Common use of TERMINATION OF THE FRAMEWORK AGREEMENT Clause in Contracts

TERMINATION OF THE FRAMEWORK AGREEMENT. The Account Holder may terminate the Framework Agreement ipso jure which will entail closing his Payment Account by any means after complying with a (1) one-month notice period. The Account Holder must maintain sufficient Funds to ensure successful completion of the pending Payment Transactions during the time necessary for settling them and payment of the fees owed by the Account Holder. Lemonway may automatically terminate the Framework Agreement which will entail closing the Payment Account by registered letter with acknowledgment of receipt following a (2) two-month notice period. In the event of a serious breach by a Party, the Framework Agreement may be terminated with immediate effect. Serious breach by the Account Holder is understood as: communication of false information; exercise of unlawful activity, contrary to common decency, money laundering or terrorist financing; threats against Lemonway’s employees or the Partner’s employees; failure to pay; breach of an obligation by the Account Holder hereunder; termination of the relationship between the Account Holder and the Partner; termination of the relationship between the Partner and Lemonway; over- indebtedness or, for legal entities, appointment of an ad-hoc representative, an insolvency administrator, initiation of insolvency or liquidation proceedings. Serious breach by Lemonway is understood as: communication of false information; breach of an obligation hereunder; appointment of an ad-hoc representative, an insolvency administrator, initiation of insolvency or liquidation proceedings. In the event of a change in the applicable regulations and the interpretation made thereof by the relevant regulatory authority, affecting the capacity of Lemonway or its employees to execute the Payment Transactions, the Framework Agreement will automatically be terminated. The Account Holder will no longer be able to send a Payment Order as of the effective date of the termination. The Account may be kept open for a period of 13 months to cover any disputes and subsequent claims. Payment Transactions initiated before the effective date of termination will not be affected by the request for termination and must be executed under the terms of the Framework Agreement. The termination of the Framework Agreement shall result in the definitive closure of the Payment Account. Closing a Payment Account may not give rise to any compensation, whatever may be the damage caused by the closing of this Payment Account. Unless expressly agreed by Lemonway, the Account Holder whose Account has been closed by Lemonway is not authorised to open another Payment Account. Any Payment Account opened in violation of this provision may be immediately terminated by Lemonway without notice. The Funds on the Payment Account object of the closure will be entitled to a transfer payable to the Account Holder of said account, according to the instructions of the latter and subject to (i) the pending Payment Transactions and any subsequent non- payments, bank refusals or objections and

