Common use of CERTIFICATION, INDEMNITY AND NOTE ACCELERATION NOTICE Clause in Contracts

CERTIFICATION, INDEMNITY AND NOTE ACCELERATION NOTICE. 7.1 Account Bank and the GIC Provider to Comply with Cash Manager's Instructions Unless otherwise directed in writing by the Security Trustee pursuant to Clause 7.5 (Consequences of a Note Acceleration Notice), in making any transfer or payment from any Bank Account in accordance with this Agreement, the Account Bank or the GIC Provider, as the case may be, shall be entitled to act as directed by the Cash Manager pursuant to Clauses 3.1 (Instructions from the Cash Manager) and 3.2 (Timing of Payment) and to rely as to the amount of any such transfer or payment on the Cash Manager's instructions in accordance with the relevant Account Mandate and neither the Account Bank nor the GIC Provider shall have any liability to the Cash Manager, the Issuer, the Seller or the Security Trustee for having acted on such instructions except in the case of its wilful default, fraud or negligence.

Appears in 6 contracts

Samples: Account Agreement, Account Agreement, www.ybs.co.uk

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CERTIFICATION, INDEMNITY AND NOTE ACCELERATION NOTICE. 7.1 Account Bank and the GIC Provider to Comply with Cash Manager's Instructions Unless otherwise directed in writing by the Security Trustee pursuant to Clause 7.5 (Consequences of a Note Acceleration Notice), in making any transfer or payment from any Bank Account (excluding the Reserve Account) in accordance with this Agreement, the Account Bank or the GIC Provider, as the case may be, shall be entitled to act as directed by the Cash Manager pursuant to Clauses 3.1 (Instructions from the Cash Manager) and 3.2 (Timing of Payment) and to rely as to the amount of any such transfer or payment on the Cash Manager's instructions in accordance with the relevant Account Mandate and neither the Account Bank nor the GIC Provider shall have any liability to the Cash Manager, the Issuer, the Seller or the Security Trustee for having acted on such instructions except in the case of its wilful default, fraud or negligence.

Appears in 1 contract

Samples: Account Agreement

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