Settlement Account Bank definition
Examples of Settlement Account Bank in a sentence
During the Term, TMS shall administer the Settlement Account, in connection with the designated trustee, at the Settlement Account Bank.
If funds are not available in the Settlement Account, Bank without prior notice to Merchant may deduct from the Reserve Account any obligation of Merchant to Bank under this Merchant Agreement, including all Processing Fees, Chargebacks, Credit Transaction Receipts, Damages, and any and all additional fees, and sums sufficient to reimburse Bank for the amount of any fines, penalty amounts and charges due the Card Associations.
If funds are not available in the Settlement Account, Bank without prior notice to Merchant may deduct from the Reserve Account any obligation of Merchant to Bank under this Agreement, including all Processing Fees, Chargebacks, Credit Vouchers, Damages, and any and all additional fees, and sums sufficient to reimburse Bank for the amount of any fines, penalty amounts and charges due the Card Networks.
If funds are not available in the Settlement Account, Bank without prior notice to Merchant may deduct from the Reserve Account any obligation of Merchant to Bank under this Agreement, including all Processing Fees, Chargebacks, Credit Vouchers, Damages, and any and all additional fees, fines, penalty amounts and charges due the Card Associations.
The related Settlement Account Bank is not then exercising any setoff rights with respect to First Data or any Affiliate thereof against any amounts on deposit in such Approved Settlement Account.
No Approved Settlement Account is subject to any account control agreement or similar agreement granting (or purporting to grant) any Person (other than the related Settlement Account Bank) “control” (as defined in Section 9-104 of the UCC) over such Approved Settlement Account.
Such Originator shall only add an Approved Settlement Account or Settlement Account Bank to those listed on Schedule III to the Receivables Financing Agreement, if the Administrative Agent has received notice of such addition.
The Borrower shall only terminate a Lock-Box Bank or a Settlement Account Bank or close a Lock-Box Account (or a related Lock-Box) or Approved Settlement Account, in each case, with the prior written consent of the Administrative Agent.
Such Originator shall only terminate (or permit the Servicer to terminate) a Lock-Box Bank or a Settlement Account Bank or close a Lock-Box Account (or a related Lock-Box) or Approved Settlement Account, in each case, with the prior written consent of the Administrative Agent.
The Servicer shall only add an Approved Settlement Account or Settlement Account Bank to those listed on Schedule III to this Agreement, if the Administrative Agent has received notice of such addition.