Merchant Bank is responsible for the Card Program and for the Merchant’s participation in the Card Program.
Merchant Bank or Processor may terminate this Agreement in either's sole and absolute discretion, effective immediately, upon written, electronic or oral notice to Merchant if Merchant Bank or Processor reasonably determines that any of the following conditions exists: (i) Merchant has violated any provision of this Agreement or any Card Network requires Provider to terminate this Agreement as to any Card type; (ii) There is a material adverse change in Merchant's financial condition or a change in Merchant's products/services or volume or mix thereof, or otherwise in Merchant's business, or in Merchant's customer acceptance policy which increases Processor's or Merchant Bank's risks; (iii) A petition in bankruptcy has been filed by or against Merchant, the Merchant is generally unable to pay its debts as they become due, a receiver, custodian, trustee, liquidator or similar official is appointed for a substantial portion of Merchant's business, there is a general assignment for the benefit of creditors, or the business terminates; (iv) Any information which Merchant provided to Provider, including Application information, was false, incomplete or misleading when received; (v) At any time during the term of this Agreement, Merchant has had a monthly ratio of Chargebacks to Transactions exceeding one percent (1%), or Chargebacks are in excess of three percent (3%) of any monthly dollar amount of Transactions; (vi) There is an overdraft for three (3) days or more in the Settlement Account, or overdrafts in the Settlement Account are otherwise excessive; (vii) Merchant or any of Merchant's officers or employees has been involved in processing Transactions with Provider or other parties arising from fraudulent or otherwise unauthorized Transactions; (viii) Merchant is or will be unable or unwilling to perform its obligations under this Agreement or any applicable laws; (ix) Merchant has failed to pay Provider any amount when due; (x) Merchant has failed to promptly perform or discharge any obligation under this Agreement, the Settlement Account or the Reserve Account; (xi) Any of Merchant's representations or warranties made in connection with this Agreement was not true or accurate when given;
Merchant Bank may continue to hold or deposit funds in the Reserve Account after termination of this Agreement, regardless of whether termination is by Merchant or Bank, or the reason for termination. Upon termination of the Agreement by Merchant or Bank, Bank may retain sufficient funds to satisfy any and all Chargebacks, anticipated Chargebacks, Credit Vouchers, Processing Fees, and any other fees owed, fines, penalties, loss allocations, damages, expenses (including, without limitation, attorneys’ fees, investigatory and/ or remediation expenses), charges, assessments, registrations, certification expenses, payment obligations owed by Merchant to Bank under this Agreement (including, without limitation, indemnity obligations), and any and all or other amounts due Bank, the Card Networks, or any governmental, banking, or regulatory agency, or claimed by third parties, arising out of this Agreement or involving Merchant’s business, actions, omissions, or use of the services contemplated under this Agreement. Notwithstanding any of the foregoing, as an additional and cumulative right under this Agreement, if Bank reasonably believes that due to the circumstances of the termination of the Agreement, the amount of Chargebacks, anticipated Chargebacks, fines, fees, or any other item described above in this section, may equal or exceed the amount held in the Reserve Account, Bank may also identify, sequester, or transfer to itself (including its own bank account(s)) any portion of the Reserve Account or other funds held by Bank that Bank believes is needed to pay such obligation, and Bank may hold and use such amount for its own benefit and protection (as opposed to any such amount of the Reserve Account being held for Merchant’s benefit or the benefit of any third party ). If no funds have been deposited into the Reserve Account before termination of the Agreement, Bank, at Bank’s sole option, may notify Merchant to deposit funds into the Reserve Account (in an amount identified by Bank in its sole and absolute discretion) upon termination of this Agreement. All provisions which apply to a pre‐termination Reserve Account will apply after termination, including replenishment of deficiencies. The Reserve Account will be held by Bank or its designated agent for a period of not less than three hundred and sixty-five (365) days from the date of the last Card Transaction processed under the Agreement, plus the period of any warranty, guarantee, and/or return policy on goods and/...
Merchant Bank will provide provisional credit to Merchant for each valid Transaction which Merchant submits to Provider by crediting Merchant's Settlement Account, provided Merchant Bank has received settlement for the valid Transaction through the interchange procedures specified by the Card Network applicable to the Card used for the Transaction(Provider does not provide payment for all Card types for which Authorization services are provided). Merchant Bank is not obligated to provide provisional credit to Merchant for Transactions submitted that are not valid Transactions and may suspend or discontinue any provisional credit in Merchant Bank's and/or Processor's sole and absolute discretion, including for any reason that would justify termination of this Agreement. Each provisional credit from Merchant Bank to Merchant will be subject to Adjustment, including revocation, upon Provider's further review and verification. Provisional credit to Merchant for a Transaction disputed by a Cardholder for any reason is not final. Merchant Bank may deduct from any payment to Merchant the amount of any Credit Voucher processed for Merchant, any Chargeback to Merchant, any amount to be deposited in the Reserve Account and any Processing Fees and Card Network fines, assessments or charges due from Merchant. Xxxxxxxx must immediately pay Provider the amount by which a Credit Voucher processed on any day exceeds valid Transactions submitted on that day. Without limiting Provider's remedies, Merchant Bank may obtain the amount due by deducting it from the Settlement Account, Reserve Account or other accounts of or funds due Merchant. Xxxxxxxx acknowledges that all payments and credits provided to Merchant are provisional and subject to suspension, to Chargebacks and to Adjustments in accordance with this Agreement and the Operating Rules.
Merchant Bank hereby consents to the assignment of all of Hippocampe's present and future rights and obligations under the Bank Agreements to ICHOR and the assumption by ICHOR of such rights and obligations.
