Common use of Protection of funds Clause in Contracts

Protection of funds. The Account Holder’s funds are deposited, at the end of the Business Day following the day on which they were received by the Service Provider, in an escrow account opened in the records of a Bank under the conditions required by the regulations. Pursuant to Article 24-10 (5) of the Law of 20 May 2011 published in Mémorial A No. 104 of 24 May 2011 of the Grand Duchy of Luxembourg and Article 14 of the Law of 10 November 2009 published in Mémorial A No. 215 of 11 November 2009 of the Grand Duchy of Luxembourg, transposing Directive 2009/110/EC of the European Parliament and of the Council of 16 September 2009 concerning access to the activity of electronic money institutions, the funds collected are protected and do not fall into the electronic money institution’s assets in the event of its liquidation, bankruptcy or any other state of support.

Protection of funds. The Account Holder’s funds are deposited, at the end of the Business Day following the day on which they were received by the Service Provider, in an escrow account opened in the records of a Bank under the conditions required by the regulations. Pursuant to Article 24-10 (5) of the Law of 20 May 2011 published in Mémorial A No. 104 of 24 May 2011 of the Grand Duchy of Luxembourg and Article 14 of the Law of 10 November 2009 published in Mémorial Mé- morial A No. 215 of 11 November 2009 of the Grand Duchy of Luxembourg, transposing Directive 2009/110/EC of the European Parliament and of the Council of 16 September 2009 concerning access to the activity of electronic money institutions, the funds collected are protected and do not fall into the electronic money institution’s assets in the event of its liquidation, bankruptcy or any other state of support.