Unallocated Accounts definition
Examples of Unallocated Accounts in a sentence
We will provide you with monthly statements of your Account Balance and debit and credit advices will be sent to you following each deposit into and withdrawal from the Unallocated Accounts.
Our rights under this agreement are in addition to, and independent of, any other rights which we may have at any time in relation to the Unallocated Accounts, except that we will not have any right to set off against any account we maintain or property that we hold for you under this agreement any claim or amount that we may have against you or that may be owing to us other than pursuant to this agreement, no matter how that claim or amount arose.
Our rights under this Agreement are in addition to, and independent of, any other rights which we may have at any time in relation to the Unallocated Accounts and any lien or other rights we may have to set-off, combine or consolidate any of your accounts.
All transfers into and out of the Unallocated Account(s) shall be made upon receipt of, and in accordance with, instructions given (or appearing to be given) by you to us.
In asking us to open and maintain the Unallocated Accounts, you do so in reliance upon your own judgement and we shall not owe to you any duty to exercise any judgement on your behalf as to the merits or suitability of any deposits into, or withdrawals from, an Unallocated Account.
In the event that we are required under applicable law to pay any Tax on your behalf, we are hereby authorised, without prior notice to you, to debit from the credit balance of any or all of the Unallocated Accounts an amount equal to the quotient of (x) the principal amount of the relevant Tax payable by us, divided by (y) the Spot Rate.
If the aggregate credit balance of the Unallocated Accounts is not sufficient to pay such Tax, we will notify you of an additional amount of cash required and you shall directly deposit such additional amount of cash (in the appropriate currency) to an account specified by us on or before the first Business Day following the date on which our notice to you that such amount is required becomes effective in accordance with this Agreement.
Custody of Gold: Allocated and Unallocated Accounts, Additional Custodians and Successor Custodians, Duty to Monitor Custodians, Certain Requirements for Custody Agreements, Duty to Allocate Gold, Trust Assets to be Free of Liens, etc.
The Custodian has agreed to open and maintain an Unallocated Account for each series of the Trust listed on Schedule A hereto (each, a “Fund” and collectively, the “Funds”) and to provide other services to the Funds in connection with the Unallocated Accounts.
We, as a member of London Precious Metal Clearing Limited ("LPMCL"), have agreed to open and maintain for you Unallocated Accounts (as defined below) and to provide other services to you in connection with such Unallocated Accounts.