Common use of Withdrawals from the Account Clause in Contracts

Withdrawals from the Account. If (a) the Firm has received and is complying with a Notice of Exclusive Control pursuant to Section 3 above, then notwithstanding the provisions of Section 3, the Firm will neither accept nor comply with any entitlement order from Client or its authorized representatives withdrawing or making a free delivery of any financial assets from the Account nor deliver any such financial assets to Client nor pay any amount owing from the Firm to Client with respect to the Account without the specific prior written consent of Creditor. (b) If no Notice of Exclusive Control is in effect, then the Firm may accept and comply with entitlement orders from Client or its authorized representatives withdrawing or making a free delivery of financial assets from the Account, may deliver any such financial assets to Client and may pay any amount owing from the Firm to Client with respect to the Account, provided that no such action is permitted if such withdrawal, delivery or payment would, after giving effect thereto, reduce the amount on deposit in such Account to less than $75,000,000 (unless the Creditor provides specific prior written consent). Creditor will execute and provide to the Firm a standing letter of authorization, in a form acceptable to the Firm, consistent with this Section 4. The prohibition on a withdrawal pursuant to this clause (b) will not limit the obligation of the Firm to comply with other entitlement orders concerning the Account that are originated by Client or Client’s authorized representatives in accordance with Section 3.

Withdrawals from the Account. If (a) If the Firm has received and is complying with a Notice of Exclusive Control pursuant to Section 3 above, then notwithstanding the provisions of Section 3, the Firm will neither accept nor comply with any entitlement order from Client or its authorized representatives withdrawing or making a free delivery of any financial assets from the Account nor deliver any such financial assets to Client nor pay any amount owing from the Firm to Client with respect to the Account without the specific prior written consent of Creditor. (b) If no Notice of Exclusive Control is in effect, then the Firm may accept and comply with entitlement orders from Client or its authorized representatives withdrawing or making a free delivery of financial assets from the Account, may deliver any such financial assets to Client and may pay any amount owing from the Firm to Client with respect to the Account, provided that no such action is permitted if such withdrawal, delivery or payment would, after giving effect thereto, reduce the amount on deposit in such Account to less than $75,000,000 (unless the Creditor provides specific prior written consent). Creditor will execute and provide to the Firm a standing letter of authorization, in a form acceptable to the Firm, consistent with this Section 4. The prohibition on a withdrawal pursuant to this clause (b) will not otherwise limit the obligation of the Firm to comply with other entitlement orders concerning the Account that are originated by Client or Client’s 's authorized representatives in accordance with Section 3.