Settlement Responsibilities Sample Clauses
The Settlement Responsibilities clause defines the obligations and procedures each party must follow to finalize payments or obligations after a transaction or dispute resolution. Typically, this clause outlines timelines for payment, the method of transferring funds or assets, and any documentation required to confirm completion of settlement. By clearly assigning duties and setting expectations, the clause ensures that both parties understand their roles in concluding the matter, thereby reducing the risk of misunderstandings or delays in fulfilling settlement terms.
Settlement Responsibilities. (a) BPPR is authorized to, and shall be responsible for remitting to Merchants and Government-Merchants, all funds held in the Settlement Account and/or received in settlement of Merchant Transactions.
(b) BPPR shall maintain the Merchant and Government-Merchant files and BINs with the Associations as are listed on Exhibit C hereto and such additional Merchant and Government-Merchant files and BINs as may be reasonably requested by EVERTEC from time to time for EVERTEC’s use for the purpose of providing Merchant Services. EVERTEC agrees to pay the costs charged by the Associations for all BINs required for the Merchants and Government-Merchants. BPPR will, at EVERTEC’s request and expense during the Initial Term or any Renewal Term, procure one or more dedicated BIN/ICA(s) from the Association to facilitate the Merchant Program.
(c) BPPR will establish separate Operating Accounts and Settlement Accounts for each BIN. BPPR will direct the daily net funds wired by the Associations to be deposited into the corresponding Settlement Account.
(d) BPPR will receive daily ACH Files from EVERTEC, edit and format them as necessary, and transmit them to the Federal Reserve for credit to the Merchants and Government-Merchants. The next day payment to the Federal Reserve for this file will be debited to the applicable Settlement Account.
(e) BPPR will provide view-only system access to EVERTEC (or fax equivalents, at EVERTEC’s request) to review balances and daily activity in all Settlement Accounts and Operating Accounts to facilitate daily reconcilement.
(f) Each Business Day, BPPR will transmit in a data file ACH Return information received from the Federal Reserve to EVERTEC for resolution of rejected Transactions. This file will include the Merchant number, routing transit, Merchant DDA number, amount, reason codes and the original settlement date, and any other information required to process the ACH Return (including the relevant information regarding the Government-Merchant accounts, if applicable). Funds paid or received from the Federal Reserve for the ACH Returns will be debited or credited to the Merchant Reserve Account, or in the absence of a Merchant Reserve Account for such Merchant, to the corresponding DDA for the Merchant (or for the Government-Merchant, as applicable).
(g) BPPR agrees to assign a sufficient number of qualified staff members to reasonably assist EVERTEC in the resolution of settlement and Merchant Chargeback problems.
(h) BPPR will s...
Settlement Responsibilities a. Bank will segregate Merchants into a BIN and ICA separate from merchants not covered by this Agreement; provided, that ECP Merchant Accounts, as defined in Section 10.1, shall not be so segregated. Bank and CCC hereby agree to cooperate in an effort to reduce the number of BINs for Merchants to two, and each shall use reasonable efforts to achieve such reduction on or before February 28, 2001. CCC agrees to pay the costs charged by Visa and MCI for all BINs and ICAs required for the Merchants, and for any deconversion of BINs or ICAs undertaken pursuant to this Section.
b. Bank will establish separate Operating and Settlement Accounts for each BIN and ICA. Bank will direct the daily net funds wired by Visa and MCI to be deposited into the corresponding Settlement Account. A comparable system will be set up for any other Association.
c. Bank will receive the daily ACH File(s) from Processor, edit and format them as necessary, and transmit them to the Federal Reserve System for credit to the Merchants. The next day payment to the Federal Reserve for this file will be debited to the applicable Settlement Account.
d. Bank will provide view-only system access to CCC (or fax equivalents) to review balances and daily activity in all Settlement and Operating Accounts to facilitate daily reconcilement.
e. Each business day Bank will transmit in a data file ACH Return information received from the Federal Reserve through the Processor to CCC for resolution of rejects. This file will contain the Merchant number, routing transit, DDA number, amount, reason codes, and the original settlement date. Funds paid or received from the Federal Reserve for the ACH Returns will be debited or credited to the Merchant Reserve Account.
f. Bank agrees to assign a sufficient number of qualified staff members to reasonably assist CCC in the resolution of settlement and Merchant funding problems.
g. Bank will submit as required all statistical information requested by Associations including quarterly statements. CCC will provide all reasonable information to Bank to assist Bank with compliance. [****] Represents material which has been redacted and filed separately with the Commission pursuant to a request for confidential treatment pursuant to Rule 406 under the Securities Act of 1933, as amended.
h. Bank will debit the Settlement Account or Operating Account, as applicable, for all Assessment Fees and Association Charges as incurred that apply to Merchants, as well as all Merchan...