Cashiering. On the Servicing Transfer Date, Seller shall provide a listing of all accounts on ACH payment draft. · On the Servicing Transfer Date, Seller shall provide Purchaser a listing of all bi-weekly payment loans. Final Reports · The close of business on the business day immediately prior to the Transfer Date will be considered the Final Conversion Cutoff Date. · Accrued interest on escrow funds is to be posted to each applicable mortgage loan immediately prior to each Final Conversion Cutoff Date. · Seller is responsible for the preparation and mailing all IRS forms 1098 and 1099 to the Borrowers for the period from January 1st through the Final Conversion Cutoff Date and for the reporting to the IRS for the same period on all loans included in the transfer. · No payments or disbursements are to be made to or from the loans included in the transfer after the Final Conversion Cutoff Date as this is the date that files will be generated for conversion of data to Purchaser’s system. · Seller shall provide the following items after the Final Conversion Cutoff Date:
Cashiering. Clearing Broker shall perform cashiering functions for Correspondent. Said functions may include the receipt and deposit by Correspondent to bank accounts established by and for the benefit of Clearing Broker of customer funds, checks and cash, and the receipt by Correspondent of securities sold for the Accounts as well as certain administrative functions relating thereto. All customer funds and securities shall be promptly forwarded by Correspondent to Clearing Broker. Clearing Broker shall be responsible for performing administrative and bookkeeping functions with respect to deposits, fees and charges in the Accounts. Clearing Broker shall not be responsible for any securities or funds until properly delivered to Clearing Broker pursuant to Clearing Broker’s requirements.
Cashiering o On the Servicing Transfer Date, Seller shall provide a listing of all accounts on ACH payment draft. o On the Servicing Transfer Date, Seller shall provide Purchaser a listing of all bi-weekly payment loans. Final Reports o The close of business on the business day immediately prior to the Transfer Date will be considered the Final Conversion Cutoff Date.
Cashiering. The Clearing Agent will engage in all cashiering functions for the Introduced Accounts, including the receipt, delivery and transfer of securities purchased, sold, borrowed and loaned, receiving and distributing payment therefor, holding in custody and safekeeping all securities and cash so received, the handling of margin accounts, the receipt and distribution of dividends and other distributions, and the processing of exchange offers, rights offerings, warrants, tender offers and redemptions. Only where the Clearing Agent receives dividends in its nominee name and then distributes such dividends to Introduced Accounts will the Clearing Agent backup withhold on those Introduced Accounts which do not have a taxpayer identification number. If the Introducing Firm so elects, the cashiering functions with respect to the receipt of securities and the making and receiving of payment therefor may be relinquished to the Introducing Firm.
Cashiering. This module includes user training at go-live and if required, includes RETAIL and MOTO terminal IDs. Use of this Module requires receipt printers, and if processing credit cards, card readers are also required. Encrypted peripherals are also available and will require point-to-point encryption (P2PE). Hardware is not included, however, the peripheral guide located in the support library outlines applicable hardware costs.
Cashiering. Costs for the provision of cashiering services increased marginally from 2010 to 2011 ($2,000) due to increases in PowerStream staffing, courier and armored truck pick up costs allocated to providing this service offset by decreases in allocated PowerStream IT costs. Water/wastewater Services The reduction in costs in the original negotiated price referred to above for water/wastewater services for 2011 totals $165,000. The savings is the difference in the initial pricing of $1,312,000 and the subsequent offer of $1,147,000 for the longer term. Both optional terms as indicated above include a fixed annual 3% increase for all PowerStream services for a the years 2012 and 2013, rather than an increase based on growth in the number of accounts/customers/employees and related inflation increases. In the five year term the remaining two years of the services agreement contains a conditional provision that the flat fee increase maybe revisited if growth in the City’s water/wastewater customer base exceeds 7%. This will not likely occur as growth in the customer base is forecasted to be in the neighborhood of 2.0%. For the base year 2011 each service provided by PowerStream was reviewed. This review included looking at each cost component within each business unit for the services provided. The components included staffing related costs, IT related costs, contractor costs, administration and overhead calculations, volume related cost drivers and inflation. The PowerStream proposed pricing model for the remaining years 2012 to 2015 uses a fixed annual rate increase as opposed to a pricing model based on updating growth or activity volumes and inflation each year. From a City perspective a 3% fixed rate increase is a preferred pricing methodology. This approach reduces the impact of both growth and inflation over the term. This is especially true for water/wastewater where the customer base is expected to increase by at least 2.0% each year and inflation is estimated in the neighborhood of 2.5%. For example, a 3% fixed rate increase during a period when the number of accounts is expected to grow results in an effective “per account” increase of only one half percent (0.5%). 2011 - $14.74 cost per account 2012 - $14.82 cost per account 2013 - $14.89 cost per account This approach also provides a fixed known cost each year for budget purposes. Following are the costs to the City based on a 3% incremental increase over the three or five year term of the agreemen...
Cashiering. Computer-assisted registration of item prices and the billed amount, handling of cash and cashless pay- ment processes and presentation of the bill.
Cashiering. Clearing Broker shall perform certain cashiering functions for Correspondent. Said functions may include the processing of deposits by Correspondent to bank accounts established by and for the benefit of Clearing Broker of customer funds and the receipt by Correspondent of securities sold for the Accounts as well as certain administrative functions relating thereto. All customer funds shall be promptly deposited and securities shall be promptly forwarded by Correspondent to Clearing Broker. Clearing Broker shall be responsible for performing administrative and bookkeeping functions with respect to deposits, fees and charges in the Accounts. Clearing Broker shall not be responsible for any securities or funds until properly delivered to Clearing Broker pursuant to Clearing Broker's requirements. Correspondent shall not be entitled to issue checks or any negotiable instruments directly to Customers using instruments for which the Clearing Broker is the maker or drawer without written approval of the Clearing Broker. Approval shall be at the sole discretion of the Clearing Broker and may be considered only upon Correspondent providing notice and evidence satisfactory to the Clearing Broker of the establishment and ability to maintain and enforce supervisory procedures with respect to the issuance of checks or negotiable instruments pursuant to Section 3.9. For all transactions using wired funds, whether incoming or requests for transfers, Clearing Broker or its agent shall compare relevant information against information supplied by third parties regarding persons subject to the OFAC list. Any instructions or requests for transfers of funds to persons not identified as a Customer shall be subject to prior approval of the Clearing Broker. Clearing Broker shall review relevant information regarding third party payments and deliveries, including the payee's name and address and the recipient bank's name and address, to detect persons subject to the OFAC list.
Cashiering. RPRCS shall assist ROG in performing certain cashiering functions for Correspondent, including the receipt and deposit to local ROG bank accounts established for the benefit of RPRCS of funds and checks and cash and the receipt and overnight delivery to ROG of securities sold for the Accounts as well as certain administrative functions relating thereto. RPRCS shall be responsible for performing all administrative and bookkeeping functions and certain other Services functions with respect to the collection of deposits, fees and charges from Correspondent and its Customers on behalf of itself and ROG and shall perform such Services with respect to the reconciliation of ROG bank accounts established for the benefit of RPRCS as shall be agreed from time to time by ROG and RPRCS. The Clearing Firms shall not be responsible for any securities until received by RPRCS or any funds until collected by RPRCS from Correspondent or Customer. The Clearing Firms need not accept any instruction in violation of the Applicable Rules or contrary to the Procedures or Credit Policies. (f)
Cashiering including receiving and posting payments, ensuring accurate application of the payments to the customers’ accounts, the end investors’ accounts and the Nationstar’s corporate accounts.
