Exhibit
4.7
FORM
OF
DEPOSIT ACCOUNT
CONTROL AGREEMENT
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Dated as of:
July __, 2009
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Company:
Evolution Resources, Inc., a
Nevada corporation
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The Bank:
[ Insert Bank Name
]
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Other Debtors:
Evolution Resources, Inc., a
Delaware corporation
Liquafaction Corporation, a
Washington corporation
Liqua Ethanol, LLC, a Washington
limited liability company
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Address of Bank:
[ Insert Bank Address
]
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Secured
Party/Pledgee:
Harborview Master Fund, L.P., a
British Virgin Islands limited partnership, in its capacity as
Collateral Agent for the benefit of itself and the Buyers referred
to below
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This DEPOSIT ACCOUNT
CONTROL AGREEMENT (as amended, restated, supplemented or
otherwise modified from time to time, this “ Agreement
”), by and among the Bank identified above, the Company
identified above (the “ Company ”), the Other
Debtors identified above (the “ Other Debtors ”)
and the Secured Party/Pledgee identified above (the “
Collateral Agent ”) is dated as of the date written
above.
WHEREAS
:
A.
Company and Harborview
Master Fund, L.P., a British Virgin Islands limited partnership
(“ Harborview ”; Harborview, together with its
successors and assigns and each other holder of a Note (as defined
below) and their respective successors and assigns, individually
and collectively, the “ Buyers ”) have entered
into that certain Securities Purchase Agreement dated as of July
__, 2009 (as amended, restated, supplemented or otherwise modified
and in effect from time to time, the “ Purchase
Agreement ”) pursuant to which the Buyers have purchased
secured senior notes in an original aggregate principal amount of
$215,000 (such notes, together with any promissory notes or other
securities issued in exchange or substitution therefor or
replacement thereof, and as any of the same may be amended,
supplemented, restated or modified and in effect from time to time,
the “ Notes ”) and made certain financial
accommodations to the Company.
B.
The Other Debtors have
executed and delivered to the Collateral Agent that certain
Guaranty dated as of July __, 2009 (as amended, restated,
supplemented or otherwise modified from time to time, the “
Guaranty ”), pursuant to which the Other Debtors and
certain other parties have guaranteed all of the
“Obligations” under (and as defined in) the
Guaranty.
B.
Pursuant to a Security
Agreement dated as of July __, 2009 (as the same may be amended,
restated, modified or supplemented and in effect from time to time,
the “ Security Agreement ”), entered into among
the Company, the Other Debtors party thereto and the Collateral
Agent, the Company and the Other
Debtors have granted the
Collateral Agent, for its benefit and the benefit of the Buyers, a
first priority security interest in, lien upon and pledge of all of
their right, title and interest in and to the Account(s) (as
defined below) and the Account Collateral (as defined below),
including, without limitation, all free credit balances, cash and
cash balances contained or on deposit in the Accounts and all
proceeds thereof, whether now existing or hereafter
arising.
C.
This Agreement is
intended to perfect the Collateral Agent’s and the
Buyers’ security interest in the Account(s) and the Account
Collateral pursuant to Sections 9-104, 9-312 and 9-314 of the
Uniform Commercial Code and shall also serve as instructions
regarding the operation of and procedures for all deposit accounts
now or hereafter maintained at the Bank by, or for the deposit,
credit or custody of property of, the Company and the Other
Debtors.
NOW
THEREFORE ,
the Bank, the Company, the Other Debtors and the Collateral Agent
hereby agree as follows:
1.
Account
Identification . This Agreement applies to
the accounts identified below that have been established at the
Bank on behalf of and in the name of the Company and/or such Other
Debtors and to each other deposit account hereafter established at
the Bank on behalf of the Company and/or the Other Debtors
(collectively, the “ Accounts ”). All
parties hereto acknowledge and agree that each of the Accounts is a
“ Deposit Account ” within the meaning of
Article 9 of the Uniform Commercial Code. The Bank hereby
agrees to deliver written notice to the Collateral Agent of the
establishment of any accounts other than those listed below
(whether characterized as a deposit account or otherwise) at the
Bank by or on behalf of the Company and/or the Other
Debtors.
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Account Holder
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Name of Account
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Account Number
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_______________________
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_______________________
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_______________________
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_______________________
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_______________________
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_______________________
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_______________________
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_______________________
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_______________________
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2.
Security Interest;
Agency .
(a)
Each of the Bank, the
Company, the Other Debtors and the Collateral Agent acknowledges
that, in order to secure the prompt and complete payment,
performance and observance of all “ Liabilities
” (as defined in the Security Agreement)