Customer Funds Sample Clauses
The 'Customer Funds' clause defines how a company manages, holds, and safeguards money that belongs to its customers. Typically, this clause outlines whether customer funds are kept in separate accounts, how they are protected from company creditors, and under what circumstances the company may access or use these funds, such as for authorized transactions or fee deductions. Its core function is to ensure transparency and security regarding the handling of customer money, thereby protecting customers from potential misuse or loss of their funds.
Customer Funds. The Company shall handle the funds deposited by the Client with the Company in accordance with the provisions of the Client Money Rules set out in the Authorized Persons Regulations. The Client’s funds shall be separated from the Company’s assets unless otherwise provided in this Agreement.
Customer Funds. Customer funds held in the Sweep Destination Account shall be aggregated for purposes of FDIC deposit insurance, subject to the per depositor maximum deposit insurance amount limits for each Aspiration Customer subject to Section 7.7(a) below. Coastal recognizes that all money deposited into the Sweep Destination Account belongs to Aspiration’s Customers and will be kept separate from all other accounts maintained by Coastal for Aspiration; and Coastal will not subject the monies in the Sweep Destination Account to any right, charge, security interest, lien or claim of any kind against Aspiration in favor of Coastal or any person claiming through Coastal.
Customer Funds. 62.1 Without prejudice to the provisions of the immediately preceding Section of this Agreement, all Assets (including, without limitation, cash, or only in those instances in which we may agree otherwise, other assets, such as collateral handed over by you to us, or which we hold on your behalf for the provision of our Services (“Customer Funds”), will be held in an account with a reputable custodian, credit institution or bank, or with electronic payment providers/processors approved by us, and will be segregated from our own funds in accordance with the applicable Guidelines. Your Customer Funds may be pooled with the funds of other customers in a general omnibus account.
62.2 We will not be liable for any failure or insolvency of any custodian, credit institution, bank or third party holding your Customer Funds; however, applicable investor compensation or deposit protection schemes may protect a proportion of your Customer Funds that are held with any with a custodian, credit institution or bank or third party.
62.3 Unless you notify us beforehand and in writing, we may allow a third party, such as an exchange, a clearing house or an intermediate broker to hold all control all or part of your Customer Funds, where we transfer your Customer Funds: (a) for the purposes of a Transaction you have entered into, or are entering into with such third party; or (b) to meet your obligations to provide Collateral or Margin for a Transaction (e.g. an initial Margin requirement for a derivative Transaction).
62.4 Unless otherwise determined and stated “in the terms agreed upon by mutual consent of the Parties”, any amount payable by us to you, shall be paid directly to you and not to any other Person, except in those instances there this has been agreed upon by mutual consent of the Parties.
62.5 Without prejudice to any other provisions of this Agreement, we may, at our sole discretion, from time to time and without your prior authorization, set-off any amounts held on your behalf against your obligations to us and/or merge any of your Accounts with us.
62.6 You are entitled to withdraw the funds which are not used for Margin covering, free from any obligations (“Free Margin”) from your Account with us, without closing your Account.
Customer Funds. During the term of this Agreement and at the times that AT&T contributes marketing funds, Customer will contribute an equal amount of funds for similar marketing activities; provided that funds contributed by Customer may be used to subsidize the price of Wireless Data Units for End Users.
Customer Funds. All Custodian PEATS Customer funds shall be held by Custodian in accordance with Exchange Act Rule 15c2-4 and be treated as customer funds in accordance with SEC Rule 15c3-3.
Customer Funds. Funds held in the Omnibus Account(s) are insured by the FDIC, subject to the per depositor maximum deposit insurance amount limits for each Aspiration Customer. Coastal recognizes that all money deposited into the Omnibus Account(s) belongs to Aspiration’s Customers and will be kept separate from all other accounts maintained by Coastal for Aspiration; and Coastal will not subject the monies in the Omnibus Account(s) to any right, charge, security interest, lien or claim of any kind against Aspiration in favor of Coastal or any person claiming through Coastal.
Customer Funds. No Customer funds shall be used in the development or procurement of any tangible or intangible materials, or any aspect of the Courses, curriculum or educational materials used in connection with the Education Products and Services ▇▇▇▇▇▇▇ provides in furtherance of its obligations set forth in the Agreement. Customer funds paid to ▇▇▇▇▇▇▇ for products delivered and/or services rendered in accordance with the terms of this Agreement shall not be deemed Customer funds once such payment is received by ▇▇▇▇▇▇▇.
Customer Funds. Seller has made available, as part of the Pre-Closing Statement, estimated balances of “Customer Funds” and “Customer Funds Obligations” as of the Closing Date. Seller and its Affiliates have diligently followed the daily cash reconciliation process, whereby client funds are received and balanced daily. As of the date hereof, the amount of Customer Funds and the amount of Customer Funds Obligations are materially in balance. Seller and its Affiliates have reconciled all unclaimed property in accordance with applicable state escheatment rules and regulations.
Customer Funds. (a) Customer funds held in an Omnibus Account shall be aggregated for purposes of FDIC deposit insurance, subject to the per depositor maximum deposit insurance amount limits for each Customer and subject to Section 7.6(a). The Parties recognize that all money deposited into the Omnibus Account belongs to Customers and will be kept separate from all other accounts maintained by Coastal for ▇▇▇▇; and neither Party will subject the monies in the Omnibus Account to any right, charge, security interest, lien or claim of any kind against either Party in favor of any Person.
(i) It is understood that Coastal has the ability to sweep [**] of the funds in the Customer Accounts to other insured depository institutions (“Sweep Program”). In the event that Program deposits exceed [**], the Parties may mutually agree in writing to implement a Sweep Program and agree in writing on the controls to be established by both Parties to ensure that the Customer Accounts subject to the Sweep Program will be eligible for FDIC pass-through deposit insurance. Exhibit A will be amended to reflect such Sweep Program.
Customer Funds. 9.1 The Introducer will ensure that all monies provided by the Customer and payment for settlement of transactions executed by Eagle GM Ltd will be paid by the Customer directly to Eagle GM Ltd or to Eagle GM Ltd’s designated segregated bank account(s) or collection agent.
9.2 The Introducer agrees that should a customer send a payment for settlement of a transaction executed by Eagle GM Ltd for the Introducer then the Introducer immediately upon receipt will deposit the funds in Eagle GM Ltd’s segregated customer funds account or send it to Eagle GM Ltd‘s designated collection agent, and notify Eagle GM Ltd in writing of the receipt.