Common use of Controlled Securities Accounts Clause in Contracts

Controlled Securities Accounts. On or prior to the Closing Date, enter into a Control Agreement with respect to each Securities Account and Commodity Account listed on part (b) of Schedule 6.19, excluding that certain existing Bank of America Securities, Inc. account, so long as with respect to such Securities Account (the “Equity Repurchase Program Securities Account”): (i) such Securities Account is used solely and exclusively to hold (1) cash proceeds from Restricted Payments permitted to be made pursuant to Section 8.06(c) for the repurchase of the common Equity Interests of Matrix, provided that such cash may be deposited from and after the Closing Date only substantially contemporaneously with the making of any repurchase (and if a repurchase is not consummated before the occurrence of an Event of Default, then any remaining cash in excess of $100,000 shall be transferred to a Controlled Deposit Account as provided in Section 4.04), (2) the common Equity Interests of Matrix repurchased before the Closing Date or repurchased thereafter with the proceeds of such cash proceeds and (3) the proceeds from any subsequent re-sale of such Equity Interests, provided that during the continuance of any Event of Default, all such proceeds then remaining in such Securities Account, along with all future proceeds, from any subsequent re-sale of such Equity Interests shall be delivered to a Controlled Deposit Account and applied as provided in Section 4.04. The Borrower Agent shall cause account statements and/or other reports from the applicable broker, financial institution or other financial intermediary to be delivered to the Administrative Agent not less often than monthly, accurately setting forth all assets, including securities entitlements, financial assets or other amounts, held in each Securities Account or Commodity Account.