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.
(a) If any Event of Default exists, the WFBC Discount may increase in an amount up to the Prime Rate plus 3.75 % per annum to be determined by WFBC at its sole discretion (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).
(b) WFBC may, upon prior written notice to Customer, change the amount of any fee or charge provided for herein at its sole discretion; provided, however, the Minimum Fee, Termination Fee and the Facility Fee will not be modified under this provision.
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.”
(b) Section 3.08(a) of the Account Purchase Agreement is hereby amended and restated to read in its entirety as follows:
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.”
(b) Section 2.56 of the Account Purchase Agreement is hereby amended and restated to read in its entirety as follows:
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.
The Customer shall pay WFBC a fully earned WFBC Discount fee (the “WFBC Discount Fee”) which shall be due and payable in arrears on each Settlement Date and on the Final Termination Date, shall accrue daily and shall be equal to the product of the WFBC Discount multiplied by the Purchased Amount as of the last day of the applicable Settlement Period.
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.
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 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, 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.
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.”
4. Section 7.12 of the Account Purchase Agreement is hereby amended and restated to read in its entirety as follows:
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. If any Event of Default exists, as defined below, this discount may increase in an amount to be determined by WFBC at its sole discretion. WFBC may, upon prior written notice to Customer, change the amount of any fee or charge at its sole discretion or if WFBC's cost of funds increases for any reason. Such change shall be effective upon delivery of the notice.
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 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 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.
(a) If any Event of Default exists, the WFBC Discount may increase in an amount to be determined by WFBC at its sole discretion (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).