Merchant Bank. 1.5 In the event that the conditions to the transfer of the Committed Shares under the Collateral Agreement are not fulfilled on or before March 31, 1999, Merchant Bank shall sell the Committed Shares and pay the Purchase Price to Logxx xx accordance with the terms hereof. Covenants, Representations and Warranties ----------------------------------------- Logxx xxvenants, represents and warrants to Merchant Bank as at December 31, 1998, and acknowledges that Merchant Bank is relying upon such covenants, representations and warranties in purchasing the Purchased Shares, as follows:
Merchant Bank is a corporation duly organized and validly subsisting in all respects under the laws of Switzerland and is in good standing with respect to all required filings with each governmental or regulatory or there authority having jurisdiction;
Merchant Bank. In Store Chase Bank Paymentech Merchant Services Merchant Bank – Online PayPal PayPal Payflow Pro EMV/Chip Readers Elite Data Corp First Data FD-130 Ecommerce Web Site ASPDotNet AspDotNetStorefront MultiStore 10.0.2.0 Voice Phone System ShorTel VOIP 21.82.2128.0 BI: Data Warehouse / Microsoft SQL Server 2008 R2 10.50.1600.1 Cubes + Analysis Services Intranet - PKI Microsoft IIS - Internet Information Server IIS 8.5 Learning Management System - Sales Associate Training Immersion Technology LMS365 2017 Help Desk / Ticket Tracking Spiceworks Spiceworks Help Desk SaaS Virtualization Platform VMWare Vsphere 5.5 Personal Productivity Systems MFG CALs Visual Studio Professional w/MSDN L&SA Microsoft 1 Exchange Server Standard L&SA Microsoft 1 Exchange CALs- user L&SA Microsoft 33 SharePoint CALs- user L&SA Microsoft 10 SQL Server CALs- user L&SA Microsoft 2 SQL Server Standard L&SA Microsoft 1 Windows Server CALs - user L&SA Microsoft 83 Visio Standard License Only Microsoft 2 Part Number Product Description Quantity Ordered Coverage Period 269-09061 MicrosoftOfficeProfessionalPlus Sngl SoftwareAssurance OLV 1License NoLevel 40 2017-05-01 – 2018-04-30 Part Number Product Description Quantity Ordered Coverage Period AdditionalProduct 1Year Acquiredyear1 77D-00043 MicrosoftVisualStudioProSubMSDN AllLng SoftwareAssurance OLV 1License NoLevel AdditionalProduct 1Year Acquiredyear1 3 2017-05-01 – 2018-04-30 MX3-00133 MicrosoftVisualStudioEnterprisesSubMSDN AllLng SoftwareAssurance OLV 1License NoLevel AdditionalProduct 1Year Acquiredyear1 1 2017-05-01 – 2018-04-30 228-04685 MicrosoftSQLServerStandardEdition Sngl SoftwareAssurance OLV 1License NoLevel Additional Product 1Year Acquiredyear1 1 2017-05-01 – 2018-04-30 359-01479 MicrosoftSQLCAL Sngl SoftwareAssurance OLV 1License NoLevel AdditionalProduct UsrCAL 1Year Acquiredyear1 15 2017-05-01 – 2018-04-30 381-02265 MicrosoftExchangeStandardCAL Sngl SoftwareAssurance OLV 1License NoLevel AdditionalProduct UsrCAL 1Year Acquiredyear1 100 2017-05-01 – 2018-04-30 395-03284 MicrosoftExchangeServerEnterprise Sngl SoftwareAssurance OLV 1License NoLevel AdditionalProduct 1Year Acquiredyear1 1 2017-05-01 – 2018-04-30 7NQ-00071 MicrosoftSQLSSvrStandardCore Sngl SoftwareAssurance OLV 2Licenses NoLeval AdditionalProduct Core Lic 1Year Acquiredyear1 4 2017-05-01 – 2018-04-30 P73-05601 MicrosoftWindowsServerStandard Sngl SoftwareAssuranceOLV 1License NoLevel AdditionalProduct 2Proc 1Year Acquiredyear1 14 2017-05-01 – 2018-04-30 R18-018...
Merchant Bank. A financial institution that provides financial services and advice to businesses. It is a bank that enters into a formal merchant agreement with a merchant, to process bank cards and accept deposits generated by bank card transactions. Merged Credit Report: A credit report made by merging the information obtained from two or more major credit bureaus.
Merchant Bank may continue to hold or deposit funds in the Reserve Account after termination of this Agreement, regardless of whether termination is by Merchant or Bank. Upon termination of the Agreement by Merchant or Bank, Bank may retain sufficient funds to satisfy any and all Processing Fees, Chargebacks, Credit Vouchers, Damages, and any and all additional fees, and sums sufficient to reimburse Bank for the amount of any fines, penalty amounts and charges due the Card Networks. If no funds have been deposited into the Reserve Account before termination, Bank, at Bank’s option, may notify Merchant to deposit funds into the Reserve Account upon termination of this Agreement. All provisions which apply to a pre-termination Reserve Account will apply after termination, including replenishment of deficiencies. The funds will be held by Bank or its designated agent for a period of not less than one hundred eighty (180) days from the date of the last Card Transaction processed under the Agreement, plus the period of any warranty, guarantee, and/or return policy on goods and/or services sold. Bank will return the balance in the Reserve Account to Merchant after Bank reasonably determines that the risk of Chargebacks and other Processing Fees has ended and after deducting all amounts that Merchant owes to Bank under this Agreement or any other agreement.
