In the event that all of the above Rebate Conditions are met with respect to the Calculation Period, Bank will pay a rebate to the State, which shall be calculated at the end of the Calculation Period in accordance with the Standard Transactions Rebate Multiplier Table and using the following equation: ((Transaction Volume for Standard Transactions x Rebate Multiplier) + (Transaction Volume for Large Ticket Interchange Transactions x LTI Rebate Multiplier) Total Credit Losses – The Standard Transactions rebate multiplier will be determined on the Calculation Period cumulative total of all Standard Transactions volume. Payment of any rebate will be made by ACH credit or other means determined by Bank, within ninety (30) days following the end of the Calculation Period. State Agency and Contractor must comply with conditions of contract relating to rebates which may be further described herein upon execution of contract. Rebate Categories Basis Points to State State earns on State Agency spend 178 basis points* State earns on State LTI spend 59 basis points State earns on OEU Spend 5 basis points *Based on an annual average payment time of 10 days. Cap on hourly rate for development of FLAIR Data Validation and Error Settlement Files pursuant to Section 11, Exhibit D, Statement of Work $150.00 END OF US SCHEDULE III ACKNOWLEDGEMENT By signature of an authorized representative(s), you to the terms and conditions of this Schedule of Fees and Charges presented herein. This form must be signed in ink by an authorized representative(s) and submitted with the original signature to your Bank representative. State Agency Bank of America, N.A [STATE AGENCY NAME]
In the event that all of the above Rebate Conditions are met with respect to the Calculation Period, Bank will pay a rebate to the State, which shall be calculated at the end of the Calculation Period in accordance with the Standard Transactions Rebate Multiplier Table and using the following equation: ((Transaction Volume for Standard Transactions x Rebate Multiplier) + (Transaction Volume for Large Ticket Interchange Transactions x LTI Rebate Multiplier) – Total Credit Losses The Standard Transactions rebate multiplier will be determined on the Calculation Period cumulative total of all Standard Transactions volume. Payment of any rebate will be made by ACH credit or other means determined by Bank, within ninety (30) days following the end of the Calculation Period. State Agency and Contractor must comply with conditions of contract relating to rebates which may be further described herein upon execution of contract. Rebate Categories Basis Points to State State earns on State Agency spend 178 basis points* State earns on State LTI spend 59 basis points State earns on OEU Spend 5 basis points *Based on an annual average payment time of 10 days. Cap on hourly rate for development of FLAIR Data Validation and Error Settlement Files pursuant to Section 11, Exhibit D, Statement of Work $150.00 END OF US SCHEDULE III ACKNOWLEDGEMENT By signature of an authorized representative(s), you to the terms and conditions of this Schedule of Fees and Charges presented herein. This form must be signed in ink by an authorized representative(s) and submitted with the original signature to your Bank representative. State Agency Bank of America, N.A [STATE AGENCY NAME]