Common use of Termination and Dissolution Clause in Contracts

Termination and Dissolution. 12.1 XXXXX is authorized to dissolve the Agreement with immediate effect without judicial intervention and without requiring a notice of default, and XXXXX and the Acquirer shall be entitled to deactivate the 2PAYNOW® app without compensation to the Merchant if: a. Merchant does not, or does not promptly or properly comply to its obligations imposed on him under the Agreement, including, but not limited to, compliance with imposed (additional) preventive measures to prevent fraud and/or ensure integrity of the payment system, also including, but not limited to, the Regulations; b. Merchant has filed for bankruptcy; c. A moratorium of payment has been granted to the Merchant; d. a debt restructuring arrangement has been declared concerning the Merchant;

Termination and Dissolution. 12.1 XXXXX SEPAY is authorized to dissolve the Agreement with immediate effect without judicial intervention and without requiring a notice of default, and XXXXX SEPAY and the Acquirer shall be entitled to deactivate the 2PAYNOW® app without compensation to the Merchant if: a. Merchant does not, or does not promptly or properly comply to its obligations imposed on him under the Agreement, including, but not limited to, compliance with imposed (additional) preventive measures to prevent fraud and/or ensure integrity of the payment system, also including, but not limited to, the Regulations; b. Merchant has filed for bankruptcy; c. A moratorium of payment has been granted to the Merchant; d. a debt restructuring arrangement has been declared concerning the Merchant;