Common use of Lien and Security Interest Clause in Contracts

Lien and Security Interest. In order to secure the performance by Correspondent of all of its obligations under this Agreement, including, but not limited to, its liability to Ridge for any failures by Customers timely to pay for or deliver securities purchased or sold and for any losses resulting from unsecured debit balances or short positions in Accounts, Correspondent hereby grants Ridge a continuing lien, security interest in and right of setoff against (a) the Settlement Deposit Account and the Security Deposit (as such terms are defined below), (b) any Proprietary Accounts, and (c) any Commissions, funds, securities or other property of Correspondent held by Ridge. Correspondent further agrees that Ridge may debit any cash balances and/or liquidate any securities held in the Settlement Deposit Account or in any Proprietary Account and credit the proceeds to Ridge in such amounts as are necessary to satisfy Correspondent’s obligations under this Agreement and at such times as Ridge, in its sole and exclusive discretion, deems appropriate. The lien, security interest and right of setoff created hereunder shall survive the termination of this Agreement until such time as, in the sole and exclusive discretion of Ridge, security for the performance of Correspondent’s obligations is no longer required.

Lien and Security Interest. In order to secure the performance by Correspondent of all of its obligations under this Agreement, including, including but not limited to, to its liability to Ridge ICS for any failures by Customers timely to pay for or deliver securities purchased or sold and for any losses resulting from unsecured debit balances or short positions in Accounts, Correspondent hereby grants Ridge ICS a continuing lien, security interest in and right of setoff against (a) the Settlement Deposit Account and the Security Deposit (as such terms are defined below), (b) any Proprietary AccountsAccounts which are proprietary accounts of Correspondent, and (c) any Commissions, funds, securities or other property of Correspondent held by RidgeICS . Correspondent further agrees that Ridge ICS may debit any cash balances and/or liquidate any securities held in the Settlement Deposit Account or in any Proprietary proprietary Account and credit the proceeds to Ridge ICS in such amounts as are necessary to satisfy Correspondent’s obligations under this Agreement and at such times as RidgeICS, in its sole and exclusive discretion, deems appropriate. The lien, security interest and right of setoff created hereunder shall survive the termination of this Agreement until such time as, in the sole and exclusive discretion of RidgeICS, security for the performance of Correspondent’s obligations is no longer required.