Collection Obligations. Bank shall diligently collect income and principal of which the Bank has received actual notice in accordance with normal industry practices. However, Bank shall be under no obligation or duty to take any action to effect collection of any amount if the securities or other property upon which such amount is payable is in default, or if payment is refused after due demand. Bank shall notify Client promptly of such default or refusal to pay.
Appears in 4 contracts
Samples: Custody Agreement (Venture Lending & Leasing VI, Inc.), Custody Agreement (Venture Lending & Leasing V, Inc.), Venture Lending & Leasing Iv Inc
