Reserve Account After Merchant Agreement Terminates Sample Clauses

Reserve Account After Merchant Agreement Terminates. Merchant Bank may continue to hold or deposit funds in the Reserve Account after termination of this Merchant Agreement, regardless of whether termination is by Merchant or Bank. Upon termination of the Merchant Agreement by Merchant or Bank, Bank may retain sufficient funds to satisfy any and all Processing Fees, Chargebacks, Credit Transaction Receipts, Damages, and any and all additional fees, and sums sufficient to reimburse Bank for the amount of any fines, penalty amounts and charges due the Card Associations. If no funds have been deposited into the Reserve Account before termination, Bank, at Bank’s option, may notify Merchant to deposit funds into the Reserve Account upon termination of this Merchant Agreement. All provisions which apply to a pre-termination Reserve Account will apply after termination, including replenishment of deficiencies. The funds will be held by Bank or its designated agent for a period of not less than one hundred eighty (180) days from the date of the last Transaction processed under the Merchant Agreement, plus the period of any warranty, guarantee, and/or return policy on goods and/or services sold. Bank will return the balance in the Reserve Account to Merchant after Bank reasonably determines that the risk of Chargebacks and other Processing Fees has ended and after deducting all amounts that Merchant owes to Bank under this Merchant Agreement or any other agreement.
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Reserve Account After Merchant Agreement Terminates. Merchant Bank may continue to hold or deposit funds in the Reserve Account after termination of the Merchant Agreement, regardless of whether termination is by Merchant or Bank. Upon termination of the Merchant Agreement by Merchant or Bank, Bank may retain sufficient funds to satisfy any and all Processing Fees, Chargebacks, Credit Transaction Receipts, Damages, and any and all additional fees, and sums sufficient to reimburse Bank for the amount of any fines, penalty amounts and charges due the Card Associations or other obligations or liabilities arising under the terms of the Merchant Agreement. If no funds have been deposited into the Reserve Account before termination, Bank, at Bank’s option, may notify Merchant to deposit funds into the Reserve Account upon termination of the Merchant Agreement. All provisions which apply to a pre-termination Reserve Account will apply after termination, including replenishment of deficiencies. The funds will be held by Bank or its designated agent for a period of not less than one hundred eighty days from the date of the last Transaction, including, but not limited to a chargeback transaction, processed under the Merchant Agreement, plus the period of any warranty, guarantee, and/or return policy on goods and/or services sold. Bank will return the balance in the Reserve Account to Merchant after Bank reasonably determines that the risk of Chargebacks, Processing Fees or Merchant’s liabilities or obligations under the Merchant Agreement has ended and after deducting all amounts that Merchant owes to Bank under the Merchant Agreement or any other agreement.
Reserve Account After Merchant Agreement Terminates. Processor or Member Bank may continue to hold or deposit funds in the Reserve Account after termination of the Merchant Agreement, regardless of whether termination is by Merchant, Processor or Member Bank. Upon termination of the Merchant Agreement by Merchant, Processor or Member Bank, Processor and Member Bank may retain sufficient funds to satisfy any and all Processing Fees, Chargebacks, Credit Transaction Receipts, Damages, and any and all additional fees, and sums sufficient to reimburse Processor and Member Bank for the amount of any liability assessments and charges due the Card Associations or other obligations or liabilities arising or, in Processor’s or Member Bank’s discretion, likely to arise under the terms of the Merchant Agreement. If no funds have been deposited into the Reserve Account before termination, Processor, at Processor’s option, may notify Merchant to deposit funds into the Reserve Account upon termination of the Merchant Agreement. All provisions which apply to a pre-termination Reserve Account will apply after termination, including replenishment of deficiencies. The funds will be held by Processor and Member Bank or its designated agent for a period of not less than one hundred eighty days from the date of the last Transaction, including, but not limited to a Chargeback, processed under the Merchant Agreement, plus the period of any warranty, guarantee, and/or return policy on goods and/or services sold. Processor and Member Bank will turn over the balance in the Reserve Account to Merchant after Processor reasonably determines that the risk of Chargebacks, Processing Fees or Merchant’s liabilities or obligations under the Merchant Agreement has ended and after deducting all amounts that Merchant owes to Processor and Member Bank under the Merchant Agreement or any other agreement.

