Deposit of Sales Drafts. You agree that this Agreement is a contract of financial accommodation within the meaning of, and as defined in, the Bankruptcy Code, 11 U.S.C. § 365, as amended from time to time. Subject to this Section, and the other terms and conditions of this Agreement, Bank will deposit in the Merchant Account (defined in Section 9 below) all Sales Drafts, whether evidenced in writing or by electronic means, that comply with the terms of this Agreement and the Operating Regulations and will provide You with provisional credit for such Sales Drafts (less any credits, adjustments and Chargebacks). You acknowledge and agree that your obligations to Processor and Bank for all amounts owed under this Agreement arise out of the same transaction as Bank’s obligation to deposit funds to the Merchant Account. Notwithstanding the previous sentence, under no circumstances will Bank or Processor be in any way responsible or liable for processing credits or adjustments related to original sales transactions not processed by Bank or Processor. All Sales Drafts and deposits are subject to audit and final checking by Bank and Processor and may be adjusted for inaccuracies. You acknowledge and agree that all credits provided to You are provisional and subject to Chargebacks and other adjustments in accordance with the Operating Regulations, Rules and this Agreement. Bank and Processor may elect to grant conditional credit for individual or groups of any Sales Drafts. Final credit for those conditional Sales Drafts will be granted within Bank or Processor’s sole and absolute discretion.
Deposit of Sales Drafts. You agree that this Agreement is a contract of financial accommodation within the meaning of, and as defined in, the Bankruptcy Code, 11 U.S.C. § 365, as amended from time to time. Subject to this Section 6, and the other terms and conditions of this Agreement, Bank will deposit i n to the Merchant Account (defined in Section 8A below) all Sales Drafts, whether evidenced in writing or by electronic means, that comply with the terms of this Agreement and the Operating Regulations and will provide You with provisional credit for such Sales Drafts (less any credits, adjustments and chargebacks). You acknowledge and agree that your obligations to Processor and Bank for all amounts owed under this Agreement arise out of the same transaction as Bank’s obligation to deposit funds to the Merchant Account. Notwithstanding the previous sentence, under no circumstances will Bank or Processor be in any way responsible or liable for processing credits or adjustments related to original sales transactions not processed by Bank or Processor. All Sales Drafts and deposits are subject to audit and final checking by Bank and Processor and may be adjusted for inaccuracies. You acknowledge and agree that all credits provided to You are provisional and subject to chargebacks and o t h e r adjustments in accordance with the Operating Regulations, Rules and this Agreement. Bank and Processor may elect to grant conditional credit for individual or groups of any Sales Drafts. Final credit for those conditional Sales Drafts will be granted within Bank or Processor’s sole and absolute discretion.
Deposit of Sales Drafts. You shall not deposit a Sales Draft with PRI until you have performed all of your obligations relating to the Sales Transaction. You shall not, directly or indirectly, deposit any Sales Draft with PRI that did not originate in a legitimate Sales Transaction in the ordinary course of your business as described in the Merchant Bank Card Application and Agreement. The amount of the Discount Rate applicable to each Sales Draft, and any adjustments to the Discount Rate, shall be determined by PRI in its sole discretion. Without limiting the generality of the preceding sentence, the otherwise applicable Discount Rate will be increased by 1.5 percentage points with respect to (i) Sales Transactions in which an Authorization was not obtained, (ii) except as otherwise required by these Additional Terms and Conditions with respect to specific Sales Drafts (such as “delayed deposit” or “balance” transactions), deposits or batch transmissions two (20 or more days after the date of the included Sales Transactions or Credit Transactions, (iii) transactions including Bank Cards issued outside the United States, (iv) Sales Transactions in which use of an address verification service was required by the Additional Terns and Conditions but Merchant failed to use such service, (v) any Keyed Bank Card Transaction (except for Merchants approved by PRI or Agent Bank as a keyed Merchant), and (vi) any Bank Card Transaction involving a corporate card or corporate purchase card. You shall deposit a copy of each Sales Draft with PRI not later than the bank business day following the date of the Sales Transaction, except: In those cases when goods are shipped or services performed after the expiration of the otherwise applicable one bank day period, the deposit shall not be made sooner than the shipment or performance, and shall be made immediately thereafter; In those cases in which the Cardholder has agreed in writing to a delayed presentment, and you request and receive an Authorization for delayed presentment, deposit shall be made within the period permitted for delayed presentment; or In those cases in which you are obligated by law to retain the Sales Draft or return it to the Cardholder upon timely cancellation, the deposit shall be made within ten bank business days after the date of the Sales Transaction.
Deposit of Sales Drafts. You will deposit Sales Drafts in accordance with the Operating Guide. Member will deposit to the Designated Account (defined below) funds, evidenced by sales drafts, in accordance with the Operating Guide.
Deposit of Sales Drafts
