Common use of Control of the Deposit Account Clause in Contracts

Control of the Deposit Account. If at any time prior to the delivery of the Notice of Termination in the form attached as Exhibit A by the First Lien Collateral Agent (“Notice of Termination of First Lien Obligations”), the Financial Institution shall receive any instructions originated by the First Lien Collateral Agent directing the disposition of funds in the Deposit Account, the Financial Institution shall comply with such instructions without further consent by the Debtor or any other person. If at any time the Financial Institution shall receive any instructions originated by the Second Lien Collateral Agent directing the disposition of funds in the Deposit Account, the Financial Institution shall comply with such instructions without further consent by the Debtor or any other person; provided that, prior to receipt by the Financial Institution of a Notice of Termination of First Lien Obligations sent by the First Lien Collateral Agent, the Financial Institution shall not comply with instructions originated by Second Lien Collateral Agent without the written consent of the First Lien Collateral Agent. The Financial Institution shall comply with instructions from the Debtor directing the disposition of funds in the Deposit Account until such time as the Financial Institution has received a Blocking Notice delivered pursuant to Section 8(a). If the Debtor is otherwise entitled to issue instructions directing the disposition of funds in the Deposit Account and such instructions conflict with any instructions issued by the First Lien Collateral Agent or the Second Lien Collateral Agent (either with the written consent of the First Lien Collateral Agent or following the receipt by Financial Institution of a Notice of Termination of First Lien Obligations sent by the First Lien Collateral Agent), if applicable, the Financial Institution shall follow the instructions issued by the applicable Collateral Lien Holder. The Financial Institution hereby acknowledges that it has received notice of the security interest of the Collateral Lien Holders in the Deposit Account and hereby acknowledges and consents to such liens.

Appears in 2 contracts

Samples: Pledge and Security Agreement (Greektown Newco Sub, Inc.), Pledge and Security Agreement (Greektown Superholdings, Inc.)

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Control of the Deposit Account. If Notwithstanding anything to the contrary contained herein, after such time as the Securities Intermediary has received a Blocking Notice delivered under Section 8(a), if at any time prior to the delivery of the Notice of Termination in the form attached as Exhibit A by the First Lien Collateral Agent (“Notice of Termination of First Lien Obligations”), the Financial Institution shall receive any instructions originated by the First Lien Collateral Agent directing the disposition of funds in the Deposit Account, the Financial Institution shall comply with such instructions without further consent by the Debtor or any other person. If After such time as the Securities Intermediary has received a Blocking Notice delivered under Section 8(a), if at any time the Financial Institution shall receive any instructions originated by the Second Lien Collateral Agent directing the disposition of funds in the Deposit Account, the Financial Institution shall comply with such instructions without further consent by the Debtor or any other person; provided that, prior to receipt by the Financial Institution of a Notice of Termination of First Lien Obligations sent by the First Lien Collateral Agent, the Financial Institution shall not comply with instructions originated by the Second Lien Collateral Agent without the written consent of the First Lien Collateral Agent. The Financial Institution shall comply with instructions from the Debtor directing the disposition of funds in the Deposit Account until such time as the Financial Institution has received a Blocking Notice delivered pursuant to Section 8(a). If the Debtor is otherwise entitled to issue instructions directing the disposition of funds in the Deposit Account and such instructions conflict with any instructions issued by the First Lien Collateral Agent or the Second Lien Collateral Agent (either with the written consent of the First Lien Collateral Agent or following the receipt by Financial Institution of a Notice of Termination of First Lien Obligations sent by the First Lien Collateral Agent), if applicable, the Financial Institution shall follow the instructions issued by the applicable Collateral Lien Holder. The Financial Institution hereby acknowledges that it has received notice of the security interest of the Collateral Lien Holders in the Deposit Account and hereby acknowledges and consents to such liensAgent.

Appears in 2 contracts

Samples: First Lien Guarantee and Collateral Agreement (Edgen Murray LTD), Second Lien Guarantee and Collateral Agreement (Edgen Murray LTD)

Control of the Deposit Account. If at any time prior to the delivery of the Notice of Termination in the form attached as Exhibit A by the First Lien Collateral Agent (“Notice of Termination of First Lien Obligations”), the Financial Institution shall receive receives any instructions originated by the First Lien Collateral Agent directing the disposition of funds in the Deposit Account, the Financial Institution shall comply with such instructions without further consent by the Debtor or any other person. If at any time the Financial Institution shall receive any instructions originated by the Second Lien Collateral Agent directing the disposition of funds in the Deposit Account, the Financial Institution shall comply with such instructions without further consent by the Debtor or any other person; provided that, prior to receipt by the Financial Institution of a Notice of Termination of First Lien Obligations sent by Obligations, in the First Lien Collateral Agent, event the Financial Institution shall not comply with receives conflicting instructions originated by from the Collateral Agents, the Second Lien Collateral Agent without hereby instructs the written consent Financial Institution to comply with the instructions of the First Lien Collateral Agent. The Financial Institution shall comply with instructions from the Debtor directing the disposition of funds in the Deposit Account until such time as the Financial Institution has received a Blocking Notice of Sole Control delivered pursuant to Section 8(a). If the Debtor is otherwise entitled to issue instructions directing the disposition of funds in the Deposit Account and such instructions conflict with any instructions issued by the First Lien Collateral Agent or the Second Lien Collateral Agent (either with the written consent of the First Lien Collateral Agent or following the receipt by Financial Institution of a Notice of Termination of First Lien Obligations sent by the First Lien Collateral AgentObligations), if applicable, the Financial Institution shall follow the instructions issued by the applicable Collateral Lien Holder. The Financial Institution hereby acknowledges that it has received notice of the security interest of the Collateral Lien Holders in the Deposit Account and hereby acknowledges and consents to such liensAgent.

