Provisions Applicable to All Accounts. (a) This Agreement and Merchant authorize Bank to initiate and make deposits and withdrawals from the Settlement Account, the Reserve Account and any account to which Bank has access which may be transmitted electronically or accessed through ACH, or to delay or place holds on any amounts in such accounts in order to protect any of Bank’s rights and to obtain payment of any amount due Bank under this Agreement, including, without limitation, fees, charges and discount rates, without any further notice or demand. Merchant agrees that any depository bank shall comply with instructions originated by Bank directing dispositions of the funds in those accounts without any further consent required by Merchant unless required by applicable law. If required, Merchant authorizes Bank to enter into any agreement with any depository institution for this purpose, including on behalf of Merchant, to effect the security interest granted to Bank below. Merchant agrees to enter into any such agreement. Merchant will confirm to any institution holding any account of Merchant the existence of this authorization and direct it to comply with Bank’s directions. Merchant will not change any such confirmation or direction without Bank’s prior written consent. Any such confirmation, direction or authorization will remain in effect for at least 180 days after termination of this Agreement or, in Bank’s discretion, longer to process trailing activity. Bank may, without notice, delay or stop making payments to Merchant or setoff, retain or otherwise hold (or direct Merchant's financial institution to place a hold on) any funds (i) to protect itself against losses, Chargebacks, any amounts due or to become due under this Agreement, (ii) based on Merchant’s financial condition or (iii) in the event Merchant submits transactions that are not authorized or do not conform to this Agreement, the Operating Manual, the Operating Regulations or applicable law, including transactions subject to verification by any Card Association or cardholder. Merchant agrees that Bank shall not be liable for any losses, either direct or indirect, due to holding of funds, suspension of processing, termination of this Agreement or any dishonour of any Item by a financial institution or Merchant’s depository bank as a result of these actions. Merchant agrees to promptly notify Bank of any discrepancy within thirty (30) days of receipt of any statement regarding Merchant’s accounts, or such statements will be d...
Provisions Applicable to All Accounts
