CASS Reserve Clause Samples
The CASS Reserve clause establishes requirements for maintaining a segregated reserve account in accordance with the Client Assets Sourcebook (CASS) regulations. Typically, this clause obligates a firm to hold client money in a designated account, separate from its own funds, to protect client assets in the event of insolvency or operational issues. By mandating these safeguards, the clause ensures compliance with regulatory standards and provides clients with assurance that their funds are protected, thereby reducing the risk of loss or misuse.
CASS Reserve. Each member of the Group, that is a party to the CASS Agreement, has timely paid all accounts payable due and owing to CASS in accordance with the terms and provisions of the CASS Agreement, except any such accounts payable which are being diligently contested in good faith by appropriate proceedings and for which adequate reserves in accordance with generally accepted accounting principles in the jurisdiction of incorporation of that member of the Group shall have been set aside on its books and records.
CASS Reserve. Each UTi Group Company has timely paid all accounts payable due and owing to CASS in accordance with the terms and provisions of the CASS Agreement, except any such accounts payable which are being diligently contested in good faith by appropriate proceedings and for which adequate reserves in accordance with GAAP shall have been set aside on its books and records.
CASS Reserve. Each Loan Party has timely paid all accounts payable due and owing to CASS in accordance with the terms and provisions of the CASS Agreement, except any such accounts payable which are being diligently contested in good faith by appropriate proceedings and for which adequate reserves in accordance with GAAP shall have been set aside on its books and records.