Common use of Merchant Obligations Clause in Contracts

Merchant Obligations. A. Notification of Business Changes. Merchant shall provide Bank with immediate notice if Merchant intends to: (i) transfer, sell, or liquidate any substantial part of its total assets or equity; (ii) change the basic nature of its business affecting Merchant’s MCC; (iii) change ownership or transfer control of its business; (iv) 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; or (v) modify Merchant’s monthly processing volume or average ticket size as approved by Bank ( collectively known as “ Business Changes”). Notice to Bank must be made in accordance with Section 8.2.G (Notice). Failure to provide notice of Business Changes may result in termination of this Agreement. In event of Business Changes, Bank may, in its sole discretion, terminate this Agreement. In its sole discretion, Bank may or may not offer Merchant a new Agreement. If Bank suffers a monetary loss caused by Merchant’s failure to comply with this section, Bank has the right to recover such losses by means of enforcing its Security Interests per Section 4.1 of the Agreement along with its other remedies.

Merchant Obligations. A. Notification of Business Changes. Merchant shall provide Bank with immediate notice if Merchant intends intents to: (i) transfer, sell, sell or liquidate any substantial part of its total assets or and/or equity; (ii) change the basic nature of its business affecting Merchant’s MCC; (iii) change ownership or transfer control of its business; (iv) enter into any joint venture, partnership, partnership or similar business arrangement whereby any person or entity not a party to this Agreement assumes any interest in Merchant’s business; or (v) modify Merchant’s monthly processing volume or and/or average ticket size as approved by Bank ( Bank, collectively known as “ Business Changes”). Notice to Bank must should be made to in accordance with Article VII, Section 8.2.G (Notice)7.2. Failure or neglect to provide notice of Business Changes may result in be grounds for termination of this Agreement. In event of Business Changes, Bank may, in may at its sole discretion, discretion act to terminate this Agreement. In its sole discretionAgreement or, if deemed acceptable by Bank, Bank may or may not offer Merchant opt to initiate a new AgreementAgreement with Merchant. If In the event Bank suffers a monetary loss caused by Merchant’s failure neglect to comply with this sectionSection, Bank has the right to recover such losses by means of enforcing exercising its Security Interests per Article IV, Section 4.1 of the Agreement along with its other remediesAgreement.

Merchant Obligations. A. Notification of Business Changes. Merchant shall provide Bank with immediate notice if Merchant intends intents to: (i) transfer, sell, sell or liquidate any substantial part of its total assets or and/or equity; (ii) change the basic nature of its business affecting Merchant’s MCC; (iii) change ownership or transfer control of its business; (iv) enter into any joint venture, partnership, partnership or similar business arrangement whereby any person or entity not a party to this Agreement assumes any interest in Merchant’s business; or (v) modify Merchant’s monthly processing volume or and/or average ticket size as approved by Bank ( Bank, collectively known as “ Business Changes”). Notice to Bank must should be made to in accordance with Article VII, Section 8.2.G (Notice)7.02. Failure or neglect to provide notice of Business Changes may result in be grounds for termination of this Agreement. In event of Business Changes, Bank may, in may at its sole discretion, discretion act to terminate this Agreement. In its sole discretionAgreement or, if deemed acceptable by Bank, Bank may or may not offer Merchant opt to initiate a new AgreementAgreement with Merchant. If In the event Bank suffers a monetary loss caused by Merchant’s failure neglect to comply with this sectionSection, Bank has the right to recover such losses by means of enforcing exercising its Security Interests per Article IV, Section 4.1 4.01 of the Agreement along with its other remediesAgreement.