PAYMENTS TO THE MERCHANT Sample Clauses

PAYMENTS TO THE MERCHANT. (a) Subject to the terms of this Agreement, SBIP shall under normal circumstances pay to the Merchant within agreed timelines as per Annexure C of receipt, payment for the relevant transactions in an amount equal to the total amount listed on the relevant signed Charge Slip(s) less the applicable Merchant Discount Rate. Net payments to the Merchant shall be made by SBIP to the account of the Merchant with SBIP (the Merchant’s Account). SBIP shall be entitled to set off the amounts due to SBIP from amounts in the accounts / deposits of the Merchant with SBIP. (b) Where SBIP has reason to believe that any charges have been negligently or fraudulently incurred or charged either on a Valid Card or a counterfeit card or where SBIP has reason to investigate or cause to be investigated any charges, SBIP shall be entitled to withhold payment under this Agreement to the Merchant pending enquiries by SBIP and resolution of the same to the satisfaction of SBIP, failing which SBIP shall be entitled not to pay the same. The period of such enquiries on the part of SBIP shall not however exceed a period of 6 (Six) months from the due date of payment under sub-clause 4(a) above. (c) SBIPexercises the right to set off a lien on the credit value in the account of the Merchant or the unsettled transactions in the pipeline in the event of failure by the Merchant in providing necessary valid proof of transaction to the Retrieval Request/Chargeback/Suspicious Transaction received from the Issuer through the Card Schemes
Sample 1
AutoNDA by SimpleDocs
PAYMENTS TO THE MERCHANT a. The Merchant settlements shall be made electronically into the designated bank account of Merchant as mentioned in the Application Form. . Any change in the mode or manner of making the payments shall be as per the process and upon such terms and conditions as mutually agreed between the Parties. b. The Transaction Amount(s), in respect of the Transaction of the Customer through the Valid Card or Bank Account as prescribed under this Agreement shall be received/aggregated by SIB into its Nodal Account and in the manner and as per the procedure prescribed by the Reserve Bank of India from time to time. SIB shall, upon receipt of payment in the Nodal Account intimate the Nodal Bank to make payments to Merchant Account as per the details of payments provided by the Facility Providers within stipulated time as defined in Master Service Agreement of the Master Service Agreement. c. The Merchant consents and agrees that SIB shall pay to the Merchant for the Transaction Amount only after SIB receives the Transaction Amount from the Facility Providers through Nodal Account. The Merchant further consents that SIB shall not be liable directly or indirectly for any delay in Transaction Amount settlement by the Facility Providers. SIB shall pay the Merchant the net amount after deductions of SIB’ Charges and other deductions as mentioned below: i. Additional Fees and other dues as provided in this Agreement. ii. All unsettled Transaction. iii. Chargebacks received. iv. Refunds raised. v. Any penalties or charges which may be levied on SIB by the Card Organizations or the clearing house viz. Reserve Bank of India or its local clearing agent arising, inter alia, out of excessive Chargeback of transactions or out of excessive failure of transactions or excessive customer disputes. vi. Any out of pocket expenses incurred by SIB and which, under this Agreement. vii. Any overpayment made by SIB Nodal account in any of the earlier settlements due to any computational or system errors or otherwise. viii. Any outstanding amount from subsequent credits due to the Merchant and/or; ix. Any other amount required to mitigate the risk exposure of SIB on the Merchant. x. Any other sum due from the Merchant or payable to SIB under this Agreement.
Sample 1
PAYMENTS TO THE MERCHANT. (a) Bank shall pay net amounts (after applicable set offs), within agreed timelines (Annexure C) of receipt, payment for the relevant transactions equal to the total amount listed on the Charge Slip(s) less the applicable Merchant Discount Rate. (b) Where SBI believes that any charges have been negligently or fraudulently charged or it has reason to investigate, it is entitled to withhold payment pending resolution by the Bank, failing which, it shall be entitled not to pay the same. (c) Bank is entitled to set off a lien on the credit value in the account of the Merchant or the unsettled transactions in the event of failure by the Merchant in providing necessary valid proof of transaction to the Retrieval Request/Chargeback/Suspicious Transaction received from the Issuer through the Card Schemes (VISA, MasterCard, Rupay, AMEX etc.).
Sample 1
PAYMENTS TO THE MERCHANT 
Sample 1

Related to PAYMENTS TO THE MERCHANT

  • Payments to the Owner Allstate Life shall withdraw from the Funding Account and pay to or at the direction of the Owner amounts in accordance with the terms set forth in the Annex hereto. All payments made by Allstate Life to the Owner hereunder shall be paid in cash, in same-day, freely transferable funds on the date of payment to such account as has been specified for such purpose in writing by the Owner to Allstate Life.

  • Payments to the Company Except as provided in Section 3 hereof, after the Trust has become irrevocable, the Company shall have no right or power to direct the Trustee to return to the Company or to divert to others any of the Trust assets before all payments of benefits have been made to Plan participants and their beneficiaries pursuant to the terms of the Plans.

  • Payments to the Agent (a) On each date on which an Obligor or a Lender is required to make a payment under a Finance Document, that Obligor or Lender shall make the same available to the Agent (unless a contrary indication appears in a Finance Document) for value on the due date at the time and in such funds specified by the Agent as being customary at the time for settlement of transactions in the relevant currency in the place of payment. (b) Payment shall be made to such account in the principal financial centre of the country of that currency with such bank as the Agent specifies.

