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

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

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