Appears in 2 contracts

Samples: Credit Agreement (Carmike Cinemas Inc), Credit and Guaranty Agreement (Carmike Cinemas Inc)

Control of the Deposit Account. (a) If at any time prior to the delivery of the Notice of Termination in the form attached as Exhibit A by the First Lien Collateral Agent (“Notice of Termination of First Lien Obligations”), the Financial Institution shall receive any instructions originated by the First Lien Collateral Agent directing the disposition of funds in the Deposit Account, the Financial Institution shall comply with such instructions without further consent by the Debtor or any other person. If at any time the Financial Institution shall receive any instructions originated by the Second Lien Collateral Agent directing the disposition of funds in the Deposit Account, the Financial Institution shall comply with such instructions without further consent by the Debtor or any other person; provided that, prior to receipt by the Financial Institution of a Notice of Termination of First Lien Obligations sent by the First Lien Collateral Agent, the Financial Institution shall not comply with instructions originated by the Second Lien Collateral Agent without the written consent of the First Lien Collateral Agent. The Financial Institution hereby acknowledges that it has received notice of the security interest of the Collateral Agents in the Deposit Account and hereby acknowledges and consents to such lien and shall comply with instructions from the Debtor directing the disposition of funds in the Deposit Account until such time as the Financial Institution has received a Blocking Notice of Sole Control delivered pursuant to Section 8(a). If the Debtor is otherwise entitled to issue instructions directing the disposition of funds in the Deposit Account and such instructions conflict with any instructions issued by the First Lien Collateral Agent or the Second Lien Collateral Agent (either with the written consent of the First Lien Collateral Agent or following the receipt by the Financial Institution of a Notice of Termination of First Lien Obligations sent by the First Lien Collateral Agent), if applicable, the Financial Institution shall follow the instructions issued by the applicable Collateral Lien Holder. The Financial Institution hereby acknowledges that it has received notice of the security interest of the Collateral Lien Holders in the Deposit Account and hereby acknowledges and consents to such liensAgent.

Appears in 2 contracts

Samples: First Lien Pledge and Security Agreement (Arizona Chemical Ltd.), Second Lien Pledge and Security Agreement (Arizona Chemical Ltd.)

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Control of the Deposit Account. If at any time prior to the delivery of the Notice of Termination in the form attached as Exhibit A by the First Lien Collateral Agent (“Notice of Termination of First Lien Obligations”), Obligations by the Bank the Financial Institution shall receive any instructions originated by the First Lien Collateral Agent Bank directing the disposition of funds in the Deposit Account, the Financial Institution shall comply with such instructions without further consent by the Debtor or any other person. If at any time the Financial Institution shall receive any instructions originated by the Second Lien Collateral Agent directing the disposition of funds in the Deposit Account, the Financial Institution shall comply with such instructions without further consent by the Debtor or any other person; provided that, prior to receipt by the Financial Institution of a Notice of Termination of First Lien Obligations sent by the First Lien Collateral AgentBank, the Financial Institution shall not comply with instructions originated by Second Lien Collateral Agent without the written consent of the First Lien Collateral AgentBank. The Financial Institution shall comply with instructions from the Debtor directing the disposition of funds in the Deposit Account until such time as the Financial Institution has received a Blocking Notice delivered pursuant to Section 8(a). If the Debtor is otherwise entitled to issue instructions directing the disposition of funds in the Deposit Account and such instructions conflict with any instructions issued by the First Lien Collateral Agent Bank or the Second Lien Collateral Agent (either with the written consent of the First Lien Collateral Agent Bank or following the receipt by Financial Institution of a Notice of Termination of First Lien Obligations sent by the First Lien Collateral AgentBank), if applicable, the Financial Institution shall follow the instructions issued by the applicable Collateral Lien Holder. The Financial Institution hereby acknowledges that it has received notice of the security interest of the Collateral Lien Holders in the Deposit Account and hereby acknowledges and consents to such liens.

Appears in 2 contracts

Samples: Pledge and Security Agreement (Greektown Newco Sub, Inc.), Pledge and Security Agreement (Greektown Superholdings, Inc.)

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