Control Letter

Example Definitions of "Control Letter"
Control Letter. Means a letter agreement between Second Lien Agent and (i) the issuer of uncertificated securities with respect to uncertificated securities in the name of any Note Party, (ii) a securities intermediary with respect to securities, whether certificated or uncertificated, securities entitlements and other financial assets held in a securities account in the name of any Note Party, (iii) a futures commission merchant or clearing house, as applicable, with... respect to commodity accounts and commodity contracts held by any Note Party, whereby, among other things, the issuer, securities intermediary or futures commission merchant, as applicable, disclaims, subordinates or limits its security interest in the applicable financial assets, acknowledges the Lien of Second Lien Agent, for the benefit of Subordinated Note Purchasers, on such financial assets, and agrees to follow the instructions or entitlement orders of Second Lien Agent without further consent by the affected Note Party. View More Arrow
Found in Encompass Group Affiliates, Inc contract
Control Letter. Means a A letter agreement between Second First Lien Agent and (i) the issuer of uncertificated securities with respect to uncertificated securities in the name of any Note Party, (ii) a securities intermediary with respect to securities, whether certificated or uncertificated, securities entitlements and other financial assets held in a securities account in the name of any Note Party, (iii) a futures commission merchant or clearing house, as applicable, with respect to commodity accounts and... commodity contracts held by any Note Party, whereby, among other things, the issuer, securities intermediary or futures commission merchant, as applicable, disclaims, subordinates or limits its security interest in the applicable financial assets, acknowledges the Lien of Second First Lien Agent, for the benefit of Subordinated Senior Note Purchasers, on such financial assets, and agrees to follow the instructions or entitlement orders of Second First Lien Agent without further consent by the affected Note Party. View More Arrow
Found in Encompass Group Affiliates, Inc contract
Control Letter. Means a letter agreement between Second Lien Agent and (i) the issuer of uncertificated securities with respect to uncertificated securities in the name of any Note Credit Party, (ii) a securities intermediary with respect to securities, whether certificated or uncertificated, securities entitlements and other financial assets held in a securities account in the name of any Note Party, Credit Party and (iii) a futures commission merchant or clearing house, as applicable, with respect to... commodity accounts and commodity contracts held by any Note Credit Party, whereby, among other things, the issuer, securities intermediary or futures commission merchant, as applicable, disclaims, subordinates or merchant limits its any security interest in the applicable financial assets, assets in a manner reasonably satisfactory to Agent, acknowledges the Lien of Second Lien Agent, for the benefit on behalf of Subordinated Note Purchasers, itself and Lenders, on such financial assets, and agrees to follow the instructions or entitlement orders of Second Lien Agent without further consent by the affected Note Credit Party. View More Arrow
Found in RathGibson Inc contract
View Variations (2) Arrow
All Definitions