Common use of Member and/or Servicer Insolvency Event Clause in Contracts

Member and/or Servicer Insolvency Event. The commencement of any bankruptcy, insolvency, moratorium, liquidation, judicial reorganization proceeding, dissolution, arrangement, or proceeding under any creditors’ rights law or other similar proceeding by or against Member and/or Servicer, (ii) any application for, consent by Member and/or Servicer, or acquiescence by Member and/or Servicer in, the appointment of any trustee, receiver, or other custodian for Member and/or Servicer or a substantial part of its property, (iii) any appointment of a trustee, receiver or other custodian for Member and/or Servicer or a substantial part of its property, or (iv) any assignment by Member and/or Servicer for the benefit of creditors. Net Activity – For any day on which funds are to be remitted to Carrier under Section 6.2 hereof with respect to Transactions to be settled in the same currency, the net aggregate amount of (i) the aggregate amount of the Sales Records submitted to Servicer prior to such date of remittance of funds that are to be settled to Carrier in the same currency, plus (ii) adjustments in favor of Carrier in the same currency, minus (iii) outstanding Credit Records, Chargebacks to Carrier for which Servicer or Member has not been reimbursed, adjustments in favor of Servicer or Member and reimbursements to Servicer or Member with respect to Sales Records in the same currency, minus (iv) fees owed to Servicer or Member and the processing fees set out in the Fee Schedule and any other obligations of Carrier to Servicer or Member arising under this Agreement, minus *****.

Member and/or Servicer Insolvency Event. The commencement of any bankruptcy, insolvency, moratorium, liquidation, judicial reorganization proceeding, dissolution, arrangement, or proceeding under any creditors’ rights law or other similar proceeding by or against Member and/or Servicer, (ii) any application for, consent by Member and/or Servicer, or acquiescence by Member and/or Servicer in, the appointment of any trustee, receiver, or other custodian for Member and/or Servicer or a substantial part of its property, (iii) any appointment of a trustee, receiver or other custodian for Member and/or Servicer or a substantial part of its property, or (iv) any assignment by Member and/or Servicer for the benefit of creditors. Net Activity – For any day on which funds are to be remitted to Carrier under Section 6.2 hereof with respect to Transactions to be settled in the same currency, the net aggregate amount of (i) the aggregate amount of the Sales Records submitted to Servicer prior to such date of remittance of funds that are to be settled to Carrier in the same currency, plus (ii) adjustments in favor of Carrier in the same currency, minus (iii) outstanding Credit Records, Chargebacks to Carrier for which Servicer or Member has not been reimbursed, adjustments in favor of Servicer or Member and reimbursements to Servicer or Member with respect to Sales Records in the same currency, minus (iv) fees owed to Servicer or Member and the processing fees set out in the Fee Schedule and any other obligations of Carrier to Servicer or Member arising under this Agreement, minus ****** Obligations – As defined in the Exposure Protection Schedule. Operating Regulations – The operating regulations of a Card Association as amended or supplemented from time to time.