Common use of Settlement Account Clause in Contracts

Settlement Account. 9.1 Merchant must maintain a Settlement Account in Merchant’s name in satisfactory condition at a depository institution under arrangements acceptable to Bank and Clearent. The Settlement Account will be subject to the provisions of Section 19 of this Merchant Agreement. 9.2 Merchant agrees to maintain a minimum balance of funds in the Settlement Account as Bank and Clearent may specify to Merchant in writing from time to time. 9.3 Subject to the terms and conditions of this Merchant Agreement, Bank agrees to provisionally credit Merchant for each Transaction that Bank and Clearent accepts from Merchant. Merchant agrees that Bank may charge the Settlement Account for the amount of any Transaction processed under this Merchant Agreement that results in a Chargeback, or for any Sales Draft or other reimbursement or Processing Fees to which Bank or Clearent may be entitled. 9.4 Merchant agrees that Bank and Clearent may audit all Transaction calculations and that Bank shall have the right, without notice, to make withdrawals, deposits, or other adjustments to or from the Settlement Account for any deficiencies or overages. 9.5 If the Settlement Account is closed, Bank or its designated representative may terminate this Merchant Agreement, effective immediately, upon written or oral notice (with written confirmation in the event of oral notice) unless Merchant opens another Settlement Account acceptable to Bank and Clearent. Merchant may change the Settlement Account upon prior written approval by Bank and Clearent, which approval will not be unreasonably withheld. 9.6 Merchant authorizes Bank or its agents or designated representatives to initiate debit and credit entries and adjustments to the Settlement Account or the Reserve Account through the ACH settlement process for amounts due under this Merchant Agreement. This authorization will remain in full force and effect until termination of the Merchant Agreement and the full and final payment of all obligations of Merchant due under this Merchant Agreement. Merchant agrees to be bound by all applicable terms and provisions of the ACH Rules or other applicable Card Brand or network, in effect from time to time. Merchant acknowledges and agrees that Bank and Clearent will not be liable for any delays in receipt of funds, any failure by Merchant to receive funds, or errors in debit or credit entries caused by Merchant, or third parties, including but not limited to any Card Brand or any financial institution. For each returned ACH debit, Merchant will be assessed a fee of $15.

Settlement Account. 9.1 15.1 Merchant must maintain a Settlement Account in Merchant’s Xxxxxxxx's name in satisfactory condition at a depository institution under arrangements acceptable to Bank and ClearentProvider. The Settlement Account will be subject to the provisions of Section 19 of this Merchant Agreement17. 9.2 Merchant agrees to maintain a minimum balance of funds in the Settlement Account as Bank and Clearent may specify to Merchant in writing from time to time. 9.3 15.2 Subject to the terms and conditions of this Merchant Agreement, Bank Xxxxxxxx agrees to provisionally credit Merchant for each Transaction that Bank and Clearent Provider accepts from Merchant. Merchant Xxxxxxxx agrees that Merchant Bank may charge the Settlement Account for the amount of any Transaction processed under this Agreement, or any agreement Provider may have with any Merchant Agreement Affiliate that results in a Chargeback, or for any Sales Draft Credit Voucher or other reimbursement or reimburse mentor Processing Fees to which Bank or Clearent Provider may be entitled. 9.4 Merchant . Xxxxxxxx agrees that Bank and Clearent Provider may audit all Transaction calculations and that Merchant Bank shall have the right, without notice, to make withdrawals, deposits, or other adjustments Adjustments to or from the Settlement Account for any deficiencies or overages. Provider shall presume that any amounts Provider pays to or debits from Merchant are correct unless Merchant disputes these by sending Provider written notice within thirty (30) days of the date of the applicable statement containing any disputed payments or debits. Merchant understands that Processor shall not have access to or hold settlement funds. With respect to Visa Transactions, Merchant Bank is responsible for providing settlement funds directly to Merchant. 9.5 15.3 If Merchant chooses to rent or lease processing equipment from Processor or utilizes software provided by Processor for use in processing Transactions, Xxxxxxxx agrees to pay Provider: (i) a pre- determined monthly rental fee; (ii) any initial upfront costs as required; and (iii) all applicable taxes for such Card processing equipment or software utilization. Any such fees for rental equipment shall, for the purposes of this Section 15 and Section 16, be considered “amounts due under this Agreement.” 15.4 If the Settlement Account is closed, Merchant Bank or its designated representative Processor may terminate this Merchant Agreement, effective immediately, upon written or oral notice (with written confirmation in the event of oral notice) unless Merchant opens another Settlement Account acceptable to Bank and ClearentProvider. Merchant may change the Settlement Account upon prior written approval by Bank and ClearentProvider, which approval will not be unreasonably withheld. 9.6 15.5 Merchant authorizes Merchant Bank or its agents or designated representatives to initiate debit and credit entries and adjustments Adjustments to the Settlement Account or the Reserve Account (described in Section 16) through the ACH settlement process for amounts due under this Merchant Agreement. This authorization will remain in full force and effect until termination of the Merchant Agreement and the full and final payment of all obligations of Merchant due under this Merchant Agreement. Merchant Xxxxxxxx agrees to be bound by all applicable terms and provisions of the ACH Rules or other applicable Card Brand or networknetwork(s), in effect from time to time. Merchant Xxxxxxxx acknowledges and agrees that Bank and Clearent Provider will not be liable for any delays in receipt of funds, any failure by Merchant to receive funds, or errors in debit or credit entries caused by Merchant, or third parties, including but not limited to any Card Brand Network or any financial institution. For each returned ACH debit, Merchant will be assessed a fee of $15.

