Overdrawn Accounts. 16.1 Unless the Bank has approved credit facilities, no payment, transfer or Transaction will be carried out if the funds held in the Account (together with any available credit facilities) that are required to carry out the same are insufficient and the Bank shall not be liable for any consequences resulting from delay in or non- implementation thereof. 16.2 Notwithstanding clause A16.1 above, auto-debits drawn on the Account may be paid notwithstanding that there may be insufficient funds in the Account to meet the payments. 16.3 The Bank will consider an Account to be overdrawn if it is overdrawn at the end of a Business Day. Interest and charges in accordance with the Bank Charges Schedule shall be payable on the amount overdrawn unless otherwise stipulated by the Bank.
Appears in 4 contracts
Samples: Master Agreement, Master Agreement, Master Agreement
