Reserve During Term of Agreement. A. At Bank’s request, and as condition for providing Card Program services, Merchant may be required to deposit, or Bank may deposit by deducting from any payment due to Merchant or from any funds in the Settlement Account or any other deposit account of Merchant, into an account maintained by Bank (or at another approved depository institution) (the “Reserve Account”), initially or at any time in the future as requested by Bank, sums sufficient to satisfy Merchant’s current and/or future obligations as determined by Bank in its sole and absolute discretion. B. The Reserve Account will be separate from the Settlement Account. Merchant shall have no right of withdrawal from the Reserve Account. The Reserve Account shall be under the sole control of Bank. Any and all earnings from deposits of the Merchant to the Reserve Account shall be the sole property of the Bank.
Appears in 3 contracts
Samples: Clearing and Settlement Services Agreement (Transfirst Holdings Corp.), Clearing and Settlement Services Agreement (Transfirst Holdings Corp.), Clearing and Settlement Services Agreement (TransFirst Inc.)
