Merchant Chargeback Sample Clauses

Merchant Chargeback. (a) Subsequent to the Closing, all merchant chargebacks and penalties pertaining to pre-Effective Date transactions will be processed in the ordinary course of business, and debited from the operating accounts of the affected merchants, consistent with the applicable Merchant Agreements, regardless of the location of the operating accounts. To the extent that the funds within such operating accounts are insufficient to pay any chargebacks and/or penalties and assessments imposed by Visa USA, Inc. or Mastercard International, Inc., (collectively, "Unfulfilled Chargebacks"), such Unfulfilled Chargebacks pertaining to the pre-Effective Date transactions will be processed utilizing funds set aside in the reserve accounts set forth in Section 1.03(b), subject to the provisions thereof. (b) Seller has in its possession certain reserves set aside for Unfulfilled Chargebacks. The pre-Effective Date reserve accounts, as of the Closing, are as set forth in Schedule 1.03 attached hereto ("Pre-Effective Date Reserves"). As soon as possible following the Closing, the parties shall substitute a new Schedule 1.03 containing the actual account balances of the Pre-Effective Date Reserves (through June 30, 2001), in substantially the same form as Schedule 1.03 attached hereto. Subsequent to the Effective Date, the accounts in which the Pre-Effective Date Reserves are deposited will be maintained at Seller until the termination of the Interim Processing Agreement executed concurrently herewith, at which time any remaining Pre-Effective Date Reserves will be transferred to another financial institution, which is a member in good standing of the national credit card associations, at Purchaser's direction ("Purchaser's Bank"). Notwithstanding the transfer of the Pre-Effective Date Reserves, Purchaser shall direct Purchaser's Bank to debit the applicable Pre-Effective Date Reserves in the amount of the Unfulfilled Chargebacks related to transactions which occur prior to the Effective Date not to exceed the amount of the Pre-Effective Date Reserves existing on the Effective Date. All such Chargebacks shall be honored on a chronological basis, with the oldest being honored first. To the extent that Seller is required to advance funds for any Unfulfilled Chargebacks, Seller shall be entitled to reimbursement by Purchaser to the extent of the Pre-Effective Date Reserves existing on the Effective Date.
Sample 1
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Related to Merchant Chargeback

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