Term; Events of Default. This Agreement shall be in effect upon signing by of each document by all parties and shall remain effective through the initial term of three (3) years and shall thereafter automatically continue until terminated by either party upon the provision of thirty (30) days notice to the other party. If any of the following events shall occur (each an “Event of Default”):
Term; Events of Default. This Agreement shall be in effect upon signing by all parties and shall remain effective through termination of the Master Contract. If any of the following events shall occur (each an Event of Default):
(i) a material adverse change in your financial condition; or
(ii) irregular Card sales by Sub-Merchant, excessive Chargebacks (as determined by the Networks), noncompliance with any applicable data security standards, as determined by Servicers, of any Network, or any other entity, or an actual or suspected data security breach, or any other circumstances which, in Servicer’s sole discretion, may increase Servicer’s exposure for Sub-Merchant’s Chargebacks or otherwise present a financial or security risk to Servicers; or
(iii) any of Sub-Merchant’s conditions, covenants, obligations or representations or warranties in this Agreement are breached in any material respect or are incorrect in any material respect when made or deemed to be made; or
(iv) Sub-Merchant shall file a petition or have a petition filed by another party under the Bankruptcy Code or any other laws relating to bankruptcy, insolvency or similar arrangement for adjustment of debts; consent to or fail to contest in a timely and appropriate manner any petition filed against Sub-Merchant in an involuntary case under such laws; apply for or consent to, or fail to contest in a timely and appropriate manner, the appointment of, or the taking of possession by, a receiver, custodian, trustee or liquidator of itself or of a substantial part of its property; or make a general assignment for the benefit of creditors; or take any corporate action for the purpose of authorizing any of the foregoing; or
(v) a violation by Sub-Merchant of any applicable law or Network Rule or Servicers’ reasonable belief that termination of this Agreement or suspension of services is necessary to comply with any law, including without limitation the rules and regulations promulgated by the Office of Foreign Assets Control of the US Department of the Treasury or Sub-Merchant’s breach, as determined by Servicers, of its requirement to comply with all applicable laws then, upon the occurrence of (1) an Event of Default specified in subsections (ii), (iii), or (v), Servicers shall provide Sub- Merchant and Payment Facilitator with notice and an opportunity to cure within thirty (30) calendar days, after which Servicers may consider this Agreement to be terminated immediately, without additional notice, and (2) any other Eve...
Term; Events of Default. 21.1 This Agreement and the applicable Schedules shall become effective upon the date this Agreement and the applicable Schedules are signed by BANK, which shall in all instances be on or after the date(s) CUSTOMER and CMS sign this Agreement and the applicable Schedules and CUSTOMER will be advised of the effective date by SERVICERS.
21.2 The initial term of this Agreement shall commence and shall continue in force for one year after it becomes effective. This Agreement shall renew for successive one-year periods unless SERVICERS terminate this Agreement by notice to CUSTOMER, in writing, at least 60 days prior to the expiration of the term or renewal term, as the case may be. After the initial term and two renewal terms, in addition to SERVICERS’ right to terminate, as set forth in the preceding sentence, CUSTOMER may also terminate this Agreement by notice to SERVICERS, in writing, at least 60 days prior to the expiration of the second or later renewal term.
21.3 If any of the following events shall occur (each an “Event of Default”):
(i) a material adverse change in the business, financial condition, business procedures, products or services of CUSTOMER; or
(ii) any assignment or transfer of voting control of CUSTOMER or its parent; or
(iii) a sale of all or a substantial portion of CUSTOMER’s assets; or
(iv) irregular Card sales by CUSTOMER, excessive Chargebacks or any other circumstances which, in SERVICERS’ sole discretion, may increase SERVICERS’ exposure for CUSTOMER’s chargebacks or otherwise present a financial or security risk to SERVICERS; or
(v) any representation or warranty of CUSTOMER in this Agreement is breached in any material respect or was or is incorrect in any material respect when made or deemed to be made; or
(vi) CUSTOMER shall default in any material respect in the performance or observance of any term, covenant, condition or agreement contained in this Agreement, including, without limitation, the establishment or maintenance of funds in a Reserve Account, as detailed in Paragraph 22;
(vii) CUSTOMER shall default in any material respect in the performance or observance of any term, covenant or condition contained in any agreement with any affiliate of SERVICERS, including, but not limited to, any agreement governing check guarantee or check verification services; or
(viii) CUSTOMER shall default in the payment when due, whether upon maturity or otherwise, of any material indebtedness for borrowed money or any material trade pa...
