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Common use of Data and Diligence Clause in Contracts

Data and Diligence. Beginning no later than September 1, 2017, and then no later than sixty (60) days following the most recently completed Award Year thereafter, School shall (A) display conspicuously on its website and in a format established by the Secretary, (1) the total consideration for the most recently completed Award Year, monetary and non-monetary, paid to TMS under this Agreement, and (2) for any year in which thirty (30) or more Prepaid Card Accounts are opened by Students, the number of Students who had Prepaid Card Accounts at any time during the most recently completed Award Year, and the mean and median of the actual costs incurred by those account holders, (B) provide to the Secretary an up-to-date URL directed to the location of School’s website that displays this Agreement pursuant to this Section 2.4(f) of this Agreement, and (C) ensure that the terms of the Prepaid Cards are not inconsistent with the best financial interests of the Students. TMS shall determine the figures required for disclosure under Section 2.6(e)(i)(A)(2) based on information provided to it by School. TMS shall not be liable for any inaccuracies in such figures based on School’s failure to provide TMS with accurate information. To perform its obligations under Section 2.6(e)(i)(C), School shall conduct reasonable due diligence reviews at least every two (2) years to ascertain whether the fees imposed upon Students in connection with Prepaid Card Accounts are, considered as a whole, consistent with or below prevailing market rates. If (I) such due diligence review reveals that the fees imposed upon Students in connection with Prepaid Card Accounts are not, as a whole, consistent with or below prevailing market rates, or (II) if School receives material complaints from Students that (a) are documented by School in writing, and (b) it determines, in its good faith, sole commercially reasonable discretion, require termination of the Card Method to serve the best interests of Students, then School may cease offering the Card Method upon written notice to TMS, and TMS shall promptly remove the Card Method as an option set forth on the School Portal.

Appears in 14 contracts

Samples: Student Refund Management Services Agreement, Student Refund Management Services Agreement, Student Refund Management Services Agreement

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