Common use of Replenishment of Reserve Account Deficiencies Clause in Contracts

Replenishment of Reserve Account Deficiencies. Whenever the balance in the Reserve Account is less than the minimum balance required, or is otherwise deficient, Servicer may, without prior notice, deposit the deficiency into the Reserve Account by reducing any payment to Merchant required by this Agreement or deduct the deficiency from the Account or any other deposit account of Merchant with another depository institution (including accounts of Merchant’s principals, guarantor(s), and general partners if Merchant is a partnership) and deposit it into the Reserve Account. Merchant authorizes deductions from all of its accounts about which Servicer obtains account information, regardless of the timing, reason, or manner in which Servicer obtained such account information, by ACH entry, sight draft, preauthorized check, reverse wire, or otherwise as Servicer deems appropriate under the circumstances, without giving prior notice to the Merchant. In addition to, and without limiting the Servicer’s foregoing rights, Merchant will deposit any deficiency into the Reserve Account within one (1) Business Day after receiving Servicer’s oral or written request. Without limiting and in addition to Servicer’s other remedies, Xxxxxxxx’s failure to deposit any deficiency on time will permit Servicer, without advance notice, to suspend or cease processing additional Transactions and Credit Vouchers.

Replenishment of Reserve Account Deficiencies. Whenever the balance in the Reserve Account is less than the minimum balance required, or is otherwise deficient, Servicer may, without prior notice, deposit the deficiency into the Reserve Account by reducing any payment to Merchant required by this Agreement or deduct the deficiency from the Account or any other deposit account of Merchant with another depository institution (including accounts of MerchantXxxxxxxx’s principals, guarantor(s), and general partners if Merchant is a partnership) and deposit it into the Reserve Account. Merchant authorizes deductions from all of its accounts about which Servicer obtains account information, regardless of the timing, reason, or manner in which Servicer obtained such account information, by ACH entry, sight draft, preauthorized check, reverse wire, or otherwise as Servicer deems appropriate under the circumstances, without giving prior notice to the Merchant. In addition to, and without limiting the Servicer’s foregoing rights, Merchant will deposit any deficiency into the Reserve Account within one (1) Business Day after receiving Servicer’s oral or written request. Without limiting and in addition to Servicer’s other remedies, Xxxxxxxx’s failure to deposit any deficiency on time will permit Servicer, without advance notice, to suspend or cease processing additional Transactions and Credit Vouchers.