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, Merchant Bank 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 Settlement 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 bank accounts about which Bank obtains account information, regardless of the timing, reason, or manner in which Bank obtained such account information, by ACH entry, sight draft, preauthorized check, reverse wire, or otherwise as Bank deems appropriate under the circumstances, without giving prior notice to the Merchant. In addition to, and without limiting the Bank’s foregoing rights, Merchant