Appears in 3 contracts

Samples: s3-eu-west-1.amazonaws.com, www.lemonway.com, www.lemonway.com

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TERMINATION OF THE FRAMEWORK AGREEMENT. The Account Holder may terminate the Framework Agreement ipso jure which will entail closing his Payment Account by any means after complying with a (1) one-month notice period. The Account Holder must maintain sufficient Funds to ensure successful completion of the pending Payment Transactions during the time necessary for settling them and payment of the fees owed by the Account Holder. Lemonway may automatically terminate the Framework Agreement Agreement, which will entail closing result in the closure of their Payment Account Account, by registered letter with acknowledgment acknowledgement of receipt receipt, following compliance with a (2) two-month notice periodmonth's notice. They must maintain a sufficient Provision in order to ensure the completion of pending payment Transactions, until they have been resolved, and all outstanding fees have been paid. LEMON WAY may automatically terminate the Framework Agreement, which will result in the closure of their Payment Account, by registered letter with acknowledgement of receipt, following compliance with a month's notice. In the event of a serious breach gross negligence by a Partyone of the Parties, the Framework Agreement may be terminated with immediate effecteffect by simple written notification from the prevailing Party. Serious breach Gross negligence by the Account Holder is understood asto mean: communication of false information; exercise of unlawful engaging in illegal activity, contrary to common contravening standards of public decency, ; money laundering or terrorist financingfinancing of terrorism; threats against Lemonway’s employees to agents of LEMON WAY or the Partner’s employeesPartner site; defaulted payment; failure to pay; breach of comply with an obligation by the Account Holder hereunderof this contract; termination of the relationship relations between the Account Holder and the PartnerPartner site; termination of the relationship between the Partner and Lemonway; over- indebtedness excessive debt or, for legal entities, appointment the nomination of an ad-hoc representative, an a special mediator and insolvency administrator, initiation of insolvency administrator to initiate rehabilitation or liquidation proceedings. Serious breach Gross negligence by Lemonway LEMON WAY is understood asto mean: communication of false information; breach of failure to comply with an obligation hereunderof these terms and conditions; appointment the nomination of an ad-hoc representative, an a special mediator and insolvency administrator, initiation of insolvency administrator to initiate rehabilitation or liquidation proceedings. In the event of a change in the modification to applicable regulations and the their interpretation made thereof by the relevant regulatory authority, affecting authority that may affect the capacity ability of Lemonway LEMON WAY or its employees authorised representatives to execute the Payment carry out payment Transactions, the Framework Agreement will automatically be terminated. The Account Holder will may no longer be able to send a Payment Order as of payment Orders after the effective date of the terminationtermination date. The Account may be kept open maintained for a period of 13 15 months to cover any for the purpose of dealing with possible subsequent disputes and subsequent claimscomplaints. Payment Transactions initiated before the effective termination date of termination will not be affected by the termination request for termination and must be executed fulfilled under the terms of the Framework Agreement. The termination of the Framework Agreement shall will result in the definitive permanent closure of the Payment Account. Closing The closure of a Payment Account may will not give rise to any compensation, whatever may be the regardless of any possible damage caused by the closing said closure. The Account Holder of this Payment Account. Unless expressly agreed by Lemonway, the Account Holder whose Account has been closed by Lemonway LEMON WAY is not authorised, unless explicitly authorised by the latter, to open another Payment Account. Any Payment Account opened in violation of this provision may be immediately terminated closed by Lemonway LEMON WAY, without notice. According to the Account Holder's instructions, the Provision on the Account Payment subject to closure may be credited to said Account Holder, subject to outstanding payment Transactions and possible receivables, rejected transactions or objections. If a successor is appointed by LEMON WAY, the Account Holder may be encouraged to close their Payment Account and transfer the Provision to a new Payment Account opened with the institution designated as a successor. LEMON WAY reserves the right to bring legal action to repair the damage suffered due to a breach of the Framework Agreement. The Funds on closure of the Payment Account object may result in additional fees, within the bounds of article L.313-13 of the closure will be entitled to a transfer payable to the Account Holder of said account, according to the instructions of the latter Monetary and subject to (i) the pending Payment Transactions and any subsequent non- payments, bank refusals or objections andFinancial Code.

Appears in 2 contracts

Samples: E Framework Agreement, Framework Agreement

TERMINATION OF THE FRAMEWORK AGREEMENT. The Account Holder may terminate the Framework Agreement ipso jure which will entail closing his Payment Account by any means after complying with a (1) one-month notice period. The Account Holder must maintain sufficient Funds to ensure successful completion of the pending Payment Transactions during the time necessary for settling them and payment of the fees owed by the Account Holder. Lemonway may automatically terminate the Framework Agreement Agreement, which will entail closing result in the closure of their Payment Account Account, by registered letter with acknowledgment acknowledgement of receipt receipt, following compliance with a (2) two-month notice periodmonth's notice. They must maintain a sufficient Provision in order to ensure the completion of pending payment Transactions, until they have been resolved, and all outstanding fees have been paid. LEMON WAY may automatically terminate the Framework Agreement, which will result in the closure of their Payment Account, by registered letter with acknowledgement of receipt, following compliance with a month's notice. In the event of a serious breach gross negligence by a Partyone of the Parties, the Framework Agreement may be terminated with immediate effecteffect by simple written notification from the prevailing Party. Serious breach Gross negligence by the Account Holder is understood asto mean: communication of false information; exercise of unlawful engaging in illegal activity, contrary to common contravening standards of public decency, ; money laundering or terrorist financingfinancing of terrorism; threats against Lemonway’s employees to agents of LEMON WAY or the Partner’s employeesPartner site; defaulted payment; failure to pay; breach of comply with an obligation by the Account Holder hereunderof this contract; termination of the relationship relations between the Account Holder and the PartnerPartner site; termination of the relationship between the Partner and Lemonway; over- indebtedness excessive debt or, for legal entities, appointment the nomination of an ad-hoc representative, an a special mediator and insolvency administrator, initiation of insolvency administrator to initiate rehabilitation or liquidation proceedings. Serious breach Gross negligence by Lemonway LEMON WAY is understood asto mean: communication of false information; breach of failure to comply with an obligation hereunderof these terms and conditions; appointment the nomination of an ad-hoc representative, an a special mediator and insolvency administrator, initiation of insolvency administrator to initiate rehabilitation or liquidation proceedings. In the event of a change in the modification to applicable regulations and the their interpretation made thereof by the relevant regulatory authority, affecting authority that may affect the capacity ability of Lemonway LEMON WAY or its employees authorised representatives to execute the Payment carry out payment Transactions, the Framework Agreement will automatically be terminated. The Account Holder will may no longer be able to send a Payment Order as of payment Orders after the effective date of the terminationtermination date. The Account may be kept open maintained for a period of 13 15 months to cover any for the purpose of dealing with possible subsequent disputes and subsequent claimscomplaints. Payment Transactions initiated before the effective termination date of termination will not be affected by the termination request for termination and must be executed fulfilled under the terms of the Framework Agreement. The termination of the Framework Agreement shall will result in the definitive permanent closure of the Payment Account. Closing The closure of a Payment Account may will not give rise to any compensation, whatever may be the regardless of any possible damage caused by the closing said closure. The Account Holder of this Payment Account. Unless expressly agreed by Lemonway, the Account Holder whose Account has been closed by Lemonway LEMON WAY is not authorised, unless explicitly authorised by the latter, to open another Payment Account. Any Payment Account opened in violation of this provision may be immediately terminated closed by Lemonway LEMON WAY, without notice. According to the Account Holder's instructions, the Provision on the Account Payment subject to closure may be credited to said Account Holder, subject to outstanding payment Transactions and possible receivables, rejected transactions or objections. If a successor is appointed by LEMON WAY, the Account Holder may be encouraged to close their Payment Account and transfer the Provision to a new Payment Account opened with the institution designated as a successor. LEMON WAY reserves the right to bring legal action to repair the damage suffered due to a breach of the Framework Agreement. The Funds on closure of the Payment Account object may result in additional fees, within the bounds of article L.313- 13 of the closure will be entitled to a transfer payable to the Account Holder of said account, according to the instructions of the latter Monetary and subject to (i) the pending Payment Transactions and any subsequent non- payments, bank refusals or objections andFinancial Code.

