Settlement Advance definition
Examples of Settlement Advance in a sentence
Merchant hereby grants EZCheck and ODFI a security interest in any Settlement Advance that EZCheck or ODFI may enforce for purposes of securing any obligation owed by Merchant under this Agreement without notice or demand to Merchant.
Merchant hereby acknowledges and agrees that any Settlement Advance will be deposited in an EZCheck account for exclusive use by EZCheck or ODFI for purposes of offsetting any Returns or other Merchant obligations under the Agreement not recoverable from Merchant Account.
In addition, Merchant hereby acknowledges and agrees that EZCheck may use the Settlement Advance in whatever manner it desires, i.e., commingling with other merchant funds, etc., subject to EZCheck’s requirement, should this Agreement be terminated, to refund any remaining Settlement Advance balance ninety (90) days after the termination date (“Termination Period”).
In the event of fraud or breach of this Agreement by Merchant the Settlement Advance may be funded immediately at EZCheck’s election via an ACH debit to Merchant’s Account or applying funds from ECT transactions due Merchant.
Merchant’s obligation to maintain a Settlement Advance shall survive the termination of this Agreement for the duration of the Termination Period during which time EZCheck’s and ODFI’s security interest shall continue.
If Merchant’s Settlement Advance falls below the required amount, Merchant hereby authorizes EZCheck to immediately replenish the Settlement Advance to an amount to be determined by EZCheck via an ACH debit to Merchant Account or by a direct deposit to the Settlement Advance account within twenty‐four (24) hours after verbal or written notification from EZCheck of the replenishment requirement.
On request from the Producer, the Company may, in its absolute discretion, pay to Producer an advance against the Settlement (Advance) during the Period of Engagement (but not before) provided that Company has received at least three days prior notice of the amount and form of payment requested.
In case of Collateral financed through a Wet Settlement Advance, the Company shall cause all Collateral Documents to be delivered to the Lender or its designee within seven (7) Business Days after the date of the Wet Settlement Advance relating thereto.
In case of Collateral financed through a Wet Settlement Advance, the Company shall cause all Collateral Documents to be delivered to the Lender or its designee within three (3) calendar days after the date of the Wet Settlement Advance relating thereto.
If a Wet Settlement Advance is being requested, the Request for Advance and required Collateral Documents should be submitted in accordance with the above instructions.