Net Interchange Fees definition
Net Interchange Fees means the total of all interchange revenue (net of any Issuer Network Assessments) received from payment card networks in connection with the use of Cards.
Net Interchange Fees means the total of all interchange revenue (net of any Issuer Network Assessments) received from payment card networks in connection with the use of Cards. "Network" means Allpoint, MasterCard, VISA, Cirrus, Plus, and/or any similar electronic payment processing system over which Financial Transactions with respect to debit, credit and prepaid cards are captured, authorized, processed, and settled. "Network Rules" means the laws and/or operating rules of any Network, as may be amended from time to time and provided to BMT in writing. "OFAC" means the U.S. Department of Treasury's Office of Foreign Assets Control. "Regulatory Authority" means any local, state, or federal agency, office, or supervising entity, or any other authority having jurisdiction over Bank or BMT, in such a manner as to impact the operations or activity being contemplated under this Agreement. "Solicitation Material" means all advertisements, brochures, applications, telemarketing scripts, point of purchase displays, packaging, television advertisements, radio advertisements, electronic web pages, electronic web links, and any other type of advertisement, marketing material, or interactive media developed, launched, or distributed for purposes of marketing or promoting a Depositor Program. "Supervisory Objection" has the meaning set forth in Section. 7.2(d). "Term" has the meaning set forth in Section 7.1. "Higher Education" means an educational institution wherein BMT offers its student refund and other disbursement services.
Net Interchange Fees means the aggregate interchange fees received by Apto from the Payment Networks each month for each net interchange-eligible Transactions, net of all debits, return and reversal interchange charges. For the avoidance of doubt, the Interchange Revenue Share does not affect any amounts Company owed to Apto and shall not be offset against or deducted from any Company payments to Apto. $0 - $10,000,000 50% to Company $10,000,000 - $50,000,000 60% to Company $50,000,000 - $100,000,000 70% to Company More than $100,000,000 70% to Company unless the parties amend this Attachment B to provide for a different rate If a Payment Network claws back Net Interchange Fees for any reason and in any manner, Apto may deduct such clawbacks from the Interchange Revenue Share otherwise owed to Company. If a clawback occurs after this Agreement has expired or is terminated, Company will reimburse Apto for the clawed back amount upon ▇▇▇▇’s request. Apto Payments, Inc. (“Apto”) and Company (named below) enter into this Blue Package Addendum (“Addendum”) to the Apto Green Package Agreement (“Green Package Terms”) currently in effect between the parties and dated 3/15/2023 . While this Addendum is in effect, the parties’ “Agreement” consists of the Green Package Terms and this Addendum. Capitalized terms not defined in this Addendum have the meaning used in the Green Package Terms. The Addendum Effective Date is shown in Attachment A.
Examples of Net Interchange Fees in a sentence
BMT will calculate the Net Interchange Fees at the ▇▇▇▇▇▇ Exempt rates as of the Effective Date and invoice the Bank the ▇▇▇▇▇▇ Exemption amount.
More Definitions of Net Interchange Fees
Net Interchange Fees means the total of all interchange revenue (net of any Issuer Network Assessments) received by Bank from Networks in connection with the use of Debit Cards.