Appears in 2 contracts

Samples: Payment Services Framework Agreement, Framework Agreement

TERMINATION OF THE FRAMEWORK AGREEMENT. The Account Holder may terminate the Framework Agreement ipso jure which will entail closing his Payment Account by any means after complying with a (1) one-month notice period. The Account Holder must maintain sufficient Funds to ensure successful completion of the pending Payment Transactions during the time necessary for settling them and payment of the fees owed by the Account Holder. Lemonway may automatically terminate the Framework Agreement Agreement, which will entail closing result in the closure of their Payment Account Account, by registered letter with acknowledgment acknowledgement of receipt receipt, following compliance with a (2) two-month notice periodmonth's notice. They must maintain a sufficient Provision in order to ensure the completion of pending payment Transactions, until they have been resolved, and all outstanding fees have been paid. LEMON WAY may automatically terminate the Framework Agreement, which will result in the closure of their Payment Account, by registered letter with acknowledgement of receipt, following compliance with a month's notice. In the event of a serious breach gross negligence by a Partyone of the Parties, the Framework Agreement may be terminated with immediate effecteffect by simple written notification from the prevailing Party. Serious breach Gross negligence by the Account Holder is understood asto mean: communication of false information; exercise of unlawful engaging in illegal activity, contrary to common contravening standards of public decency, ; money laundering or terrorist financingfinancing of terrorism; threats against Lemonway’s employees to agents of LEMON WAY or the Partner’s employeesPartner site; defaulted payment; failure to pay; breach of comply with an obligation by the Account Holder hereunderof this contract; termination of the relationship relations between the Account Holder and the PartnerPartner site; termination of the relationship between the Partner and Lemonway; over- indebtedness excessive debt or, for legal entities, appointment the nomination of an ad-hoc representative, an a special mediator and insolvency administrator, initiation of insolvency administrator to initiate rehabilitation or liquidation proceedings. Serious breach Gross negligence by Lemonway LEMON WAY is understood asto mean: communication of false information; breach of failure to comply with an obligation hereunderof these terms and conditions; appointment the nomination of an ad-hoc representative, an a special mediator and insolvency administrator, initiation of insolvency administrator to initiate rehabilitation or liquidation proceedings. In the event of a change in the modification to applicable regulations and the their interpretation made thereof by the relevant regulatory authority, affecting authority that may affect the capacity ability of Lemonway LEMON WAY or its employees authorised representatives to execute the Payment carry out payment Transactions, the Framework Agreement will automatically be terminated. The Account Holder will may no longer be able to send a Payment Order as of payment Orders after the effective date of the terminationtermination date. The Account may be kept open maintained for a period of 13 15 months to cover any for the purpose of dealing with possible subsequent disputes and subsequent claimscomplaints. Payment Transactions initiated before the effective termination date of termination will not be affected by the termination request for termination and must be executed fulfilled under the terms of the Framework Agreement. The termination of the Framework Agreement shall will result in the definitive permanent closure of the Payment Account. Closing The closure of a Payment Account may will not give rise to any compensation, whatever may be the regardless of any possible damage caused by the closing said closure. The Account Holder of this Payment Account. Unless expressly agreed by Lemonway, the Account Holder whose Account has been closed by Lemonway LEMON WAY is not authorised, unless explicitly authorised by the latter, to open another Payment Account. Any Payment Account opened in violation of this provision may be immediately terminated closed by Lemonway LEMON WAY, without notice. According to the Account Xxxxxx's instructions, the Provision on the Account Payment subject to closure may be credited to said Account Holder, subject to outstanding payment Transactions and possible receivables, rejected transactions or objections. If a successor is appointed by LEMON WAY, the Account Holder may be encouraged to close their Payment Account and transfer the Provision to a new Payment Account opened with the institution designated as a successor. LEMON WAY reserves the right to bring legal action to repair the damage suffered due to a breach of the Framework Agreement. The Funds on closure of the Payment Account object may result in additional fees, within the bounds of article L.313- 13 of the closure will be entitled to a transfer payable to the Account Holder of said account, according to the instructions of the latter Monetary and subject to (i) the pending Payment Transactions and any subsequent non- payments, bank refusals or objections andFinancial Code.

