Common use of Security Interest; Collection Clause in Contracts

Security Interest; Collection. Merchant hereby grants to Xxxxxxxxx.Xxx a possessory security interest in any money held as a Reserve Account established under this Agreement. Merchant agrees that Xxxxxxxxx.Xxx may enforce its security interest in the Reserve Account by deducting, without prior notice or demand, amounts owed to Xxxxxxxxx.Xxx under this Agreement. In addition to assessing Merchant an over limit fee for exceeding the approved monthly processing limit, Merchant further agrees that Xxxxxxxxx.Xxx may enforce its security interest in the Reserve Account to collect the over limit fee. Xxxxxxxxx.Xxx’s right to sums owed it by Merchant pursuant to this Agreement shall in no way be limited by the balance or existence of the Reserve Account. Any deducted amounts from the Reserve Account will be replaced by equal amounts either from amounts derived from xXxxxx.Xxx Transactions or by direct payment by Merchant upon demand by Xxxxxxxxx.Xxx. Xxxxxxxxx.Xxx’s rights with respect to the Reserve Account, including its security interest therein, shall survive the termination of this Agreement. The Reserve Account may be held by Xxxxxxxxx.Xxx for up to six

Security Interest; Collection. Merchant hereby grants to Xxxxxxxxx.Xxx a possessory security interest in any money held as a Reserve Account established under this Agreement. Merchant Xxxxxxxx agrees that Xxxxxxxxx.Xxx may enforce its security interest in the Reserve Account by deducting, without prior notice or demand, amounts owed to Xxxxxxxxx.Xxx under this Agreement. In addition to assessing Merchant an over limit fee for exceeding the approved monthly processing limit, Merchant Xxxxxxxx further agrees that Xxxxxxxxx.Xxx may enforce its security interest in the Reserve Account to collect the over limit fee. Xxxxxxxxx.Xxx’s right to sums owed it by Merchant pursuant to this Agreement shall in no way be limited by the balance or existence of the Reserve Account. Any deducted amounts from the Reserve Account will be replaced by equal amounts either from amounts derived from xXxxxx.Xxx Transactions or by direct payment by Merchant upon demand by Xxxxxxxxx.Xxx. Xxxxxxxxx.Xxx’s rights with respect to the Reserve Account, including its security interest therein, shall survive the termination of this Agreement. The Reserve Account may be held by Xxxxxxxxx.Xxx for up to six