Merchant Business definition

Merchant Business the business of accepting credit or debit card transaction records in documentary or electronic form from merchants in connection with the processing and clearing of such records for settlement and payment to such merchants via Visa Canada or Visa International using the processes and technologies used by the Borrower as of the date of this Agreement.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedSchedule a Demo

Merchant Business has the meaning set forth in the Asset Purchase Agreement.

Merchant Business means the business of Transferor relating to the acceptance of Card transaction records in documentary or electronic form from Merchants in connection with the processing and clearing of such records for settlement and payment to such Merchants under or pursuant to any Merchant Agreement.

Examples of Merchant Business in a sentence

• To the extent the Merchant derives any rights in the End Customer Database by virtue of it undertaking the Merchant Business the Merchant shall hold such rights in trust for the Service Provider and the Merchant shall do and undertake all such acts to exclusively assign such rights in the End Customer Database to the Service Provider.

• Notwithstanding any termination of such license, the parties acknowledge that they shall not be obligated to recall or retrieve any information, media or document previously distributed on behalf of the Merchant Business conducted hereunder.

• No licenses, permits or other authorizations of governmental authorities are necessary for the conduct of the Merchant Business by the Bank.

• In addition, the Bank shall, at its expense, provide or cause to be provided to Elavon all information related to the Merchant Business that is in intangible (i.e., computer-readable) form, including information necessary or desirable for the transfer of clearing bank responsibilities contemplated by Section 3.5(b) (for example, a Merchant Master File Dump in ASCII format).

• During the Divestiture Determination Period, the Seller shall enable the Purchaser to conduct its own due diligence investigation of such Merchant Business in connection with the Divestiture Offer.

More Definitions of Merchant Business

Merchant Business means the providing of point-of-sale-based Credit Card, Debit Card and other card-based transaction processing services and electronic payment and settlement services (including the sale or lease of products and services related thereto) relating to the Assets Sold and the Assumed Liabilities to Merchants and Agent Banks, ISOs and other similar customers, but shall specifically exclude any such activity relating to the Excluded Assets.

Merchant Business means any services pertaining to negotiation of payment, including but not limited to acceptance of credit card or debit card transaction records in documentary or electronic form from merchants in connection with the processing and clearing of such records for settlement and payment to such merchant as well as ACH transfers, check guarantees, check authorizations, e-commerce payments and services and point of sales systems on both a hardware or software basis.

Merchant Business means the business of the Merchant, initially described in the Merchant Application.

Merchant Business means acceptance of Credit Card or Debit Card transaction records in documentary or electronic form from Merchants in connection with the processing and clearing of such records for settlement and payment to such Merchants under any Merchant Agreements or Associate Bank Agreements.

Merchant Business means the providing of point of sale based Credit Card, Debit Card and other card-based transaction processing services and electronic payment and settlement services (including the sale or lease of products and services related thereto) relating to the Assets Sold and the Assumed Liabilities to Merchants and other similar customers, but shall specifically exclude any such activity relating to the Excluded Assets.

Merchant Business means, with respect to any Person (or the Elan Entities or the Company, as the context may require), acceptance of FTD transaction records in documentary or electronic form from Merchants in connection with the processing and clearing of such records for settlement in payment to such Merchants, and such other activities as are related to the Merchant Activities conducted or engaged in by such Person (or the Elan Entities or the Company, as the context may require).

Merchant Business the business of accepting credit or debit card ----------------- transaction records in documentary or electronic form from merchants in connection with the processing and clearing of such records for settlement and payment to such merchants via Visa Canada or Visa International using the processes and technologies used by the Borrower as of the date of this Agreement.