Common use of Reserve and Security Clause in Contracts

Reserve and Security. 6.1. Xxxxxx may establish a Security in relation to the Merchant for the purpose of providing a source of funds to pay Skrill for any and all, actual and reasonably anticipated claims, losses, cost, penalties and expenses. 6.2. If Skrill elects that the relevant Security shall include the establishment of a Reserve, then: Skrill shall be entitled to prevent the Merchant from withdrawing a sum determined by Xxxxxx (in its sole discretion) from the Merchant Account. Alternatively, at Xxxxxx' sole discretion, Xxxxxx may elect for the Security to be a bank guarantee in which case the Merchant shall, upon request, procure a bank guarantee in favour of Skrill by a bank and in a form acceptable to Xxxxxx and in an amount determined by Xxxxxx. The Security shall remain in place regardless of any termination of this Agreement for as long as there are residual or contingent liabilities of the Merchant to Skrill. The amount of the Reserve (either expressed as an absolute amount or as a percentage of past payments into the Merchant Account) shall be determined by Skrill from time to time in its sole discretion. Where a Reserve has not been established at the commencement date of this Agreement, Skrill shall notify the Merchant of the imposition of a Reserve, its method of calculation, its amount as well as any increase or reduction of the Reserve without undue delay in writing at any time during the term of this Agreement.

Reserve and Security. 6.1. Xxxxxx Skrill may establish a Security in relation to the Merchant for the purpose of providing a source of funds to pay Skrill for any and all, actual and reasonably anticipated claims, losses, cost, penalties and expenses. 6.2. If Skrill elects that the relevant Security shall include the establishment of a Reserve, then: Skrill shall be entitled to prevent the Merchant from withdrawing a sum determined by Xxxxxx Skrill (in its sole discretion) from the Merchant Account. Alternatively, at XxxxxxSkrill' sole discretion, Xxxxxx Skrill may elect for the Security to be a bank guarantee in which case the Merchant shall, upon request, procure a bank guarantee in favour of Skrill by a bank and in a form acceptable to Xxxxxx Skrill and in an amount determined by XxxxxxSkrill. The Security shall remain in place regardless of any termination of this Agreement for as long as there are residual or contingent liabilities of the Merchant to Skrill. The amount of the Reserve (either expressed as an absolute amount or as a percentage of past payments into the Merchant Account) shall be determined by Skrill from time to time in its sole discretion. Where a Reserve has not been established at the commencement date of this Agreement, Skrill shall notify the Merchant of the imposition of a Reserve, its method of calculation, its amount as well as any increase or reduction of the Reserve without undue delay in writing at any time during the term of this Agreement.

Reserve and Security. ‌ 6.1. Xxxxxx may establish a Security in relation to the Merchant for the purpose of providing a source of funds to pay Skrill for any and all, actual and reasonably anticipated claims, losses, cost, penalties and expenses.expenses.‌ 6.2. If Skrill elects that the relevant Security shall include the establishment of a Reserve, then: Skrill shall be entitled to prevent the Merchant from withdrawing a sum determined by Xxxxxx (in its sole discretion) from the Merchant Account. Alternatively, at Xxxxxx' sole discretion, Xxxxxx may elect for the Security to be a bank guarantee in which case the Merchant shall, upon request, procure a bank guarantee in favour of Skrill by a bank and in a form acceptable to Xxxxxx and in an amount determined by Xxxxxx. The Security shall remain in place regardless of any termination of this Agreement for as long as there are residual or contingent liabilities of the Merchant to Skrill. The amount of the Reserve (either expressed as an absolute amount or as a percentage of past payments into the Merchant Account) shall be determined by Skrill from time to time in its sole discretion. Where a Reserve has not been established at the commencement date of this Agreement, Skrill shall notify the Merchant of the imposition of a Reserve, its method of calculation, its amount as well as any increase or reduction of the Reserve without undue delay in writing at any time during the term of this Agreement.Agreement.‌