Common use of Secured Funds Clause in Contracts

Secured Funds. The placement and counting of currency in, and the compilation and transmission of Reports and other data from the Smart Safe equipment are subject exclusively to the terms of the Smart Safe Courier Agreement. The Service commences once Bank has received the first Report from Client’s Smart Safe Courier reporting the amount of Cash counted and secured in a cassette ("Secured Funds ") and is subject to Bank’s receipt of accurate and timely Reports in a correct and readable format. Client agrees that all Secured Funds will be delivered to Client’s Smart Safe Courier for transportation to Bank or an approved Virtual Vault location for verification and processing, and will not be removed from the Smart Safe or used by Client for any purpose. Bank’s Service is offered only for Secured Funds.