Common use of Reserve Accounts Clause in Contracts

Reserve Accounts. Autobooks reserves the right, at its option, to establish a reserve of funds satisfactory to Autobooks to cover anticipated fees, chargebacks, returns, any other applicable assessments and any other actual or anticipated liabilities incurred or in good faith anticipated to be incurred by Autobooks or Bank on behalf of User, if Autobooks determines such action is reasonably necessary to protect its (or Bank’s or its TPSP’s) interests or upon reasonable belief that User will not be able to satisfy its obligations under this Exhibit E. Autobooks may, at its option: (a) require User to fund the reserve account; (b) debit User’s primary Account to establish or maintain funds in the reserve account; and/or (c) deposit into the reserve account amounts otherwise payable to User under this Exhibit E. All funds held in the reserve account shall be the sole and exclusive property of Autobooks, and Autobooks shall have sole control of such funds. The funds will be maintained in an account owned by Autobooks at Bank or another depository institution designated by Autobooks in its sole discretion. Autobooks may at any time require that the amount on deposit in the reserve account be increased. User must maintain at all times a balance in the reserve account sufficient to protect Autobooks and Bank against losses resulting from transactions initiated by User. Autobooks and Bank may, without notice to User, withdraw from and apply deposits in the reserve account against any outstanding amounts User owes to Autobooks or Bank, whether under this Exhibit E or any other agreement, and Autobooks and Bank may exercise against the reserve account any rights they may with respect to any other amounts owed, including without limitation rights of set- off and recoupment. All reserve funds not withdrawn by Autobooks or Bank in accordance with this Exhibit E shall remain in such account, including after termination of this Exhibit E, until User has paid in full all amounts owing or that could ever be owed under this Exhibit E, including, without limitation, all outstanding/uncollected amounts and potential chargebacks, in Autobooks’s sole discretion. In no event shall User be entitled to a return of any sums remaining in the reserve account before two hundred seventy (270) days following the effective date of termination of this Exhibit E. Alternatively to, or in addition to, a reserve account, Autobooks reserves the rights to require User to establish an irrevocable standby letter of credit, including additional and/or replacement letters of credit if required by Autobooks, with a beneficiary designated by Autobooks, and which are issued from a financial institution acceptable to Autobooks (other than Bank or any of its affiliates), in a format, with an expiration date, and in an amount acceptable to Autobooks in its sole discretion.

Reserve Accounts. Autobooks reserves the right, at its option, to establish a reserve of funds satisfactory to Autobooks to cover anticipated fees, chargebacks, returns, any other applicable assessments and any other actual or anticipated liabilities incurred or in good faith anticipated to be incurred by Autobooks or Bank on behalf of User, if Autobooks determines such action is reasonably necessary to protect its (or Bank’s or its TPSP’s) interests or upon reasonable belief that User will not be able to satisfy its obligations under this Exhibit E. D. Autobooks may, at its option: (a) require User to fund the reserve account; (b) debit User’s primary Account to establish or maintain funds in the reserve account; and/or (c) deposit into the reserve account amounts otherwise payable to User under this Exhibit E. D. All funds held in the reserve account shall be the sole and exclusive property of Autobooks, and Autobooks shall have sole control of such funds. The funds will be maintained in an account owned by Autobooks at Bank or another depository institution designated by Autobooks in its sole discretion. Autobooks may at any time require that the amount on deposit in the reserve account be increased. User must maintain at all times a balance in the reserve account sufficient to protect Autobooks and Bank against losses resulting from transactions initiated by User. Autobooks and Bank may, without notice to User, withdraw from and apply deposits in the reserve account against any outstanding amounts User owes to Autobooks or Bank, whether under this Exhibit E D or any other agreement, and Autobooks and Bank may exercise against the reserve account any rights they may with respect to any other amounts owed, including without limitation rights of set- set-off and recoupment. All reserve funds not withdrawn by Autobooks or Bank in accordance with this Exhibit E D shall remain in such account, including after termination of this Exhibit ED, until User has paid in full all amounts owing or that could ever be owed under this Exhibit ED, including, without limitation, all outstanding/uncollected amounts and potential chargebacks, in Autobooks’s sole discretion. In no event shall User be entitled to a return of any sums remaining in the reserve account before two hundred seventy (270) days following the effective date of termination of this Exhibit E. D. Alternatively to, or in addition to, a reserve account, Autobooks reserves the rights to require User to establish an irrevocable standby letter of credit, including additional and/or replacement letters of credit if required by Autobooks, with a beneficiary designated by Autobooks, and which are issued from a financial institution acceptable to Autobooks (other than Bank or any of its affiliates), in a format, with an expiration date, and in an amount acceptable to Autobooks in its sole discretion.

