Settlement Account Required. Merchant must maintain a Settlement Account in Merchant’s name in satisfactory condition at a depository institution under arrangements acceptable to Bank. The Settlement Account will be subject to the provisions of Section 14 of this Merchant Agreement.
Appears in 19 contracts
Samples: Merchant Card Processing Agreement, Merchant Card Processing Agreement, Merchant Card Processing Agreement
Settlement Account Required. Merchant must maintain a Settlement Account in Merchant’s name in satisfactory condition at a depository institution under arrangements acceptable to Bank. The Settlement Account will be subject to the provisions of Section 14 16 of this Merchant Agreement.
Appears in 3 contracts
Samples: Settlement Services Agreement (Transfirst Holdings Corp.), Settlement Services Agreement (Transfirst Holdings Corp.), Clearing and Settlement Services Agreement (TransFirst Inc.)
Settlement Account Required. Merchant must maintain a Settlement Account in Merchant’s name in satisfactory condition at a depository institution under arrangements acceptable to Bank. The Settlement Account will be subject to the provisions of Section 14 of this Merchant Agreement. Merchant Bank is responsible for providing settlement funds directly to Merchant, and Processor shall not have access to or hold settlement funds, nor be liable for funding of such settlement funds in the event Merchant Bank fails to provide such settlement funds.
Appears in 2 contracts
Samples: Merchant Card Processing Agreement, Merchant Card Processing Agreement