Term; Events of Default. 16.1 This Agreement becomes effective only when approved by our Credit Department. We reserve the right to immediately suspend or terminate your account and this Agreement if you fail to meet our credit policies even if your account has been activated to submit transactions prior to your approval by our Credit Department.
16.2 The initial term of this Agreement is three years from the date of your approval by our Credit Department (the Initial Term). After the Initial Term, subject to Section 16.3, this Agreement shall automatically extend for additional period of one year each (each an Extended Term).
16.3 A party may give written notice to the other party, not later than 30 days before the end of the Initial Term or the relevant Extended Term, to terminate this Agreement at the end of the Initial Term or the relevant Extended Term, as the case may be. Should you fail to notify us in writing that you wish to terminate this Agreement under this Section
16.4 We may terminate this Agreement or suspend any or all of the Services immediately and without notice in the following circumstances (each, a Default):
a) a material adverse change in your business, financial condition, or business prospects;
b) any assignment or transfer of voting control of you or your parent or sale of all or a substantial portion of your assets;
c) irregular Card sales by you, excessive Chargebacks, noncompliance with any applicable data security standards, as determined by Servicers, or any Card Organization, or any other Person, or an actual or suspected data security breach, or any other circumstances which, in our sole discretion, may increase our exposure for your Chargebacks or otherwise present a financial or security risk to us;
d) you breach any of your representations, warranties or covenants in this Agreement or you default in any material respect in the performance or observance of this Agreement or in any agreement with any of our respective Affiliates, including the establishment or maintenance of funds in a Reserve Account or any failure to notify us of any change to the information in your merchant profile; e) your actions come under investigation by any Card Organization resulting in the Card Organization directing us to terminate or suspend our Services or Agreement with you; or f) you violate any applicable law or Card Organization Rule or we reasonably believe that termination of this Agreement or suspension of Services is necessary to comply with any law, includi...
Term; Events of Default. 19.1 This Agreement and the applicable Schedules shall become effective upon the date this Agreement and the applicable Schedules are signed by BANK, which shall in all instances be on or after the date(s) CUSTOMER and CMS sign this Agreement and the applicable Schedules and CUSTOMER will be advised of the effective date by SERVICERS.
19.2 The initial term of this Agreement shall commence and shall continue in force for five (5) years after it becomes effective. This Agreement shall renew for successive one-year periods unless a party terminates this Agreement by notice to all other parties, in writing, at least 90 days prior to the expiration of the term or renewal term, as the case may be.
19.3 If any of the following events shall occur (each an "Event of Default"):
(i) a material adverse change in the business, financial condition, business procedures, products or services of CUSTOMER; or
(ii) any assignment in violation of Section 18 of this Agreement; or
(iii) a sale of all or a substantial portion of CUSTOMER's assets; or
(iv) fraudulent or suspected fraudulent Card sales by CUSTOMER, excessive Chargebacks (in excess of 1.0% of dollar or transaction volume); or
(v) any representation or warranty in this Agreement is breached in any material respect or was or is incorrect in any material respect when made or deemed to be made; or
(vi) the default in any material respect in the performance or observance of any term, covenant, condition or agreement contained in this Agreement, including, without limitation, the establishment or maintenance of funds in a Reserve Account, as detailed in Paragraph 20;
(vii) CUSTOMER shall default in any material respect in the performance or observance of any term, covenant or condition contained in any agreement with any affiliate of SERVICERS, including, but not limited to, any agreement governing check guarantee or check verification services; or
(viii) a case or other proceeding shall be commenced by or against CUSTOMER or SERVICERS, in any court of competent jurisdiction seeking relief under the Bankruptcy Code or under any other laws, domestic or foreign, relating to bankruptcy, insolvency, winding up or adjustments of debts, the appointment of a trustee, receiver, custodian, liquidator or the like or CUSTOMER or SERVICERS, or of all or any substantial part of the assets, domestic or foreign, of CUSTOMER or SERVICERS, and such case or proceeding shall continue undismissed or unstayed for a period of 60 consecutive d...