Appears in 2 contracts

Samples: Framework Agreement, Payment Services Framework Agreement

TERMINATION OF THE FRAMEWORK AGREEMENT. The Account Holder may terminate the Framework Agreement ipso jure which will entail closing his Payment Account by any means after complying with a (1) one-month notice period. The Account Holder must maintain sufficient Funds to ensure successful completion of the pending Payment Transactions during the time necessary for settling them and payment of the fees owed by the Account Holder. Lemonway may automatically terminate the Framework Agreement Agreement, which will entail closing result in the closure of their Payment Account Account, by registered letter with acknowledgment acknowledgement of receipt receipt, following compliance with a (2) two-month notice periodmonth’s notice. They must maintain a sufficient Provision in order to ensure the completion of pending payment Transactions, until they have been resolved, and all outstanding fees have been paid. LEMON WAY may automatically terminate the Framework Agreement, which will result in the closure of their Payment Account, by registered letter with acknowledgement of receipt, following compliance with a month’s notice. In the event of a serious breach gross negligence by a Partyone of the Parties, the Framework Agreement may be terminated with immediate effecteffect by simple written notification from the prevailing Party. Serious breach Gross negligence by the Account Holder is understood asto mean: communication of false information; exercise of unlawful engaging in illegal activity, contrary to common contravening standards of public decency, ; money laundering or terrorist financingfinancing of terrorism; threats against Lemonway’s employees to agents of LEMON WAY or the Partner’s employeesPartner site; defaulted payment; failure to pay; breach of comply with an obligation by the Account Holder hereunderof this contract; termination of the relationship relations between the Account Holder and the PartnerPartner site; termination of the relationship between the Partner and Lemonway; over- indebtedness excessive debt or, for legal entities, appointment the nomination of an ad-hoc representative, an a special mediator and insolvency administrator, initiation of insolvency administrator to initiate rehabilitation or liquidation proceedings. Serious breach Gross negligence by Lemonway LEMON WAY is understood asto mean: communication of false information; breach of failure to comply with an obligation hereunderof these terms and conditions; appointment the nomination of an ad-hoc representative, an a special mediator and insolvency administrator, initiation of insolvency administrator to initiate rehabilitation or liquidation proceedings. In the event of a change in the modification to applicable regulations and the their interpretation made thereof by the relevant regulatory authority, affecting authority that may affect the capacity ability of Lemonway LEMON WAY or its employees authorised representatives to execute the Payment carry out payment Transactions, the Framework Agreement will automatically be terminated. The Account Holder will may no longer be able to send a Payment Order as of payment Orders after the effective date of the terminationtermination date. The Account may be kept open maintained for a period of 13 15 months to cover any for the purpose of dealing with possible subsequent disputes and subsequent claimscomplaints. Payment Transactions initiated before the effective termination date of termination will not be affected by the termination request for termination and must be executed fulfilled under the terms of the Framework Agreement. The termination of the Framework Agreement shall will result in the definitive permanent closure of the Payment Account. Closing The closure of a Payment Account may will not give rise to any compensation, whatever may be the regardless of any possible damage caused by the closing said closure. The Account Holder of this Payment Account. Unless expressly agreed by Lemonway, the Account Holder whose Account has been closed by Lemonway LEMON WAY is not authorised, unless explicitly authorised by the latter, to open another Payment Account. Any Payment Account opened in violation of this provision may be immediately terminated closed by Lemonway LEMON WAY, without notice. According to the Account Holder’s instructions, the Provision on the Account Payment subject to closure may be credited to said Account Holder, subject to outstanding payment Transactions and possible receivables, rejected transactions or objections. If a successor is appointed by LEMON WAY, the Account Holder may be encouraged to close their Payment Account and transfer the Provision to a new Payment Account opened with the institution designated as a successor. LEMON WAY reserves the right to bring legal action to repair the damage suffered due to a breach of the Framework Agreement. The Funds on closure of the Payment Account object may result in additional fees, within the bounds of article L.313-13 of the closure will be entitled to a transfer payable to the Account Holder of said account, according to the instructions of the latter Monetary and subject to (i) the pending Payment Transactions and any subsequent non- payments, bank refusals or objections andFinancial Code.

