MasterCard Rules (PDF)

Participation
1.5 Obligations, Rights and Responsibilities
of the application to be a Customer. As a condition of such conditional
authorization, the applicant must agree, and by commencement of any Activity
the applicant is deemed to have agreed, to comply during this interim
period (and thereafter as applicable) with the Standards and to discontinue
immediately any use of the Marks and Activity if the application is disapproved.
All damages, losses, costs, and liabilities arising directly or indirectly, or
consequentially, from or related to any interim participation in Activity by the
applicant and from the disapproval of the application to be a Customer is solely
at the applicant’s risk and expense, and the Corporation has no responsibility
for any such damages, losses, costs, or liabilities.
1.5 Obligations, Rights and Responsibilities
1.5.1 Obligation To Become a Customer
Subject to Rule 1.4, a financial institution or other entity that is eligible to be a
Customer may not participate in Activity unless and until it becomes a Customer.
1.5.2 Obligation to Participate
Each Customer must participate as a Principal or Association or as an Affiliate,
or as a combination thereof.
NOTE
Additions to this Rule appear in Chapter 15, “United States Region Rules.”
1.5.3 Right to Participate
Each Customer may only use a Mark that the Customer is authorized to use
pursuant to a License by the Corporation.
1.5.4 Participation and License Not Transferable
A Customer may not Transfer or assign its Participation in the Corporation or any
License, whether by sale, consolidation, merger, operation of law, or otherwise,
without the express written consent of the Corporation, provided however,
that in the event that the Cards issued by, the Ownership of, or any Activity
of a Customer are acquired by any person, whether by sale, consolidation,
merger, operation of law or otherwise, the obligations, but not the rights, of
such Customer shall transfer to the person acquiring such Customer.
1.5.5 Customer Responsibilities
Each Customer must:
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MasterCard Rules • 12 December 2012 1-3