Settlement Risk. Bank shall not be responsible for the systemic risk of loss associated with the Card Associations or the failure of Card Associations to effect settlement of transactions or to perform its obligations hereunder in the event of such failure; provided that this Section 3.6 shall not relieve Bank of its obligations in the settlement process once the funds or information is received from the Card Association.
Appears in 3 contracts
Sources: Clearing, Settlement and Sponsorship Services Agreement, Clearing, Settlement and Sponsorship Services Agreement (Vantiv, Inc.), Clearing, Settlement and Sponsorship Services Agreement (Vantiv, Inc.)