COMMISSION ADVANCE definition
COMMISSION ADVANCE. PROGRAM shall mean any program pursuant to which a Loan Party may make advances to its employees and/or agents against future real estate commissions to be earned by such agents. COMMITMENT shall mean, as to any Bank at any time, the amount initially set forth opposite its name on SCHEDULE 1.1(B) in the column labeled "Amount of Commitment for Revolving Credit Loans," and thereafter on Schedule I to the most recent Assignment and Assumption Agreement, and COMMITMENTS shall mean the aggregate Commitments of all of the Banks. COMMITMENT FEE shall have the meaning assigned to that term in Section 2.3. CONSOLIDATED CASH FLOW FROM OPERATIONS for any period of determination shall mean (i) the sum of net income, depreciation, amortization, other non-cash charges to net income, interest expense and income tax expense minus (ii) non-cash credits to net income, in each case of the Borrower and its Subsidiaries for such period determined and consolidated in accordance with GAAP. It is acknowledged and agreed that the non-cash charges and non-cash credits which adjust net income pursuant to the preceding sentence in the determination of Consolidated Cash Flow from Operations shall not include any non-cash charges or non-cash credits attributable to changes in the current asset or current liability accounts on the consolidated balance sheet of the Borrower and its Subsidiaries. If the Borrower or GEMS shall have made one or more Permitted Acquisitions as permitted under Section 8.2.6(2) during the period of determination, Consolidated Cash Flow from Operations for such period shall be adjusted on a pro forma basis acceptable to the Agent and based upon the historical financial statements of the Person or assets acquired to give effect to such Permitted Acquisitions as if they had occurred at the beginning of such period. The pro forma adjustment shall include any income or loss attributable to the ownership interests or assets purchased, excluding in the case of a stock acquisition of the Person acquired any income on the historical financial statements attributable to stock or asset dispositions made prior to the time of the Permitted Acquisition. The pro forma adjustment shall exclude any income on the historical financial statements attributable to stock or assets acquired under the Permitted Acquisition which the Borrower or GEMS contemplate disposing of following the Permitted Acquisition. The pro forma adjustment shall not include any projected cost savings, cost...
COMMISSION ADVANCE. PROGRAM shall mean any program pursuant to which a Loan Party may make advances to its employees and/or agents against future real estate commissions to be earned by such agents. COMMITMENT shall mean $15,000,000. COMMITMENT FEE shall have the meaning assigned to that term in Section 2.2. CONSIDERATION shall mean, at any time with respect to any Permitted Acquisition, the aggregate, without duplication, of (i) the cash paid by any of the Loan Parties, directly or indirectly, to the seller in connection therewith, (ii) Acquisition Indebtedness, (iii) capital stock of the Borrower, which for purposes of Section 8.2.6, shall be valued at the average of the high and low price listed on the New York Stock Exchange on the date of valuation, (iv) any Guaranty given or incurred by any Loan Party in connection therewith, (v) deferred payments contingent upon financial results or other performance-based criteria occurring after the closing of the Permitted Acquisition and valued at the time when made, and (vi) any other consideration given or obligation incurred by any of the Loan Parties in connection therewith. CONSOLIDATED CASH FLOW FROM OPERATIONS for any period of determination shall mean (i) the sum of net income, depreciation, amortization, other non-cash charges to net income, interest expense and income tax expense minus (ii) non-cash credits to net income, in each case of the Borrower and its Subsidiaries for such period determined and consolidated in accordance with GAAP. It is acknowledged and agreed that the non-cash charges and non-cash credits which adjust net income pursuant to the preceding sentence in the determination of Consolidated Cash Flow from Operations shall not include any non-cash charges or non-cash credits attributable to changes in the current asset or current liability accounts on the consolidated balance sheet of the Borrower and its Subsidiaries. If the Borrower or Axiom shall have made one or more Permitted Acquisitions as permitted under Section 8.2.6(2) during the period of determination, Consolidated Cash Flow from Operations for such period shall be adjusted on a pro forma basis acceptable to the Lender and based upon the historical financial statements of the Person or assets acquired to give effect to such Permitted Acquisitions as if they had occurred at the beginning of such period. The pro forma adjustment shall include any income or loss attributable to the ownership interests or assets purchased, excluding in the case of...
COMMISSION ADVANCE has the meaning specified in that certain Master Commission Advance Agreement, dated April 25, 2013, as amended as of June 10, 2013, by and between Buyer and SHP.
Examples of COMMISSION ADVANCE in a sentence
COMMISSION ADVANCE: The Issuer will pay FPD a refundable advance against future commissions in an amount equal to $50,000.
More Definitions of COMMISSION ADVANCE
COMMISSION ADVANCE means commissions advanced by Borrower pursuant to one or more written commission advance agreements with its sales force of agents and general agents on insurance products where such commissions are advanced for a period of time and are to be repaid to Borrower through subsequent premiums collected.