Common use of Fiat Currency Custodian Services Clause in Contracts

Fiat Currency Custodian Services. To hold Participant's Fiat Currency, Zero Hash will maintain a Custodian Account with a Depository Institution. Participant hereby agrees to engage Zero Hash to serve as the custodian of Participant’s Fiat Currency. Participant shall retain ownership of Participant's Fiat Currency that is held by Participant with Zero Hash in Zero Hash's capacity as custodian. Zero Hash shall maintain Participant's Available Account on behalf of Participant and Zero Hash shall maintain Participant's Initial Margin obligations on behalf of Participant in a segregated Collateral account for Participant. The Custodian Account shall be an omnibus account at a Federal Deposit Insurance Corporation ("FDIC") insured bank. At a minimum, the omnibus account will be insured up to the maximum amount as provided by the FDIC at no additional cost to Zero Hash. FDIC insurance will be allocated based on the pro-rata share of each Participant’s Fiat Currency balance to the overall balance of the Zero Hash omnibus account. Zero Hash reserves the right to offer additional Fiat Currency insurance coverage at an additional cost to the Participant. Participant reserves the right to accept or refuse additional Fiat Currency insurance offered by Zero Hash. Participant releases Zero Hash from any liability in the event a loss is incurred by the participant due to the bankruptcy of bank carrying the Custodian Account.