Commission Receivables definition

Commission Receivables means, with respect to the Borrower and Guarantors, any receivables owed to the Borrower or Guarantor by an insurance carrier for commissions and production bonuses which are recorded as an asset in the books and records of the Borrower or Guarantor.

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Commission Receivables means, collectively, all present and future rights of the Loan Parties to payment from any Specified Insurer pursuant to the Insurer Agreement arising from the sale of goods or rendition of services to customers of such Specified Insurer and such Loan Party identified as “Contract assets – commissions receivable” on the balance sheet of the Borrower and its Subsidiaries.

Commission Receivables means all receivables of the DE Brokerage Business in existence as of the Effective Time, as reflected on the Closing Date Statement, which have been earned in accordance with GAAP, except that (i) a receivable arising from a sale of property shall be treated as a Commission Receivable only if the closing of the sale and transfer of title occur prior to the Effective Time; and (ii) a receivable arising from a lease of property shall be treated as a Commission Receivable only if the applicable lease agreement has been fully executed by all parties prior to the Effective Time and if the commission related thereto is earned prior to the Effective Time (excepting only if part of a commission is paid prior to the Effective Time but payment of a remaining portion thereof is contingent on the future payment of rent by the tenant, in which case the remaining portion of the commission as and when paid after the Effective Time shall be treated as a Commission Receivable), but in no event shall Lease Renewal Commissions be treated as a Commission Receivable. Schedule 2.5.1 sets forth a list provided by Seller of all Commission Receivables as of April 30, 1999.

Examples of Commission Receivables in a sentence

Buyer shall not (and shall cause the Company not to) take any action or omit to take any action if Buyer or the Company has a conscious awareness that such act or omission will prevent the Company from recovering the Landlord Deposits or the FCM Commission Receivables.
If the amount of Net Proceeds of the Commission Receivables available to be remitted is less than $5,000 as of the date of any scheduled remittance, Buyer may, upon written notice to Seller, combine such Net Proceeds of the Commission Receivables with subsequently received Net Proceeds of the Commission Receivables until the aggregate remaining as of the date of any scheduled remittance equals at least $5,000.
It will timely and fully perform and comply in all material respects with all provisions, covenants and other promises required to be observed by it under the Commission Agreements related to the Commission Receivables.
Buyer shall be obligated to pay the Purchase Price for the Commission Receivables purchased hereunder in accordance with Section 1.2. (b) It is the intention of the parties hereto that the Purchase of Commission Receivables made hereunder shall constitute a sale, which sale is absolute and irrevocable and provides Buyer with the full benefits of ownership of the Commission Receivables.
Seller and Buyer intend the transactions contemplated hereby to be true sales of the Commission Receivables from Seller to Buyer, providing Buyer with the full benefits of ownership of the Commission Receivables.
For each full or partial calendar month following the Closing Date in which any Insurance Commission Receivables are collected, Buyer shall remit 100% of such collections to Seller by no later than the 15th day of the following month.
Immediately prior to the Purchase hereunder, it owns and has legal and equitable ownership of the Commission Receivables, free and clear of any Adverse Claim and Seller has not received any notice of the intention of Obligor to terminate, repudiate or otherwise fail to pay any Commission Receivable.
Section 6.7 Counterparts; Severability; Section References................10 Exhibits -------- Exhibit I Other Definitions Exhibit II Schedule of Commission Receivables Exhibit III Commission Agreements Schedules --------- Schedule A Closing Documents COMMISSION RECEIVABLES SALE AGREEMENT COMMISSION RECEIVABLES SALE AGREEMENT, dated as of 6th June 2005, by and between ▇▇▇▇▇▇▇ SHIPPING LIMITED, a Liberian corporation ("Seller"), and CAPITAL MARITIME & TRADING CORP., a ▇▇▇▇▇▇▇▇ Islands corporation ("Buyer").
Buyer may not settle or compromise any Commission Receivables or any obligations, expenses or costs related, arising under, or otherwise payable in connection with the Commission Receivables, including, without limitation, costs of collection and commissions and obligations to brokers, without the consent of Seller, such consent not to be unreasonably withheld, delayed or conditioned.
It will take all necessary action to establish and maintain, irrevocably in Buyer legal and equitable title to the Commission Receivables, in each case, free and clear of any Adverse Claims other than Adverse Claims in favor of Buyer (and its assigns).

More Definitions of Commission Receivables

Commission Receivables means, with respect to the Borrower and any of its Subsidiaries (including the ABS Note Subsidiaries and SPV Subsidiaries), any receivables owed to the Borrower or such Subsidiary by a third party for commissions and production bonuses and all other related services which are recorded as an asset in the books and records of the Borrower or such Subsidiary.

Commission Receivables shall have the meaning set forth in Section 2.5.1.

Commission Receivables means, with respect to any Credit Party (but for the avoidance of doubt excluding any ABS Note Subsidiary or SPV Subsidiary), (i) any receivable owed to such Credit Party by an insurance carrier under an Insurance Carrier Agreement for commissions and production bonuses which are recorded as an asset in the books and records of such Credit Party and (ii) any receivable owed to such Credit Party in respect of Non-Insurance Receivables.