Hold Account definition

Hold Account means a non-interest bearing deposit account maintained at BPPR for diversion of Merchant funds when there is evidence of fraudulent Transactions or serious violation of applicable Rules by such Merchant.
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Hold Account has the meaning set forth in Section 2.11.
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Examples of Hold Account in a sentence

  • EVERTEC will, on a monthly basis, notify BPPR of all cumulative Merchant Losses so discovered and verified and BPPR shall transfer an equivalent amount of funds from the Hold Account or any Merchant Reserve Account, at EVERTEC’s request, to the Operating Account.

  • EVERTEC agrees that, in the event BPPR incurs any expense, loss, damage, liability or other cost that BPPR in good faith believes is covered by EVERTEC’s obligations pursuant to Section 9.4(a), BPPR may reimburse itself therefor by immediately debiting any or all of the EVERTEC Reserve Account, the Hold Account and the applicable Merchant Reserve Account, in such order as BPPR may in its sole judgment deem appropriate.

  • BPPR shall change the Merchant bank account information to cause such Merchant funds to be deposited into the Hold Account.

  • EVERTEC shall not have the ability to withdraw funds from either the Hold Account or the EVERTEC Reserve Account.

  • EVERTEC shall have view-only access to the Hold Account and the EVERTEC Reserve Account.

  • If in any case EVERTEC’s investigation determines that no violation of applicable Rules and no Merchant Losses have occurred, EVERTEC will promptly instruct BPPR to release to the Merchant’s DDAs any funds diverted to the Hold Account because of the alleged violation to the Merchant’s DDA.

  • CCC will, on a monthly basis, offset all cumulative Merchant Losses so discovered and verified by instructing Bank to transfer an equivalent amount of funds from the Hold Account and/or the Merchant Reserve Account, as appropriate, to the Operating Account.

  • CCC will establish a Hold Account and a Merchant Reserve Account at Bank for the deposit of funds, respectively, from (i) suspicious Transactions and (ii) Merchant reserves required pursuant to the Merchant Agreements.

  • CCC will monitor daily Merchant activity and if in its sole judgment certain Merchants and/or certain Transactions are possibly fraudulent or otherwise not in compliance with the Rules, CCC will instruct the Processor to change the Merchant bank account information to cause such Merchant funds to be deposited into the Hold Account.

  • On and after the satisfaction of the Conditions (as defined in Section 3.7) and the reduction of all BINs to two have all occurred, CCC shall thereafter be further entitled to compensation of [****] per annum of the total amount held on deposit at Bank in non-interest earning deposit accounts of Merchants on which Humboldt is not obligated to pay interest earnings to any third party, including without limitation the Hold Account and the Merchant Reserve Accounts.

Related to Hold Account

  • Direct Account : means any Account which is not an ISA Account.

  • AAVS Account means the account to which your Automatic Add Value Service is linked, as defined or specified in the relevant Application Form or such other account as notified to us by the Financial Institution or by the AAVS Account Holder from time to time;

  • Reserve Account means the account designated as such, established and maintained pursuant to Section 4.1 of the Sale and Servicing Agreement.

  • Segregated Account means a client bank account as defined by and held in accordance with the Applicable Regulations.

  • Force Account means the use of the Recipient's own employees, equipment, or resources for the Project.