No Collection Obligations. The Custodian shall be under no obligation to take action to collect any amount payable on Collateral in default, or if payment is refused after due demand and presentment.
Appears in 5 contracts
Samples: Letter of Credit Reimbursement and Pledge Agreement (Montpelier Re Holdings LTD), Letter of Credit Reimbursement and Pledge Agreement (Montpelier Re Holdings LTD), Letter of Credit Reimbursement and Pledge Agreement (Montpelier Re Holdings LTD)
No Collection Obligations. The Custodian shall be under no obligation to take action to collect any amount payable on Collateral in default, or if payment is refused after due demand and presentment.
Appears in 1 contract
No Collection Obligations. The Custodian shall be under no obligation to take action to collect any amount payable on Collateral in default, except with respect to payments actually made or if payment is refused after due demand and presentment.
Appears in 1 contract
