Common use of BNPPLC’s Covenant Not to Make Unauthorized Withdrawals Clause in Contracts

BNPPLC’s Covenant Not to Make Unauthorized Withdrawals. Notwithstanding provisions of any Deposit Taker’s Agreement which may state that BNPPLC is entitled to withdraw Collateral held by any Deposit Taker without any prior consent or authorization of LRC, BNPPLC covenants to LRC (as between BNPPLC and LRC) that BNPPLC will not exercise such rights to withdraw Collateral except (1) as required or permitted by this Paragraph 5, (2) in the exercise of BNPPLC’s rights or remedies as otherwise herein provided, or (3) as may from time to time be requested or approved by LRC.

BNPPLC’s Covenant Not to Make Unauthorized Withdrawals. Notwithstanding provisions of any Control Agreement or of any Deposit Taker’s Agreement which may state that BNPPLC is entitled to withdraw Collateral held by the Intermediary or any Deposit Taker without any prior consent or authorization of LRC, BNPPLC covenants to LRC (as between BNPPLC and LRC) that BNPPLC will not exercise such rights to withdraw Collateral except (1) as required or permitted by this Paragraph 5, (2) in the exercise of BNPPLC’s rights or remedies as otherwise herein provided, or (3) as may from time to time be requested or approved by LRC.