Appears in 2 contracts

Samples: Payment Services Framework Agreement, s3-eu-west-1.amazonaws.com

TERMINATION OF THE FRAMEWORK AGREEMENT. The Account Holder may terminate the Framework Agreement ipso jure which will entail closing his his/her Payment Account by any means after complying with a (1) one-one- month notice period. The Account Holder must maintain sufficient Funds to ensure successful completion of the pending Payment Transactions during the time necessary for settling them and payment of the fees owed by the Account Holder. Lemonway may automatically terminate the Framework Agreement which will entail closing the Payment Account by registered letter with acknowledgment of receipt following a (2) two-month notice period. In the event of a serious breach by a Party, the Framework Agreement may be terminated with immediate effect. Serious breach by the Account Holder is understood as: communication of false information; exercise of unlawful activity, contrary to common decency, money laundering or terrorist financing; threats against Lemonway’s employees or the Partner’s employees; failure to pay; breach of an obligation by the Account Holder hereunder; termination of the relationship between the Account Holder and the Partner; termination of the relationship between the Partner and Lemonway; over- indebtedness or, for legal entities, appointment of an ad-hoc representative, an insolvency administrator, initiation of insolvency or liquidation proceedings. Serious breach by Lemonway is understood as: communication of false information; breach of an obligation hereunder; appointment of an ad-hoc representative, an insolvency administrator, initiation of insolvency or liquidation proceedings. In the event of a change in the applicable regulations and the interpretation made thereof by the relevant regulatory authority, affecting the capacity of Lemonway or its employees to execute the Payment Transactions, the Framework Agreement will automatically be terminated. The Account Holder will no longer be able to send a Payment Order as of the effective date of the termination. The Account may be kept open for a period of 13 months to cover any disputes and subsequent claims. Payment Transactions initiated before the effective date of termination will not be affected by the request for termination and must be executed under the terms of the Framework Agreement. The termination of the Framework Agreement shall result in the definitive closure of the Payment Account. Closing a Payment Account may not give rise to any compensation, whatever may be the damage caused by the closing of this Payment Account. Unless expressly agreed by Lemonway, the Account Holder whose Account has been closed by Lemonway is not authorised to open another Payment Account. Any Payment Account opened in violation of this provision may be immediately terminated by Lemonway without notice. The Funds on the Payment Account object of the closure will be entitled to a transfer payable to the Account Holder of said account, according to the instructions of the latter and subject to (i) the pending Payment Transactions and any subsequent non- payments, bank refusals or objections and

