Common use of FLOOR LIMIT Clause in Contracts

FLOOR LIMIT. 7.1 Where the Merchant has been provided with a EDC Terminal, the Floor Limit of the Merchant shall effectively be zero (0) in the absence of any specific authorisation and/or written authorisation from the RHB Bank to the Merchant. In the event of any equipment/line failure, the Merchant shall on each occasion request and obtain from the RHB Bank by telephone, the RHB Bank's specific authorisation and/or written authorisation. 7.2 Where the Merchant has not been provided with a EDC Terminal, the Floor Limit of the Merchant shall effectively be zero (0), and the Merchant shall be responsible for obtaining the authorisation