MONEY RECEIVING Sample Clauses

MONEY RECEIVING. Anyone can start a payment process to remit funds to your Oro Pay account irrespective of having an Oro Pay account themselves or not. You – the Client – have the right to accept or decline receipt of the payment from the other party. All incoming payments, where the Virtual IBAN is used as payment detail, are automatically credited to your Oro Pay account. A periodic receipt limit may be imposed on your Account either by requirement of the anti- money laundering laws and regulations, or at our reasonable discretion (for example, without limitation, to limit fraud or credit risk). In no event will such limits exceed the maximum allowable limits set by the money laundering law or any other law or directive that is relevant to Oro Pay’ jurisdiction of authorization. Any such limits set can be viewed in your account details. 6.1. There are at least two receipt limits imposed on all accounts. To lift your initial receipt limit, you must complete the steps set out below to obtain a verified status. The procedures by which Oro Pay will require you to change your status and lift your limits may change, from time to time and the relevant information regarding the new methodologies will be provided to you. 6.2. Oro Pay is entitled to review all payment transactions and will do so in cases it deems to be of higher than normal risk. Such reviews will occur when Oro Pay has reasonable suspicion that the payment transaction may involve a restricted or prohibited activity, or any other reason that may be determined by Oro Pay from time to time. When a payment is reviewed, Oro Pay will execute the Client instruction to make the payment but hold the release of the e-money to the intended recipient. This action means that the Client’s account will be debited the amount but the recipient’s account will not be credited, resulting in a suspense balance. If the transaction involves a purchase, Oro Pay will notify the seller to hold off dispatching the item(s) until Oro Pay concludes the review and allows the transaction to be completed. 6.3. Should the transaction be deemed as problematic, Oro Pay will reverse the payment and place the e- money back to the sender’s balance. Oro Pay will provide notices to you by email. A payment is subject to review for the sole purpose of minimizing Oro Pay’s risk as well as its Clients’ transaction dealings. Oro Pay does not intent with this process to review the involved parties’ business relations, their reputation and should not be constr...
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MONEY RECEIVING 
Sample 1

Related to MONEY RECEIVING

  • Copy Received You acknowledge that you have received a copy of this Agreement.

  • Contract Administration The Delegate shall cause that the foreign custody arrangements with an Eligible Foreign Custodian shall be governed by a written contract that the Delegate has determined will provide reasonable care for Fund assets based on the standards applicable to custodians in the relevant market. Each such contract shall, except as set forth in the last paragraph of this subsection (b), include provisions that provide: (i) For indemnification or insurance arrangements (or any combination of the foregoing) such that the Fund will be adequately protected against the risk of loss of assets held in accordance with such contract; (ii) That the Fund's Assets will not be subject to any right, charge, security interest, lien or claim of any kind in favor of the Eligible Foreign Custodian or its creditors except a claim of payment for their safe custody or administration or, in the case of cash deposits, liens or rights in favor of creditors of such Custodian arising under bankruptcy, insolvency or similar laws; (iii) That beneficial ownership of the Fund's Assets will be freely transferable without the payment of money or value other than for safe custody or administration; (iv) That adequate records will be maintained identifying the Fund's Assets as belonging to the Fund or as being held by a third party for the benefit of the Fund; (v) That the Fund's independent public accountants will be given access to those records described in (iv) above or confirmation of the contents of such records; and (vi) That the Delegate will receive sufficient and timely periodic reports with respect to the safekeeping of the Fund's Assets, including, but not limited to, notification of any transfer to or from the Fund's account or a third party account containing the Fund's Assets. Such contract may contain, in lieu of any or all of the provisions specified in this Section 3(b), such other provisions that the Delegate determines will provide, in their entirety, the same or a greater level of care and protection for the Fund's Assets as the specified provisions, in their entirety.

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