Common use of RCK Reserve Clause in Contracts

RCK Reserve. In addition to and not in limitation of any other rights under this Agreement, PROCESSOR reserves the right to establish (without notice to CUSTOMER) and CUSTOMER agrees to fund a non‐interest bearing RCK Chargeback Reserve Account (which may be co‐mingled with any other Chargeback Reserve Account of CUSTOMER), or to demand other security and/or to raise any transaction fee hereunder, upon PROCESSOR’s reasonable determination of the occurrence of the following: (a) CUSTOMER engages in the processing of charges which creates an overcharge to CUSTOMER by duplication of charges; (b) Any activity engaged in by CUSTOMER, which violates any Rule, applicable Law, or applicable ODFI or Agency requirement, or the terms and conditions of this Agreement; (c) Chargebacks exceed 33% of the total number of transactions submitted by CUSTOMER in any thirty (30) day calendar period; (d) Excessive number of requests from customers or banks for retrieval of documentation; (e) CUSTOMER’s financial stability is in question or CUSTOMER ceases doing business upon notice of termination of this Agreement. PROCESSOR shall disburse any and all funds remaining in this account at the end of one hundred eighty (180) days after termination of this Agreement or ninety (90) days from the date of the last Chargeback activity, whichever is later, unless PROCESSOR, in its sole discretion believes Chargeback rights may be longer than such period of time or that loss is otherwise likely, in which event PROCESSOR will notify CUSTOMER of the date set for the release of the funds. No monies in the Chargeback Reserve Account shall bear interest. Provisions applicable to the designated Settlement Account are also applicable to this account.

RCK Reserve. In addition to and not in limitation of any other rights under this Agreement, PROCESSOR reserves the right to establish (without notice to CUSTOMER) and CUSTOMER agrees to fund a non‐interest bearing RCK Chargeback Reserve Account (which may be co‐mingled with any other Chargeback Reserve Account of CUSTOMER), or to demand other security and/or to raise any transaction fee hereunder, upon PROCESSOR’s reasonable determination of the occurrence of the following: (a) :  CUSTOMER engages in the processing of charges which creates an overcharge to CUSTOMER by duplication of charges; (b) ;  Any activity engaged in by CUSTOMER, which violates any Rule, applicable Law, or applicable ODFI or Agency requirement, or the terms and conditions of this Agreement; (c) ;  Chargebacks exceed 33% of the total number of transactions submitted by CUSTOMER in any thirty (30) day calendar period; (d) ;  Excessive number of requests from customers or banks for retrieval of documentation; (e) ;  CUSTOMER’s financial stability is in question or CUSTOMER ceases doing business upon notice of termination of this Agreement. PROCESSOR shall disburse any and all funds remaining in this account at the end of one hundred eighty (180) days after termination of this Agreement or ninety (90) days from the date of the last Chargeback activity, whichever is later, unless PROCESSOR, in its sole discretion believes Chargeback rights may be longer than such period of time or that loss is otherwise likely, in which event PROCESSOR will notify CUSTOMER of the date set for the release of the funds. No monies in the Chargeback Reserve Account shall bear interest. Provisions applicable to the designated Settlement Account are also applicable to this account.