Common use of Security Interests Reserve Account Recoupment and Set Off Clause in Contracts

Security Interests Reserve Account Recoupment and Set Off. 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, (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,

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, (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,