Common use of Account Services Clause in Contracts

Account Services. Company shall designate one or more demand deposit accounts as a "Target Balance Account", and a single separate demand deposit account as the "Master Account". At the close of each Business Day, F&M BANK shall create a Target balance in each Target Balance Account by depositing funds from or transferring funds to the Master Account. Company agrees to maintain, or to cause to be maintained, in the Master Account and Target Balance Accounts at all times and in collected, immediately available funds, an aggregate amount sufficient to pay all charges to and checks or other items presented against each Target Balance Account and Master Account. Company authorizes and directs F&M BANK, at any time and without prior notice to Company, to transfer to each Target Balance Account from the Master Account, or other deposit accounts of Company maintained at F&M BANK, funds in the amounts sufficient to pay any checks, items or charges presented against or payable from each Target Balance Account. Upon prior written agreement with F&M BANK, Company may add, remove, or change the designation of an account as a Target Balance Account or the Master Account, and F&M BANK may make any changes without prior notice to Company. Subject to approval of F&M BANK and receipt of such approval documentation as F&M BANK may require, Company may (a) designate a F&M BANK demand deposit account held by an affiliate of Company as a Target Balance Account or a Master Account for purposes of this Agreement, and/or (b) designate or permit the use of any Company Account as a Target Balance Account or Master Account for an affiliate’s Target Balance Account Services; in each such case the full terms of this Target Balance Account Services section shall apply as if all Target Balance Accounts and Master Accounts used in connection with such Target Balance Account Services were Company Accounts.