Control of the Deposit Account. (a) The Deposit Accounts shall be under the control of the Secured Party. The Secured Party shall at all times have "control" (as defined in Section 9-104 of the Uniform Commercial Code as adopted in the state of Texas) of the Deposit Accounts. The Financial Institution shall comply with instructions originated by the Secured Party directing disposition of funds in the Depository Account without further consent by the Debtor.
Appears in 2 contracts
Samples: Pledge and Security Agreement (Tekoil & Gas Corp), Default Deposit Account Control Agreement (Tekoil & Gas Corp)
Control of the Deposit Account. (a) The Deposit Accounts Account shall be under the control of the Secured Party. The Secured Party shall at all times have "control" (as defined in Section 9-104 of the Uniform Commercial Code as adopted in the state of TexasNew York) of the Deposit AccountsAccount. The Financial Institution shall comply with instructions originated by the Secured Party directing disposition of funds in the Depository Account without further consent by the Debtor.
Appears in 2 contracts
Samples: Pledge and Security Agreement (Tekoil & Gas Corp), Blocked Deposit Account Control Agreement (Tekoil & Gas Corp)
