Common use of Calls and Voting Rights Clause in Contracts

Calls and Voting Rights. 7.6.1 Notwithstanding any provision of this paragraph 7, the Customer will pay all calls, premiums and other payments due on any of the Collateral and, if so requested by the Bank, shall within seven days of such request produce evidence satisfactory to the Bank of such payment, failing which the Bank may make such payments on behalf of the Customer and any sum so paid shall be reimbursed by the Customer on demand and, pending reimbursement, shall be secured on the Collateral and may be debited to any Account of the Customer as the Bank determines and shall bear interest at the rate of 8 per cent per annum over the Bank’s base lending rate at any time. 7.6.2 The Customer shall exercise, or cause to be exercised, immediately such voting and other rights (if any) in or to the Collateral in such manner as the Bank may in its discretion direct. 7.6.3 The Bank may exercise, or cause to be exercised, such voting or other rights (if any) in or to the Collateral in such manner as the Bank in its discretion may determine in like manner as if it were entitled to the Collateral beneficially and, without taking account of the Customer’s interest therein and without prejudice to the generality of the foregoing, may exercise, renounce or assign any conditional or preferential right to subscribe for any securities offered to the Bank in respect of any of the Collateral.