Automatic Settlement Clause Samples
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Automatic Settlement. The applicable Issuer Order may provide for automatic settlement to occur on the Business Day immediately preceding the Purchase Contract Settlement Date, unless the Holder of the Units has settled the related Purchase Contracts through Early Settlement or Cash Merger Early Settlement.
Automatic Settlement. 2.1. Not less than once per day, Vyne will aggregate the amount of Inbound Transactions and pay them to the Merchant Account, net of fees payable to Vyne, minus a deduction to retain the Reserved Amount (“Automatic Settlement”). Inbound Transactions received into the Settlement Account in the half hour period before Automatic Settlement taking place may not be included in that Automatic Settlement but shall be included in the next Automatic Settlement.
2.2. Vyne reserves the right to withhold funds from the Automatic Settlement, to be held in the Settlement Account, if they are suspected to be related to fraudulent Transactions, illegal activities, Restricted Activities or related to any breach or possible breach of these Terms, including but not limited to 6.3.1 and 6.3.2.
2.3. No interest will be due on amounts held by Vyne prior to Automatic Settlement or other amounts held prior to transfer to the Merchant Account at any time.