Promontory Network Fee Sample Clauses

Promontory Network Fee. During the term of this Agreement, Promontory Network shall be entitled to receive the Promontory Network Fee from each Depository Institution, provided, however, that if, for any reason, the Total All-in Cost of Funds paid by a Depository Institution is insufficient to cover the Promontory Network Fee, then, except as set forth below, Promontory Network shall not be entitled to receive any such shortfall from Company. Notwithstanding the foregoing, if Company requests or is aware of and agrees to enter into a DIA with a Depository Institution notwithstanding that the Total All-in Cost of Funds paid by such Depository Institution pursuant to such DIA is or may become insufficient to cover the Promontory Network Fee, then Promontory Network shall be entitled to receive such shortfall from Company.
Sample 1
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Promontory Network Fee. (1) Except as otherwise set forth in the Agreement, Promontory Network will be paid the Promontory Network Fee by the Depository Institutions. The Promontory Network Fee will accrue daily and will be compounded daily or monthly in accordance with the terms of the applicable DIA. The Promontory Network Fee for each Depository Institution will be an amount equal to the Total All-in Cost of Funds that accrues that day for the Depository Institution minus the Company All-in Cost of Funds that accrues that day for the Depository Institution. Notwithstanding anything to the contrary herein, in no event will Promontory Network receive fees less than $41,667 per month (the “Minimum Monthly Fee”). If the Promontory Network Fee during any month is less than the Minimum Monthly Fee, Promontory Network may recover the difference (the “Fee Shortfall”) by reducing the Company’s fee portion of the Company All-in Cost of Funds for such month (“Monthly Company Fee”) by the amount of the Fee Shortfall. If the Monthly Company Fee is insufficient to cover the Fee Shortfall, then Company agrees to pay Promontory Network the difference between the Monthly Company Fee and the Fee Shortfall within 10 days following the end of the applicable month.
Sample 1

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