Common use of Merchant's Business Clause in Contracts

Merchant's Business. Merchant will notify MAS immediately if it intends to (a) transfer or sell any substantial part of its total assets, or liquidate; (b) change the basic nature of its business, including, without limitation, a change that would require a reclassification of Merchant’s business Category Codes pursuant to the Card Association rules and regulations or the selling any products or services not related to its business as stated in the Addendum; (c) change ownership or transfer control of its business; (d) enter into any joint venture, partnership or similar business arrangement whereby any person or entity not a party to this Agreement assumes any interest in Merchant’s business; (e) alter in any way Merchant’s approved monthly volume, average, or maximum ticket; or (f) changes its return policies or to another fulfillment house different from those identified in Addendum. Merchant will notify MAS promptly in writing if it becomes subject to any voluntary or involuntary bankruptcy or insolvency petition or proceeding. Merchant’s failure to provide notice as required above may be deemed a material breach and will be sufficient grounds for termination of Merchant and for MAS’s exercise of all its rights and remedies provided by this Agreement. If any change listed above or in the Addendum occurs, MAS may immediately terminate this Agreement.

Merchant's Business. Merchant will notify MAS immediately if it intends to (a) transfer or sell any substantial part of its total assets, or liquidate; (b) change the basic nature of its business, including, without limitation, a change that would require a reclassification of Merchant’s business Category Codes pursuant to the Card Association rules and regulations Rules or the selling any products or services not related to its business as stated in the Addendum; (c) change ownership or transfer control of its business; (d) enter into any joint venture, partnership or similar business arrangement whereby any person or entity not a party to this Agreement assumes any interest in Merchant’s business; (e) alter in any way Merchant’s approved monthly volume, average, or maximum ticket; or (f) changes its return policies or to another fulfillment house different from those identified in Addendum. Merchant will notify MAS promptly within one business day in writing if after it becomes subject to any voluntary or involuntary bankruptcy or insolvency petition or proceeding. Merchant’s failure to provide notice as required above may be deemed a material breach and will be sufficient grounds for termination of Merchant and for MAS’s ’ exercise of all its rights and remedies provided by this Agreement. If any change listed above or in the Addendum occurs, MAS may immediately terminate this Agreement.