Processing Accounts definition

Processing Accounts means any settlement, reserve, custodial or similar accounts (including any such accounts where a Person acts as agent) holding funds of merchants or other customers in connection with which a Person acts, in whole or in part, as a processor, custodian, remitter or transmitter in the ordinary course of its business.
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Processing Accounts. MEANS ANY SETTLEMENT, RESERVE, CUSTODIAL OR SIMILAR ACCOUNTS (INCLUDING ANY SUCH ACCOUNTS WHERE A PERSON ACTS AS AGENT) HOLDING FUNDS OF MERCHANTS OR OTHER CUSTOMERS IN CONNECTION WITH WHICH A PERSON ACTS, IN WHOLE OR IN PART, AS A PROCESSOR, CUSTODIAN, REMITTER OR TRANSMITTER IN THE ORDINARY COURSE OF ITS BUSINESS. 34 “PROCESSING LIENS” MEANS LIENS ON 34 “PROCESSING OBLIGATIONS” MEANS, AS TO ANY PERSON, LIABILITIES AND OBLIGATIONS OF SUCH PERSON THAT ARISE OUT OF OR RELATE TO ANY PAYMENT PROCESSING TRANSACTION FOR WHICH SUCH PERSON ACTS, IN WHOLE OR IN PART, AS A PROCESSOR, CUSTODIAN, REMITTER, SERVICER OR ACCOUNTS PAYABLE AUTOMATOR OR TRANSMITTER IN THE ORDINARY COURSE OF ITS BUSINESS, INCLUDING, WITHOUT LIMITATION, ANY LIABILITY OR OBLIGATION OF SUCH PERSON UNDER ANY SPONSORSHIP AGREEMENT. 35 “PRO FORMA BASIS” 35 “PRO RATA SHARE” 35 “PUBLIC LENDER” 35 “QUALIFIED CAPITAL STOCK” 35
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Examples of Processing Accounts in a sentence

  • Whether or not a Cash Dominion Event has occurred and is continuing, the Borrower shall cause each Payment Processor to pay all Payment Processing Accounts Receivable made under the applicable Payment Processing Agreement by ACH or wire transfer directly into a SPE Proceeds Account.

  • The income (if any) from Processing Accounts is additional Compensation to AdvisorTrust or the Person that keeps the account.

  • The Custodian may use Processing Accounts in providing services under this Agreement.

  • The Custodian holds those of the Plan’s Investments that are Platform Investments, holds Loans, holds the Processing Accounts, and pays Plan distributions.

  • The provisions of the previous sentence shall not apply to Payment Processing Accounts, and deposit accounts exclusively used for payroll, payroll taxes, and other employee wage and benefit payments to or for the benefit of Borrower's employees and identified to Agent by Borrower as such.

  • Amounts from the Merchant Processing Accounts shall be transferred into the Cash Collateral Account in accordance with Section 6.8. Whether or not an Event of Default has occurred and is continuing, Borrower shall immediately deliver all payments on and proceeds of Accounts to the Cash Collateral Account.

  • Borrower shall be permitted to maintain its accounts with payment processors that service Borrower's marketplace platform, such as PayPal and Stripe (the "Payment Processing Accounts"), so long as Borrower has provided Agent prior written notice of such account(s) and the aggregate amount of cash in such accounts does not exceed the lesser of (i) Fifty Million Dollars ($50,000,000), and (ii) the maximum aggregate amount of Sitter Payables, at any time.

  • If a financial institution returns a transaction using an Electronic Check or substitute check to Northwest FCS for any reason, Northwest FCS may charge Mobile Check Processing Account(s) for the amount of the return and return the substitute check to you or re-present the Electronic Check or substitute check to the financial institution for payment.

  • The provisions of the previous sentence shall not apply to (i) deposit accounts exclusively used for payroll, payroll taxes, and other employee wage and benefit payments to or for the benefit of Borrower’s employees and identified to Agent by Borrower as such or (ii) the Merchant Processing Accounts so long as Borrower transfers applicable funds therein to an account maintained with SVB in accordance with Section 6.6(a).

Related to Processing Accounts