No Negative Balance. Notwithstanding the provisions of Clause 3.1 (Instructions), amounts shall only be withdrawn from any Collateral Account to the extent that such withdrawal does not cause the Collateral Account to have a negative balance and for the avoidance of doubt, the Collateral Account Bank shall be under no obligation to monitor the Collateral Account for this purpose. No liability shall attach to the Collateral Account Bank or any of its officers, employees or agents if there are insufficient funds to make a payment in whole or part.
Appears in 2 contracts
Samples: Agreement, Collateral Account Bank Agreement
No Negative Balance. Notwithstanding the provisions of Clause 3.1 (InstructionsInstructions from the Cash Manager), amounts shall only be withdrawn from any Collateral Account to the extent that such withdrawal does not cause the Collateral Account to have a negative balance and for the avoidance of doubt, the Collateral Account Bank shall be under no obligation to monitor the Collateral Account for this purpose. No liability shall attach to the Collateral Account Bank or any of its officers, employees or agents if there are insufficient funds to make a payment in whole or part.
Appears in 2 contracts
Samples: Agreement, Collateral Account Bank Agreement
No Negative Balance. Notwithstanding the provisions of Clause 3.1 (InstructionsInstructions from the Cash Manager), amounts shall only be withdrawn from any the Collateral Account to the extent that such withdrawal does not cause the Collateral Account to have a negative balance and for the avoidance of doubt, the Collateral Account Bank shall be under no obligation to monitor the Collateral Account for this purpose. No liability shall attach to the Collateral Account Bank or any of its officers, employees or agents if there are insufficient funds to make a payment in whole or part.
Appears in 1 contract
Samples: Agreement