Common use of Settlement Reserve Clause in Contracts

Settlement Reserve. Customer may be required to maintain a reserve (“Settlement Reserve”) of an amount to be solely determined by the Bank. Customer 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 of Customer’s obligations under the provisions of this Agreement applicable to the On-Site Teller Service. Customer authorizes the Bank to immediately replenish the Settlement Reserve to an amount to be determined by the Bank via an ACH debit to Customer’s account or by a direct deposit to the Settlement Reserve if Customer’s Settlement Reserve falls below the required amount. Customer grants the Bank a security interest in any Settlement Reserve to enable the Bank to enforce any obligation owed by Customer applicable to the On-Site Teller Service without notice or demand to Customer. Customer’s obligation to maintain a Settlement Reserve 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.

Settlement Reserve. Customer may be required to maintain a reserve (“Settlement Reserve”) of an amount to be solely determined by the Bank. Customer 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 of Customer’s obligations under the provisions of this Agreement applicable to the On-Site Teller Remote Deposit Capture Service. Customer authorizes the Bank to immediately replenish the Settlement Reserve to an amount to be determined by the Bank via an ACH debit to Customer’s account or by a direct deposit to the Settlement Reserve if Customer’s Settlement Reserve falls below the required amount. Customer grants the Bank a security interest in any Settlement Reserve to enable the Bank to enforce any obligation owed by Customer applicable to the On-Site Teller Remote Deposit Capture Service without notice or demand to Customer. Customer’s obligation to maintain a Settlement Reserve 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.