herein contemplated). The WFBC Discount shall be calculated on the basis of a 360-day year for the actual number of days elapsed. WFBC may increase the WFBC Discount if WFBC’s cost of funds increases for any reason. Such change shall be effective upon the actual change in WFBC’s cost of funds.”
WFBC Discount means, with respect to each Purchased Account and the Related Rights with respect thereto, an amount equal to the lesser of (i) the sum of Prime Rate plus two and one half of one percent (2.50%) per annum, or (ii) the lawful maximum, if any, in effect from time to time for advances to customers of the type, in the amount, for the purposes and otherwise of the kind herein contemplated. Upon the occurrence and during the continuation of an Event of Termination, with respect to each Purchased Account and the Related Rights with respect thereto, the WFBC Discount shall be equal to the sum of Prime Rate plus five and one half of one percent (5.50%) per annum, or such lesser amount as WFBC in its sole discretion may determine (but in no event shall such fee be more than the lawful maximum, if any, in effect from time to time for advances of the type, in the amount, for the purposes and otherwise of the kind herein contemplated). The WFBC Discount shall be calculated on the basis of a 360-day year for the actual number of days elapsed. WFBC may increase the WFBC Discount if WFBC’s cost of funds increases for any reason. Such change shall be effective upon the actual change in WFBC’s cost of funds.
WFBC Discount means, for any Settlement Period, the product of (a) the sum of (i) LIBOR in effect as of the first day of such Settlement Period plus (ii) 75 basis points, multiplied by (b) the quotient of (i) the number of days in such Settlement Period divided by (ii) 360.”
WFBC Discount means, for any Settlement Period, the product of (a) the sum of (i) LIBOR in effect as of the first day of such Settlement Period plus (ii) 135 basis points, multiplied by (b) the quotient of (i) the number of days in such Settlement Period divided by (ii)
WFBC Discount means the amount to be paid by the Customer according to the following schedule: Days Rate (for payment of Account) 1-10 1.0% of the gross face amount of each Account purchased by WFBC. +11 .07 of 1% additionally per day until the Account is paid in full.
WFBC Discount. The WFBC Discount shall be charged together with a fee which shall be equal to the advanced amount of the Account multiplied by the lesser of (i) the rate designated by Xxxxx Fargo Bank, N.A. as the three month “London interbank offered rate, or Libor” plus 5.25% (the “Libor Rate”) plus the Margin or (ii) the lawful maximum, if any, in effect from time to time for advances of the type, in the amount, for the purposes and otherwise of the kind herein contemplated. In no event shall such Libor be less than one-half of one percent (0.50%). Such fee shall be computed on a daily basis beginning on the date of the advance for a purchased Account through and including three (3) days after the date of receipt of good funds paying each Account in full. Any increase or decrease in the Libor Rate shall be effective as of the next business day following such adjustment and such adjusted Libor Rate shall be the applicable Libor Rate in determining the fee payable hereunder. The fee shall be calculated on the basis of a three hundred and sixty (360) day year for the actual number of days elapsed. Triad Personnel Services, Inc., BMPS, Inc. and General Employment Enterprises, Inc. Account Purchase Agreement December 2010
WFBC Discount shall be equal to 0.0% of the face amount of each Account purchased by WFBC together with a fee which shall be equal to of the face amount of the Account times the lesser of (i) the sum of the Prime Rate, plus 2.0% per annum, or (ii) if purchased volume should exceed $5,000,000 through a two-month period then WFBC will adjust the WFBC Discount, upon written notification to WFBC, to: the sum of Prime Rate, plus 1,75% per annum, or (iii) if purchased volume should exceed $10,000,000 through a two-month period then WFBC will adjust the WFBC Discount, upon written notification to WFBC, to: Prime Rate, plus 1.5% per annum, or (iv) the lawful maximum, if any, in effect from time to time for advances to borrowers of the type, in the amount, for the purposes and otherwise of the kind herein contemplated. Such fee shall be computed on a daily basis from the date each Account is purchased until the date of receipt of good funds paying each Account in full. The fee shall be calculated on the basis of a 360-day year for the actual number of days elapsed.