MoneyGram 2015 Annual Report Download - page 111
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Table of Contents
Note 17 — Subsequent Events
The Company has evaluated subsequent events through the date of issuance of the Company's Audited Consolidated Financial Statements. As such, the Company
had the following two subsequent events:
On January 29, 2016, the Company and Walmart entered into an Amended and Restated Master Trust Agreement, pursuant to which we will provide certain
money transfer services, bill payment services and money order services for customers in Walmart stores located in the United States and Puerto Rico (the “New
Agreement”). In addition, under the New Agreement, the Company will offer money transfer services to Walmart’s customers through Walmart’s retail website.
The New Agreement has an initial term of three years, commencing on February 1, 2016, and will be subject to automatic successive renewals of one-year terms
unless either party gives notice to the other party of its election to terminate the New Agreement at least 180 days prior to the expiration date of the applicable
term. Pursuant to the New Agreement, Walmart will provide the Company’s money transfer services, bill payment services and money order services on a non-
exclusive basis, and we will pay Walmart fees and commissions for such services purchased by Walmart’s customers. Also, in connection with the services to be
provided pursuant to the New Agreement, the Company has agreed to certain expenditures for marketing, innovation, growth and development initiatives.
On February 11, 2016, the Company entered into a settlement agreement with 49 states and the District of Columbia to settle any civil or administrative claims
such attorneys general may have asserted under their consumer protection laws through the date of the settlement agreement in connection with the investigation
regarding consumer fraud, which investigation is more fully described above in Note 14 — CommitmentsandContingencies.
F-47