Common use of Withdrawals from the Account Clause in Contracts

Withdrawals from the Account. Unless “ACCOUNT WITHDRAWALS PERMITTED?” at the top of this Agreement is marked “YES,” then notwithstanding the provisions of Section 3, UBSFS 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 free credit balance or other amount owing from UBSFS to Client with respect to the Account without the specific prior written consent of Creditor. Such a prohibition against such withdrawals will not limit the obligation of UBSFS to comply with other entitlement orders concerning the Account that are originated by Client or Client’s authorized representatives in accordance with Section 3. If “ACCOUNT WITHDRAWALS PERMITTED?” at the top of this Agreement is marked “YES,” unless a Notice of Exclusive Control is in effect, UBSFS shall have no responsibility whatsoever to limit, restrict or monitor any withdrawals of transfers of assets from the Account by Client or to otherwise notify Creditor of the depletion of Account assets, even if UBSFS knows or believes that as the result of such withdrawals and/or transfers, the Account value is or will be less than is required by the separate lending arrangement between Creditor and Client.

Appears in 2 contracts

Samples: Securities Purchase Agreement (Great Basin Scientific, Inc.), Securities Purchase Agreement (Great Basin Scientific, Inc.)

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Withdrawals from the Account. Unless "ACCOUNT WITHDRAWALS PERMITTED?" at the top of this Agreement is marked "YES," then notwithstanding the provisions of Section 3, UBSFS will neither accept nor comply with any entitlement order from Client (Holder) 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 (Holder) nor pay any free credit balance or other amount owing from UBSFS to Client (Holder) with respect to the Account without the specific prior written consent of CreditorCompany. Such a prohibition against such withdrawals will not limit the obligation of UBSFS to comply with other entitlement orders concerning the Account that are originated by Client (Holder) or Client’s 's (Holder’s) authorized representatives in accordance with Section 3. If “ACCOUNT WITHDRAWALS PERMITTED?” at the top of this Agreement is marked “YES,” unless a Notice of Exclusive Control is in effect, UBSFS shall have no responsibility whatsoever to limit, restrict or monitor any withdrawals of transfers of assets from the Account by Client (Holder) or to otherwise notify Creditor Company of the depletion of Account assets, even if UBSFS knows or believes that as the result of such withdrawals and/or transfers, the Account value is or will be less than is required by the separate lending arrangement Warrant Agreement between Creditor Company and ClientClient (Holder).

Appears in 1 contract

Samples: Erbey William C

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Withdrawals from the Account. Unless “ACCOUNT WITHDRAWALS PERMITTED?” at the top of this Agreement is marked “YES,” then notwithstanding the provisions of Section 3, UBSFS UBSS will neither accept nor comply with any entitlement order orders or other directions from Client the Pledgor or its authorized representatives substituting, withdrawing or making a free delivery of any financial assets from the Account nor deliver any such financial assets to Client the Pledgor nor pay any free credit balance or other amount owing from UBSFS UBSS to Client the Pledgor with respect to the Account without the specific prior written consent of Creditor. Such a prohibition against the Secured Party; provided that UBSS will take any such withdrawals will not limit the obligation of UBSFS action with respect to comply with other entitlement orders concerning the Account that are originated by Client or Client’s authorized representatives in accordance with Section 3the financial assets upon a written instruction of the Secured Party. If “ACCOUNT WITHDRAWALS PERMITTED?” at the top of this Agreement is marked “YES,” unless a Notice of Exclusive Control is in effect, UBSFS UBSS shall have no responsibility whatsoever to limit, restrict or monitor any withdrawals of transfers of assets from the Account by Client the Pledgor or to otherwise notify Creditor the Secured Party of the depletion of Account assets, even if UBSFS UBSS knows or believes that as the result of such withdrawals and/or transfers, the number of Shares in the Account value is or will be less than is required by the separate lending arrangement between Creditor and ClientConfirm.

Appears in 1 contract

Samples: Account Control Agreement (Tracinda Corp)

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