Memberships in System Clause Samples
The 'Memberships in System' clause defines the rules and requirements for parties to become and remain members within a particular system, network, or organization. Typically, this clause outlines eligibility criteria, application procedures, and ongoing obligations for members, such as compliance with system rules or payment of fees. By establishing clear standards for membership, the clause ensures that only qualified participants are admitted and that all members understand their rights and responsibilities, thereby maintaining the integrity and orderly operation of the system.
Memberships in System. Bank shall obtain and maintain its membership in each System and maintain all related licensing rights (“Membership”) at its sole expense, and shall timely pay all fees, dues, and assessments associated therewith. If a System elects to terminate Bank’s Membership for any reason, Bank shall give notice to Company promptly after it receives notice from such System.
Memberships in System. Bank, as a principal member of System, shall support the sponsorship and registration of Program Manager as a marketing agent or service provider of Bank with each System, as applicable. However, the Parties hereto acknowledge and agree that Program Manager assumes all risk that the Program Manager or any Program may not be approved by any System. Bank will promptly provide to Program Manager copies of all correspondence and forms relating to any Program which are submitted to or received from any System. Bank acknowledges and agrees that Program Manager is entitled to enter into arrangements with the Systems pursuant to which the Systems agree to provide Program Manager with incentives to market and promote System-branded Cards and that Bank has no right to any portion of such incentives.
Memberships in System. Bank shall retain its Membership in System in good standing and shall abide in all material respects by all the Rules and regulations applicable to Bank; provided, however, that Bank shall not be obligated to maintain such Membership. If Bank elects to terminate its membership in any System, or if a System elects to terminate Bank's Membership in spite of Bank's compliance with the applicable Rules, Bank shall give notice to Client as soon after it provides notice to or receives notice from the System according to the Rules.
Memberships in System. Bank, as a principal member of the System, shall support the sponsorship and registration of Program Manager as a marketing agent or service provider of Bank with each System, as applicable.
Memberships in System. Bank covenants and agrees with Servicer as follows:
(a) Bank, as a principal member of the System, shall support the sponsorship and registration of Servicer as a marketing agent or service provider of Bank with each System, as applicable.
(b) Bank shall be the issuer of all Cards hereunder. Accordingly, Bank shall sponsor a BIN for Cards and will issue Cards in connection with Accounts established by Bank under this Agreement.
Memberships in System. Bank covenants and agrees with Servicer as follows:
(a) Bank, as a principal member of the System, shall support the sponsorship and registration of Servicer as a marketing agent or service provider of Bank with each System, as applicable.
(b) Bank shall be the issuer of all Cards hereunder. Accordingly, Bank shall sponsor a BIN for the Cards and will issue Cards marketed and promoted by Servicer pursuant to this Agreement.
(c) Bank shall provide for Settlement for all Cards issued by Bank. To facilitate Settlement, Bank has established or will establish one or more Settlement Account(s) owned by Bank. Servicer agrees all Cardholder Funds shall be held in an account owned and controlled solely by Bank, as set forth in Schedule A.
Memberships in System. Bank shall obtain and maintain at its sole expense a principal license with each applicable System, and shall timely pay all fees, dues, and assessments associated therewith. Bank shall retain its Membership in System in good standing and shall abide in all material respects by all the rules and regulations applicable to Bank. If Bank elects to terminate its membership in any System, or if a System elects to terminate Bank's Membership for any reason, Bank shall give notice to Client as soon after it provides notice to or receives notice from the System according to the Rules. In such an event, Bank shall immediately reimburse Client on a pro-rata basis the expenses previously paid by Client for System related registration or renewal fees.
Memberships in System. Bank shall retain its Membership in System in good standing and shall abide in all material respects by all the rules and regulations applicable to Bank; provided, however, that Bank shall not be obligated to maintain such Membership. If Bank elects to terminate its membership in any System, or if a System elects to terminate Bank's Membership in spite of Bank's compliance with the applicable Rules, Bank shall give notice to Client as soon after it provides notice to or receives notice from the System according to the Rules. In the event of such termination, Bank will provide conversion assistance required to move Client program to another Bank.