Common use of Settlement Account Clause in Contracts

Settlement Account. Client shall at all times, maintain an account ("Settlement Account") at a bank that is a member of the Federal Reserve ACH system. All credits for Collected Funds and debits for fees, payments and Returned Items (defined below) shall be made to the Settlement Account. For the services to be performed by Paysafe as set forth in the Specifications, Client authorizes Paysafe to credit and debit the Settlement Account electronically or via draft, and Client warrants that it shall, at all times, maintain a sufficient balance in the Settlement Account to cover overdraft of the Escrow Account (defined below) from Returned Items and service fees, and other charges plus such additional fees charged by Paysafe for the performance of services beyond the terms of this Agreement or from increased expenses incurred by the failure of Client to furnish data in accordance with the Specifications. Client may not close or change the Settlement Account without the consent of Paysafe. Client will be solely liable for all fees and costs associated with the Settlement Account and for all overdrafts. Client grants to Paysafe a security interest in the Settlement Account as well as any other account owned by Client and Client shall execute any document and obtain any consents or waivers from the bank at which the Settlement Account is maintained to protect Paysafe’s security interest in such accounts. In the event that Client has more than one electronic payment services contract with Paysafe and has more than one settlement account, Client grants Paysafe the right to collect its fees and/or losses from any of Client's settlement accounts. Paysafe will first attempt to collect such fees/losses from the settlement account associated with the electronic payment contract from which the fee derived or the loss was incurred. If that settlement account has insufficient funds, Paysafe has the right to collect such fees/losses from any other of Client's settlement accounts.