Common use of Conveyed Transactions Clause in Contracts

Conveyed Transactions. Conveyed Transactions are Transactions that Merchant submits to Chase Paymentech, but which are then conveyed to one or more third parties or Payment Brands for settlement and funding directly by them to Merchant (e.g. American Express Transactions). For Conveyed Transactions Merchant must have a valid agreement in effect with the applicable third party or Payment Brand. Payment of proceeds due Merchant for Conveyed Transactions will be governed by such agreement, and Chase Paymentech does not bear any responsibility or liability for performing or failing to perform any term, condition, or covenant under Merchant’s agreement with any third party concerning Conveyed Transactions, including, without limitation, the funding and settlement of Merchant’s Conveyed Transactions. If Merchant submits Conveyed Transactions to Chase Paymentech and ▇▇▇▇▇▇▇▇ does not have a valid agreement with the applicable third party or Payment Brand, Chase Paymentech may, but is not obligated to, convey such Transaction Data to the applicable third party or Payment Brand and to share with them information about Merchant (from the Application or otherwise) as may be required to approve Merchant’s acceptance of the Conveyed Transaction.

Conveyed Transactions. Conveyed Transactions are Transactions that Merchant submits to Chase Paymentech, but which are then conveyed to one or more third parties or Payment Card Brands for settlement and funding directly by them to Merchant (e.g. American Express Transactions). For Conveyed Transactions Merchant must have a valid agreement in effect with the applicable third party or Payment Card Brand. Payment of proceeds due Merchant for Conveyed Transactions will be governed by such agreement, and Chase Paymentech does not bear any responsibility or liability for performing or failing to perform any term, condition, or covenant under Merchant’s agreement with any third party concerning Conveyed Transactions, including, without limitation, the funding and settlement of Merchant’s Conveyed Transactions. If Merchant submits Conveyed Transactions to Chase Paymentech and ▇▇▇▇▇▇▇▇ Merchant does not have a valid agreement with the applicable third party or Payment Card Brand, Chase Paymentech may, but is not obligated to, convey such Transaction Data transactions to the applicable third party or Payment Card Brand and to share with them information about Merchant (from the Application or otherwise) as may be required to approve Merchant’s acceptance of the Conveyed Transaction.