Examples of Nodal Account in a sentence
In the event that you: (a) provide a Refund Request to SabPaisa; or (b) fail to provide Refund Request and fail to contest such Disputed Transaction within the aforesaid period or contests Disputed Transaction without providing supporting documentation to the satisfaction of SabPaisa, Acquiring Banks, Card Association and/or Issuing Institution, SabPaisa shall be entitled to recover the Refund Monies from Settlement Amount subsequently made to the Nodal Account.
In the event that SabPaisa is unable to recover the Refund Monies as aforesaid, due to the Settlement Amount credited to the Nodal Account being lower than the Refund Monies, SabPaisa shall deduct the remaining Refund Monies from the Reserve (if any) or set-off the remaining Refund Monies against the future Settlement Amounts payables to you and refund the same to the Customer.
In the event your balance in the Nodal Account is insufficient to process the refund request, we will process such amounts due to the customer on your behalf, and you will reimburse us for all amounts so paid.
For the purposes of making payments to the customer (which may be in the same payment form originally used to purchase Your Product), you authorize us to make such payments or disbursements from your available balance in the Nodal Account (as defined in Section S-6).
Remittances to you for Your Transactions (excluding COD transactions) will be made through a nodal account (the "Nodal Account") in accordance with the directions issued by Reserve Bank of India for the opening and operation of accounts and settlement of payments for electronic payment transactions involving intermediaries vide its notification RBI/2009-10/231 DPSS.CO.PD.No.1102 / 02.14.08/ 2009-10 dated November 24, 2009.
The Aggregator hereby unequivocally agrees that the Nodal Bank or RBI or person authorized by RBI or the Nodal Bank shall have a right to conduct an audit of the Nodal Account.
AUTHORIZATION AND AUTHENTICATION OF TRANSACTION The Acquiring Bank will authenticate, authorize, and process the payment instructions given by the Customers on the Website in respect of the Transactions upon fulfilment of valid criteria as set forth by the Acquiring Banks and the Card Associations from time to time and accordingly transfer such approved Customer Charge from the Customer Bank Account to the Nodal Account.
In the event chargeback refund direction being issued by the Bank, the concerned Merchant shall ensure the refund of the amounts received by the Merchant in respect of such Card Transaction (“Refund Monies”) by depositing the same into the Nodal Account forthwith (i.e. on the same day on which the Refund Direction is received from the Bank/ Cashlesso).
In the event that your balance in the Nodal Account is insufficient to process the refund request, we will process such amounts due to the customer on your behalf, and you will reimburse us for all such amount paid in this way.
The Company Fees will be paid to the Company by the User in addition to, and along with, the lump sum payment or each milestone-based or periodical payment made by the User for availing the services and the Company shall be entitled to remove the Company Fees from the Nodal Account and into its own account upon such payments becoming due.