Common use of Merchant’s Grant of Security Interest Clause in Contracts

Merchant’s Grant of Security Interest. (a) To secure Merchant’s performance of its obligations under this Merchant Agreement, and any other agreement with Bank, Merchant grants Bank a security interest in each Transaction and its proceeds, the Settlement Account, the Reserve Account and any other deposit account of Merchant with a financial institution, whether now existing or established in the future, and in the proceeds of all those accounts, any funds due Merchant from Bank and any of Merchant’s property held by Bank. Bank may enforce these security interests without notice or demand. The security interests granted under this Merchant Agreement will continue after this Merchant Agreement terminates, until Merchant satisfies all its obligations to Bank. (b) Furthermore, and with respect to any security interests granted herein, Bank will have all rights afforded under the Uniform Commercial Code, as the same may, from time to time, be in effect in the State of Colorado; provided, however, in the event that, by reason of mandatory provisions of law, any or all of the attachment, perfection or priority of the security interests granted herein is governed by the Uniform Commercial Code as in effect in a jurisdiction other than the State of Colorado, then Bank will have all rights afforded under the Uniform Commercial Code as in effect from time to time in such other jurisdiction for purposes of the provisions relating to such attachment, perfection or priority of the security interests, as well as any other applicable law.

Appears in 11 contracts

Samples: Merchant Card Processing Agreement, Merchant Card Processing Agreement, Merchant Card Processing Agreement

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Merchant’s Grant of Security Interest. (a) To secure MerchantXxxxxxxx’s performance of its obligations under this Merchant Agreement, and any other agreement with Bank, Merchant grants Bank a security interest in each Transaction and its proceeds, provisional credits, the Settlement Account, the Reserve Account and any other deposit account of Merchant with a financial institution, whether now existing or established in the future, and in the proceeds of all those accounts, any funds due to Merchant from Bank and any of Merchant’s property held by Bank. Bank may enforce these security interests without notice or demand. The security interests granted under this Merchant Agreement will continue after this the Merchant Agreement terminates, until Merchant satisfies all its obligations to Bank. (b) Furthermore, and with respect to any security interests granted herein, Bank will have all rights afforded under the Uniform Commercial Code, as the same may, from time to time, be in effect in the State of Colorado; provided, however, in the event that, by reason of mandatory provisions of law, any or all of the attachment, perfection or priority of the security interests granted herein is governed by the Uniform Commercial Code as in effect in a jurisdiction other than the State of Colorado, then Bank will have all rights afforded under the Uniform Commercial Code as in effect from time to time in such other jurisdiction for purposes of the provisions relating to such attachment, perfection or priority of the security interests, as well as any other applicable law.

Appears in 8 contracts

Samples: Merchant Card Processing Agreement, Merchant Card Processing Agreement, Merchant Card Processing Agreement

Merchant’s Grant of Security Interest. (a) To secure Merchant’s performance of its obligations under this Merchant Agreement, and any other agreement with Bank, Merchant grants Bank a security interest in each Transaction and its proceeds, provisional credits, the Settlement Account, the Reserve Account and any other deposit account of Merchant with a financial institution, whether now existing or established in the future, and in the proceeds of all those accounts, any funds due to Merchant from Bank and any of Merchant’s property held by Bank. Bank may enforce these security interests without notice or demand. The security interests granted under this Merchant Agreement will continue after this the Merchant Agreement terminates, until Merchant satisfies all its obligations to Bank. (b) Furthermore, and with respect to any security interests granted herein, Bank will have all rights afforded under the Uniform Commercial Code, as the same may, from time to time, be in effect in the State of Colorado; provided, however, in the event that, by reason of mandatory provisions of law, any or all of the attachment, perfection or priority of the security interests granted herein is governed by the Uniform Commercial Code as in effect in a jurisdiction other than the State of Colorado, then Bank will have all rights afforded under the Uniform Commercial Code as in effect from time to time in such other jurisdiction for purposes of the provisions relating to such attachment, perfection or priority of the security interests, as well as any other applicable law.

Appears in 7 contracts

Samples: Merchant Card Processing Agreement, Merchant Card Processing Agreement, Merchant Card Processing Agreement

Merchant’s Grant of Security Interest. (a) To secure MerchantXxxxxxxx’s performance of its obligations under this Merchant Agreement, and any other agreement with Bank, Merchant grants Bank a security interest in each Transaction and its proceeds, the Settlement Account, the Reserve Account and any other deposit account of Merchant with a financial institution, whether now existing or established in the future, and in the proceeds of all those accounts, any funds due Merchant from Bank and any of Merchant’s property held by Bank. Bank may enforce these security interests without notice or demand. The security interests granted under this Merchant Agreement will continue after this Merchant Agreement terminates, until Merchant satisfies all its obligations to Bank. (b) Furthermore, and with respect to any security interests granted herein, Bank will have all rights afforded under the Uniform Commercial Code, as the same may, from time to time, be in effect in the State of Colorado; provided, however, in the event that, by reason of mandatory provisions of law, any or all of the attachment, perfection or priority of the security interests granted herein is governed by the Uniform Commercial Code as in effect in a jurisdiction other than the State of Colorado, then Bank will have all rights afforded under the Uniform Commercial Code as in effect from time to time in such other jurisdiction for purposes of the provisions relating to such attachment, perfection or priority of the security interests, as well as any other applicable law.

Appears in 2 contracts

Samples: Merchant Card Processing Agreement, Merchant Card Processing Agreement

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Merchant’s Grant of Security Interest. (a) To secure Merchant’s performance of its obligations under this Merchant Agreement, and any other agreement with Bank, Merchant grants Bank a security interest in each Transaction and its proceeds, the Settlement Account, the Reserve Account and any other deposit account of Merchant with a financial institution, whether now existing or established in the future, and in the proceeds of all those accounts, any funds due to Merchant from Bank and any of Merchant’s property held by Bank. Bank may enforce these security interests without notice or demand. The security interests granted under this Merchant Agreement will continue after this Merchant Agreement terminates, until Merchant satisfies all its obligations to Bank. (b) Furthermore, and with respect to any security interests granted herein, Bank will have all rights afforded under the Uniform Commercial Code, as the same may, from time to time, be in effect in the State of Colorado; provided, however, in the event that, by reason of mandatory provisions of law, any or all of the attachment, perfection or priority of the security interests granted herein is governed by the Uniform Commercial Code as in effect in a jurisdiction other than the State of Colorado, then Bank will have all rights afforded under the Uniform Commercial Code as in effect from time to time in such other jurisdiction for purposes of the provisions relating to such attachment, perfection or priority of the security interests, as well as any other applicable law.

Appears in 1 contract

Samples: Merchant Card Processing Agreement

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