Common use of Node Accounts Clause in Contracts

Node Accounts. Each Node will be associated with one or more Network Account(s) (each a “Node Account”) that may pay fees or receive payments associated with the Node’s Node Activities. Each Member must decide whether (a) the Member (or one of its Affiliates) will own and control its Node Account, including any Coins within (a “Member-Controlled Node Account”), or (b) Hedera will own and control such Node’s Node Account, including any Coins within (a “Hedera-Controlled Node Account”). For a Hedera-Controlled Node Account, (i) Hedera will not disclose the private keys of such account to the Member at any time, (ii) such Member will have no ability to control, access, or otherwise transact with the Coins in the Hedera-Controlled Node Account, and (iii) such Member will forfeit all current and future ownership rights to the Coins in the Hedera-Controlled Node Account. A Member may, upon written notice to Xxxxxx, switch from a Member-Controlled Node Account to a Hedera-Controlled Node Account, or vice-versa.

Node Accounts. Each Node will be associated with one or more Network Account(s) (each a “Node Account”) that may pay fees or receive payments associated with the Node’s Node Activities. Each Member must decide whether (a) the Member (or one of its Affiliates) will own and control its Node Account, including any Coins within (a “Member-Controlled Node Account”), or (b) Hedera will own and control such Node’s Node Account, including any Coins within (a “Hedera-Controlled Node Account”). For a Hedera-Controlled Node Account, (i) Hedera will not disclose the private keys of such account to the Member at any time, (ii) such Member will have no ability to control, access, or otherwise transact with the Coins in the Hedera-Controlled Node Account, and (iii) such Member will forfeit all current and future ownership rights to the Coins in the Hedera-Controlled Node Account. A Member may, upon written notice to XxxxxxHedera, switch from a Member-Controlled Node Account to a Hedera-Controlled Node Account, or vice-versa.