Common use of Transfer in Excess of Account Balance Clause in Contracts

Transfer in Excess of Account Balance. Bank shall not be obligated to honor any fund transfer Entries if the amount to be transferred exceeds the Available Collected Funds. “Available Collected Funds” shall mean Collected Funds on deposit in the Authorized Account(s), as that term is defined in Section 4.h below, which are available for withdrawal by Company, pursuant to the Bank’s policy and the provisions of Regulation CC (12 C.F.R. Part 229) in effect from time to time. “Collected Funds” shall mean any items, other than cash, accepted for deposit (including items drawn “on us”) will be given provisional credit until collection from the bank the item has been drawn on has been received by Bank of deposit. Bank shall have no liability to Company should the amount to be transferred exceed the Available Collected Funds.