Common use of Calculation of Net FX Margin & Payment Clause in Contracts

Calculation of Net FX Margin & Payment. The parties shall exchange information relating to Program Costs (including copies of relevant invoices if applicable) that will need to be deducted from Gross FX Margin in order to calculate the Net FX Margin for the relevant month, by the last day of each month. Failure to provide a Program Cost incurred in any month does not waive Acquirer’s right to submit such Program Cost at a later date and such Program Cost will be deducted in the month in which it is submitted. Planet Payment shall calculate the Net FX Margin and the respective Revenue shares of all participants in the Acquirer Program for each month and submit a report thereof (“Monthly Revenue Report”) to Acquirer within [*] after the end of each month. In the event that the Program Costs payable for a particular month exceed the amount of the Net FX Margin earned in that month, then the amount of any excess Program Costs shall be carried forward to the subsequent month(s), until such Program Costs have been credited in full. If required, within [*] after the end of each month, Planet Payment will submit to Acquirer the relevant payment information file, in order for Acquirer (or the relevant Card Association member) to be able to effect payment to the Acquirer Merchant, the parties and any other participants in the Acquirer Program of their respective Revenue amounts applicable to the Transactions processed for Acquirer Merchants through the Acquirer Program during the previous month. Payments due from Acquirer to Planet Payment shall be made within [*] after delivery of a Monthly Revenue Report, unless Acquirer objects to such Monthly Revenue Report or the related payment information. Acquirer shall notify Planet Payment if it has objections to any items therein and, as * Certain information on this page has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. a result, Acquirer does not intend to process the relevant payment on a timely basis. If the parties cannot resolve the issue expeditiously, Planet Payment shall be entitled to submit a further Monthly Revenue Report and/or payment information, for payment of all items which are not in dispute and Acquirer shall process such payment within a reasonable time after receipt and in any event within [*]. Notwithstanding the foregoing, any failure by Acquirer to notify Planet Payment of any objections or payment by Acquirer hereunder does not prohibit Acquirer from reviewing and disputing such Monthly Revenue Report or payment information at a later date. Notwithstanding the foregoing, any submission of a Monthly Revenue Report or related payment information does not prohibit Planet Payment from reviewing and disputing any Program Costs included therein at a later date. All payments to Planet Payment shall be made in the currency in which the Acquirer received settlement proceeds from the Card Association for the relevant Transactions or, at Acquirer’s option, in U.S. Dollars.

Calculation of Net FX Margin & Payment. The parties shall exchange information relating to Program Costs (including copies of relevant invoices if applicable) that will need to be deducted from Gross FX Margin in order to calculate the Net FX Margin for the relevant month, by the last day of each month. Failure to provide a Program Cost incurred in any month does not waive Acquirer’s right to submit such Program Cost at a later date and such Program Cost will be deducted in the month in which it is submitted. Planet Payment shall calculate the Net FX Margin and the respective Revenue shares of all participants in the Acquirer Program for each month and submit a report thereof (“Monthly Revenue Report”) to Acquirer within [*] after the end of each month. In the event that the Program Costs payable for a particular month exceed the amount of the Net FX Margin earned in that month, then the amount of any excess Program Costs shall be carried forward to the subsequent month(s), until such Program Costs have been credited in full. If required, within Within [*] after the end submission of each monthsuch monthly report from Planet Payment, Planet Payment will submit to Acquirer the relevant payment information file, in order for Acquirer (or the relevant Card Association member) to be able to effect payment to the Acquirer Merchant, the parties and any other participants in the Acquirer Program of their respective Revenue amounts applicable to the Transactions processed for Acquirer Merchants through the Acquirer Program during the previous month. Payments due from Acquirer to Planet Payment shall be made within [*] after delivery of a Monthly Revenue Report, unless Acquirer objects to such Monthly Revenue Report or the related payment informationinformation file. Acquirer shall notify Planet Payment if it has objections to any items therein and, as * Certain information on this page has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. a result, Acquirer does not intend to process the relevant payment information file on a timely basis. If the parties cannot resolve the issue expeditiously, Planet Payment shall be entitled to submit a further Monthly Revenue Report and/or payment informationinformation file, for payment of all items which are not in dispute and Acquirer shall process such payment information file within a reasonable time after receipt and in any event within [*]. Notwithstanding the foregoing, any failure by Acquirer to notify Planet Payment of any objections or payment by Acquirer hereunder does not prohibit Acquirer from reviewing and disputing such Monthly Revenue Report or payment information file at a later date. Notwithstanding the foregoing, any submission of a Monthly Revenue Report or related payment information file with respect thereto, does not prohibit Planet Payment from reviewing and disputing any Program Costs included therein at a later date. All payments to Planet Payment shall be made in the currency in which the Acquirer received settlement proceeds from the Card Association for the relevant Transactions or, at Acquirer’s option, in U.S. Dollars.

