Common use of Payment by Bank Clause in Contracts

Payment by Bank. 4.1.1. The Bank will pay to the Company, as full consideration for any Transaction between the Company and any Cardholder using a Credit Card, as to which the Company has complied with the provisions of Section 3 above, the amount shown on the records of the Company for each Transaction, including all applicable shipping, handling and taxes, less a discount, which discount shall be equal to the discount rate determined in accordance with Section 4.1.5 (expressed as a fraction) multiplied by the amount shown on the records of the Company for each Transaction (exclusive of all applicable shipping, handling and taxes). 4.1.2. The Bank will pay such amount by transferring immediately available funds to an account designated by the Company at any bank to which the Bank may make electronic fund transfers before the end of the second Business Day following the receipt by the Bank of the information required by Section 3.1 or 3.2, such information to be properly formatted and edited and transferred via a telecommunications connection between the Company and the Bank pursuant to such computer programs and telecommunications protocols as the Bank may, in its reasonable discretion, designate from time to time, subject to reasonable prior notice. The Company will transmit (in the manner referred to above) to the Bank an audited and balanced file in the format specified by the Bank containing all such information within two Business Days after the occurrence of the underlying Transaction; PROVIDED that if, as a result of technical disruptions, any store locations are not polled within a normal period after the occurrence of the underlying Transactions, the Company will transmit such information relating to such store locations as soon as reasonably practicable after polling is completed. 4.1.3. The Company may not attempt to collect any amount from any Cardholder with respect to a Transaction which has been paid for by the Bank under this Section 4.1 and not charged back to the Company pursuant to Section 3.5. 4.1.4. The Company will, consistent with past practices, accept payments from Cardholders for amounts due on Credit Cards ("IN-STORE PAYMENTS"). Any In-Store Payments received by the Company will be held in trust for the Bank and its assigns and netted against amounts payable by the Bank pursuant to Section 4.1.1 (PROVIDED that the Company shall not be required to keep In-Store Payments separate from other payments received by the Company) and evidence of such payments will be transmitted to the Bank on a daily basis in accordance with the procedures set forth in Section 4.

Payment by Bank. 4.1.1. The Bank will pay to the Company, as full consideration for any Transaction between the Company and any Cardholder using a Credit Card, as to which the Company has complied with the provisions of Section 3 above, the amount shown on the records of the Company for each Transaction, including all applicable shipping, handling and taxes, less a discount, which discount shall be equal to the discount rate determined in accordance with Section 4.1.5 (expressed as a fraction) multiplied by the amount shown on the records of the Company for each Transaction (exclusive of all applicable shipping, handling and taxes). 4.1.2. The Bank will pay such amount by transferring immediately available funds to an account designated by the Company at any bank to which the Bank may make electronic fund transfers before the end of the second Business Day following the receipt by the Bank of the information required by Section 3.1 or 3.2, such information to be properly formatted and edited and transferred via a telecommunications connection between the Company and the Bank pursuant to such computer programs and telecommunications protocols as the Bank may, in its reasonable discretion, designate from time to time, subject to reasonable prior notice. The Company will transmit (in the manner referred to above) to the Bank an audited and balanced file in the format specified by the Bank containing all such information within two Business Days after the occurrence of the underlying Transaction; PROVIDED that if, as a result of technical disruptions, any store locations are not polled within a normal period after the occurrence of the underlying Transactions, the Company will transmit such information relating to such store locations as soon as reasonably practicable after polling is completed. 4.1.3. The Company may not attempt to collect any amount from any Cardholder with respect to a Transaction which has been paid for by the Bank under this Section 4.1 and not charged back to the Company pursuant to Section 3.5. 4.1.4. The Company will, consistent with past practices, accept payments from Cardholders for amounts due on Credit Cards ("IN-STORE PAYMENTS"). Any In-Store Payments received by the Company will be held in trust for the Bank and its assigns and netted against amounts payable by the Bank pursuant to Section 4.1.1 (PROVIDED that the Company shall not be required to keep In-Store Payments separate from other payments received by the Company) and evidence of such payments will be transmitted to the Bank on a daily basis in accordance with the procedures set forth in Section 4.

Payment by Bank. 4.1.1. The Bank will pay to the Company, as full consideration for any Transaction between the Company and any Cardholder using a Credit Card, as to which the Company has complied with the provisions of Section 3 above, the amount shown on the records of the Company for each Transaction, including all applicable shipping, handling and taxes, less a discount, which discount shall be equal to the discount rate determined in accordance with Section 4.1.5 (expressed as a fraction) multiplied by the amount shown on the records of the Company for each Transaction (exclusive of all applicable shipping, handling and taxes). 4.1.2. The Bank will pay such amount by transferring immediately available funds to an account designated by the Company at any bank to which the Bank may make electronic fund transfers before the end of the second Business Day following the receipt by the Bank of the information required by Section 3.1 or 3.2, such information to be properly formatted and edited and transferred via a telecommunications connection between the Company and the Bank pursuant to such computer programs and telecommunications protocols as the Bank may, in its reasonable discretion, designate from time to time, subject to reasonable prior notice. The Company will transmit (in the manner referred to above) to the Bank an audited and balanced file in the format specified by the Bank containing all such information within two Business Days after the occurrence of the underlying Transaction; PROVIDED that if, as a result of technical disruptions, any store locations are not polled within a normal period after the occurrence of the underlying Transactions, the Company will transmit such information relating to such store locations as soon as reasonably practicable after polling is completed. 4.1.3. The Company may not attempt to collect any amount from any Cardholder with respect to a Transaction which has been paid for by the Bank under this Section 4.1 and not charged back to the Company pursuant to Section 3.5. 4.1.4. The Company will, consistent with past practices, accept payments from Cardholders for amounts due on Credit Cards ("IN-STORE PAYMENTS"). Any In-Store Payments received by the Company will be held in trust for the Bank and its assigns and netted against amounts payable by the Bank Bank-pursuant to Section 4.1.1 (PROVIDED that the Company shall not be required to keep In-Store Payments separate from other payments received by the Company) and evidence of such payments will be transmitted to the Bank on a daily basis in accordance with the procedures set forth in Section 4.