Common use of Deposit Account Clause in Contracts

Deposit Account. Merchant will at all times maintain an Account at a bank that is a member of the Federal Reserve ACH system and will provide Settlor with proper authorization to debit the Account (the “Operating Account”). All credits for collected funds and debits for fees, payments and Chargebacks and other amounts for which Xxxxxxxx is liable under the terms of this Agreement will be made to the Account. Merchant may not close or change the Account without written notice to Settlor. Merchant will be solely liable for all fees and costs associated with the Account and for all overdrafts. Merchant hereby grants to Bank and ISO a security interest in the Account to the extent of any and all fees, payments and Chargebacks and other amounts due which may arise under this Agreement, and Merchant will execute any document and obtain any consents or waivers from the bank at which the Account is maintained as requested by Bank and ISO to protect their security interests therein.

Deposit Account. Merchant will at all times maintain an Account at a bank that is a member of the Federal Reserve ACH system and will provide Settlor with proper authorization to debit the Account (the “Operating Account”). All credits for collected funds and debits for fees, payments and Chargebacks and other amounts for which Xxxxxxxx Merchant is liable under the terms of this Agreement will be made to the Account. Merchant may not close or change the Account without written notice to Settlor. Merchant will be solely liable for all fees and costs associated with the Account and for all overdrafts. Merchant hereby grants to Bank and ISO a security interest in the Account to the extent of any and all fees, payments and Chargebacks and other amounts due which may arise under this Agreement, and Merchant will execute any document and obtain any consents or waivers from the bank at which the Account is maintained as requested by Bank and ISO to protect their security interests therein.