Common use of SECURITY; SET-OFF Clause in Contracts

SECURITY; SET-OFF. Company hereby grants Bank a continuing security interest in and to the Company Account, the Merchant Settlement Accounts and the Company Reserve Account, all funds belonging or payable to Company, or in which Company may have an interest, now or hereafter in any such Account, and all other funds belonging or payable to Company, or in which Company may have an interest, now or hereafter in the possession of Bank, to secure all of Company’s obligations to Bank under this Agreement and under any other agreement executed in connection with this Agreement to which Bank and Company may now or hereafter be parties. The Company Account, Merchant Settlement Accounts and Company Reserve Account shall each be maintained at Bank, and each such Account, all funds now or hereafter contained therein, and any other monies belonging or payable to Company or in which Company may have an interest which are now or hereafter in Bank’s possession, shall be subject to Bank’s free, immediate and unencumbered right to set-off any claims Bank has against Company, whether absolute or contingent, for services, indemnification, or otherwise.”

SECURITY; SET-OFF. Company hereby grants Bank a continuing security interest in and to the Company Account, the Merchant Settlement Accounts and the Company Reserve Account, all funds belonging or payable to Company, or in which Company may have an interest, now or hereafter in any such Account, and all other funds belonging or payable to Company, or in which Company may have an interest, now or hereafter in the possession of Bank, to secure all of Company’s obligations to Bank under this Agreement and under any other agreement executed in connection with this Agreement to which Bank and Company may now or hereafter be parties. The Company Account, Merchant Settlement Accounts and Company Reserve Account shall each be maintained at Bank, and each such Account, all funds now or hereafter contained therein, and any other monies belonging or payable to Company or in which Company may have an interest which are now or hereafter in Bank’s possession, shall be subject to Bank’s free, immediate and unencumbered right to set-off any claims Bank has against Company, whether absolute or contingent, for services, indemnification, or otherwise.”