Reserve Accounts. Autobooks reserves the right, at its option, to establish a reserve of funds satisfactory to Autobooks to cover anticipated fees, chargebacks, returns, any other applicable assessments and any other actual or anticipated liabilities incurred or in good faith anticipated to be incurred by Autobooks or Bank on behalf of User, if Autobooks determines such action is reasonably necessary to protect its (or Bank’s 's or its TPSP’s's) interests or upon reasonable belief that User will not be able to satisfy its obligations under this Exhibit E. B. Autobooks may, at its option: (a) require User to fund the reserve account; (b) debit User’s 's primary Account to establish or maintain funds in the reserve account; and/or (c) deposit into the reserve account amounts otherwise payable to User under this Exhibit E. B. All funds held in the reserve account shall be the sole and exclusive property of Autobooks, and Autobooks shall have sole control of such funds. The funds will be maintained in an account owned by Autobooks at Bank or another depository institution designated by Autobooks in its sole discretion. Autobooks may at any time require that the amount on deposit in the reserve account be increased. User must maintain at all times a balance in the reserve account sufficient to protect Autobooks and Bank against losses resulting from transactions initiated by User. Autobooks and Bank may, without notice to User, withdraw from and apply deposits in the reserve account against any outstanding amounts User owes to Autobooks or Bank, whether under this Exhibit E B or any other agreement, and Autobooks and Bank may exercise against the reserve account any rights they may with respect to any other amounts owed, including without limitation rights of set- set-off and recoupment. All reserve funds not withdrawn by Autobooks or Bank in accordance with this Exhibit E B shall remain in such account, including after termination of this Exhibit EB, until User has paid in full all amounts owing or that could ever be owed under this Exhibit EB, including, without limitation, all outstanding/uncollected amounts and potential chargebacks, in Autobooks’s ' sole discretion. In no event shall User be entitled to a return of any sums remaining in the reserve account before two hundred seventy (270) days following the effective date of termination of this Exhibit E. B. Alternatively to, or in addition to, a reserve account, Autobooks reserves the rights to require User to establish an irrevocable standby letter of credit, including additional and/or replacement letters of credit if required by Autobooks, with a beneficiary designated by Autobooks, and which are issued from a financial institution acceptable to Autobooks (other than Bank or any of its affiliates), in a format, with an expiration date, and in an amount acceptable to Autobooks in its sole discretion.

Reserve Accounts. Autobooks reserves the right, at its option, to establish a reserve of funds satisfactory to Autobooks to cover anticipated fees, chargebacks, returns, any other applicable assessments and any other actual or anticipated liabilities incurred or in good faith anticipated to be incurred by Autobooks or Bank on behalf of User, if Autobooks determines such action is reasonably necessary to protect its (or Bank’s or its TPSP’s) interests or upon reasonable belief that User will not be able to satisfy its obligations under this Exhibit E. D. Autobooks may, at its option: (a) require User to fund the reserve account; (b) debit User’s primary any User Account to establish or maintain funds in the reserve account; and/or (c) deposit into the reserve account amounts otherwise payable to User under this Exhibit E. D. All funds held in the reserve account shall be the sole and exclusive property of Autobooks, and Autobooks shall have sole control of such funds. The funds will be maintained in an account owned by Autobooks at Bank or another depository institution designated by Autobooks in its sole discretion. Autobooks may at any time require that the amount on deposit in the reserve account be increased. User must maintain at all times a balance in the reserve account sufficient to protect Autobooks and Bank against losses resulting from transactions initiated by User. Autobooks and Bank may, without notice to User, withdraw from and apply deposits in the reserve account against any outstanding amounts User owes to Autobooks or Bank, whether under this Exhibit E D or any other agreement, and Autobooks and Bank may exercise against the reserve account any rights they may with respect to any other amounts owed, including without limitation rights of set- off and recoupment. All reserve funds not withdrawn by Autobooks or Bank in accordance with this Exhibit E D shall remain in such account, including after termination of this Exhibit ED, until User has paid in full all amounts owing or that could ever be owed under this Exhibit ED, including, without limitation, all outstanding/uncollected amounts and potential chargebacks, in Autobooks’s ’ sole discretion. In no event shall User be entitled to a return of any sums remaining in the reserve account before two hundred seventy (270) days following the effective date of termination of this Exhibit E. D. Alternatively to, or in addition to, a reserve account, Autobooks reserves the rights to require User to establish an irrevocable standby letter of credit, including additional and/or replacement letters of credit if required by Autobooks, with a beneficiary designated by Autobooks, and which are issued from a financial institution acceptable to Autobooks (other than Bank or any of its affiliates), in a format, with an expiration date, and in an amount acceptable to Autobooks in its sole discretion.