Merchant Losses. All Merchant Losses (charge backs) incurred by BANK for any reason, unless such loss is proximately caused by the negligence of BANK, will be borne by ISO. ISO will establish a reserve account to fund the payment of transaction charge backs with an initial contribution of [STATE DOLLAR AMOUNT] ($,000.00) prior to processing any Transactions with BANK and will thereafter contribute at the rate of [STATE RATE] basis points (.000x) multiplied by the dollar volume of Visa or MasterCard sales drafts processed by Merchants until the reserve account is equal to [STATE DOLLAR AMOUNT]($,000.00). ISO will at all times after 90 days of the contract's inception or prior to the processing of the first Transaction with BANK, whichever comes first, maintain a minimum balance of [STATE DOLLAR AMOUNT]($,000.00) balance in the reserve account. BANK is authorized to deduct from the monies due ISO the amounts specified herein and to place those monies in the reserve account in accordance with this paragraph. Monies may be deducted from the reserve account only for the payment of Merchant charge backs. BANK will notify ISO of any deductions from the reserve account and deductions will be taken from ISO's reserve account only if funds are not available from Transfer Account. ISO shall have sixty (60) days in which to eliminate any charge back before BANK will deduct the amount of the charge back from ISO's reserve account. This reserve account will be an interest bearing account, with interest paid based upon the rate paid on the BANK basic checking account. ISO hereby grants BANK a security interest in the Reserve Account to secure all of ISO's obligations to BANK under this Agreement. This Agreement shall serve as the Security Agreement and MSI agrees to execute and deliver to BANK all financing statements and other documents determined by BANK to be necessary or appropriate for the perfection and maintenance of such security interest.
Merchant Losses. All Merchant Losses incurred by Bank for any reason other than the negligence, recklessness or willful misconduct of Bank will be paid by CCC as set forth in Section 8.5.
Merchant Losses. 3 2.3 Audits........................................................................................3 2.4 Information...................................................................................4 2.5 Ownership of Merchant Relationships/Agreements................................................4 III. BANK's Responsibilities..............................................................................4 3.1 BANK's Responsibilities.......................................................................4 IV.
Merchant Losses a. Company will reimburse Bank for all losses incurred by Bank for any reason attributable to a Merchant (“Merchant Losses”) that relate to: (i) a merchant transaction; or (ii) an act or omission of the Merchant pursuant to agreement between Bank and Merchant (“Merchant Agreement”) which is dated during the period beginning on the effective date of the Merchant’s Merchant Agreement and ending 12 months after the date the first Sales Draft Transmittal is received by the Bank (“Company Loss Period”).
b. Bank will be responsible for all Merchant Losses that relate to: (i) a transaction; or (ii) an act or omission of the Merchant pursuant to the Merchant Agreement which is dated after the Company Loss Period.
c. Uncollected Merchant Fees will be borne by Company.
d. The Bank will send to Company a monthly report which details Potential Merchant Losses and Merchant Losses for which Company is responsible as set forth above. Once the Potential Merchant Losses and Merchant Losses have been realized by Bank, Bank shall pursue collection utilizing its usual loss collection procedures.
e. Notwithstanding the above, Company will not be responsible for Merchant Losses which are due to the Bank’s failure to comply with, use or enforce the Bank’s established or usual fraud monitoring procedures including, but not limited to, a failure by the Bank to terminate a Merchant Agreement when the Bank has knowledge of fraudulent merchant activities.
Merchant Losses. The parties understand and agree that Merchant Losses will be borne by UCS, unless a Merchant Loss is the direct or indirect result of ISO's fraud, breach of this Agreement, or willful misconduct, in which case the Merchant Loss will be owed by ISO to UCS.
Merchant Losses. Cardservice shall bear the risk for Merchant Losses (other than those caused by Agent's or its Representatives willful misconduct). Cardservice shall not deduct Merchant Losses (other than those caused by Agent's or its Representatives willful misconduct) from Residuals.
Merchant Losses. Partner shall bear no liability to Corvia for the value of any chargebacks, fines, penalties, or other amounts due from a Referred Merchant to Corvia (excluding any costs for the billing items as set forth on Schedule A) (collectively, Merchant Losses); provided, however, Partner is responsible for Merchant Losses arising from Partner’s or Partner Personnel’s gross negligence, willful misconduct, breach of this Agreement, or if the transaction is from a restricted merchant type in which case the losses are split according to the Schedule A. Term and Termination Term. The initial term of this Agreement is 5 years starting on the latest date set forth on the signature page to this Agreement. After the initial term, this Agreement will automatically renew for additional terms of 1 year each, unless either party notifies the other no later than 30 days before the end of the then-current term that it does not wish to renew this Agreement.
Merchant Losses. All Merchant Losses or any losses incurred by NPC for any reason (including any Claims (as defined in the Shareholders Agreement) incurred by NPC pursuant to the actions taken by NCBK (other than the negligent misconduct of NPC and other than to the extent paid to NPC by a third party or to NPC or an Affiliate of NPC pursuant to the Shareholder Agreement) will be paid by NCBK.
Merchant Losses. Representative shall bear no liability to Aliant or Banks for the face value of any Merchant chargebacks, except to the extent that any such Merchant chargebacks are either directly or indirectly related or attributable to the gross negligence, willful misconduct or fraudulent acts of Representative, or any of its employees, agents or nominees, or the breach of this Agreement by Representative, or any of its employees, agents or nominees, in which case Aliant and Banks shall have full recourse to Representative, and Representative shall be liable to Aliant and Banks for the full face value of such Merchant chargebacks. Aliant may deduct the amount owed by Representative from any amount due to Representative under this Agreement The provisions of this Paragraph 6 shall survive termination of this Agreement
Merchant Losses. The parties understand and agree that Merchant Losses will be borne by HTATM, unless a Merchant Loss is the direct or indirect result of ISO's fraud, breach of this Agreement, or willful misconduct, in which case the Merchant Loss will be owed by ISO to HTATM.
