Common use of Terminated Merchant File/Reporting Clause in Contracts

Terminated Merchant File/Reporting. You acknowledge and agree that Processor is required to report your business name and the name of Xxxxxxxx’s principals to Visa, Mastercard and Discover Network when Merchant is terminated due to certain reasons listed in the Operating Regulations. You acknowledge and agree that neither Processor nor Bank shall be liable to You for any claims, causes of action, liabilities or damages arising out of or relating to Processor or Bank reporting You or your actions/inactions to any Card Network or proper governmental authority. You waive, and hold harmless Processor and Bank for, all claims and liabilities that may occur as a result of Processor and/or Bank complying with its reporting obligations under the Operating Regulations or the Laws.

Terminated Merchant File/Reporting. You acknowledge and agree that Processor is required to report your business name and the name of XxxxxxxxMerchant’s principals to Visa, Mastercard and Discover Network when Merchant is terminated due to certain reasons listed in the Operating Regulations. You acknowledge and agree that neither Processor nor Bank shall be liable to You for any claims, causes of action, liabilities or damages arising out of or relating to Processor or Bank reporting You or your actions/inactions to any Card Network or proper governmental authority. You waive, and hold harmless Processor and Bank for, all claims and liabilities that may occur as a result of Processor and/or Bank complying with its reporting obligations under the Operating Regulations or the Laws.