Appears in 1 contract

Samples: www.lemonway.com

TERMINATION OF THE FRAMEWORK AGREEMENT. The Account Holder may terminate the Framework Agreement ipso jure which will entail closing his Payment Account by any means after complying with a (1) one-month notice period. The Account Holder must maintain sufficient Funds to ensure successful completion of the pending Payment Transactions during the time necessary for settling them and payment of the fees owed by the Account Holder. Lemonway may automatically terminate the Framework Agreement Agreement, which will entail closing result in the closure of their Payment Account Account, by registered letter with acknowledgment acknowledgement of receipt receipt, following compliance with a (2) two-month notice periodmonth's notice. They must maintain a sufficient Provision in order to ensure the completion of pending payment Transactions, until they have been resolved, and all outstanding fees have been paid. LEMON WAY may automatically terminate the Framework Agreement, which will result in the closure of their Payment Account, by registered letter with acknowledgement of receipt, following compliance with a month's notice. In the event of a serious breach gross negligence by a Partyone of the Parties, the Framework Agreement may be terminated with immediate effecteffect by simple written notification from the prevailing Party. Serious breach Gross negligence by the Account Holder is understood asto mean: communication of false information; exercise of unlawful engaging in illegal activity, contrary to common contravening standards of public decency, ; money laundering or terrorist financingfinancing of terrorism; threats against Lemonway’s employees to agents of LEMON WAY or the Partner’s employeesPartner site; defaulted payment; failure to pay; breach of comply with an obligation by the Account Holder hereunderof this contact; termination of the relationship relations between the Account Holder and the PartnerPartner site; termination of the relationship between the Partner and Lemonway; over- indebtedness excessive debt or, for legal entities, appointment the nomination of an ad-hoc representative, an a special mediator and insolvency administrator, initiation of insolvency administrator to initiate rehabilitation or liquidation proceedings. Serious breach Gross negligence by Lemonway LEMON WAY is understood asto mean: communication of false information; breach of failure to comply with an obligation hereunderof these terms and conditions; appointment the nomination of an ad-hoc representative, an a special mediator and insolvency administrator, initiation of insolvency administrator to initiate rehabilitation or liquidation proceedings. In the event of a change in the modification to applicable regulations and the their interpretation made thereof by the relevant regulatory authority, affecting authority that may affect the capacity ability of Lemonway LEMON WAY or its employees authorised representatives to execute the Payment carry out payment Transactions, the Framework Agreement will automatically be terminated. The Account Holder will may no longer be able to send a Payment Order as of payment Orders after the effective date of the terminationtermination date. The Account may be kept open maintained for a period of 13 15 months to cover any for the purpose of dealing with possible subsequent disputes and subsequent claimscomplaints. Payment Transactions initiated before the effective termination date of termination will not be affected by the termination request for termination and must be executed fulfilled under the terms of the Framework Agreement. The termination of the Framework Agreement shall will result in the definitive permanent closure of the Payment Account. Closing The closure of a Payment Account may will not give rise to any compensation, whatever may be the regardless of any possible damage caused by the closing said closure. The Account Holder of this Payment Account. Unless expressly agreed by Lemonway, the Account Holder whose Account has been closed by Lemonway LEMON WAY is not authorised, unless explicitly authorised by the latter, to open another Payment Account. Any Payment Account opened in violation of this provision may be immediately terminated closed by Lemonway LEMON WAY, without notice. According to the Account Holder's instructions, the Provision on the Account Payment subject to closure may be credited to said Account Holder, subject to outstanding payment Transactions and possible receivables, rejected transactions or objections. If a successor is appointed by LEMON WAY, the Account Holder may be encouraged to close their Payment Account and transfer the Provision to a new Payment Account opened with the institution designated as a successor. LEMON WAY reserves the right to bring legal action to repair the damage suffered due to a breach of the Framework Agreement. The Funds on closure of the Payment Account object may result in additional fees, within the bounds of article L.313-13 of the closure will be entitled to a transfer payable to the Account Holder of said account, according to the instructions of the latter Monetary and subject to (i) the pending Payment Transactions and any subsequent non- payments, bank refusals or objections andFinancial Code.

