Rolling Reserve. Company may not instruct Azimo to reverse any amount received into the Virtual Account. Azimo may request that Company provide additional funds as a buffer to protect against an insufficient balance, for example, last minute payroll changes, foreign exchange fluctuations, and volatility. This amount may be treated as a “Rolling Reserve,” meaning an amount of funds to cover potential risks of an insufficient balance in the Virtual Account for Pay Out transactions.
Rolling Reserve. 30.1 As security for the obligations of the Merchant arising in terms of this Agreement, Camirel shall at all times maintain an amount as specified in writing directly to the Merchant through the email address provided by the Merchant, in the form of Rolling Reserves which amount shall be held by Camirel for a maximum period of One hundred and Twenty Days (120) (hereinafter referred to as "the Rolling Reserve" ). Camirel shall have an exclusive lien over the Rolling Reserve.
30.2 Camirel shall be entitled to appropriate all amounts due to it from the Merchant, including amounts in respect of refunds, charge backs and indemnities from the Rolling Reserve.
30.3 In the event of termination of this Agreement by reason of breach of its terms by the Merchant, Camirel shall be entitled to forfeit the Rolling Reserve.
30.4 Camirel shall increase the Rolling Reserve from time to time as it deems fit and shall notify the Merchant of the same in writing.
30.5 In the event of termination of this Agreement by reason other than breach by the Merchant, Xxxxxxx shall be entitled to withhold refund of the Rolling Reserve for a period of One Hundred and Twenty (120) days from the date of termination. During this period, it shall be entitled to appropriate any amounts due and payable to it from the Merchant in terms of this Agreement.
Rolling Reserve. We will build up a rolling Reserve by withholding the relevant amounts from Settlement.
Rolling Reserve. For the duration of this agreement, Payrexx has the right to retain a percentage of each transaction we process for you over a certain period of time. This is called rolling reserve and serves among other things to cover chargebacks and recoveries. A rolling reserve is a reserve where a percentage of each transaction you receive each day is held and released according to a specific schedule. The details of the rolling reserve depend on the level of risk, as some companies are more likely to face a high volume of chargebacks and/or recoveries than others. Reasons for applying a rolling reserve include (this is not a complete list): ● You are in a high-risk industry; ● Their transaction history shows high chargeback rates; ● You are running a new business with no experience yet; ● Your business model includes long delivery times (e.g. travel, hospitality, events or ticket sales). The rolling reserve mechanism remains in place for the duration of your contract, unless Payrexx informs you otherwise. If Payrexx applies a rolling reserve, you will still receive the full amount of the transaction, but the settlements will be (partially) delayed.
Rolling Reserve. Subject to a true-up as set out below, IOL shall be entitled to hold back from each payment of the Marketing Fee a sum not to exceed five (5%) percent of the amount otherwise due to Marketing Representative as an estimate of all end-users' Chargebacks, as defined below. Marketing Representative acknowledges end-users' Chargebacks may be incurred after the period in which the Marketing Fee is earned and, accordingly, authorizes IOL to retain a sum not to exceed five (5%) percent of the amount that Marketing Representative would otherwise receive as a reserve for a period of one hundred and eighty (180) days.
Rolling Reserve. The Company reserves the right to apply a Rolling Reserve where a percentage of each transaction you receive each day is held and then released afterward on a scheduled basis. The percentage will be determined on a case-by-case basis. Rolling reserves are the most common type of reserve. You will be notified when this practice applies to you as well as the percentage to be reserved and the timely way the reserve will be released. Court Orders, Regulatory Requirements or Other Legal Process If we are notified of a court order or other legal process (including garnishment or any equivalent process) affecting you, or if we otherwise believe we are required to do so in order to comply with applicable law or regulatory requirements, we may be required to take certain actions, including holding payments to/from your Account, placing a reserve or limitation on your Account, or releasing your funds. We will decide, at our sole discretion, which action is required of us. Unless the court order, applicable law, regulatory requirement or other legal process requires otherwise, we will notify you of these actions. We do not have an obligation to contest or appeal any court order or legal process involving you or your Account. When we implement a hold, a reserve or a limitation as a result of a court order, applicable law, regulatory requirement or other legal process, the hold, reserve or limitation may remain in place longer than one hundred and eighty (180) days.
Rolling Reserve. The Company reserves the right to apply a Rolling Reserve where a percentage of each transaction you receive each day is held and then released afterward on a scheduled basis. The percentage will be determined on a case-by-case basis. Rolling reserves are the most common type of reserve. You will be notified when this practice applies to you as well as the percentage to be reserved and the timely way the reserve will be released. If we are notified of a court order or other legal process (including garnishment or any equivalent process) affecting you, or if we otherwise believe we are required to do so in order to comply with applicable law or regulatory requirements, we may be required to take certain actions, including holding payments to/from your Account, placing a reserve or limitation on your Account, or releasing your funds. We will decide, at our sole discretion, which action is required of us. Unless the court order, applicable law, regulatory requirement or other legal process requires otherwise, we will notify you of these actions. We do not have an obligation to contest or appeal any court order or legal process involving you or your Account. When we implement a hold, a reserve or a limitation as a result of a court order, applicable law, regulatory requirement or other legal process, the hold, reserve or limitation may remain in place longer than one hundred and eighty (180) days. To protect yourself from unauthorized activity in your Account, you should regularly log into your Account and review your Account statement. The Website will notify you of each transaction by sending an email to your primary email address on file. You should review these transaction notifications to ensure that each transaction was authorized and accurately completed. The Company will protect you from unauthorized activity in your Account. When this protection applies, the Company will cover you for the full amount of the unauthorized activity if you cooperate with us and follow the procedures described below. An “Unauthorized Transaction” occurs when money is sent from your Account that you did not authorize and that did not benefit you. For example, if someone steals your password, uses the password to access your Account, and sends a payment from your Account, an Unauthorized Transaction has occurred. The following are NOT considered Unauthorized Transactions: • If you give someone access to your Account (by giving them your login information) and they use your A...
