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; (xii) Merchant has defaulted on any agreement it has with Provider; (xiii) Provider is served with legal process seeking to attach or garnish any of Merchant's funds or property in Provider's possession, and Merchant does not process within fifteen (15) days of the Provider being served;
Appears in 2 contracts
Samples: Card Program Services, Card Program Services
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; (xii) Merchant has defaulted on any agreement it has with Provider; (xiii) Provider is served with legal process seeking to attach or garnish any of Merchant's funds or property in Provider's possession, and Merchant does not process within fifteen (15) days of the Provider being served;
Appears in 2 contracts
Samples: Card Program Services, Card Program Services
