Fraud Cap definition

Fraud Cap means, for any Contract Year, an amount equal to the product of (A) Net Credit Sales; multiplied by (B) 0.50% (50 basis points); provided that TDRCS may adjust the percentage used to calculate the Fraud Cap in its reasonable discretion at the beginning of every Contract Year; and

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Fraud Cap means, for any Program Year, an amount equal to the product of (A) average aggregate outstanding indebtedness for such Program Year, and (B)

Fraud Cap means, for any Program Year, an amount equal to [*** Confidential portion has been omitted pursuant to a request for confidential treatment and has been filed separately with the Commission.]. For purposes of this Section, Bank acknowledges and agrees that, with respect to its chargeback rights under Sections 7.1(b) and 7.1(g) in connection with any Account application the information for which was provided over the telephone or through the Internet, so long as Retailer followed any applicable Operating Procedures with respect to the completion of such application, Bank’s chargeback rights shall be subject to the Uncontrollable Fraud provisions of this Section 7.2 notwithstanding that Retailer cannot provide to Bank a copy of such application.

Examples of Fraud Cap in a sentence

• Once the Fraud Cap has been reached for any Program Year, Retailer shall be responsible and liable for all subsequent chargebacks attributable to Uncontrollable Fraud and shall pay Bank such amount as set forth in Section 10(b).

• Bank may make demand for payment hereunder from time to time at any time during a Program Year (or set off such amounts pursuant to Section 3.1(b)) after the losses, including accrued finance charges and fees, incurred by Bank and resulting from Uncontrollable Fraud exceed the Fraud Cap for such Year.

• Once the Fraud Cap has been reached for any Program Year, Retailer shall be responsible and liable for all subsequent chargebacks attributable to Uncontrollable Fraud and shall pay Bank such amount as set forth in Section 7.2(b).

• With respect to amounts payable under Section 7.1 in connection with Uncontrollable Fraud (and without limiting LESCO's obligation with respect to amounts payable for any other reason under Section 7.1), LESCO agrees to pay to Bank promptly upon demand, an amount equal to all losses, including accrued finance charges and fees, incurred by Bank in any given Program Year resulting from Uncontrollable Fraud, once such losses exceed the amount of the Fraud Cap established for such Program Year.

• The aggregate Losses recoverable by the Buyer Indemnified Persons against any Equityholder in connection with claims arising out of fraud, willful misconduct or intentional misrepresentation of such Equityholder shall not be subject to the Company Fraud Cap and shall be unlimited.

• The aggregate Losses recoverable by the Buyer Indemnified Persons in connection with claims arising out of fraud, willful misconduct or intentional misrepresentation of the Company shall be limited to $15,000,000 (the “Company Fraud Cap”), and in no event shall any Equityholder be liable for any Losses in excess of such Equityholder’s Pro Rata Portion of the Company Fraud Cap.

• In addition to TDRCS's right to chargeback to Merchant any transaction pursuant to Section 4.8(a), including, without limitation, fraud that is attributable to Merchant's employees, contractors, and agents, TDRCS may Chargeback to Merchant all losses that TDRCS reasonably determines are attributable to Third Party Fraud during any Contract Year once the Fraud Cap has been met.

More Definitions of Fraud Cap

Fraud Cap means, for any Program Year after the first Program Year, an amount equal to the product of (i) Net Program Sales for the immediately preceding Program Year, and (ii(REDACTED); the percentage used in calculating the Fraud Cap shall be subject to review and adjustment by Bank at the beginning of each Program Year.