Returns Account definition
Returns Account the deposit account maintained by the Borrower with CIBC, into which payments received in respect of Merchant Charge-Back Receivables are deposited.
Returns Account means an account receivable arising from SPV corporate funds being loaned by Bastogne to the DDA for purposes of covering Uncollected ACH Debits.
Returns Account means the separate fiduciary bank account into which all or any element of the Returns are required to be deposited in accordance with the provisions of this Funding Agreement, and as specified in clause 18.1;
Examples of Returns Account in a sentence
Deposit in the (i) Primary Account, all payments received in respect of the Visa Receivables; (ii) Merchant Business Account, all payments received in respect of the Merchant Business Receivables; and (iii) Returns Account, all payments received in respect of the Merchant Charge-Back Receivables.
The ERDF Recipient agrees to use all reasonable endeavours to assist the Secretary of State to promptly register its security over the sums in the Returns Account [acknowledging that its security shall rank behindXXXX ]in accordance with the terms of an intercreditor agreement to be agreed between the parties.