Role of Account Bank. 7.1 For the avoidance of doubt, notwithstanding any instructions from the Issuer, the Security Trustee or otherwise, the Account Bank shall only be required to make payments from any of the Accounts to the extent that funds are standing to the credit of the respective Account and the Account Bank shall not be required to make any payment from such Account where such payment would place the respective Account in debit. The Account Bank shall not incur any liability for any non-distribution in circumstances where there are insufficient funds standing to the credit of the Accounts.
7.2 All money held for the Issuer is held by the Account Bank as banker and not as a trustee under the Client Money Rules. If the Account Bank fails, the Client Money Distribution and Transfer Rules will not apply to such money and so the Issuer will not be entitled to share in any distribution under the Client Money Distribution and Transfer Rules. There will be no segregation of moneys and the Account Bank does not have to account for profits.
7.3 The Account Bank shall release amounts from the Accounts upon a Payment Instruction from the Issuer made in accordance with these provisions and pursuant to its obligations under this Agreement and Clauses 20 (
Role of Account Bank. 7.1 For the avoidance of doubt, notwithstanding any instructions from the Issuer, the Security Trustee or otherwise, the Account Bank shall only be required to make payments from any of the Accounts to the extent that funds are standing to the credit of the respective Account and the Account Bank shall not be required to make any payment from such Account where such payment would place the respective Account in debit.
7.2 All money held for the Issuer is held by the Account Bank as banker and not as a trustee under the Client Money Rules. If the Account Bank fails, the Client Money Distribution Rules will not apply to such money and so the Issuer will not be entitled to share in any distribution under the Client Money Distribution Rules. PARLIB01/F2JC/1597069.9 Xxxxx Lovells
7.3 The Account Bank shall release amounts from the Accounts upon a Payment Instruction from the Issuer made in accordance with these provisions and pursuant to its obligations under this Agreement and clauses 20 (Distribution Account; Accumulation Account), 21 (Order of Priority) and 22 (Cash Collateral Account) of the Trust Agreement which, for reference purposes, is attached to this Account Agreement as Schedule 1.
7.4 Each of the Issuer and the Cash Administrator confirms that the Account Bank shall be entitled to treat each Payment Instruction from the Issuer as conclusive evidence of the same without any further investigation or enquiry.
Role of Account Bank
