Description of Fiat Currency Custodian Services. Each Participant hereby designates Zero Hash as its exclusive representative and agent (even exclusive of Participant except to the extent done by Participant through the Zero Hash system) to provide instructions to the contract Depository Institution related to (a) creation and management of Custodian Accounts, and (b) deposit, transfer, withdrawal, convert, or other transaction involving any Fiat Currency. Zero Hash will create and maintain separate Participant Accounts in the name of each Participant. Zero Hash will transfer Participant’s Fiat Currency to and from Collateral Accounts in accordance with instructions received from Zero Hash. Depository Institution will credit and debit to and from the Participant Accounts amounts that correspond to the calculation of the Participant’s Fiat Currency balance for each Participant as provided in this Agreement. With regard to Fiat Currency pledged by Participant to Zero Hash as collateral for obligations owed by such Participant on any relevant Transaction Platform, Participant may, from time to time, pledge as security or otherwise encumber all or any portion of its Fiat Currency as collateral for obligations owed by such Participant to Zero Hash. Depository Institution will comply with Zero Hash instructions to deposit or transfer all or any portion of the applicable Participant’s Fiat Currency to one or more accounts created by Zero Hash to hold such Fiat Currency as collateral. Participant acknowledges that Zero Hash may impose restrictions and limitations on the ability of a Participant to transfer, withdraw or otherwise engage in transactions using Fiat Currency held as collateral.
Appears in 4 contracts
Samples: Services Agreement, Services Agreement, Services Agreement