  • Payments to Owner Section 4.01 Remittances...................................................29 Section 4.02 Statements to Owner...........................................29 Section 4.03 Monthly Advances by Servicer..................................30 Section 4.04 Due Dates Other Than the First of the Month...................30 ARTICLE V

  • Payments to the Distributor In consideration of the payments made by the Fund to the Distributor under this Plan, the Distributor shall provide administrative support services and distribution assistance services to the Fund. Such services include distribution assistance and administrative support services rendered in connection with Shares (1) sold in purchase transactions, (2) issued in exchange for shares of another investment company for which the Distributor serves as distributor or sub-distributor, or (3) issued pursuant to a plan of reorganization to which the Fund is a party. If the Board believes that the Distributor may not be rendering appropriate distribution assistance or administrative support services in connection with the sale of Shares, then the Distributor, at the request of the Board, shall provide the Board with a written report or other information to verify that the Distributor is providing appropriate services in this regard. For such services, the Fund will make the following payments to the Distributor:

  • Payments to the Facility Agent On each date on which an Obligor or a Lender is required to make a payment under a Finance Document, that Obligor or Lender shall make the same available to the Facility Agent (unless a contrary indication appears in a Finance Document) for value on the due date at the time and in such funds specified by the Facility Agent as being customary at the time for settlement of transactions in the relevant currency in the place of payment.

  • PAYMENTS TO PURCHASER 52 ARTICLE VI....................................................................54

  • Payments to Be Free and Clear All sums payable by or on behalf of any Credit Party hereunder and under the other Credit Documents shall (except to the extent required by law) be paid free and clear of, and without any deduction or withholding on account of, any Tax.

  • Payments to the Owner Trustee Any amounts paid to the Owner Trustee pursuant to this Article VIII shall be deemed not to be a part of the Owner Trust Estate immediately after such payment.

  • Adjustments to the Purchase Price As soon as practicable (but not more than five business days) after the date on which the Final Closing Balance Sheet shall have been determined in accordance with this Section 2.5.3: (a) the Escrow Agent shall: (i) release from the ESOP Adjustments and Claims Escrow and pay to Federal an amount in immediately available funds equal to the product of (1) the amount, if any, by which the Net Worth (after the M Street Lease Adjustment) as set forth in the Final Closing Balance Sheet is less than the amount of Net Worth (after the M Street Lease Adjustment) as set forth in the Estimated Closing Balance Sheet and (2) the ESOP Percentage. The difference between any payment to Federal pursuant to this Section 2.5.3(a)(i) and the product of $2,000,000 (Two Million Dollars) and the ESOP Percentage, shall be released to the ESOP Stockholders’ Representative; and (ii) release from the Non-ESOP Adjustments and Claims Escrow and pay to Federal an amount in immediately available funds equal to the product of (1) the amount, if any, by which the Net Worth (after the M Street Lease Adjustment) as set forth in the Final Closing Balance Sheet is less than the amount of Net Worth (after the M Street Lease Adjustment) as set forth in the Estimated Closing Balance Sheet and (2) the Non-ESOP Percentage. The difference between any payment to Federal pursuant to this Section 2.5.3(a)(ii) and the product of $2,000,000 (Two Million Dollars) and the Non-ESOP Percentage shall be released to the Non-ESOP Stockholders’ Representative as Paying Agent; and (b) Federal shall pay to: (i) the ESOP Stockholder an amount in immediately available funds equal to the product of (1) the amount, if any, by which the Net Worth (after the M Street Lease Adjustment) as set forth in the Final Closing Balance Sheet is greater than the Net Worth (after the M Street Lease Adjustment) as set forth in the Estimated Closing Balance Sheet and (2) the ESOP Percentage; and (ii) the Non-ESOP Stockholders’ Representative, as Paying Agent, an amount in immediately available funds equal to the product of (1) the amount, if any, by which the Net Worth (after the M Street Lease Adjustment) as set forth in the Final Closing Balance Sheet is greater than the Net Worth (after the M Street Lease Adjustment) as set forth in the Estimated Closing Balance Sheet and (2) the Non-ESOP Percentage; and (c) Pursuant to Section 2.5.3(b) following payment by Federal to the ESOP Shareholder’s Representative and the Non-ESOP Stockholder’s Representative, respectively, of any amount by which the Net Worth as set forth in the Final Closing Balance Sheet is greater than the Net Worth as set forth in the Estimated Closing Balance Sheet, the Escrow Agent shall: (i) release from the ESOP Adjustments and Claims Escrow and pay to the ESOP Stockholder’s Representative an amount in immediately available funds equal to the product of (1) $2,000,000 (Two Million Dollars) and (2) the ESOP Percentage; and (ii) release from the Non-ESOP Adjustments and Claims Escrow and pay to the Non-ESOP Stockholders’ Representative as paying agent an amount in immediately available funds equal to the product of (1) $2,000,000 (Two Million Dollars) and (2) the Non-ESOP Percentage. All payments made pursuant to this Section 2.5.3 shall constitute immediate adjustments of the Purchase Price in such amounts.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!