Common use of Deposit of Sales Drafts Clause in Contracts

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, of 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 to the Merchant Account (defined in Section 9 8A below) all Sales Drafts, sales drafts (whether evidenced in writing or by electronic means, hereinafter “Sales Drafts”) that comply with the terms of this Agreement and the Operating Regulations and will provide You you with provisional credit for such Sales Drafts (less any credits, adjustments and Chargebackschargebacks). You acknowledge and agree that your obligations obligation to Processor 2AP 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 2AP be in any way responsible or liable for processing credits or adjustments related to original sales transactions not processed by Bank or Processor2AP. All Sales Drafts and deposits are subject to audit and final checking by Bank and Processor 2AP, and may be adjusted for inaccuracies. You acknowledge and agree that all credits provided to You you are provisional and subject to Chargebacks chargebacks and other adjustments in accordance with the Operating Regulations, Rules and this Agreement. Bank and Processor 2AP 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 Processor2AP’s sole and absolute discretion.