Common use of Unclaimed Funding Balance Clause in Contracts

Unclaimed Funding Balance. Dependent on the jurisdiction of Client, legislation or regulation may set out obligations and processes where Funding Balance may be considered abandoned. AFEX will be bound by any applicable legislation or regulation governing the treatment of abandoned Funding Balance. Unless prohibited, AFEX may charge all costs and expenses of any notice, advertisement, payment and delivery of the Funding Balance to the applicable governing agency, against the Funding Balance prior to remitting in accordance with the legislation or regulation. If AFEX has remitted the Funding Balance in accordance with the legislative or regulatory requirements, AFEX has no further liability to Client and Client must apply to the appropriate governing agency to reclaim the Funding Balance.