Term; Events of Default. This Agreement becomes effective only when approved by our Credit Department. We reserve the right to immediately suspend or terminate your account and this Agreement if you fail to meet our credit policies even if your account has been activated to submit transactions prior to your approval by our Credit Department.
Term; Events of Default. This Agreement shall be in effect upon signing by all parties and shall remain effective through termination of the Master Contract. If any of the following events shall occur (each an Event of Default):
(i) a material adverse change in your financial condition; or
(ii) irregular Card sales by Sub-Merchant, excessive Chargebacks (as determined by the Networks), noncompliance with any applicable data security standards, as determined by Servicers, of any Network, or any other entity, or an actual or suspected data security breach, or any other circumstances which, in Servicer’s sole discretion, may increase Servicer’s exposure for Sub-Merchant’s Chargebacks or otherwise present a financial or security risk to Servicers; or
(iii) any of Sub-Merchant’s conditions, covenants, obligations or representations or warranties in this Agreement
Term; Events of Default. This Agreement shall be in effect upon signing by of each document by all parties and shall remain effective through the initial term and shall thereafter automatically continue until terminated by either party. If any of the following events shall occur (each an Event of Default):
Term; Events of Default. The initial term of this Agreement shall commence upon the date of execution hereof and shall continue in force until the expiry of BBPS, and shall thereafter automatically continue until terminated by either party upon the provision of thirty (30) days notice to the other party. If any of the following events shall occur (each an “Event of Default”):
Term; Events of Default. 10.1. Customer’s Participation Agreement shall become effective upon the date set forth therein.
10.2. The initial term of Customer’s Participation Agreement shall commence as of the date set forth therein and shall continue in force for three years after it becomes effective. Thereafter, it may be renewed for two (2) successive one-year terms.
10.3. Notwithstanding the above or any other provisions of this Agreement, either Party may terminate this Agreement at any time and for any reason by providing 180 days’ advance notice to the other Party. We may terminate this Agreement immediately or with shorter notice upon Event of Default as provided under Section 10.4 of this Agreement. Customer may terminate this Agreement without penalty in the event of a material breach of this Agreement by Servicers. In the event we provide notice to Customer of any new fees or increases in existing fees for Services, pursuant to Section 5.6, Customer may terminate this Agreement without further cause or penalty by notifying us that Customer is terminating this Agreement prior to the effective date of such new fees or increases. However, maintaining Customer’s merchant account or Customer’s continued use of the Services after the effective date of any such fee changes shall be deemed Customer’s acceptance of such fee changes for the Services, throughout the term of this Agreement.
10.4. If any of the following events shall occur (each an “Event of Default”):
10.4.1. a material adverse change in Customer’s business, financial condition or business prospects; or
10.4.2. any assignment or transfer of voting control of Customer or Customer’s parent; or
10.4.3. a sale of all or a substantial portion of Customer’s assets; or
10.4.4. irregular Card sales by Customer, excessive Chargebacks, noncompliance with any applicable data security standards, as determined by Servicers, or any Card Organization, or any other Person, or an actual or suspected data security breach,
10.4.5. any of Customer’s representations, warranties or covenants in this Agreement are breached in any respect; or
10.4.6. Customer defaults in any material respect in the performance or observance of any term, covenant, condition or agreement contained in this Agreement; or
10.4.7. Customer defaults in any material respect in the performance or observance of any term, covenant or condition contained in any agreement with any of our respective Affiliates;
10.4.8. Customer defaults in the payment when due, of any m...
