Common use of Cleared funds Clause in Contracts

Cleared funds. (i) The Client acknowledges and agrees that PKF Capital will credit those moneys to the Segregated Funds Account only when they become cleared funds. Accordingly, moneys paid by international electronic transfers, in accordance with relevant bank and currency practice, may not be available as collateral and, therefore, Free Margin for a number of Business Days. (ii) PKF Capital will, in accordance with the normal practices of the Registered Bank at which the Segregated Funds Account is held, arrange for the credit of those moneys to the Segregated Funds Account as soon as practicable after they become cleared funds.