Client Bank Account. The Company does not hold any Client funds. No funds should be paid to IWG advisors or made out to the company. The Company shall act with diligence and care during the appointment and monitoring of the third party / custodian for the holding and safeguarding of Financial Instruments. The Company shall not be liable for any loss suffered by the Client due to any act, omission or the insolvency of the third party / custodian, unless such loss is the result of gross negligence or fraud by the Company in the appointment or monitoring of the third party / custodian. The Client’s Financial Instruments may be held with Financial Instruments of other clients in a pooled Bank account with a third party / custodian. Consequently, in the event of default on the part of the third party / custodian which causes a shortfall in the Financial Instruments held in the pooled Bank account, the Client may share proportionately in that shortfall. Where the Financial Instruments and assets of the Client are deposited for safekeeping with a third party / custodian of the Client’s choice, the Client will enter directly into an agreement with the third party / custodian of his choice.
Client Bank Account. Client shall maintain one bank account for the transfer of funds via Automated Clearing House (“ACH”) payments or Fedwire transfer to pay and deposit all amounts due or otherwise required to be deposited as provided under this Agreement, including as required under Sections 8(a)(i) and 8(a)(vi) of these General Terms and Conditions (the “Client Bank Account”). Client will deposit for immediate transfer by Marqeta via ACH as provided in Sections 8(a)(iv) and 8(a)(vi) of these General Terms and Conditions. Promptly following Marqeta’s written or e-mail request, Client shall provide Marqeta with the account information for the initial Client Bank Account. Client shall have the right to change the Client Bank Account [***] prior written notice to Marqeta. Client shall at all times maintain sufficient funds in the Client Bank Account to meet its obligations under this Section 8(a). If Client fails to so maintain sufficient funds, in addition to any other remedies available to Marqeta at law or under this Agreement, Marqeta may, subject to Applicable Law, (A) cease performing the Services until Client has met its obligations under this Section 8(a), and (B) invoice Client for all deficient amounts. Client shall pay the undisputed deficient amount no later than one (1) Business Day following the date of such invoice, and, notwithstanding anything to the contrary in this Agreement, such failure shall constitute a material breach of this Agreement that is not subject to the cure periods as provided in Sections 3(b)(i)(1) and 3(b)(iii) of the Program Terms. Any undisputed amounts not paid on or before their due date shall incur interest until paid at the [***] rate of one and [***], prorated for any partial [***]. Payment for statements and invoices shall be due and payable by electronic funds transfer in U.S. dollars by Client.
Client Bank Account. 13.1 Client will open and maintain the Client Bank Account throughout the Term and for such period as may be required thereafter. Client will provide Xplor with at least 30 days’ notice in writing of any change to the Client Bank Account (other than general administrative changes) which it or a third party (including the relevant bank) wishes to make. Xplor will be under no obligation to make any changes to the Client Bank Account until Client has provided Xplor with all information Xplor requires in order to complete its anti-money laundering and sanctions Applicable Laws in respect of such change.
13.2 Any Remittance or Outward Payment made by Xplor to the Client Bank Account in the name of any person will constitute good receipt by Client of the sum due and owing by Xplor to it in relation to Xplor’s liability to Client in respect of the Services.
Client Bank Account. (a) The Client Bank Account is the account into which I-Ex will pay all the proceeds arising from Trading Instructions executed in respect of the Client’s Trading Account and dividends or other distributions payable to the Client from time to time in respect of its I-Ex Listed Securities and I-Ex Hosted Securities. Such payments into the Client Bank Account shall only commence once the Client Bank Account has been verified for purposes of FICA. In respect of I-Ex Hosted Securities only, such dividends may take up to 5 Business Days to be paid (as these must in the first instance be cleared by the Broker as sub-broker to DMA).
(b) The Client may, on written notice to the Broker, designate a different bank account as the Client Bank Account, provided that such notice shall only be effective after 10 Business Days.
(c) The Client agrees that no interest shall be payable to the Client in respect of any unclaimed dividends or distributions standing to the credit of the Client from time to time (i.e. in circumstances where the Broker is not able to effect payment of such dividends or other distribution into the Client Bank Account as it is no longer operative), notwithstanding that such dividends or other distribution xxxx have been notionally allocated to the Client Trading Account. All interest accruing for the benefit of the Issuer in respect of any unclaimed dividends or distributions held by the Broker from time to time shall be used by the Broker to settle any bank charges or administration costs incurred by the Broker in respect of the maintenance of such funds.
