Common use of REQUIREMENTS CONTRACT Clause in Contracts

REQUIREMENTS CONTRACT. This Agreement is a “requirements contract” which means that Processor shall be Merchant’s exclusive provider for all services contemplated herein. Notwithstanding the foregoing, Processor will not be obligated to process any Visa or MasterCard Card transactions beyond the authority of a U.S. member of Visa and MasterCard or any Discover Network Card or American Express transaction outside the United States of America and other U.S. territories. Prior to any Merchant termination or non-renewal, Merchant warrants that before entering into any agreement with any third party for the services contemplated herein, Processor shall have the right of first refusal of entering into agreements with Merchant for all such services under the substantially similar terms and conditions (except for the length of the term) in lieu of Merchant entering into such agreement with a third party.

REQUIREMENTS CONTRACT. This Agreement is a “requirements contract” which means that Processor Vendor shall be Merchant’s exclusive provider for all services contemplated herein. Notwithstanding the foregoing, Processor Vendor will not be obligated to process any Visa or MasterCard Card transactions beyond the authority of a U.S. member of Visa and MasterCard or any Discover Network Card or American Express transaction outside the United States of America and other U.S. territories. Prior to any Merchant termination or non-renewal, Merchant warrants that before entering into any agreement with any third party for the services contemplated herein, Processor Vendor shall have the right of first refusal of entering into agreements with Merchant for all such services under the substantially similar terms and conditions (except for the length of the term) in lieu of Merchant entering into such agreement with a third party.