Common use of Control of Collateral Clause in Contracts

Control of Collateral. In accordance with the provisions of this paragraph 7: 7.3.1 the Bank shall have sole control of the Collateral; 7.3.2 any mandate or agreement between the Customer and the Bank, which but for this the provisions of this paragraph 7 and/or a security interest agreement would govern the control of the Collateral, shall be suspended; 7.3.3 notwithstanding the foregoing, the Bank at any time in its discretion shall be entitled (but not bound) to accept any request given in conformity with any suspended mandate from the Customer with regard to the Collateral (including withdrawal of monies and payment of interest) and, so that in acting upon any such request, the Bank shall be deemed not to have relinquished control of the Collateral or otherwise waived its rights under this paragraph 7 or a security interest agreement; 7.3.4 no liability whatsoever shall attach to the Bank in acting or refusing or neglecting to act on any request of the Customer relating to the Collateral; 7.3.5 if the Collateral shall be held on time deposit at expiry, the Collateral shall be re-deposited upon such terms as may be agreed with the Bank or, failing agreement upon such terms, as the Bank shall determine in its discretion; and 7.3.6 in the event of any inconsistencies, the provisions of this paragraph 7 shall override the terms of any other part of the Mandate or any further agreement between the Customer and the Bank and the terms on which any part of the Collateral may have been deposited or on which title thereto may have been transferred to the Bank.