Common use of Security Interest and Setoff Clause in Contracts

Security Interest and Setoff. Merchant grants Processor and Bank a first priority security interest in and lien upon the Account, the Reserve Account, the proceeds of all transactions submitted, and all other depository accounts Merchant has with any financial institution (collectively “Secured Assets”). Merchant will execute all documents requested by Processor or Bank, in a form acceptable to Processor and Bank, in order to perfect such security interest and will pay all costs and expenses associated with filing such documents in those offices deemed necessary or desirable by Processor or Bank. Processor and Bank are authorized to file financing statements and other documents reflecting this security interest and Merchant irrevocably appoints Processor and Bank as its attorney-in-fact to execute any documents such parties deem desirable to perfect their security interests. Merchant shall not grant any security interest or lien in or upon the Secured Assets to any third party without Processor’s prior written consent. Merchant Agrees that Processor and Bank each have a right of set off, and may apply any of Merchant’s balances, amounts due to Merchant from Bank or Processor, or other assets in Bank’s or Processor’s possession, control, or to which they may have access (including without limitation the proceeds of Merchant’s transactions, amounts in the Account, and amounts in any Reserve Account) towards the payment of amounts due from Merchant to Bank or Processor under this Agreement or any other agreement. If required by Processor or Bank, Merchant agrees to execute a control agreement providing Bank and/or Processor control over the Account.

Security Interest and Setoff. Merchant grants Processor and Bank a first priority security interest in and lien upon the Account, the Reserve Account, the proceeds of all transactions submitted, and all other depository accounts Merchant has with any financial institution (collectively “Secured Assets”). Merchant Xxxxxxxx will execute all documents requested by Processor or Bank, in a form acceptable to Processor and Bank, in order to perfect such security interest and will pay all costs and expenses associated with filing such documents in those offices deemed necessary or desirable by Processor or Bank. Processor and Bank are authorized to file financing statements and other documents reflecting this security interest and Merchant Xxxxxxxx irrevocably appoints Processor and Bank as its attorney-in-fact to execute any documents such parties deem desirable to perfect their security interests. Merchant shall not grant any security interest or lien in or upon the Secured Assets to any third party without Processor’s prior written consent. Merchant Agrees that Processor and Bank each have a right of set off, and may apply any of Merchant’s balances, amounts due to Merchant from Bank or Processor, or other assets in Bank’s or Processor’s possession, control, or to which they may have access (including without limitation the proceeds of Merchant’s transactions, amounts in the Account, and amounts in any Reserve Account) towards the payment of amounts due from Merchant to Bank or Processor under this Agreement or any other agreement. If required by Processor or Bank, Merchant Xxxxxxxx agrees to execute a control agreement providing Bank and/or Processor control over the Account.

Security Interest and Setoff. Merchant grants Processor and Bank a first priority security interest in and lien upon the Account, the Reserve Account, the proceeds of all transactions submitted, and all other depository accounts Merchant has with any financial institution (collectively “Secured Assets”). Merchant will execute all documents requested by Processor or Bank, in a form acceptable to Processor and Bank, in order to perfect such security interest and will pay all costs and expenses associated with filing such documents in those offices deemed necessary or desirable by Processor or Bank. Processor and Bank are authorized to file financing statements and other documents reflecting this security interest and Merchant Xxxxxxxx irrevocably appoints Processor and Bank as its attorney-in-fact to execute any documents such parties deem desirable to perfect their security interests. Merchant shall not grant any security interest or lien in or upon the Secured Assets to any third party without Processor’s prior written consent. Merchant Agrees that Processor and Bank each have a right of set off, and may apply any of Merchant’s balances, amounts due to Merchant from Bank or Processor, or other assets in Bank’s or Processor’s possession, control, or to which they may have access (including without limitation the proceeds of Merchant’s transactions, amounts in the Account, and amounts in any Reserve Account) towards the payment of amounts due from Merchant to Bank or Processor under this Agreement or any other agreement. If required by Processor or Bank, Merchant Xxxxxxxx agrees to execute a control agreement providing Bank and/or Processor control over the Account.