COMPLY WITH THE SECURED PARTY'S ENTITLEMENT ORDERS WITH RESPECT TO
SECURITY ENTITLEMENTS CARRIED OR TO BE CARRIED IN THE SECURITIES
ACCOUNT; OR

(III) IF THE SECURED PARTY OBTAINED CONTROL THROUGH
ANOTHER PERSON UNDER § 8-106(D)(3) OF THIS ARTICLE, THE TIME ON WHICH
PRIORITY WOULD BE BASED UNDER THIS PARAGRAPH IF THE OTHER PERSON WERE
THE SECURED PARTY; OR

(C) IF THE COLLATERAL IS A COMMODITY CONTRACT CARRIED
WITH A COMMODITY INTERMEDIARY, THE SATISFACTION OF THE REQUIREMENT FOR
CONTROL SPECIFIED IN § 9-106(B)(2) WITH RESPECT TO COMMODITY CONTRACTS
CARRIED OR TO BE CARRIED WITH THE COMMODITY INTERMEDIARY

(3) A SECURITY INTEREST HELD BY A SECURITIES INTERMEDIARY IN A
SECURITY ENTITLEMENT OR A SECURITIES ACCOUNT MAINTAINED WITH THE
SECURITIES INTERMEDIARY HAS PRIORITY OVER A CONFLICTING SECURITY
INTEREST HELD BY ANOTHER SECURED PARTY.

(4) A SECURITY INTEREST HELD BY A COMMODITY INTERMEDIARY IN A
COMMODITY CONTRACT OR A COMMODITY ACCOUNT MAINTAINED WITH THE
COMMODITY INTERMEDIARY HAS PRIORITY OVER A CONFLICTING SECURITY
INTEREST HELD BY ANOTHER SECURED PARTY.

(5) A SECURITY INTEREST IN A CERTIFICATED SECURITY IN
REGISTERED FORM WHICH IS PERFECTED BY TAKING DELIVERY UNDER § 9-313(A)
AND NOT BY CONTROL UNDER § 9-314 HAS PRIORITY OVER A CONFLICTING SECURITY
INTEREST PERFECTED BY A METHOD OTHER THAN CONTROL.

(6) CONFLICTING SECURITY INTERESTS CREATED BY A BROKER,
SECURITIES INTERMEDIARY, OR COMMODITY INTERMEDIARY WHICH ARE
PERFECTED WITHOUT CONTROL UNDER § 9-106 RANK EQUALLY

(7) IN ALL OTHER CASES, PRIORITY AMONG CONFLICTING SECURITY
INTERESTS IN INVESTMENT PROPERTY IS GOVERNED BY §§ 9-322 AND 9-323.

9-329. PRIORITY OF SECURITY INTERESTS IN LETTER-OF-CREDIT.

THE FOLLOWING RULES GOVERN PRIORITY AMONG CONFLICTING SECURITY
INTERESTS IN THE SAME LETTER-OF-CREDIT RIGHT:

(1) A SECURITY INTEREST HELD BY A SECURED PARTY HAVING
CONTROL OF THE LETTER-OF-CREDIT RIGHT UNDER § 9-107 HAS PRIORITY TO THE
EXTENT OF ITS CONTROL OVER A CONFLICTING SECURITY INTEREST HELD BY A
SECURED PARTY THAT DOES NOT HAVE CONTROL.

(2) SECURITY INTERESTS PERFECTED BY CONTROL UNDER § 9-314 RANK
ACCORDING TO PRIORITY IN TIME OF OBTAINING CONTROL.