Fund

 

With the Fund, eligible Customers will receive specific dollar amounts which may be deposited into accounts in the names of those Customers.  These amounts may be utilized toward the purchase by Customers of Company and participating vendors’ products and services that have been pre-approved by Company for the use of Fund dollars. Customers are responsible for any taxes and shipping charges associated with such purchases, and may use Fund amounts to satisfy those obligations as invoiced by Company.

 

Eligible dollar amounts are defined as promotional dollars available with the subscription to (a) certain promotions of MCI Communications Services, Inc dba Verizon Business Services, (b) certain Special Customer Arrangements, (c) other services specified as Fund-eligible in a Signed Contract.  Any employee or agent of the Customer may place orders for vendors’ products using the Customer’s Fund account.  To the extent that a Signed Contract explicitly provides for unused Fund amounts to be converted to invoice credits (“Conversion”), then upon Customer’s request, the invoice credit amount will be applied on a pro-rata basis as described below to the Customer’s first invoice following the end of each annual period (i.e., the 12-month period following the Signed Contract’s rate effective date, aka “Contract Year”) in which the Customer makes such request.  Fund amounts converted to invoice credits are referred to here as an “Invoice Credit” and each application to an invoice is referred to as an “Invoice Credit Application.”  The Invoice Credit Application amount is determined by the Contract Year of the Conversion and the percentage of the Customer’s master term commitment that has passed at the time of the Invoice Credit Application (the “Percentage”).  The amount theoretically eligible for Invoice Credit Application is the Percentage of the original Fund deposit, but the amount of the actual first Invoice Credit Application after the Conversion is reduced by the amount of the original deposit used prior to the Conversion.  For example, if Customer converts an entirely unused deposit into an Invoice Credit in the first year of a three-year master term commitment, then the Invoice credit available at that time will be one-third of the total Invoice Credit (with the other two-thirds potentially available, upon Customer request, in the following two years).  However, if the Customer uses part of the original deposit before converting the remainder to an Invoice Credit, the Invoice Credit amount applied will be reduced by the amount of the deposit so used.  If the Conversion is during the second year of a three-year master term commitment, two-thirds of the Invoice Credit would be applied to the invoice after the second Contract Year, and the remaining one-third will be applied after the third Contract Year.  The credit may be applied only against invoiced charges for services provided under the same Signed Contract.

 

If the Customer terminates an Agreement under which it has received Fund amounts before the end of its master term commitment (an “Early Termination”) or if the Agreement ends after that term commitment has been met (an “Expiration”), any balances remaining in the Fund at the time of termination or 30 days after expiration will be forfeited. Immediately prior to that forfeiture, the Company may choose to apply the remaining Fund as invoice credits to offset amounts owed to the Company.  In the event of an Early Termination, any promotional amount(s) previously used towards participating vendor products or Company invoice credits may be charged back to the Customer. 

 

The Company may, at any time, choose to discontinue this offering, in which case it will provide notice to each participating Customer.  Any Fund balance remaining upon the completion of one full billing period following notice of discontinuance will be forfeited.  Any dollar amounts in the Customer’s Fund account which are forfeited by the Customer will become the property of the Company.

 

The Fund balance will be unavailable to a Customer during any period in which the Customer has failed to comply with the Payment Arrangements specified in this Guide or satisfy a monthly or annual volume commitment set forth in the Customer’s Signed Contract.