Common use of Partly Paid Securities Clause in Contracts

Partly Paid Securities. The Customer undertakes that it will not acquire or authorise the acquisition of any partly paid Securities unless the Customer has, or has made arrangements satisfactory to the Bank, to set aside in the Bank’s name cash or other collateral acceptable to the Customer sufficient to provide for paying up any such Securities in full or for meeting such liability in full and the Bank shall not be liable for any insufficiency or failure to pay up any such Securities or for meeting any such liability.