Merchant Bank Account. As part of the Registration process and in order to receive payouts, Merchant must provide details of a Merchant Bank Account. The Merchant Bank Account shall be subject to Processor’s approval. Merchant is solely responsible for the accuracy of Merchant Bank Account details that Merchant provides to Givex and/or Processor. Merchant may request to change its Merchant Bank Account on file. Such change of the Merchant Bank Account shall be subject to Processor’s approval, and may not be in effect in relation to Transactions conducted prior to the processing of such change. Merchant shall ensure that the Merchant Bank Account remains active, in good standing, and fully capable of being used in connection with the GivexPay Services and Processing Services, for as long as the Transactions conducted by Merchant are subject to cancellation or reversal (and as otherwise specified or required by the Payment Card Network(s) and/or Processor). Merchant may close the Merchant Bank Account only after satisfying Merchant’s obligations under this Terms and Conditions, including those referenced in Section 3.13. Givex will notify Merchant as to when Xxxxxxxx is able to close the Merchant Bank Account.
Merchant Bank Account. 5.1 Merchant represents and warrants that Merchant’s sole bank account into which all settlement proceeds of receivables paid to Merchant will be deposited is that Merchant Bank Account identified by account name, account number, and bank name and address provided by Merchant in the online or mobile application, the delivery of which is a condition precedent to MOT’s obligations under this Agreement. Merchant Bank Account is an account used for business-purposes only. Merchant further represents and warrants that the Bank Account is not a consumer or individual bank account used for personal, family or household purpose.
5.2 Without MOT’s prior written consent, Merchant will not (i) change its Merchant Bank Account; (ii) permit any event to occur that could cause diversion of any of commercial payment transactions from its Merchant Bank Account to another account; (iii) change its arrangements with Merchant Bank in any way that is adverse to MOT; (iv) change its financial institution or bank account(s); or (v) take any other action that could have any adverse effect upon Merchant’s ability to comply with Merchant’s obligations under this Agreement or MOT’s interest in the Acquired Receivables.
Merchant Bank Account. Merchant will establish and maintain (or where applicable procure the establishment and maintenance of) a direct debit mandate or equivalent authorizing Citcon to (i) periodically debit from the Merchant Bank Account all Fees and other sums that become due and payable by Merchant to Citcon under, or in connection with, this Agreement, and (ii) credit all proceeds from Transactions. Merchant waives any prior notice requirements for Citcon to provide Merchant with notice of a debit for amounts owed to Citcon or amounts used to credit or transfer funds to the Merchant Bank Account, and provides this direct debit mandate or equivalent in accordance with Legal Requirements. Merchant will ensure that the Merchant Bank Account at all times has a credit balance sufficient to meet any sums due and payable to Xxxxxx hereunder. Merchant shall not make any change to such direct debit mandate without Citcon’s prior written consent. If Citcon is unable to debit or credit the Merchant Bank Account as may be required pursuant to this Agreement, the Merchant Bank Account may be de-linked from your Merchant Account and Citcon may suspend access to Services until such time as Merchant is able to establish a new Merchant Bank Account.
