Common use of ACH Deposit Clause in Contracts

ACH Deposit. Customer may be required to maintain as a reserve a deposit (“ACH Deposit”) in an amount to be solely determined by the Bank. Customer acknowledges and agrees that any ACH Deposit will be deposited in a Bank account for exclusive use by the Bank for purposes of offsetting any of Customer’s obligations under the provisions of this Agreement applicable to the ACH service. Customer authorizes the Bank to immediately replenish the ACH Deposit to an amount to be determined by the Bank via an ACH debit to Customer’s account or by a direct deposit to the ACH Deposit if Customer’s ACH Deposit falls below the required amount. Customer grants the Bank a security interest in any ACH Deposit to enable the Bank to enforce any obligation owed by Customer applicable to the ACH service without notice or demand to Customer. Customer’s obligation to maintain an ACH Deposit shall survive the termination of this Agreement, with such obligation lasting until all of Customer’s obligations under this Agreement have been fully offset. The Bank’s security interest shall continue until all of Customer’s obligations under this Agreement have been fully offset

ACH Deposit. Customer may be required to maintain as a reserve a deposit (“ACH Deposit”) in an amount to be solely determined by the Bank. Customer acknowledges and agrees that any ACH Deposit will be deposited in a Bank account for exclusive use by the Bank for purposes of offsetting any of Customer’s obligations under the provisions of this Agreement applicable to the ACH service. Customer authorizes the Bank to immediately replenish the ACH Deposit to an amount to be determined by the Bank via an ACH debit to Customer’s account or by a direct deposit to the ACH Deposit if Customer’s ACH Deposit falls below the required amount. Customer grants the Bank a security interest in any ACH Deposit to enable the Bank to enforce any obligation owed by Customer applicable to the ACH service without notice or demand to Customer. Customer’s obligation to maintain an ACH Deposit shall survive the termination of this Agreement, with such obligation lasting until all of Customer’s obligations under this Agreement have been fully offset. The Bank’s security interest shall continue until all of Customer’s obligations under this Agreement have been fully offset.