Related to Reserve Account After Merchant Agreement Terminates

  • Account Termination You and we agree that either of us may close your Account (and any associated ATM or Debit Card) and terminate this Agreement at any time with or without cause. We may, but are not required to, provide you oral or written notice if we decide to terminate your Account relationship for any reason. We may terminate your account if we suspect or confirm abuse of the account relationship or to prevent a loss. If we provide written notice, we will send the notice to the mailing address we have on file at that time or electronically to the email address you provided to us. You may close any of your accounts by notifying us in writing. We will consider your Account closed if we close your account, if you request your account to be closed, or if you withdraw all of the funds in your account, we may close your account at the end of the statement cycle during which your account balance becomes zero. When an interest-bearing account is closed, there may be accrued interest that has not been credited to the account in which case you may forfeit the accrued but unpaid interest. Further, for security reasons, we may require you to close your Account and to open a new account if: there is a change in authorized signers; there has been a forgery or fraud reported or committed involving your Account; any Account checks are lost or stolen; you have too many transfers from your Account; or, any other provision of our Agreement with you is violated. After the Account is closed, we have no obligation to accept deposits or pay any outstanding checks. You agree to hold us harmless for refusing to honor any check drawn on a closed account. In the event that we close your Account, we may mail you a Cashier's Check for the applicable remaining Account balance. The termination of this Agreement and closing of an account will not release you from any fees or other obligations incurred prior to the date upon which this Agreement is terminated and an account closed, any fees assessed by us in the process of closing an account, or from your responsibility to maintain sufficient funds in an account to cover any outstanding checks or other debit items. Bank reserves the right to refuse to return any unused balance amount less than $1.00.

  • CONTRACT MANAGEMENT AND EARLY TERMINATION 14 8.1 Contract Remedies. 14 8.2 Termination for Convenience 14 8.3 Termination for Cause 14 ARTICLE IX. MISCELLANEOUS PROVISIONS 15 9.1 Amendment 15 9.2 Insurance 15 9.3 Legal Obligations 15 9.4 Permitting and Licensure 16 9.5 Indemnity 16 9.6 Assignments 16 9.7 Independent Contractor 17 9.8 Technical Guidance Letters 17 9.9 Dispute Resolution 17 9.10 Governing Law and Venue 17 9.11 Severability 17 9.12 Survivability 18 9.13 Force Majeure 18 9.14 No Waiver of Provisions 18 9.15 Publicity 18 9.16 Prohibition on Non-compete Restrictions 19 9.17 No Waiver of Sovereign Immunity 19 9.18 Entire Contract and Modification 19 9.19 Counterparts 19 9.20 Proper Authority 19 9.21 E-Verify Program 19 9.22 Civil Rights 19 9.23 System Agency Data 21 v. 2 16.1 Effective 03/26/2019 HHSC Grantee Uniform Terms and Conditions Page 3 of 21

  • SIMPLE Individual Retirement Custodial Account (Under section 408(p) of the Internal Revenue Code) The participant named above is establishing a savings incentive match plan for employees of small employers individual retirement account (SIMPLE IRA) under sections 408(a) and 408(p) to provide for his or her retirement and for the support of his or her beneficiaries after death. The custodian named above has given the participant the disclosure statement required by Regulations section 1.408-6. The participant and the custodian make the following agreement:

  • Inactive Accounts If your PayPal account is inactive for at least 12 consecutive months, we may charge an annual inactivity fee. Inactive means that you have not logged into your PayPal account or otherwise used your PayPal account to send, receive or withdraw money. Your liability You are responsible for all reversals, chargebacks, claims, fees, fines, penalties and other liability incurred by PayPal, any PayPal user, or any third party caused by or arising out of your breach of this user agreement and/or your use of PayPal services irrespective of termination, suspension or closure You agree to reimburse PayPal, a user, or a third party for any and all such liability. Reimbursement for your liability You agree that we may set off any of the amounts held in accounts held or controlled by you with any fees, charges or other amounts you owe us and any such amounts you owe to our affiliates as defined in the Indemnification and Limitation of Liability section below (including, without limitation, in respect of any services provided by any such affiliate). In simple terms, our right to set off means that we may deduct such fees, charges or other amounts mentioned in this section from a balance in a PayPal account held or controlled by you. If there are insufficient funds in your balance to cover your liability, we reserve the right to collect the amount you owe us by deducting the amount (or any part of it) from any payments received in or money you add to your PayPal account. Otherwise you agree to reimburse us through other means. We may also recover amounts you owe us through legal means, including, without limitation, through the use of a debt collection agency.

  • Agreement Termination In the event Contractor is unable to fulfill its responsibilities under this Agreement for any reason whatsoever, including circumstances beyond its control, County may terminate this Agreement in whole or in part in the same manner as for breach hereof.

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