Settlement Account. 9.1 Merchant must maintain a Settlement Account in MerchantXxxxxxxx’s name in satisfactory condition at a depository institution under arrangements acceptable to Bank and Clearent. The Settlement Account will be subject to the provisions of Section 19 of this Merchant Agreement. 9.2 Merchant agrees to maintain a minimum balance of funds in the Settlement Account as Bank and Clearent may specify to Merchant in writing from time to time. 9.3 Subject to the terms and conditions of this Merchant Agreement, Bank Bank, through instruction from Clearent, agrees to provisionally credit Merchant for each Transaction that Bank and Clearent accepts from Merchant. Merchant Xxxxxxxx agrees that Bank may charge the Settlement Account for the amount of any Transaction processed under this Merchant Agreement that results in a Chargeback, or for any Sales Draft or other reimbursement or Processing Fees to which Bank or Clearent may be entitled. 9.4 Merchant agrees that Bank and Clearent may audit all Transaction calculations and that Bank shall have the right, without notice, to make withdrawals, deposits, or other adjustments to or from the Settlement Account for any deficiencies or overages. 9.5 If the Settlement Account is closed, Clearent, Bank or its and either of their designated representative may terminate this Merchant Agreement, effective immediately, upon written or oral notice (with written confirmation in the event of oral notice) unless Merchant opens another Settlement Account acceptable to Bank and Clearent. Merchant may change the Settlement Account upon prior written approval by Bank and Clearent, which approval will not be unreasonably withheld. 9.6 Merchant authorizes Clearent, Bank or its and either of their agents or designated representatives to initiate debit and credit entries and adjustments to the Settlement Account or the Reserve Account through the ACH settlement process for amounts due under this Merchant Agreement. This authorization will remain in full force and effect until termination of the Merchant Agreement and the full and final payment of all obligations of Merchant due under this Merchant Agreement. Merchant Xxxxxxxx agrees to be bound by all applicable terms and provisions of the ACH Rules or other applicable Card Brand or network, in effect from time to time. Merchant Xxxxxxxx acknowledges and agrees that Bank and Clearent will not be liable for any delays in receipt of funds, any failure by Merchant to receive funds, or errors in debit or credit entries caused by Merchant, or third parties, including but not limited to any Card Brand or any financial institution. For each returned ACH debit, Merchant Xxxxxxxx will be assessed a fee of $15.