Appears in 1 contract

Samples: Payment Services Framework Agreement

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TERMINATION OF THE FRAMEWORK AGREEMENT. The Account Holder may terminate the Framework Agreement ipso jure which will entail closing his Payment Account by any means after complying with a (1) one-month notice period. The Account Holder must maintain sufficient Funds to ensure successful completion of the pending Payment Transactions during the time necessary for settling them and payment of the fees owed by the Account Holder. Lemonway may automatically terminate the Framework Agreement Agreement, which will entail closing result in the closure of their Payment Account Account, by registered letter with acknowledgment acknowledgement of receipt receipt, following compliance with a (2) two-month notice periodmonth's notice. They must maintain a sufficient Provision in order to ensure the completion of pending payment Transactions, until they have been resolved, and all outstanding fees have been paid. LEMON WAY may automatically terminate the Framework Agreement, which will result in the closure of their Payment Account, by registered letter with acknowledgement of receipt, following compliance with a month's notice. In the event of a serious breach gross negligence by a Partyone of the Parties, the Framework Agreement may be terminated with immediate effecteffect by simple written notification from the prevailing Party. Serious breach Gross negligence by the Account Holder is understood asto mean: communication of false information; exercise of unlawful engaging in illegal activity, contrary to common contravening standards of public decency, ; money laundering or terrorist financingfinancing of terrorism; threats against Lemonway’s employees to agents of LEMON WAY or the Partner’s employeesPartner site; defaulted payment; failure to pay; breach of comply with an obligation by the Account Holder hereunderof this contact; termination of the relationship relations between the Account Holder and the PartnerPartner site; termination of the relationship between the Partner and Lemonway; over- indebtedness excessive debt or, for legal entities, appointment the nomination of an ad-hoc representative, an a special mediator and insolvency administrator, initiation of insolvency administrator to initiate rehabilitation or liquidation proceedings. Serious breach Gross negligence by Lemonway LEMON WAY is understood asto mean: communication of false information; breach of failure to comply with an obligation hereunderof these terms and conditions; appointment the nomination of an ad-hoc representative, an a special mediator and insolvency administrator, initiation of insolvency administrator to initiate rehabilitation or liquidation proceedings. In the event of a change in the modification to applicable regulations and the their interpretation made thereof by the relevant regulatory authority, affecting authority that may affect the capacity ability of Lemonway LEMON WAY or its employees authorised representatives to execute the Payment carry out payment Transactions, the Framework Agreement will automatically be terminated. The Account Holder will may no longer be able to send a Payment Order as of payment Orders after the effective date of the terminationtermination date. The Account may be kept open maintained for a period of 13 15 months to cover any for the purpose of dealing with possible subsequent disputes and subsequent claimscomplaints. Payment Transactions initiated before the effective termination date of termination will not be affected by the termination request for termination and must be executed fulfilled under the terms of the Framework Agreement. The termination of the Framework Agreement shall will result in the definitive permanent closure of the Payment Account. Closing The closure of a Payment Account may will not give rise to any compensation, whatever may be the regardless of any possible damage caused by the closing said closure. The Account Holder of this Payment Account. Unless expressly agreed by Lemonway, the Account Holder whose Account has been closed by Lemonway LEMON WAY is not authorised, unless explicitly authorised by the latter, to open another Payment Account. Any Payment Account opened in violation of this provision may be immediately terminated closed by Lemonway LEMON WAY, without notice. According to the Account Xxxxxx's instructions, the Provision on the Account Payment subject to closure may be credited to said Account Holder, subject to outstanding payment Transactions and possible receivables, rejected transactions or objections. If a successor is appointed by LEMON WAY, the Account Holder may be encouraged to close their Payment Account and transfer the Provision to a new Payment Account opened with the institution designated as a successor. LEMON WAY reserves the right to bring legal action to repair the damage suffered due to a breach of the Framework Agreement. The Funds on closure of the Payment Account object may result in additional fees, within the bounds of article L.313-13 of the closure will be entitled to a transfer payable to the Account Holder of said account, according to the instructions of the latter Monetary and subject to (i) the pending Payment Transactions and any subsequent non- payments, bank refusals or objections andFinancial Code.

Appears in 1 contract

Samples: Payment Services Framework Agreement

TERMINATION OF THE FRAMEWORK AGREEMENT. The Account Holder may terminate the Framework Agreement ipso jure which will entail closing his Payment Account by any means after complying with a (1) one-one- month notice period. The Account Holder must maintain sufficient Funds to ensure successful completion of the pending Payment Transactions during the time necessary for settling them and payment of the fees owed by the Account Holder. Lemonway LEMON WAY may automatically terminate the Framework Agreement which will entail closing the Account Holder’s Payment Account by registered letter with acknowledgment of receipt following a (2) two-month notice period. In the event of a serious breach by a Party, the Framework Agreement may be terminated with immediate effecteffect by written notice submitted by the other Party. Serious breach by the Account Holder is understood as: communication of false information; exercise of unlawful activity, contrary to common decency, money laundering or terrorist financing; threats against LemonwayLEMON WAY’s employees or the Partner’s employeesPartner site; failure to pay; breach of an obligation by the Account Holder hereunder; termination of the relationship between the Account Holder and the PartnerPartner site; termination of the relationship between the Partner and Lemonway; over- indebtedness overindebtedness or, for legal entities, appointment of an ad-ad- hoc representative, an insolvency administrator, initiation of insolvency or liquidation proceedings. Serious breach by Lemonway LEMON WAY is understood as: communication of false information; breach of an obligation hereunder; appointment of an ad-hoc representative, an insolvency administrator, initiation of insolvency or liquidation proceedings. In the event of a change in the applicable regulations and the interpretation made thereof by the relevant regulatory authorityRegulatory Authority, affecting the capacity of Lemonway LEMON WAY or its employees to execute the Payment Transactions, the Framework Agreement will automatically be terminated. The Account Holder will no longer be able to send a Payment Order as of the effective date of the termination. The Account may be kept open for a period of 13 months to cover any disputes and subsequent claims. Payment Transactions initiated before the effective date of termination will not be affected by the request for termination and must be executed under the terms of the Framework Agreement. The termination of the Framework Agreement shall result in the definitive closure of the Payment Account. Closing a Payment Account may not give rise to any compensation, whatever may be the damage caused by the closing of this Payment Account. Unless expressly agreed by LemonwayLEMON WAY, the Account Holder whose Account has been closed by Lemonway LEMON WAY is not authorised to open another Payment Account. Any Payment Account opened in violation of this provision may be immediately terminated by Lemonway LEMON WAY without notice. The Funds on the Payment Account object of the closure will be entitled to a transfer payable to the Account Holder of said account, according to the instructions of the latter and subject to (i) the pending Payment Transactions and any subsequent non- non-payments, bank refusals or objections andobjections. If a successor is appointed by LEMON WAY, the Account Holder might be asked to close his Payment Account and transfer the Funds to a new payment account opened on the books of the institution appointed as the successor. LEMON WAY reserves the right to claim compensation from the court for damages it may have suffered as a result of the violation of the Framework Agreement. The closing of the Payment Account may give rise to costs within the limits of Article L. 314-13 of the French Monetary and Financial Code.

