Common use of Settlement Responsibilities Clause in Contracts

Settlement Responsibilities. a. Bank will segregate Merchants into a BIN and ICA separate from merchants not covered by this Agreement; provided, that ECP Merchant Accounts, as defined in Section 10.1, shall not be so segregated. Bank and CCC hereby agree to cooperate in an effort to reduce the number of BINs for Merchants to two, and each shall use reasonable efforts to achieve such reduction on or before February 28, 2001. CCC agrees to pay the costs charged by Visa and MCI for all BINs and ICAs required for the Merchants, and for any deconversion of BINs or ICAs undertaken pursuant to this Section. b. Bank will establish separate Operating and Settlement Accounts for each BIN and ICA. Bank will direct the daily net funds wired by Visa and MCI to be deposited into the corresponding Settlement Account. A comparable system will be set up for any other Association. c. Bank will receive the daily ACH File(s) from Processor, edit and format them as necessary, and transmit them to the Federal Reserve System for credit to the Merchants. The next day payment to the Federal Reserve for this file will be debited to the applicable Settlement Account. d. Bank will provide view-only system access to CCC (or fax equivalents) to review balances and daily activity in all Settlement and Operating Accounts to facilitate daily reconcilement. e. Each business day Bank will transmit in a data file ACH Return information received from the Federal Reserve through the Processor to CCC for resolution of rejects. This file will contain the Merchant number, routing transit, DDA number, amount, reason codes, and the original settlement date. Funds paid or received from the Federal Reserve for the ACH Returns will be debited or credited to the Merchant Reserve Account. f. Bank agrees to assign a sufficient number of qualified staff members to reasonably assist CCC in the resolution of settlement and Merchant funding problems. g. Bank will submit as required all statistical information requested by Associations including quarterly statements. CCC will provide all reasonable information to Bank to assist Bank with compliance. [****] Represents material which has been redacted and filed separately with the Commission pursuant to a request for confidential treatment pursuant to Rule 406 under the Securities Act of 1933, as amended. h. Bank will debit the Settlement Account or Operating Account, as applicable, for all Assessment Fees and Association Charges as incurred that apply to Merchants, as well as all Merchant Losses incurred by Bank, and will provide documentation to CCC that substantiates such debits including copies of quarterly reports. i. Bank, as the Acquiring Principal Member, agrees to represent CCC's interest in disputes that might arise from time to time with an Association over compliance with Rules and fines; provided, however, that CCC shall pay any fines or other charges imposed on Bank by an Association relating to the Merchant Program and any and all costs reasonably incurred by Bank in disputing the same, including but not limited to reasonable associated legal fees.