Common use of Rolling Reserve Clause in Contracts

Rolling Reserve. 29.1 As security for the obligations of the merchant arising in terms of this Agreement, Arronax shall at all times maintain an amount as specified directly to the Merchant which shall be done through the email address provided by the Merchant, in the form of Rolling Reserves which amount shall be held by Arronax for a maximum period of One hundred and Twenty Days (120) (hereinafter referred to as "the Rolling Reserve" ). Arronax shall have an exclusive lien over the Rolling Reserve. 29.2 Arronax 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 . 29.3 In the event of termination of this Agreement by reason of breach of its terms by the Merchant, Arronax shall be entitled to forfeit the Rolling Reserve. 29.4 Arronax shall increase the Rolling Reserve from time to time as it deems fit and shall notify the Merchant of the same in writing. 29.5 In the event of termination of this Agreement by reason other than breach by the Merchant, Arronax 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. 29.1 30.1 As security for the obligations of the merchant Merchant arising in terms of this Agreement, Arronax Camirel shall at all times maintain an amount as specified in writing directly to the Merchant which shall be done through the email address provided by the Merchant, in the form of Rolling Reserves which amount shall be held by Arronax Camirel for a maximum period of One hundred and Twenty Days (120) (hereinafter referred to as "the Rolling Reserve" ). Arronax Camirel shall have an exclusive lien over the Rolling Reserve. 29.2 Arronax 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 Reserve. 29.3 30.3 In the event of termination of this Agreement by reason of breach of its terms by the Merchant, Arronax Camirel shall be entitled to forfeit the Rolling Reserve. 29.4 Arronax 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. 29.5 30.5 In the event of termination of this Agreement by reason other than breach by the Merchant, Arronax ▇▇▇▇▇▇▇ 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.