Settlement Reporting Clause Samples
The Settlement Reporting clause establishes the requirements and procedures for providing detailed reports on financial settlements between parties. Typically, this clause outlines the frequency, format, and content of settlement reports, such as transaction summaries, payment amounts, and reconciliation details. By specifying these reporting obligations, the clause ensures transparency and accountability in financial dealings, helping both parties track payments and resolve discrepancies efficiently.
Settlement Reporting. Franchisor shall process all approved Transactions captured each Settlement Day and any preceding non-Settlement Day and make arrangements for the funds to which Franchisee is entitled to be deposited into his or her Retailer's Account. Deposit and Transaction totals shall be made available to Franchisee by way of the POS Terminal, if possible; otherwise, by way of, written reports. Franchisor shall also mail to Franchisee, on request, summary reports of PayPoint Network Transactions at the Facility.
Settlement Reporting. Furnish to the Agent:
(i) as soon as available and in any event within seven (7) Business Days after the end of each month, a report (the "Monthly Report") in the form of Exhibit M attached hereto or such other form satisfactory to the Agent in its commercially reasonable discretion related to all Purchased Settlements as of the last Business Day of the immediately preceding month setting forth (i) each Delinquent Settlement (with an explanation for such status) as of the end of such month, (ii) each Settlement which has been returned to the Servicer pursuant to Section 3.3 of the Servicing Agreement as of the end of such month, (iii) the Weighted Average Maturity for each Claim Group, (iv) the present value of the Purchased Settlements, (v) the Delinquency Ratio, (vi) the excess of the Net Pool Weighted Average Yield over the Weighted Average Forward Rate of all outstanding Settlement Advances and Settlement Differential Advances which are not Match Funded, as of the next succeeding Monthly Payment Date, and (vii) the aggregate value of all of the Purchased Settlements, together, in each case, with the calculations thereof in a form satisfactory to the Agent in its commercially reasonable discretion;
(ii) on the Commitment Termination Date, a report identifying each Purchased Settlement on the day immediately preceding the Commitment Termination Date;
(iii) upon the Agent's request, on any day, a report identifying each Purchased Settlement on such day; and
(iv) with each Notice of Borrowing, and no less than weekly, on the first Wednesday following the end of each calendar week (to the extent not delivered earlier in any such week in accordance with this clause), a fully completed Borrowing Base Certificate;
Settlement Reporting. (a) Providing the Distributor complies with its obligations under this Agreement, mPayments shall effect settlement on behalf of Distributor of all Transactions effected by Cardholders through the Program.
(b) Distributor authorises mPayments to debit or credit (as the case may be) daily, the mPayments Account with the value of Transactions effected through the Program by the Cardholders together with the value of each and every other indebtedness and obligation of Distributor to mPayments under this Agreement.
(c) mPayments will provide a settlement statement on each Business Day detailing all settlements that it has effected on behalf of Distributor's Merchant's and Cardholders. Should any settlement statement contain an error, mPayments will seek to resolve the error as prescribed in Clause 8.
(d) mPayments will settle the Distributors settlement obligations based on information provided by other Interchange Parties. The parties agree that mPayments cannot be held responsible for errors made by other Interchange Parties. The parties agree to cooperate and use their best endeavours to correct any such errors.
(e) On a daily basis, mPayments will add or remove from each individual Card Ledger, all Transactions:
1) authorised by use of a Cardholder's Card; and/or
2) arising from use of the Card Plus any Cardholder Transaction Fees payable in accordance with the terms of this Agreement.
(f) The Cardholder or other third party will be entitled to load Value onto his or her Card as follows:
1) via the mPayments payment portal at ▇▇▇.▇▇▇▇.▇▇▇.▇▇
2) via direct deposit or electronic funds transfer
3) via the Merchant. Alternative Load options will be at mPayments discretion.
(g) In circumstances where a Shortfall Event occurs not as a result of a party's fraud or negligence, then:
1) mPayments and Distributor agree to work together to investigate the Shortfall Event;
2) Distributor agrees that on receipt of notification from mPayments of the occurrence of a Shortfall Event, that Distributor will immediately deposit the funds into an account nominated by mPayments so that mPayments may deposit the funds into the mPayments Account in the amount of that Shortfall.
(h) Distributor acknowledges and agrees that the performance of the settlement is conditional upon:
1) the Facility being operational;
2) communication links being operational; and
3) other Interchange Parties' computer systems being operational.
(i) Distributor agrees that mPayments cannot be responsible...
Settlement Reporting. Triparty collateral management Collateral valuation and margin calls • Collateral value does not cover the exposure amount Collateral Collateral taker Deficit of collateral Excess of collateral • Collateral value exceeds the exposure amount Automatic substitution