Common use of Fiat Services Clause in Contracts

Fiat Services. (A) Client may elect to store Fiat Currency with Trust Company (“Fiat Services”). Trust Company has no right, interest, or title in such Fiat Currency. Trust Company hereby confirms that the Fiat Currency is not an asset on the balance sheet of Trust Company. (B) Trust Company will hold any Fiat Currency received by Trust Company on behalf of Client, at Trust Company’s discretion, in one or more omnibus bank accounts (“Omnibus Account”), at depository institutions (a “Bank”) or in money market accounts (“Money Market Account”). Each Omnibus Account shall be in the name of Trust Company for the benefit of Client and shall be maintained separately and apart from Trust Company’s business, operating, and reserve accounts. Each Omnibus Account constitutes a banking relationship between Trust Company and Bank and shall not constitute a custodial relationship between Trust Company and Bank and does not create or represent any relationship between Client and any Bank. Likewise, any Money Market Account shall be in the name of Trust Company and shall be maintained separately and apart from Trust Company’s business, operating, and reserve accounts. Such Money Market Accounts constitute an investment account between Trust Company and the asset management firm of such Money Market Account and do not create or represent any relationship between Client and any asset management firm. (C) Client acknowledges and agrees that Trust Company may hold some or any portion of Fiat Currency in accounts that may or may not receive interest or other earnings. Client hereby agrees that the amount of any such interest or earnings attributable to such Fiat Currency may be retained by Trust Company as additional consideration for its services. In addition, Trust Company may receive earnings or compensation for an Omnibus Account or Money Market Account either in the form of services provided at a reduced rate, the payment of any shareholder service fees, or similar compensation. Client agrees that any such compensation shall be retained by Trust Company and no portion of any such compensation shall be paid to or for Client.