Common use of The Foundation Clause in Contracts

The Foundation. 10.1 The Foundation acts as a Buckaroo-appointed custodian of funds received by Merchants and other parties and manager of the Clients' Account and makes/forwards payments at Buckaroo’s request. The Merchant does not have an agreement with the Foundation. If the Foundation makes a payment to the Merchant, Buckaroo’s obligation to forward payments to the Merchant is reduced by an equal amount. 10.2 The Merchant hereby irrevocably authorises the Foundation to pay Buckaroo the Fees or other debt of the Merchant on his behalf (perhaps by offsetting a debit amount). This sub-clause is a third-party clause which benefits the Foundation. 10.3 The Merchant hereby irrevocably authorises Buckaroo and the Foundation to make refunds or payments ordered by the Merchant via the BPP or which the Merchant or Buckaroo, as the Merchant’s service provider, is obliged to make pursuant to the regulations or instructions of a Payment Method Owner or Acquirer, for example a refund in case of a XXXX (Notification Undue Direct Debit). This sub- clause is a third-party clause which benefits the Foundation. 10.4 The Foundation opens an IBAN account for Merchant, and Merchant can request Buckaroo to make the Clients’ Account Merchant specific with regards to the name.

The Foundation. 10.1 The Foundation acts as a Buckaroo-appointed custodian of funds received by Merchants and other parties and manager of the Clients' Account and makes/forwards payments at Buckaroo’s request. The Merchant does not have an agreement with the Foundation. If the Foundation makes a payment to the Merchant, Buckaroo’s obligation to forward payments to the Merchant is reduced by an equal amount. 10.2 The Merchant hereby irrevocably authorises the Foundation to pay Buckaroo the Fees a Fee or other debt of the Merchant on his behalf (perhaps by offsetting a debit amount). This sub-clause is a third-party clause which benefits the Foundation. 10.3 The Merchant hereby irrevocably authorises Buckaroo and the Foundation to make refunds or payments ordered by the Merchant via the BPP or which the Merchant or Buckaroo, as the Merchant’s service provider, is obliged to make pursuant to the regulations or instructions of a Payment Method Owner or Acquirer, for example a refund in case of a XXXX (Notification Undue Direct Debit). This sub- sub-clause is a third-party clause which benefits the Foundation. 10.4 The Foundation opens an IBAN account for Merchant, and Merchant can request Buckaroo to make the Clients’ Account Merchant specific with regards to the name.