Common use of Purchase of Accounts Clause in Contracts

Purchase of Accounts. Upon termination of this Agreement, Company will have the option to purchase the then-outstanding Credit Card Account balances not previously written-off by Bank (subject to the terms of any securitization of such account balances) at the face amount thereof, without recourse to Bank, and will be provided with all related Account information and other Account data; provided that Company will be required to purchase such then-outstanding Credit Card Account balances on such terms if Company objects to any automatic extension of this Agreement pursuant to Section 9.1. All payments by Company pursuant to this Section 9.6 shall be made not later than one (1) Business Day after termination of this Agreement by wire transfer of immediately available funds to an account notified by Bank to Company not less than two (2) Business Days prior to the payment date. Upon any termination of this Agreement, (i) Company (at its sole expense) shall notify all Cardholders that Bank is no longer the processor of their Credit Card accounts, and (ii) Company and Bank shall cooperate in facilitating the transition to a new processor.