Merchant Reserve Account means a non-interest bearing deposit account maintained at BPPR and owned by EVERTEC for the deposit of funds received from Merchants pursuant to their respective Merchant Agreements as collateral against losses (i.e., reserves).
Merchant Reserve Account means a non-interest bearing deposit account maintained at Bank for the deposit of funds received from Merchants pursuant to their respective Merchant Agreements as collateral against losses (i.e., reserves) that might be incurred by CCC or Bank should a Merchant be unable or fail to pay when due Merchant Losses or Merchant Transaction Processing Fees.
Merchant Reserve Account means (i) one or more accounts maintained and controlled by Transferor for the deposit of funds received from Merchants pursuant to their respective Merchant Agreements, and (ii) all letters of credit, bonds, insurance policies, guarantees, and all other security and collateral, in each case held by or on behalf of Transferor to secure Merchant obligations to Transferor with respect to the Merchant Portfolio.
Examples of Merchant Reserve Account in a sentence
Merchant shall have no right or ability to access, withdraw or transfer funds from the Merchant Reserve Account.
The initial amount of the Merchant Reserve Account is provided for in the Addendum.
Company shall establish and fund a General Reserve Account and Merchant Reserve Account (collectively “Reserve Accounts”) as follows.
Further, MAS may fund the Merchant Reserve Account by deduction from payments due Merchant.
However, though the other organizations recognize the significance of the role, they consider that it is way too expensive to have a personal dedicated for this task which is usually the initial phase of project.
More Definitions of Merchant Reserve Account
Merchant Reserve Account means one or more accounts maintained and controlled by SERVICERS for the deposit of funds received from Merchants pursuant to their respective Merchant Processing Agreements as security and collateral against Merchant Loss that might be incurred by IPAYMENT or SERVICERS.
Merchant Reserve Account shall have the meaning ascribed thereto in Section 5.11.2.
Merchant Reserve Account has the meaning set forth in Section 2.12.
Merchant Reserve Account or “Reserve Account” means an account established at and managed by the Bank for the deposit of funds received from the Merchant pursuant to this Merchant Agreement as collateral to protect the Bank against actual or contingent liability or losses (i.e. reserves) that might be incurred by the Bank should the Merchant be unable or fail to pay Chargebacks, adjustments, fees and other charges and obligations due to the Bank under this Merchant Agreement.
Merchant Reserve Account means (i) one or more accounts maintained and controlled by Transferor for the deposit of funds received from Merchants pursuant to their respective Merchant Agreements, and (ii) all letters of credit, bonds, insurance policies, guarantees, and all other security and collateral, in each case held by or on behalf of Transferor to secure Merchant obligations to Transferor with respect to the Merchant Portfolio. "Net Revenue" means, for any period of time, the total Conversion Revenues less all interchange fees, Service Provider fees and penalties (but only to the extent such fees and penalties are paid for merchant processing services), dues and assessments charged by Visa, MasterCard, other applicable Card Associations and Debit Card Networks and their respective issuing banks and the authorization, capture and settlement costs paid by Transferor relating to such Conversion Revenues for such period of time.
Merchant Reserve Account means one or more accounts maintained and controlled by SERVICERS for the deposit of funds received from Merchants pursuant to their respective Merchant Processing Agreements as security and collateral against Merchant Loss that might be incurred by IPAYMENT or SERVICERS. "MINIMUM BALANCE" shall have the meaning provided in SECTION 6.1 (A). "NET PROGRAM PARTICIPATION FEES" shall mean, at any point in time, all Program Participation Fees minus the sum of:
Merchant Reserve Account means one or more accounts maintained by SERVICERS as security against Merchant liabilities to ISO or SERVICERS.