Notice Regarding Client Money Rules. (a) Xxxxxx, as a CRD credit institution (as such term is defined in the rules of the FCA), holds all money received and held by it hereunder as banker and not as trustee. Accordingly, money that is received and held by Xxxxxx from Borrower will not be held in accordance with the provisions of the FCA’s Client Asset Sourcebook relating to client money (the “Client Money Rules”) and will not be subject to the statutory trust provided for under the Client Money Rules.
Appears in 5 contracts
Samples: Loan and Security Agreement (Mr. Cooper Group Inc.), Loan and Security Agreement (Mr. Cooper Group Inc.), Loan and Security Agreement (Mr. Cooper Group Inc.)
Notice Regarding Client Money Rules. (a) XxxxxxThe Purchaser, as a CRD credit institution (as such term is defined in the rules of the FCA), holds all money received and held by it hereunder as banker and not as trustee. Accordingly, money that is received and held by Xxxxxx Purchaser from Borrower Seller will not be held in accordance with the provisions of the FCA’s Client Asset Sourcebook relating to client money (the “Client Money Rules”) and will not be subject to the statutory trust provided for under the Client Money Rules.
Appears in 2 contracts
Samples: Purchase and Sale Agreement (loanDepot, Inc.), Mortgage Loan Participation Purchase and Sale Agreement (loanDepot, Inc.)
