Common use of Settlement Reserve Clause in Contracts

Settlement Reserve. Company may be required to maintain a reserve (“Settlement Reserve”) of an amount to be solely determined by the Bank. Company hereby acknowledges and agrees that any Settlement Reserve will be deposited in a Bank account for exclusive use by the Bank for purposes of offsetting any Company obligations under this Agreement. If Company’s Settlement Reserve falls below the required minimum amount, Company authorizes the Bank to immediately replenish the Settlement Reserve to an amount to be determined by the Bank via internal transfer from or by a direct deposit to the Settlement Reserve. No interest will be paid on the Settlement Reserve. Company grants the Bank a security interest in any Settlement Reserve so that the Bank may enforce any obligation owed by Company under this Agreement without notice or demand to Company. Company’s obligation to maintain a Settlement Reserve shall survive the termination of this Agreement for the duration of the Termination Period during which time the Bank’s security interest shall continue.

Settlement Reserve. Company Customer may be required to maintain a reserve (“Settlement Reserve”) of an amount to be solely determined by the Bank. Company Customer hereby acknowledges and agrees that any Settlement Reserve will be deposited in a Bank account for exclusive use by the Bank for purposes of offsetting any Company Customer obligations under this Agreement. Agreement If CompanyCustomer’s Settlement Reserve falls below the required minimum amount, Company Customer authorizes the Bank to immediately replenish the Settlement Reserve to an amount to be determined by the Bank via internal transfer from an ACH debit to the Customer Account or by a direct deposit to the Settlement Reserve. No interest will be paid on the Settlement Reserve. Company Customer grants the Bank a security interest in any Settlement Reserve so that the Bank may enforce any obligation owed by Company Customer under this Agreement without notice or demand to CompanyCustomer. CompanyCustomer’s obligation to maintain a Settlement Reserve shall survive the termination of this Agreement for the duration of the Termination Period during which time the Bank’s security interest shall continue.