EXEMPT WHOLESALE CLIENTS Sample Clauses
EXEMPT WHOLESALE CLIENTS. Where you are an Exempt Wholesale Client, in agreeing to these terms, you are providing written agreement to opt-out of the Australian Client Money Rules to the extent permissible by the Applicable Laws. Please note that we will assess wholesale client or retail client status from time to time. If you satisfy the criteria to be classified as a "wholesale client" we may classify you as such. We are under no obligation to inform you if we classify you as a wholesale client.
EXEMPT WHOLESALE CLIENTS. If the Client an Exempt Wholesale Client, any amount received by Halifax in respect of any Relevant Transactions will not be paid into a trust account. Such amounts will be recorded in the Account but will form part of the general assets of Halifax. If the Client is an Exempt Wholesale Client, the Client agrees and acknowledges that in respect of all Relevant Transactions:
(a) amounts paid to Halifax do not represent deposits or separate or segregated bank accounts with Halifax or any other person;
(b) Halifax does not hold such amounts on trust for the Client, and the amounts will be available for the general creditors of Halifax in the event of its receivership or liquidation; and
(c) the Client will have no entitlement to interest on such amounts.