Liability Following Termination. Following expiration or termination of this Agreement, IPAYMENT shall continue to hold all risks associated with transactions processed by SERVICERS prior to the termination or expiration of this Agreement or deconversion of the Program Merchants, including all risk relating to Chargebacks and fraudulent transactions. IPAYMENT shall pay SERVICERS any amounts associated with such risks immediately upon demand. SERVICERS may also require additional monies be deposited in the Reserve Account or Termination Reserve Account upon any termination or expiration of this Agreement.
Appears in 3 contracts
Sources: Merchant Program Processing Agreement, Merchant Program Processing Agreement (Ipayment Inc), Merchant Program Processing Agreement (Ipayment Inc)