Appears in 1 contract

Samples: www.coracle.de

TERMINATION OF THE FRAMEWORK AGREEMENT. The Account Holder Partner may terminate the Framework Agreement ipso jure which will entail closing his Payment Account by any means after complying with a (1) one-month notice period. The Account Holder Partner must maintain sufficient Funds to ensure successful completion of the pending Payment Transactions during the time necessary for settling them and payment of the fees owed by the Account HolderPartner. Lemonway may automatically terminate the Framework Agreement which will entail closing the Payment Account by registered notice provided via any durable medium (including ordinary letter with acknowledgment of receipt or e-mail) following a (2) two-two- month minimal notice period, in accordance with article L. 314-13 of the French Monetary and Financial Code. In the event of a serious breach by a Party, the Framework Agreement may be terminated with immediate effect. Serious breach by the Account Holder Partner is understood as: communication of false information; exercise of unlawful activity, contrary to common decency, money laundering or terrorist financing; threats against Lemonway’s employees or the Partner’s employees; failure to pay; breach of an obligation by the Account Holder Partner hereunder; termination of the relationship between the Account Holder and the Partner; termination of the relationship between the Partner and Lemonway; over- indebtedness or, for legal entities, appointment of an ad-hoc representative, an insolvency administrator, initiation of insolvency or liquidation proceedings. Serious breach by Lemonway is understood as: communication of false information; breach of an obligation hereunder; appointment of an ad-hoc representative, an insolvency administrator, initiation of insolvency or liquidation proceedings. In the event of a change in the applicable regulations and the interpretation made thereof by the relevant regulatory authority, affecting the capacity of Lemonway or its employees to execute the Payment Transactions, the Framework Agreement will automatically be terminated. The Account Holder Partner will no longer be able to send a Payment Order as of the effective date of the termination. The Account may be kept open for a period of 13 months to cover any disputes and subsequent claims. Payment Transactions initiated before the effective date of termination will not be affected by the request for termination and must be executed under the terms of the Framework Agreement. The termination of the Framework Agreement shall result in the definitive closure of the Payment Account. Closing a Payment Account may not give rise to any compensation, whatever may be the damage caused by the closing of this Payment Account. Unless expressly agreed by Lemonway, the Account Holder Partner whose Account has been closed by Lemonway is not authorised to open another Payment Account. Any Payment Account opened in violation of this provision may be immediately terminated by Lemonway without notice. The Funds on the Payment Account object of the closure will be entitled to a transfer payable to the Account Holder of said accountPartner, according to the instructions of the latter and subject to (i) the pending Payment Transactions and any subsequent non- non-payments, bank refusals or objections and(ii) the amount of the Rolling Reserve determined on the closing date to cover any reversals and/or dispute concerning Payment transaction(s) acquired by credit card by the Partner during the last thirteen (13) months (the Rolling Reserve may not be retained more than 90 days after the closing date) and (iii) the regulation applicable to frozen assets as provided by the French Treasury Department. If a successor is appointed by Lemonway, the Partner might be asked to close his Payment Account and transfer the Funds to a new payment account opened in the books of the institution appointed as the successor. Lemonway reserves the right to claim compensation from the Partner in court for damages it may have suffered as a result of

Appears in 1 contract

Samples: www.lemonway.com

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