Common use of Controlled Account Clause in Contracts

Controlled Account. On Closing, an agent of the Lender shall be granted joint authority over the Controlled Account for purposes of (i) funding Draws into such Controlled Account, (ii) remitting payments from such Controlled Account in accordance with the use of proceeds set forth in Section 2.2(f) hereof and (iii) applying amounts set forth in such Controlled Account towards the Obligations hereunder. The Borrower shall not remove the Lender’s agent as an authorized party with respect to the Controlled Account or otherwise frustrate the Lender’s disbursements and applications of amounts set forth in such Controlled Account as set forth herein. The Borrower shall cause the Bank at which such Controlled Account is held to require authorization from each of an agent of the Lender and an agent of the Borrower to withdraw or disburse funds from the Controlled Account. The Borrower shall not open or maintain any other account for the purpose of conducting its and its Affiliates’ SARS-CoV-2 Testing Business other than the Controlled Account, and the Borrower shall take any and all actions necessary to ensure that the proceeds of the SARS-CoV-2 Testing Business are deposited in the Controlled Account.