Bank Settlement Sample Clauses

Bank Settlement. Bank provides all payment services related to the SmartPay and CampusPay Modules as described in 10.4.9, including the receipt, handling and storage of Customer funds from Payors, and the transmittal of those funds to Customer. Bank receives the Customer funds as part of the settlement process and accounts for the funds in a subaccount for Customer's benefit. If credit card transactions under Customer's merchant ID are processed through the Transact Payments Service, then those card transactions will initially settle to the subaccount before the Bank completes settlement to Customer. Bank will complete settlement to Customer by disbursing to Customer on a regular basis the funds in the Customer's subaccount, less (i) any fees due to Transact in connection with the Payment Processing Services; (ii) the amount of any chargeback, refund, payment reversal or other charge in connection with a payment transaction made to Customer through the Payment Processing Services; and
Sample 1
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Bank Settlement. Bank provides all payment services related to the SmartPay Module, including the receipt, handling and storage of Customer funds from Payors, and the transmittal of those funds to Customer. Bank receives the Customer funds as part of the settlement process and accounts for the funds in a subaccount for Customer's benefit. If credit card transactions under Customer's merchant ID are processed through the Cashnet Service, then those card transactions will initially settle to the subaccount before the Bank completes settlement to Customer. Bank will complete settlement to Customer by disbursing to Customer on a periodic basis the funds in the Customer's subaccount, less (i) any fees due to Transact in connection with the SmartPay Module; (ii) the amount of any chargeback, refund, payment reversal or other charge in connection with a payment transaction made to Customer through the SmartPay Module; and (iii) any other amounts owed by Customer to Transact in connection with the SmartPay Module. Transact will at no point during the settlement process or otherwise receive, hold or transmit Payor or Customer funds, and does not serve as a money transmitter.
Sample 1

Related to Bank Settlement

  • The Settlement The Settlement was reached on May 11, 2018. Class Counsel filed this action on May 10, 2018. Over two years prior to the filing of this action, Class Counsel and Defendant’s Counsel conducted an adversarial informal discovery process. Class Counsel reviewed and analyzed thousands of pages of documents provided by Defendant and also reviewed many other documents, including U.S. Department of Labor Forms 5500 and other publicly available documents. The Parties participated in mediation before a nationally recognized mediator who has extensive experience in resolving similar claims involving other 401(k) plans. Only after six months of extensive arm’s length negotiation following the mediation were the parties able to agree to the terms of the Settlement. As part of the Settlement, a Qualified Settlement Fund of $17,000,000 will be established to resolve the Class Action. The Net Settlement Amount is $17,000,000 minus any Administrative Expenses, taxes, tax expenses, Court-approved Attorneys’ Fees and Costs, Class Representatives’ Compensation, and other approved expenses of the litigation. The Net Settlement Amount will be allocated to Class Members according to a Plan of Allocation to be approved by the Court. In addition to the monetary component of the Settlement, the Parties to the Settlement have agreed to certain additional terms: (1) During the first eighteen months (18) following the final approval of the Settlement, Defendant has agreed that the Plan’s fiduciaries will conduct a Request for Proposal (“RFP”) process for recordkeeping services to the Plan; (2) Within the first year following final approval of the Settlement, Defendant has agreed to publish a communication to then current Plan participants explaining the risks and benefits of the Plan’s money market fund investment option; (3) Defendant also will use an independent consultant familiar with fixed income investment options in defined contribution plans who will review the investment lineup and make recommendations to the Plan’s fiduciaries regarding whether to retain the money market fund and whether to add a stable value or comparable fund; (4) In addition, during the three- year Settlement period, Defendant has agreed to provide Class Counsel a list of the Plan’s investment options and fees; and (5) In considering investment options for the Plan, Defendant has agreed that the Plan’s fiduciaries will consider: (a) the lowest-cost share class available for any particular mutual fund considered for inclusion in the Plan as well as other criteria applicable to different share classes; (b) the availability of revenue sharing rebates on any share class available for any particular mutual fund considered for inclusion in the Plan; and (c) the availability of collective trusts, to the extent such investments are permissible and are otherwise identical to a particular mutual fund considered for inclusion in the Plan.

  • Loss Settlement Covered property losses are settled as follows:

  • Commercial Settlement All the commercial settlements under this agreement shall be as per Government of Gujarat’s Solar Power Policy 2015 and Order No. 3 of 2015 dated 17.08.2015 of the Gujarat Electricity Regulatory Commission and any subsequent orders in this regard. The commercial settlement will be as follows:

  • Agreement Settlement Agreement Settlement will be used to confirm the offer and delivery of A&D 63 Services by County and determine satisfaction of the minimum performance requirements and quality measures, based on data properly reported in accordance with Section 3., “Special Reporting Requirements” above.

  • DISPUTES SETTLEMENT (1) Should any dispute arise as to the operation of this agreement and the parties are unable to resolve that dispute by amicable negotiation the parties shall refer such dispute to the Industrial Relations Commission for -

  • Dispute Settlement 1. A Party may not initiate proceedings under the general dispute settlement provisions of this Agreement regarding a refusal to grant temporary entry under this Chapter unless: (a) the matter involves a pattern of practice; and (b) the business person has exhausted the available administrative remedies regarding the particular matter. 2. The remedies referred to in subparagraph 1(b) shall be deemed to be exhausted if a final determination in the matter has not been issued by the competent authority within one year of the institution of an administrative proceeding, and the failure to issue a determination is not attributable to delay caused by the business person.

  • Final Settlement The Parties agree and acknowledge that this Compromise Agreement shall constitute a final settlement between the Parties. This Compromise Agreement resolves only issues addressed in the Compromise Agreement.

  • The Settlement Fund 37. Releasors shall look solely to the Settlement Fund for settlement and satisfaction of all Released Claims against the DENSO Defendants and the Releasees, and shall have no other recovery against the DENSO Defendants or any other Releasee for any Released Claims.

  • Amicable Settlement The Parties shall use their best efforts to settle amicably any dispute, controversy or claim arising out of this Contract or the breach, termination or invalidity thereof. Where the parties wish to seek such an amicable settlement through conciliation, the conciliation shall take place in accordance with the UNCITRAL Conciliation Rules then obtaining, or according to such other procedure as may be agreed between the parties.

  • Gross Settlement Amount Except as otherwise provided by Paragraph 8 below, Defendant promises to pay $290,000.00 and no more as the Gross Settlement Amount and to separately pay any and all employer payroll taxes owed on the Wage Portions of the Individual Class Payments. Defendant has no obligation to pay the Gross Settlement Amount (or any payroll taxes) prior to the deadline stated in Paragraph 4.3 of this Agreement. The Administrator will disburse the entire Gross Settlement Amount without asking or requiring Participating Class Members or Aggrieved Employees to submit any claim as a condition of payment. None of the Gross Settlement Amount will revert to Defendant.

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