Common use of No Negative Balance Clause in Contracts

No Negative Balance. Notwithstanding the provisions of Clause 3.1 (Instructions from the Cash Manager), amounts shall only be withdrawn from any Collateral Account to the extent that such withdrawal does not cause the Collateral Account to have a negative balance and for the avoidance of doubt,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 if there are insufficient funds to make a payment in whole or part.

No Negative Balance. Notwithstanding the provisions of Clause 3.1 (Instructions from the Cash ManagerInstructions), amounts shall only be withdrawn from any Collateral Account to the extent that such withdrawal does not cause the Collateral Account to have a negative balance and for the avoidance of doubt,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.

No Negative Balance. Notwithstanding the provisions of Clause 3.1 (Instructions from the Cash Manager), amounts shall only be withdrawn from any the Collateral Account to the extent that such withdrawal does not cause the Collateral Account to have a negative balance and for the avoidance of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 if there are insufficient funds to make a payment in whole or part.