Treatment of Funding Balance Sample Clauses

Treatment of Funding Balance. AFEX Inc. may combine Client’s Funding Balance with funds held on behalf of other AFEX clients (collectively “Pooled Funding Balances”). AFEX Inc. shall maintain sufficient accounting records to determine the funds held for the benefit of Client. AFEX will not use Funding Balance or Pooled Funding Balances for operating expenses or any other corporate purpose other than its provision of Services to AFEX clients, including Client.
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Treatment of Funding Balance. AFEX Inc. may combine Client’s Funding Balance with funds held on behalf of other AFEX clients (collectively “Pooled Funding Balances”). AFEX shall maintain sufficient accounting records to determine the funds held for the benefit of Client. AFEX Inc. will not use Funding Balance or Pooled Funding Balances for operating expenses or any other corporate purpose other than its provision of Services to AFEX clients, including Client. For the avoidance of doubt, funds held in the Funding Balance do not relate to Payment Transactions carried out by AFEX UK and are not subject to the Regulations. Client acknowledges and agrees that in the event of AFEX’s insolvency, Client may rank as a general unsecured creditor of AFEX in respect of any claim for return of the Funding Balance.
Sample 1
Treatment of Funding Balance. AFEX Inc. may combine Client’s Funding Balance with funds held on behalf of other AFEX clients (collectively “Pooled Funding Balances”). AFEX shall maintain sufficient accounting records to determine the funds held for the benefit of Client. AFEX Inc. will not use Funding Balance or Pooled Funding Balances for operating expenses or any other corporate purpose other than its provision of Services to AFEX clients, including Client and to satisfy any collateral obligations with its banks or other financial institutions that arise from the provision of Services to AFEX clients, including Client. For the avoidance of doubt, funds held in the Funding Balance do not relate to Payment Transactions carried out by AFEX UK and are not subject to the Regulations. Client acknowledges and agrees that in the event of AFEX’s insolvency, Client may rank as a general unsecured creditor of AFEX in respect of any claim for return of the Funding Balance.
Sample 1

Related to Treatment of Funding Balance

  • Limitation on Payment of Funding Despite section 4.1, the LHIN:

  • Lack of Funding The Parties recognize that the compensation provided for in this Grant Contract depends on budget approval and appropriations of sufficient grant funds by the Lancaster County Board of County Commissioners (“Grant Funds”). The Parties further recognize that the Sponsor may terminate this Grant Contract in whole or in part immediately upon written notice to Grantee if grant funds do not receive sufficient budget approval or appropriations. The date Project Monitor sends the written notice of termination shall be the date of termination. The Grantee understands and agrees that the Sponsor shall not provide for funding under this Grant Contract from the Lancaster County General Fund, tax revenue, or any other source, and that the sole source of funding for this Grant Contract shall be approved and appropriated Grant Funds. In the event that Grant Funds do not receive sufficient budget approval or appropriations, the Grantee shall be compensated pursuant to the terms of this Grant Contract for authorized Project Account costs charged against the Project Account prior to the date of termination according to the approved Project Budget. Xxxxxxx agrees that Xxxxxxx has no reasonable expectation of payment for unauthorized costs, or for payment of any kind from any other source. The Grantee further understands and agrees that any costs not covered by the current Grant Contract are not authorized.

  • Duplication of Funding If Grantee receives any funding that is duplicative of funding received under this Grant Agreement that cannot be used for new or expanded eligible grant activities, Grantee will notify the assigned contract manager as soon as possible. System Agency may issue an amendment modifying budget and/or project activities to eliminate duplication. Additionally, Grantee understands that duplicative funding that cannot be re-programmed to support new or expanded grant-funded activities within the program’s scope may be de-obligated from this Grant Agreement and returned to System Agency.

  • Repayment of Funds If AMO declares that an Event of Default has not been cured to its satisfaction, AMO reserves the right to declare that prior payments of Funds become a debt to Ontario which the Recipient will reimburse forthwith on demand to AMO for transmission to Ontario.

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