Common use of Sole Dominion and Control Clause in Contracts

Sole Dominion and Control. Borrowers acknowledge and agree that the Accounts are subject to the sole dominion, control and discretion of Lender, its authorized agents or designees, subject to the terms hereof. Notwithstanding anything set forth herein to the contrary, neither any Borrower nor any other Person, through or under any Borrower, shall have any control over the use of, or any right to withdraw any amount from, any Account, and each Borrower acknowledges that the Deposit Account Bank shall comply with all instructions originated by Lender without further consent by any Borrower. Each Borrower acknowledges and agrees the Account Banks shall comply with the instructions of Lender with respect to the Accounts without the further consent of any Borrower or Manager. Each Borrower acknowledges and agrees that the Account Banks shall comply with all “entitlement orders” (as defined in Section 8-102(a)(8) of the UCC) and instructions originated by Lender without further consent by any Borrower or any other Person.

Appears in 2 contracts

Sources: Loan and Security Agreement (Lightstone Value Plus Real Estate Investment Trust, Inc.), Loan and Security Agreement (Lightstone Value Plus Real Estate Investment Trust, Inc.)