Common use of Settlement by Merchant for Entries Clause in Contracts

Settlement by Merchant for Entries. TransFirst, through its Third-Party Sender where applicable, will either debit or credit the Settlement Account to offset any Credit or Debit Entry initiated by Merchant. Merchant shall reimburse TransFirst, through its Third-Party Sender where applicable, with good and collected funds if, after settlement has been made, (i) any Debit Entry is rejected or returned, or (ii) TransFirst or its Third-Party Sender receives any other adjustment that relates to any such Debit Entry. Merchant shall make such reimbursement on the date of such rejection or the date TransFirst or its Third-Party Sender receives notification of the adjustment.