Common use of Settlement Account Required Clause in Contracts

Settlement Account Required. Xxxxxxxx must maintain a Settlement Account in Xxxxxxxx’s name in satisfactory condition at a depository institution under arrangements acceptable to Processor. The Settlement Account will be subject to the provisions of Section 14 of this Merchant Agreement.

Settlement Account Required. Xxxxxxxx must maintain a Settlement Account in Xxxxxxxx’s name in satisfactory condition at a depository institution under arrangements acceptable to ProcessorBank. The Settlement Account will be subject to the provisions of Section 14 of this Merchant Agreement.

Settlement Account Required. Xxxxxxxx must maintain a Settlement Account in Xxxxxxxx’s name in satisfactory condition at a depository institution under arrangements acceptable to ProcessorBank. The Settlement Account will be subject to the provisions of Section 14 of this Merchant Agreement. Merchant Bank is responsible for providing settlement funds directly to Merchant, and Processor shall not have access to or hold settlement funds, nor be liable for funding of such settlement funds in the event Merchant Bank fails to provide such settlement funds.