Examples of Notice of Sole Control in a sentence
In the event that the Intermediary receives conflicting entitlement orders or instructions with respect to the Account Collateral prior to having received a Notice of Sole Control and had a reasonable amount of time to act thereon (not to exceed two (2) Business Days), the Intermediary shall use commercially reasonable efforts to follow the entitlement orders or instructions of the Secured Party in preference to those of the Pledgor.
Each Notice of Sole Control must be delivered by overnight courier or mail service, and to the email address specified on Schedule B.
After the Intermediary has received a Notice of Sole Control and has had a reasonable amount of time to act thereon (not to exceed two (2) Business Days), the Intermediary will not comply with entitlement orders or instructions originated by the Pledgor with respect to the Account Collateral, and will comply with the entitlement orders or instructions originated by the Secured Party without further consent by the Pledgor or any other person.
The Intermediary shall have no duty to investigate or make any determination as to whether a default or an event of default exists under the Security Agreement (as defined herein), or as to whether an entitlement order, instruction or Notice of Sole Control originated or given by the Secured Party was properly authorized.
The Intermediary shall be entitled to rely upon any entitlement order, instruction or Notice of Sole Control that reasonably appears to have been originated or given by the Pledgor or the Secured Party, or that it otherwise reasonably believes to have been given by the appropriate party, without further inquiry.