Settlement and Payments. 7.2.1. Customer is obligated to ensure that Customer’s Account holds a sufficient amount of money to settle the respective Foreign Currency Exchange Transaction on the respective settlement date (till 18:00, local time in Latvia) as pre-agreed by the Parties at the time of sealing the Foreign Currency Exchange Transaction. Customer’s Account is used to settle Foreign Currency Exchange Transaction (all relevant entries are posted to Customer’s Account).
Settlement and Payments. 7.2.1. Customer is obligated to ensure that Customer’s Account holds a sufficient amount of money to settle the respective Foreign Currency Exchange Transaction on the respective settlement date (till 18:00, local time in Latvia) as pre-agreed by the Parties at the time of sealing the Foreign Currency Exchange Transaction. Customer’s Account is used to settle Foreign Currency Exchange Transaction (all relevant entries are posted to Customer’s Account).
7.2.2. In respect of Foreign Currency Exchange Transaction that is concluded and settled on different dates, Bank opens Customer’s Security Deposit Account. Bank unilaterally sets the mandatory threshold (the amount to be held in the Security Deposit Account). To comply with the requirement, Customer must remit Bank- specified amount (on the date of conclusion of the Foreign Currency Exchange Transaction, till 18:00, local time in Latvia) to the Security Deposit Account.
7.2.3. Bank fulfils its respective currency conversion-related obligations (carries out the settlements) only after Customer has fulfilled its obligations under cl. 7.2.1 and cl. 7.2.2 hereof. However, if Customer fails to fulfil its obligations under cl. 7.2.1 and cl. 7.2.2 hereof, Bank has the right (but not the obligation) to execute, at its sole discretion and without Customer’s prior consent, Customer-ordered Foreign Currency Exchange Transaction and hence give rise to Bank’s claims held by Bank against Customer in connection with the shortfall of funds in the Account. Simultaneously, Bank concludes (at Customer’s expense) an offset transaction (transaction designed to offset the aforementioned transaction) to be executed according to the then-current exchange rate available to Bank. In such a case, Customer is obligated to reimburse Bank for all expenses and losses caused by Customer’s failure to fulfil its obligations and/or resulting from the execution of the aforesaid Foreign Currency Exchange Transaction.
7.2.4. Bank-incurred expenses and losses associated with the execution of the Foreign Currency Exchange Transactions (cl. 7.2.3 hereof) are calculated as the difference between the value of Customer-ordered Foreign Currency Exchange Transaction (executed according to the exchange rate pre-agreed by the Parties) and the value of the offset transaction executed according to the then-current exchange rate available to Bank.
7.2.5. Bank has the right (but not the obligation) to remit, at its sole discretion, the money held in the Secu...
Settlement and Payments. Settlement reporting shall be provided by Company to Citizens daily. Settlement reporting shall include sales, returns, and refunds. Incidences of fraud and any fees will not be a part of settlement reporting, with such metrics to be included in the Quarterly Business Reviews. Citizens shall remit payment to Company daily via ACH CTX. Reporting will be provided to Company for each debit and credit in addition to a remittance advice notice. Citizens shall initiate ACH CTX transaction for payment to Company within one (1) Business Day from date of settlement report.
Settlement and Payments
