Dormancy. If there is no processing activity through your Bank-sponsored Merchant Account(s) for a period of twelve (12) months or longer, PayPal may close such inactive Bank-sponsored Merchant Account(s) and terminate the Braintree Payment Services upon written notice. If any surplus funds are held by PayPal (for example, Reserves), these will be remitted to your Bank-sponsored Merchant Account, unless we are notified by you or on your behalf that these should be remitted to an alternative location.
Appears in 2 contracts
Sources: Braintree Payment Services Agreement, Braintree Payment Services Agreement
Dormancy. If there is no processing activity through your Bank-sponsored Merchant Account(s) for a period of twelve (12) 12 months or longer, PayPal may close such inactive Bank-sponsored Merchant Account(s) and terminate the Braintree Payment Services upon written notice. If any surplus funds are held by PayPal (You will remain liable for example, Reserves), these will be remitted all outstanding obligations under this Agreement related to your Bank-sponsored Merchant Account, unless we are notified by you or on your behalf that these should be remitted Account(s) prior to an alternative locationclosure.
Appears in 1 contract
Sources: Braintree Payment Services Agreement