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insurance companies] and only upon payment to
IMA in cash by the CO.
* * * * * * *
3) You understand and agree that advances are
considered loans and are advanced against
commissions to be earned. As the commissions
are actually earned on a month-to-month
basis, they will be applied to offset the
advance or loan. At the end of each month,
as provided in this contract, interest will
be applied to the ending or debit balance.
You agree that if the actual earned
commissions that you are entitled to are not
sufficient to retire the debit balance, you
will pay the debit balance upon demand. If
the debit balance is not retired by earned
commissions, or directly by you upon demand,
you understand that IMA may take whatever
legal action is necessary to collect the
debit balance.
4) It is understood that any earned commission
will be paid to you only after all debts due
IMA or its affiliates are paid in full. Such
debts include the following:
a) All advance commission;
b) Any other amounts due IMA or its affiliates;
c) Any amount due IMA or its
affiliates from any person from
which you received override
commission;
d) Interest on advance commission
debit balance, or any other charges
which result in a debit balance,
will be calculated at 2.0% above
the current prime rate, as
determined by Citibank NY,
calculated at the end of each
month. In no event will the
interest exceed the maximum amount
permissible under applicable law.
* * * * * * *
VESTING OF YOUR COMMISSIONS AFTER TERMINATION
1) Qualifying for vesting under this contract will
begin after one (1) year of continuous and active
service under this contract. * * *
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Last modified: May 25, 2011