Merchant settlement Account. Paynovate shall settle the Payment Transactions it has acquired under the Merchant Agreement in accordance with these Terms and Conditions and the Purchase Order. Paynovate shall maintain, during the term of the Merchant Agreement, a Merchant Settlement Account. The credit value date for funds credited to the Merchant Settlement Account shall be no later than the Business Day on which the amount of the Payment Transaction is credited to Paynovate. The merchant irrevocably authorizes Paynovate to initiate debit/credit entries to the Merchant Settlement Account for the purpose of settling all Payment Transactions and Chargeback Amounts, and for the payment of any fees or taxes due under the Merchant Agreement. Paynovate shall transfer the balance in the Merchant Settlement Account to the account in the Merchant's name, the details of which have been provided to Paynovate in the Application Form within the timeframe agreed in the Purchase Order. The balance of the Merchant Settlement Account shall be paid on a net basis, i.e. after deduction of all amounts due under the Merchant Contract on the day of transfer, including all amounts due for settlement of all Payment Transactions (including fees, amounts due as Chargebacks and the Rebates and the Reserve Amount as described in Article 7.2 (Reserve) of these General Conditions and the Purchase Order. The merchant shall execute all documents and take all actions as requested by Paynovate or the financial institution with which the Merchant Settlement Account is opened for the purpose of implementing this Section (Merchant Settlement Account), including the execution of all bank account mandates and/or collateral agreements, if any. Paynovate shall not perform the Services until the documents implementing the authorization granted, including bank account mandates and/or collateral agreements, if any, as provided herein. Paynovate shall have the right to suspend all payments to Merchant and withhold credit from the Merchant Settlement Account and amounts otherwise due to the Merchant in settlement of Payment Transactions: ● upon suspicion that the Merchant's activities or a Payment Transaction processed under the Merchant Agreement violate any applicable law or the Merchant Agreement or an instruction of an Authority Having Jurisdiction ● such funds shall be used to offset future fraudulent loss or additional fines or fees imposed by the Merchant Service Provider and be released if no Chargeback occurs; and/or; ● ...
