Common use of ACCREDITED MERCHANTS Clause in Contracts

ACCREDITED MERCHANTS. PNB has separate agreements with Mastercard, Visa, and UnionPay, whereby the Credit Card shall be honored at their respective accredited merchants worldwide. However, PNB shall not be liable to the Cardholder if, for any reason, the Credit Card is not honored or accepted by any local or foreign merchants, financial institutions, or any other persons, notwithstanding the availability of credit in favor of the Cardholder under the Credit Card account. Furthermore, the Cardholder shall hold PNB free and harmless from any and all claims for damages as a result of the failure of any accredited merchant or any acquiring entity, or of Mastercard, Visa, and UnionPay to honor the Credit Card.