ALTERNATIVE RECOVERY OFFER Sample Clauses
An Alternative Recovery Offer clause allows a party, typically a creditor or claimant, to propose a different method or amount for recovering a debt or resolving a claim than what was originally stipulated. In practice, this might involve offering a lump-sum payment, a structured payment plan, or a reduced settlement amount as an alternative to pursuing full legal remedies or the original contractual terms. The core function of this clause is to provide flexibility in resolving disputes or outstanding obligations, often facilitating quicker settlements and reducing the costs and uncertainties associated with litigation or enforcement.
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ALTERNATIVE RECOVERY OFFER. MasterCard hereby agrees to send to each Eligible MasterCard Issuer an offer of a certain specified dollar amount (which amount shall be determined by MasterCard, as to each Eligible MasterCard Issuer, in its sole discretion) (the amount so determined by MasterCard for each Eligible MasterCard Issuer is herein called the “Alternative Recovery Amount”) as an alternative to any recovery in connection with such Eligible MasterCard Issuer’s Claimed-On Accounts that such Eligible MasterCard Issuer and its Claiming Sponsored Issuers might be entitled to under the MasterCard Operating Regulations by reason of losses or costs allegedly incurred by such Eligible MasterCard Issuer and its Claiming Sponsored Issuers by reason of the TJX Intrusion (each such offer to an Eligible MasterCard Issuer is called an “Alternative Recovery Offer”), and MasterCard agrees to recommend acceptance by each Eligible MasterCard Issuer of its Alternative Recovery Offer. In communicating the Alternative Recovery Offers to Eligible MasterCard Issuers, MasterCard shall provide each Eligible MasterCard Issuer with a copy of this Settlement Agreement (without Exhibit 2) and with full and fair disclosure regarding the pros and cons of accepting its Alternative Recovery Offer.
ALTERNATIVE RECOVERY OFFER. On May 27, 2010 (the “ARO Date”), MasterCard shall send to each Eligible MasterCard Issuer the communication attached hereto as Exhibit 3 (the “ARO Communication”), appropriately completed for each Eligible MasterCard Issuer.
ALTERNATIVE RECOVERY OFFER. On January 14, 2010 (the “Alternative Recovery Offer Date”), Visa shall send by electronic mail to each Eligible Visa Issuer the communication attached as Exhibit 4 (the “Alternative Recovery Offer Communication”), appropriately completed for each such Eligible Visa Issuer.
ALTERNATIVE RECOVERY OFFER. Visa hereby agrees to send to all Eligible Visa Issuers on December 6, 2007 (the “Alternative Recovery Offer Date”) the communication attached as Exhibit 3, appropriately completed for each Eligible Visa Issuer.