Common use of Control of Accounts Clause in Contracts

Control of Accounts. (a) The Blocked Account shall be a blocked account as provided in the Debenture and in this Agreement. The Borrower shall not have any right or authority to unilaterally withdraw any funds from the Blocked Account without the written authorisation of the Security Agent, to the Account Bank. (b) If an Event of Default has occurred and is continuing, the Security Agent may provide written notice to the Borrower and the relevant Account Bank that withdrawals and transfers from any Operating Account are suspended and the account is blocked (the “Account Suspension Notice”). If, after the Security Agent has provided such Account Suspension Notice, no Event of Default is continuing, the Security Agent shall, at the request of the Borrower, promptly provide written notice to the Borrower and the relevant Account Bank to confirm that withdrawals and transfers from the relevant Operating Account are resumed (the “Account Activation Notice”). For the avoidance of doubt, nothing in this paragraph (b) (of itself) shall be deemed to constitute a waiver of any Event of Default or any Default.

Control of Accounts. (a) The Blocked Account shall be a blocked account as provided in the Debenture and in this Agreement. The Borrower shall not have any right or authority to unilaterally withdraw any funds from the Blocked Account without the written authorisation of the Security Agent, to the Account Bank. (b) If an Event of Default has occurred and is continuing, the Security Agent may provide written notice to the Borrower and the relevant Account Bank that withdrawals and transfers from any Operating Account are suspended and the account is blocked (the “Account ³Account Suspension Notice”´). If, after the Security Agent has provided such Account Suspension Notice, no Event of Default is continuing, the Security Agent shall, at the request of the Borrower, promptly provide written notice to the Borrower and the relevant Account Bank to confirm that withdrawals and transfers from the relevant Operating Account are resumed (the “Account ³Account Activation Notice”´). For the avoidance of doubt, nothing in this paragraph (b) (of itself) shall be deemed to constitute a waiver of any Event of Default or any Default.