Conditional minimum giving #VALUE error

I am trying to calculate minimum commission percentages on policies sold under as-and-when commission treaties. I have read up about array formulae but when trying the following (entered with CTRL + SHIFT + ENTER):

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I get the #VALUE error.

Is there an obvious mistake in my logic?

I'm sorry. This was a very stupid error - I kept entering the IF statement as if it were a COUNTIF or SUMIF. The corrected formula of

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yields the calculated result.

For the record, there were also divisions by zero in the commission percentage calculations, which needed to be fixed by an IFERROR in order to make this formula work.