Common use of Recoupment of Chargebacks Clause in Contracts

Recoupment of Chargebacks. In the event of Merchant’s default in payment of chargebacks, Merchant and Guarantor(s) agree: (i) that all personal Bank accounts standing in their names shall be subject to this Agreement and ACH debits; (ii) all ACH debits, whether made against Merchant’s Account or a Guarantor’s personal account shall bear a commercial account code designation (CCD) for purposes of electronic collection via the ACH system; and (iii) Merchant and/or Guarantor(s) irrevocably consent to Bank and NMS utilizing any means available to locate such deposit accounts until such time when all amounts due have been satisfied. Bank may enforce this security interest as applicable by: (a) making an immediate debit/charge via the ACH system (code CCD) to any deposit account standing in the name or names of Merchant and/or Guarantor(s), without notice or demand of any kind; and/or interrupting the electronic transmission of funds to any account through the ACH system; (b) freezing the Designated Account and Reserve Account, without notice or demand of any kind;

Recoupment of Chargebacks. In the event of Merchant’s default in payment of chargebacksChargebacks, Merchant and Guarantor(s) agree: (i) that all personal Bank bank accounts standing in their names shall be subject to this Agreement and ACH debits; (ii) all ACH debits, whether made against Merchant’s Account or a Guarantor’s personal account account, shall bear a commercial account code designation (CCD) for purposes of electronic collection via the ACH system; and (iii) Merchant and/or and Guarantor(s) irrevocably consent to Bank and NMS Company utilizing any means available to locate such deposit accounts until such time when all amounts due have been satisfied. Bank and Company may enforce this security interest as applicable by: (a) making an immediate debit/charge via the ACH system (code CCD) to any deposit account standing in the name or names of Merchant and/or or Guarantor(s), without notice or demand of any kind; and/or and interrupting the electronic transmission of funds to any account through the ACH system; (b) freezing the Designated Account and Reserve Account, without notice or demand of any kind;