The Account Holder's Responsibility. (a) Except for permitting a withdrawal, delivery, or payment in violation of Section 3, the Account Holder will not be liable to the Secured Party for complying with Account Directions or other directions concerning any Account from the Grantor that are received by the Account Holder before the Account Holder receives and has a reasonable opportunity to act on a Notice of Exclusive Control.
Appears in 18 contracts
Samples: Dynegy Security Agreement, Second Lien Security Agreement (Terremark Worldwide Inc.), Security Agreement (Consol Energy Inc)
The Account Holder's Responsibility. (a) Except for permitting a withdrawal, delivery, or payment in violation of Section 3, the Account Holder will not be liable to the Secured Party Collateral Trustee for complying with Account Directions or other directions concerning any Account from the Grantor that are received by the Account Holder before the Account Holder receives and has a reasonable opportunity to act on a Notice of Exclusive Control.
Appears in 5 contracts
Samples: Security Agreement (CONSOL Energy Inc), Security Agreement (Consol Energy Inc), Security Agreement (Consol Energy Inc)
The Account Holder's Responsibility. (a) Except for permitting a withdrawal, delivery, or payment in violation of Section 3, the Account Holder will not be liable to the Secured Party Administrative Agent for complying with Account Directions or other directions concerning any Account from the Grantor that are received by the Account Holder before the Account Holder receives and has a reasonable opportunity to act on a Notice of Exclusive Control.
Appears in 2 contracts
Samples: Security Agreement (Sandridge Energy Inc), Security Agreement (American Real Estate Partners L P)
The Account Holder's Responsibility. (a) Except for permitting a withdrawal, delivery, or payment in violation of Section 34, the Account Holder will not be liable to the Secured Party for complying with Account Directions or other directions concerning any Account from the Grantor that are received by the Account Holder before the Account Holder receives and has a reasonable opportunity to act on a Notice of Exclusive Control.
Appears in 2 contracts
Samples: Security Agreement (Hollinger Inc), Second Priority Notes Security Agreement (Hollinger Inc)
The Account Holder's Responsibility. (a) Except for permitting a withdrawal, delivery, or payment in violation of Section 3, the Account Holder will not be liable to the Secured Party Collateral Agent for complying with Account Directions or other directions concerning any Account from the Grantor that are received by the Account Holder before the Account Holder receives and has a reasonable opportunity to act on a Notice of Exclusive Control.
Appears in 1 contract
Samples: Guaranty and Security Agreement (Pac-West Telecomm Inc)
The Account Holder's Responsibility. (a) Except for permitting a withdrawal, delivery, or payment in violation of Section 3, the The Account Holder will not be liable to the Grantor or the Secured Party for complying with an Account Directions Direction or other directions direction concerning any the Account from originated by the Secured Party, even if the Grantor that are received by notifies the Account Holder before that the Secured Party purportedly is not legally entitled to issue the Account Holder receives and has a reasonable opportunity to act on a Notice of Exclusive ControlDirection or such other direction.
Appears in 1 contract