Calculation of Net FX Margin & Payment. The parties shall exchange information relating to Program Costs (including copies of relevant invoices if applicable) that will need to be deducted from Gross FX Margin in order to calculate the Net FX Margin for the relevant month, by the last day of each month. Failure to provide a Program Cost incurred in any month does not waive AcquirerGPPC’s right to submit such Program Cost at a later date and such Program Cost will be deducted in the month in which it is submitted. Planet Payment shall calculate the Net FX Margin and the respective Revenue shares of all participants in the Acquirer Program for each month and submit a report thereof (“Monthly Revenue Report”) to Acquirer within [*] after the end of each month. In the event that the Program Costs payable for a particular month exceed the amount of the Net FX Margin earned in that month, then the amount of any excess Program Costs shall be carried forward to the subsequent month(s), until such Program Costs have been credited in full. If required, within [*] after the end submission of each monthsuch monthly report from Planet Payment, Planet Payment will submit to Acquirer the relevant payment information file, in order for Acquirer (or the relevant Card Association member) to be able to effect payment to the Acquirer Merchant, the parties and any other participants in the Acquirer Program of their respective Revenue amounts applicable to the Transactions processed for Acquirer Merchants through the Acquirer Program during the previous month. Payments due from Acquirer to Planet Payment shall be made within [*] after delivery of a Monthly Revenue Report, unless Acquirer objects to such Monthly Revenue Report or the related payment information. Acquirer shall notify Planet Payment if it has objections to any items therein and, as * Certain information on this page has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. during the previous month. Payments due to Planet Payment shall be made within [*] after delivery of a Monthly Revenue Report, unless GPPC objects to such Monthly Revenue Report or the related payment information file. GPPC shall notify Planet Payment if it has objections to any items therein and, as a result, Acquirer does not intend GPPC intends to process cause the relevant payment information file not to be processed on a timely basis. If the parties cannot resolve the issue expeditiously, Planet Payment shall be entitled to submit a further Monthly Revenue Report and/or payment informationinformation file, for payment of all items which are not in dispute and Acquirer GPPC shall process cause such payment information file to be processed within a reasonable time after receipt and in any event within [*]. Notwithstanding the foregoing, any failure by Acquirer GPPC to notify Planet Payment of any objections or payment by Acquirer GPPC hereunder does not prohibit Acquirer GPPC from reviewing and disputing such Monthly Revenue Report or payment information file at a later date. Notwithstanding the foregoing, any submission of a Monthly Revenue Report or related payment information file with respect thereto, does not prohibit Planet Payment from reviewing and disputing any Program Costs included therein at a later date. All payments to Planet Payment shall be made in the currency in which the Acquirer received settlement proceeds from the Card Association for the relevant Transactions or, at AcquirerGPPC’s option, in U.S. Dollars.

Calculation of Net FX Margin & Payment. The parties shall exchange information relating to Program Costs (including copies of relevant invoices if applicable) that will need to be deducted from Gross FX Margin in order to calculate the Net FX Margin for the relevant month, by the last day of each month. Failure to provide a Program Cost incurred in any month does not waive Acquirer’s right to submit such Program Cost at a later date and such Program Cost will be deducted in the month in which it is submitted. Planet Payment shall calculate the Net FX Margin and the respective Revenue shares of all participants in the Acquirer Program for each month and submit a report thereof (“Monthly Revenue Report”) to Acquirer within [*] after the end of each month. In the event that the Program Costs payable for a particular month exceed the amount of the Net FX Margin earned in that month, then the amount of any excess Program Costs shall be carried forward to the subsequent month(s), until such Program Costs have been credited in full. If required, within [*] after the end of each month, Planet Payment will submit to Acquirer the relevant payment information file, in order for Acquirer (or the * Certain information on this page has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. relevant Card Association member) to be able to effect payment to the Acquirer Merchant, the parties and any other participants in the Acquirer Program of their respective Revenue amounts applicable to the Transactions processed for Acquirer Merchants through the Acquirer Program during the previous month. Payments due from Acquirer to Planet Payment shall be made within [*] after delivery of a Monthly Revenue Report, unless Acquirer objects to such Monthly Revenue Report or the related payment information. Acquirer shall notify Planet Payment if it has objections to any items therein and, as * Certain information on this page has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. a result, Acquirer does not intend to process the relevant payment on a timely basis. If the parties cannot resolve the issue expeditiously, Planet Payment shall be entitled to submit a further Monthly Revenue Report and/or payment information, for payment of all items which are not in dispute and Acquirer shall process such payment within a reasonable time after receipt and in any event within [*]. Notwithstanding the foregoing, any failure by Acquirer to notify Planet Payment of any objections or payment by Acquirer hereunder does not prohibit Acquirer from reviewing and disputing such Monthly Revenue Report or payment information at a later date. Notwithstanding the foregoing, any submission of a Monthly Revenue Report or related payment information does not prohibit Planet Payment from reviewing and disputing any Program Costs included therein at a later date. All payments to Planet Payment shall be made in the currency in which the Acquirer received settlement proceeds from the Card Association for the relevant Transactions or, at Acquirer’s option, in U.S. Dollars.