Common use of Controlled Accounts Clause in Contracts

Controlled Accounts. As between the Senior Secured Parties, the Designated Collateral Agent (acting at the written direction of the Designated Senior Representative) shall have the sole right, as among the Collateral Agents, Senior Representatives and Senior Secured Parties, to (i) direct the disposition of funds with respect to each deposit account, securities account or commodities account constituting Shared Collateral and subject to an Account Control Agreement, if any (including the withdrawal of such funds) and (ii) deliver any notice of sole control or similar notice prescribed by any such Account Control Agreement to the relevant depositary bank, securities intermediary or commodity intermediary. Upon any Designated Senior Representative ceasing to be the Designated Senior Representative pursuant to the terms hereof, it shall deliver notice thereof to each depositary bank, securities intermediary and commodity intermediary at which any deposit account, securities account or commodities account constituting Shared Collateral and subject to an Account Control Agreement is held. Each Collateral Agent agrees that, with respect to any Account Control Agreement executed for the benefit of perfecting such Collateral Agent’s security interest in any deposit account, securities account or commodities account constituting Shared Collateral, that such Collateral Agent shall act as bailee and agent for the benefit of each other Senior Secured Party, so as to satisfy the requirements of Section 8-106(d)(2), 9-104(a)(2) or 9-106(b)(2) of the Uniform Commercial Code, solely for the purpose of perfecting the security interest granted in such deposit account, securities account or commodities account pursuant to the applicable Senior Credit Documents.