Settlement Term Sheet
Category: 270 Legal Recent Posts, Settlement, Term Sheet
TRM AND eFUNDS
SETTLEMENT TERM SHEET
TRM and eFunds have agreed in principle as follows:
• TRM will pay eFunds $2,500,000 together with any current outstanding accounts receivable, upon the execution of a mutually acceptable Settlement and Release Agreement (“Agreement”) between the parties. For the purpose of clarity, $800,000 of this payment will be to settle eFunds’ outstanding receivables for 2006, with the balance applied to 2007. The Agreement, including but not limited to the termination of the MSA, is contingent upon and shall become effective on eFunds’ receipt of this payment.
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