Common use of Deductions from Reserve Account Clause in Contracts

Deductions from Reserve Account. If funds are not available in the Account, or if Servicer determines, in its sole and absolute discretion that Merchant may be liable to Merchant’s customers or Servicer for Chargebacks, anticipated Chargebacks, or for any reason or amount, Servicer, without prior notice to Merchant, may deduct from the Reserve Account any amount sufficient to pay for such obligation of Merchant, including, but not limited to, Chargebacks, anticipated Chargebacks, Credit Vouchers, fees and any other fees owed, fines, penalties, loss allocations, damages, expenses (including, without limitation, attorneys’ fees, investigatory and/or remediation expenses), charges, Assessments, registrations, certification expenses, payment obligations owed by Merchant to Servicer under this Agreement (including, without limitation, indemnity obligations), and any and all or other amounts due to Servicer, the Card Brands, or any governmental, banking, or regulatory agency, or claimed by third parties, arising out of this Agreement or involving Xxxxxxxx’s business, actions, omissions, or use of the services contemplated under this Agreement. Notwithstanding any of the foregoing, as an additional and cumulative right under this Agreement, if Servicer reasonably believes that Merchant will in the near future owe any such amounts under this Agreement, including for Chargebacks, anticipated Chargebacks, fines, fees, or any other item described above in this Section, Servicer may also identify, sequester, or transfer to itself (including its own Servicer account(s)) any portion of the Reserve Account that Servicer believes is needed to pay such obligation, and Servicer may hold and use such amount for its own benefit and protection (as opposed to any such amount of the Reserve Account being held for Merchant’s benefit or the benefit of any third party, regardless of how the account in which such funds are held is titled). The aforementioned rights and remedies are not intended to be exclusive and are intended to be cumulative of all of Servicer’s other rights and remedies under this Agreement and Applicable Law.

Deductions from Reserve Account. If funds are not available in the Settlement Account, or if Servicer Bank determines, in its sole and absolute discretion that Merchant may be liable to Merchant’s customers or Servicer Bank for Chargebacks, anticipated Chargebacks, or for any reason or amount, ServicerBank, without prior notice to Merchant, may deduct maydeduct from the Reserve Account any amount sufficient to pay for such obligation of Merchant, including, but not limited to, Chargebacks, anticipated Chargebacks, Credit Vouchers, fees Processing Fees and any other fees owed, fines, penalties, loss allocations, damages, expenses (including, without limitation, attorneys’ fees, investigatory and/or remediation expenses), charges, Assessmentsassessments, registrations, certification expenses, payment obligations owed by Merchant to Servicer Bank under this Agreement (including, without limitation, indemnity obligations), and any and all or other amounts due to ServicerBank, the Card BrandsNetworks, or any governmental, banking, or regulatory agency, or claimed by third parties, arising out of this Agreement or involving Xxxxxxxx’s businessMerchant’sbusiness, actions, omissions, or use of the services contemplated under this Agreement. Notwithstanding any of the foregoing, as an additional and cumulative right under this Agreement, if Servicer Bank reasonably believes that Merchant will in the near future owe any such amounts under this Agreement, including for Chargebacks, anticipated Chargebacks, fines, fees, or any other item described above in this Sectionsection, Servicer Bank may also identify, sequester, or transfer to itself (including its own Servicer bank account(s)) any portion of the Reserve Account that Servicer Bank believes is needed to pay such obligationpaysuchobligation, and Servicer may hold and use such amount Bankmay holdand usesuchamount for its own benefit and ownbenefitand protection (as opposed to any such amount suchamount of the Reserve Account being held for Merchant’s benefit or the benefit of any third party, regardless of how the account in which such funds are held is titledparty ). The aforementioned rights and remedies are not intended to be exclusive and are intended to be cumulative of all of ServicerBank’s other rights and remedies under this Agreement and Applicable Lawapplicable law.