Custody of Funds. Operator shall hold for the account of the Non-Operators any funds of the Non-Operators advanced or paid to the Operator, either for the conduct of operations hereunder or as a result of the sale of production from the Contract Area, and such funds shall remain the funds of the Non-Operators on whose account they are advanced or paid until used for their intended purpose or otherwise delivered to the Non-Operators or applied toward the payment of debts as provided in Article VII.B. Nothing in this paragraph shall be construed to establish a fiduciary relationship between Operator and Non-Operators for any purpose other than to account for Non-Operator funds as herein specifically provided. Nothing in this paragraph shall require the maintenance by Operator of separate accounts for the funds of Non-Operators unless the parties otherwise specifically agree.
Custody of Funds. All monies, approved debt securities and other property that CIF receives from Client or from any other person (including the HKSCC, SEOCH, HKCC and any other clearing house) for the Account shall be held by CIF as trustee, segregated from its own assets and be paid into a Segregated Bank Account as defined in Securities and Futures Ordinance as soon as practicable and in any event within two bank trading days after its receipt, and that all monies, approved client’s property so held by CIF shall not form part of its assets for insolvency or winding up purposes but shall be returned to Client promptly upon the appointment of a provisional liquidator, liquidator or similar officer over all or any part of CIF ’s business and assets. CIF shall be entitled and is hereby authorized to hold any monies held by CIF on behalf of the Client whether for the Account or otherwise, in a bank account whether situated in Hong Kong or not. The Client acknowledges that any monies deposited by it with CIF in respect of transactions on exchanges in the United States of America will be transferred to a bank situated in the United States of America. CIF confirms that any such bank has, or will have, acknowledged that: - all money standing to the credit of the account is held by CIF as trustee and the bank is not entitled to combine the account with any other account or to exercise any right of set-off or counterclaim against monies in such account in respect of any liability owed by CIF to such bank; and - the title of the account sufficiently distinguishes it from any account containing monies that belong to CIF. The Client acknowledges and agrees that, except insofar as CIF is obliged to do so under the rules and regulations of any regulatory authority or other body to whose jurisdiction CIF is subject, if a bank, broker, exchange, clearing house or other person to whom CIF has paid all or part of the Client’s money in accordance with the operation and maintenance of the Account hereunder, fails to discharge its obligations to CIF in respect of such monies, CIF shall not be liable, and shall not be obliged to render performance, to the Client in respect thereof.
Custody of Funds. The Treasurer shall have the custody of the funds and securities of the Company and shall keep full and accurate accounts of receipts and disbursements in books belonging to the Company, and in addition, he shall deposit all moneys and other valuable effects in the name and to the credit of the Company in such depositories as may be designated by the Manager.
Custody of Funds. All monies and other property that GTJAF receives from the Client or from any other person (including the HKFE Clearing House and any other clearing house) for the Account shall be held by GTJAF as trustee, segregated from its own assets and be paid into a segregated bank account as soon as practicable and in any event within two (2) Business Days after its receipt. GTJAF shall be entitled and is hereby authorized to hold any monies held by GTJAF on behalf of the Client whether for the Account or otherwise, in a bank account whether situated in Hong Kong or not.
Custody of Funds. In the event Owner prepays for any Additional O&M Services, Operator shall hold such funds for the account of Owner for the payment for such Additional O&M Services. Any such funds shall remain the funds of Owner until Operator performs such Additional O&M Services or, in the case of Additional O&M Services provided by a third party, until paid to such third party.
Custody of Funds. Operator shall hold for the account of the Non-Operators any funds of the Non-Operators advanced or paid to the Operator (including, without limitation, any Remaining Escrow Funds and the Desert Discoveries Net Sales Proceeds), either for the conduct of operations under this Agreement, or as a result of the sale of production from the Contract Area, and such funds shall remain the funds of the Non-Operators on whose account they are advanced or paid until used for their intended purpose or otherwise delivered to the Non-Operators or applied toward the payment of debts as provided in Article VII.B. Nothing in this paragraph shall be construed to establish a fiduciary relationship between Operator and Non-Operators for any purpose other than to account for Non-Operator funds as specifically provided for in this Agreement. Nothing in this paragraph shall require the maintenance by Operator of separate accounts for the funds of Non-Operators unless the Parties otherwise specifically agree.
Custody of Funds. Operator shall hold for the account of Owner any funds of Owner advanced or paid to Operator, either for the conduct of Operations hereunder or as a result of the sale of production from the Contract Area, and such funds shall remain the funds of Owner until used for their intended purpose or otherwise delivered to Owner or applied toward the payment of debts as provided herein. Nothing in this subparagraph shall be construed to establish a fiduciary relationship between Operator and Owner for any purpose other than to account for Owner funds as herein specifically provided. Nothing in this paragraph shall require the maintenance by Operator of separate accounts for the funds of Owner unless the parties otherwise specifically agree.
Custody of Funds. The Development Operator shall hold or cause a qualified escrow agent or trustee to hold for the account of the Parties any funds of the Parties advanced or paid to the Development Operator for the conduct of Development Operations pursuant to this Agreement and an Applicable Operating Agreement, and such funds shall remain the funds of the Party on whose account they are advanced or paid until used as provided in accordance with the terms of this Agreement and an Applicable Operating Agreement. The Development Operator shall hold the funds advanced by the other Party for Development Costs in the same account as the Development Operator’s funds for such Development Costs, and the Development Operator shall not commingle funds received in respect of Development Costs with other funds of the Development Operator or its Affiliates. Nothing in this Section 4.8 shall be construed to establish a fiduciary relationship between Development Operator and any Party for any purpose.
Custody of Funds. Any Trustee then acting as such hereunder shall take possession and have custody of all moneys, property, documents and instruments pertaining to the trusts hereby created, and shall make all collections, payments and distributions of income and principal as herein provided.
Custody of Funds. The Manager shall have fiduciary responsibility for the safekeeping and use of all funds and assets of the Company, whether or not in the immediate possession or control of the Manager. The funds of the Company shall not be commingled with the funds of any other Person and the Manager shall not employ, or permit any other Person to employ, such funds in any manner except for the benefit of the Company. All funds of the Company not otherwise invested shall be deposited in one or more accounts maintained in such banking institutions as the Manager shall determine, and withdrawals shall be made only in the regular course of Company business.
