Common use of TECHNOLOGY FUND Clause in Contracts

TECHNOLOGY FUND. 3.1 In consideration of the Customer entering into this Agreement, the Supplier may agree to make available to the Customer a Technology Fund which shall be used only as a credit against purchases by the Customer from the Supplier of such other services or equipment that the Supplier in its sole discretion determines to be eligible for the same. 3.2 The Technology Fund shall at all times remain the property of the Supplier whose only obligations relating to it shall be as set out in the terms of this Agreement 3.3 For the avoidance of any doubt the Technology Fund shall cease to be available immediately upon termination of this Agreement and no use of the Technology Fund may be made by the Customer at any times when any invoice(s) is or are outstanding. 3.4 Subject always to clause 3.5 of this Part 3, the Technology Fund may only be utilised in the amounts and on the dates specified in the Order/Customer Service Agreement or, if none are specified then the amount that may be utilised in each month will be equal to the total value of the Technology Fund divided by the number of months in the Minimum Period (“Monthly Spend”) and any amount of the Technology Fund not used in any month may be carried forward to future months. 3.5 In the event that the Agreement is terminated before the end of the Minimum Period the Customer’s rights in and to the Technology Fund shall cease immediately and if the Customer has used an amount of the Technology Fund greater than the Monthly Spend multiplied by the number of months between the Commencement Date and the date of termination (an “Overspend”) then the Customer shall pay to the Supplier on termination an amount equal to any Overspend.