Customer Rebates Clause Samples

Customer Rebates. MSC offers select customers a rebate as an incentive to generate a higher amount of sales, or as an alternative to consignment or discounted terms. A customer is entitled to receive a rebate if they meet the following conditions:  The customer has met the requirements for the rebate based on the terms of their signed national account contract agreement. The customer (Core or National Account) has < 7.5% of their receivable past due.  At MSC’s discretion, and provided there is a contract and it allows for it, MSC may apply any earned or unearned rebate to a customer account to offset past due balances.  With the approval of the Sr Director of Credit a rebate can be paid in full or partial increments if the above criteria are not met (specifically the past due percentage). However, with this exception, MSC requires a payment commitment with a definitive date for resolving the past due balance or the customer risks their account going on credit hold.  The above policy is intended to reduce the risk of a customer not paying its debt to MSC. The Credit Management Team will work closely with the Sales Team to ensure that all Credit Line and Terms extension proposals are compliant with this policy.  Any exceptions due to a potential business decision taking precedent over this policy should be referred to the SVP of Sales for review and discussion with the CFO.  Date: __________________, 202_ To: ▇▇▇▇▇ Fargo Bank, National Association, individually as a Purchaser and as Administrative Agent Regions Bank, as a Purchaser Bank of America, National Association, as a Purchaser Reference is hereby made to the Receivables Purchase Agreement dated as of December 19, 2022 (as amended, restated, supplemented or otherwise modified from time to time, the “Receivables Purchase Agreement”), among MSC A/R Holding Co., LLC (the “Seller”), MSC Industrial Direct Co., Inc., as initial Master Servicer (the “Servicer”), and the purchasers from time to time party thereto (the “Purchasers”), and ▇▇▇▇▇ Fargo Bank, National Association, as administrative agent for the Purchasers (in such capacity, together with its successors and assigns in such capacity, the “Administrative Agent”). Capitalized terms used herein shall have the meanings assigned to such terms in the Receivables Purchase Agreement.

Customer Rebates. Provided the refund or rebate is not due to a service issue, there shall be no deduction to the employee’s gratuity.

Customer Rebates. The Supplier shall ensure that it pays the agreed Rebates to Contracting Bodies within the timescales agreed in this Framework Agreement.

Customer Rebates. Within 45 days after the end of each customer's Program Period, Buyer shall deliver to Seller a statement (the "Buyer's Rebate Statement") setting forth (a) the amount of sales on and after the Closing Date by the Business to such customer during such customer's Program Period (together with Seller's Pre-Closing Sales, such customer's "Annual Customer Sales"), (b) the total amount of rebates owed to such customer with respect to its Annual Customer Sales (such customer's "Annual Customer Rebate"), and (c) Seller's pro rata portion of such customer's Annual Customer Rebate (with respect to each such customer, "Seller's Rebate Obligation"), which shall equal the product of (i) such customer's Annual Customer Rebate and (ii) a fraction, the numerator of which shall equal such customer's Seller's Pre-Closing Sales and the denominator of which shall equal such customer's Annual Customer Sales. Any disputes regarding the determination of any Seller's Pre-Closing Sales or the determinations set forth in any Buyer's Rebate Statement shall be settled in accordance with the procedures set forth in Section 1.3(c), (d), (e) and (g). Within 3 days after Buyer's delivery of each Buyer's Rebate Statement for which there is no dispute, or, if Seller disputes such Buyer's Rebate Statement, within 3 days of the final resolution of such dispute pursuant to the preceding sentence, Seller shall pay to Buyer an amount equal to the Seller's Rebate Obligation by wire transfer of immediately available funds to an account designated by Buyer.

Customer Rebates. In the event the Purchaser (or any Purchaser Designee) pays (including by offset of accounts receivable) any rebate to any customer of the Business resulting from deliveries of products by the Business on or prior to the Closing Date under any rebate or similar terms of customer Contracts assumed by the Purchaser (or any Purchaser Designee) hereunder, the Seller shall reimburse the Purchaser (or the applicable Purchaser Designee) for the payment of such rebate (the "Rebate Costs"). Any rebates paid by the Purchaser (or a Purchaser Designee) with respect to products delivered by the Business on or prior to the Closing Date and after the Closing Date shall be allocated between the Seller and the Purchaser (and Purchaser Designees) pro rata based on the amount of products delivered on or before the Closing Date, on the one hand, and after the Closing Date, on the other hand. Upon the receipt by the Seller of a written report from the Purchaser, including supporting documentation, setting forth the details of any Rebate Costs incurred by the Purchaser (or a Purchaser Designee) for which the Purchaser (or a Purchaser Designee) has not been reimbursed by the Seller, the Seller shall promptly, but in no event later than ten (10) Business Days after receipt of any such written report, reimburse the Purchaser (or the Purchaser Designee) for its Rebate Costs. The Seller reserves the right to make reasonable audits of the Purchaser's (and the Purchaser Designees') invoices with respect to any request for reimbursement pursuant to this Section 6.21, and the Purchaser (and each applicable Purchaser Designee) shall provide to the Seller such reasonable information and reasonable access to the Purchaser's (and the Purchaser Designees') records necessary to complete any such audit.