Common use of Approved Bank Clause in Contracts

Approved Bank. As an approved bank for the purposes of the Client Money Rules, we act as banker rather than as trustee in respect of any money we hold on your behalf in an account with ourselves, and hold such monies on a full ownership basis. As a result, we will not hold your money in accordance with the Client Money Rules. In particular, we shall not segregate your money from ours and we shall not be liable to account to you for any profits made by our use as banker of such funds. You have the option to request that such monies are held within the scope of the Client Money Rules; however we are not obliged to agree to such a request. You also acknowledge that, where we become subject to insolvency proceedings, XXXX 7A of the FCA’s Client Assets Sourcebook (the “Client Money Distribution Rules”) will not apply to the money we hold for you and so you will not be entitled to share in any distribution under the Client Money Distribution Rules. If there are circumstances in which we cease to hold money for you as banker, and will instead hold money for you as trustee under the Client Money Rules, we will provide additional information explaining such circumstances, and will provide additional terms regarding the holding of money under the Client Money Rules which you acknowledge and agree will form part of the Agreement. Additionally, you agree that money will not be treated as client money in respect of any delivery versus payment transactions where we settle through (in our capacity as a direct member or participant or where we are sponsored by such a direct member or participant) a system commercially available to firms that are members or participants, a purpose of which is to facilitate the settlement of transactions using money and/or assets held on one or more settlement accounts, if: (a) in respect of a purchase, we intend the money from you to be due to us within one business day following the fulfilment of our delivery obligation to you; or (b) in respect of a sale, we intend the money in question to be due to you within one business day following the fulfilment of your delivery obligation to us, (the “DVP exemption”), provided that we will stop using the DVP exemption in respect of any particular transaction if the relevant payment or delivery by us to you has not occurred by the close of business on the third business day following the date on which we make use of the DVP exemption in respect of that transaction.

Approved Bank. As an approved bank for the purposes of the Client Money Rules, we act as banker rather than as trustee in respect of any money we hold on your behalf in an account with ourselves, and hold such monies on a full ownership basis. As a result, we will not hold your money in accordance with the Client Money Rules. In particular, we shall not segregate your money from ours and we shall not be liable to account to you for any profits made by our use as banker of such funds. You have the option to request that such monies are held within the scope of the Client Money Rules; however we are not obliged to agree to such a request. You also acknowledge that, where we become subject to insolvency proceedings, XXXX 7A of the FCA’s Client Assets Sourcebook (the “Client Money Distribution Rules”) will not apply to the money we hold for you and so you will not be entitled to share in any distribution under the Client Money Distribution Rules. If there are circumstances in which we cease to hold money for you as banker, and will instead hold money for you as trustee under the Client Money Rules, we will provide additional information explaining such circumstances, and will provide additional terms regarding the holding of money under the Client Money Rules which you acknowledge and agree will form part of the Agreement. Additionally, you agree that money will not be treated as client money in respect of any delivery versus payment transactions where we settle through (in our capacity as a direct member or participant or where we are sponsored by such a direct member or participant) a system commercially available to firms that are members or participants, a purpose of which is to facilitate the settlement of transactions using money and/or assets held on one or more settlement accounts, if: (a) in respect of a purchase, we intend the money from you to be due to us within one business day following the fulfilment of our delivery obligation to you; or (b) in respect of a sale, we intend the money in question to be due to you within one business day following the fulfilment of your delivery obligation to us, (the “"DVP exemption”), ") provided that we will stop using the DVP exemption in respect of any particular transaction if the relevant payment or delivery by us to you has not occurred by the close of business on the third business day following the date on which we make use of the DVP exemption in respect of that transaction.

Approved Bank. As an approved bank for the purposes of the Client Money Rules, we act as banker rather than as trustee in respect of any money we hold on your behalf in an account with ourselves, and hold such monies on a full ownership basis. As a result, we will not hold your money in accordance with the Client Money Rules. In particular, we shall not segregate your money from ours and we shall not be liable to account to you for any profits made by our use as banker of such funds. You have the option to request that such monies are held within the scope of the Client Money Rules; however we are not obliged to agree to such a request. You also acknowledge that, where we become subject to insolvency proceedings, XXXX CASS 7A of the FCA’s Client Assets Sourcebook (the “Client Money Distribution Rules”) will not apply to the money we hold for you and so you will not be entitled to share in any distribution under the Client Money Distribution Rules. If there are circumstances in which we cease to hold money for you as banker, and will instead hold money for you as trustee under the Client Money Rules, we will provide additional information explaining such circumstances, and will provide additional terms regarding the holding of money under the Client Money Rules which you acknowledge and agree will form part of the Agreement. Additionally, you agree that money will not be treated as client money in respect of any delivery versus payment transactions where we settle through (in our capacity as a direct member or participant or where we are sponsored by such a direct member or participant) a system commercially available to firms that are members or participants, a purpose of which is to facilitate the settlement of transactions using money and/or assets held on one or more settlement accounts, if: (a) in respect of a purchase, we intend the money from you to be due to us within one business day following the fulfilment of our delivery obligation to you; or (b) in respect of a sale, we intend the money in question to be due to you within one business day following the fulfilment of your delivery obligation to us, (the “"DVP exemption”), ") provided that we will stop using the DVP exemption in respect of any particular transaction if the relevant payment or delivery by us to you has not occurred by the close of business on the third business day following the date on which we make use of the DVP exemption in respect of that transaction.