Security Interests Reserve Account Recoupment and Set Off. (a) This Agreement is a security agreement under the Uniform Commercial Code. Merchant grants to Bank and SPS a security interest in and lien upon: (i) the Account (as set forth in Section 6.10) and all funds at any time in the Account, whatever the source of such funds, (ii) the Reserve Account (as defined below) and all funds at any time in the Reserve Account, whatever the source of such funds, (iii) future Sales Drafts, (iv) all Merchant’s rights relating to this Agreement including, without limitation, all rights to receive any payments or credits under this Agreement; and (v) all Merchant deposit accounts now owned or hereafter acquired and the proceeds of all of the foregoing (collectively, the “Secured Assets”). Upon request of Bank and SPS, Merchant will execute one or more financing statements or other documents to evidence this security interest. Merchant irrevocably authorizes bank to execute any financing statements or other documents necessary related to this security interest. Merchant represents and warrants that no other party has a security interest in the Secured Assets. These security interests and liens will secure all of Merchant’s obligations under this Agreement and any other agreements between Merchant, SPS and Bank including, but not limited to, Merchant’s obligation to pay any amounts due to Bank and SPS. With respect to such security interests and liens, Bank and SPS will have all rights afforded under the Uniform Commercial Code, any other applicable law and in equity. Merchant will obtain from Bank and SPS written consent prior to granting a security interest of any kind in the Secured Assets to a third party; (b) SPS may establish and maintain a non-interest bearing account (“Reserve Account”) in the name of Bank at any federally insured financial institution, with sums provided by Merchant that are sufficient to satisfy Merchant’s current or future obligations as determined by Bank and SPS: (i) Bank and SPS shall have the right to initiate a debit to the Account or any other account at any institution to establish or maintain funds in the Reserve Account. Bank or SPS may deposit into the Reserve Account funds they would otherwise be obligated to pay Merchant, for the purpose of establishing or maintaining the Reserve Account in accordance with this Section, if they determine such action is reasonably necessary to protect their interests; (ii) Bank, on its own behalf or at SPS’s request, may, without notice to Merchant, apply...
Security Interests Reserve Account Recoupment and Set Off. 16.1. This Agreement is a security agreement under the Uniform Commercial Code. Entity grants to ARC a security interest in and lien upon: (i) the Account and all funds at any time in the Account, whatever the source of such funds, (ii) the Reserve Account (as defined below) and all funds at any time in the Reserve Account, whatever the source of such funds, (iii) future ARC Pay Transactions, (iv) all Entity’s rights relating to this Agreement including, without limitation, all rights to receive any payments or credits under this Agreement; and (v) all Entity deposit accounts now owned or hereafter acquired and the proceeds of all of the foregoing (collectively, the “Secured Assets”). Upon request of ARC, Entity will execute one or more financing statements or other documents to evidence this security interest. Entity irrevocably authorizes bank to execute any financing statements or other documents necessary related to this security interest. Entity represents and warrants that no other party has a security interest in the Secured Assets. These security interests and liens will secure all of Entity’s obligations under this Agreement and any other agreements between Entity, ARC including, but not limited to, Entity’s obligation to pay any amounts due to ARC. With respect to such security interests and liens, ARC will have all rights afforded under the Uniform Commercial Code, any other applicable law and in equity. Entity will obtain from ARC written consent prior to granting a security interest of any kind in the Secured Assets to a third-party;
Security Interests Reserve Account Recoupment and Set Off. 14.1 This Agreement is a security agreement under the Uniform Commercial Code. Entity grants to ARC a perfected and first priority security interest in and lien upon: (i) the Account and all funds at any time in the Account, whatever the source of such funds,
Security Interests Reserve Account Recoupment and Set Off. (a) This Agreement is a security agreement under the Uniform Commercial Code. Merchant grants to Bank and Paya a security interest in and lien upon: (i) the Account (as set forth in Section 6.10) and all funds at any time in the Account, whatever the source of such funds,
Security Interests Reserve Account Recoupment and Set Off
