Fiat Services Sample Clauses
The 'Fiat Services' clause defines the terms under which traditional, government-issued currency (fiat) related services are provided within the agreement. It typically outlines the processes for depositing, withdrawing, or transferring fiat funds, and may specify the responsibilities of each party regarding compliance with banking regulations and anti-money laundering laws. By clearly delineating how fiat transactions are handled, this clause ensures transparency and legal compliance, reducing the risk of misunderstandings or regulatory breaches.
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Fiat Services. (A) Client may elect to store Fiat Currency with Custodian (“Fiat Services”). To use the Fiat Services, Client must link the Custodial Account with account(s) at a depository institution (“Bank”) that has been approved by Custodian (each a “Client Bank Account”). All Fiat Currency deposits to and withdrawals from the Custodial Account must be processed through the approved Client Bank Account. Custodian has no right, interest, or title in such Fiat Currency. Custodian hereby confirms that the Fiat Currency is not an asset on the balance sheet of Custodian.
(B) Custodian will hold any permitted Fiat Currency received by Custodian on behalf of Client, at Custodian’s sole discretion, in one or more omnibus deposit accounts that Custodian has established with Banks (each an “Omnibus Account”). Each Omnibus Account shall be titled in the name of Custodian for the benefit of its customers and shall be maintained separately and apart from Custodian’s business, operating, and reserve accounts. Each Omnibus Account constitutes a banking relationship between Custodian and Bank and shall not constitute a custodial relationship between Custodian and Bank and does not create or represent any relationship between Client and any Bank.
(C) Client acknowledges and agrees that Custodian may hold some or any portion of Fiat Currency in accounts that may or may not receive interest or other earnings. Client hereby agrees that the amount of any such interest or earnings attributable to such Fiat Currency may be retained by Custodian as additional consideration for its services under this Agreement, and nothing in this Agreement entitles Client to any portion of such interest or earnings. In addition, Custodian may receive earnings or compensation for an Omnibus Account in the form of services provided at a reduced rate or similar compensation. Client agrees that any such compensation shall be retained by Custodian, Client is not entitled to any portion of such compensation, and no portion of any such compensation shall be paid to or for Client.
Fiat Services. (A) Client may elect to store Fiat Currency with Trust Company (“Fiat Services”). Trust Company has no right, interest, or title in such Fiat Currency. Trust Company hereby confirms that the Fiat Currency is not an asset on the balance sheet of Trust Company.
(B) Trust Company will hold any Fiat Currency received by Trust Company on behalf of Client, at Trust Company’s discretion, in one or more omnibus bank accounts (“Omnibus Account”), at depository institutions (a “Bank”) or in money market accounts (“Money Market Account”). Each Omnibus Account shall be in the name of Trust Company for the benefit of Client and shall be maintained separately and apart from Trust Company’s business, operating, and reserve accounts. Each Omnibus Account constitutes a banking relationship between Trust Company and Bank and shall not constitute a custodial relationship between Trust Company and Bank and does not create or represent any relationship between Client and any Bank. Likewise, any Money Market Account shall be in the name of Trust Company and shall be maintained separately and apart from Trust Company’s business, operating, and reserve accounts. Such Money Market Accounts constitute an investment account between Trust Company and the asset management firm of such Money Market Account and do not create or represent any relationship between Client and any asset management firm.
(C) Client acknowledges and agrees that Trust Company may hold some or any portion of Fiat Currency in accounts that may or may not receive interest or other earnings. Client hereby agrees that the amount of any such interest or earnings attributable to such Fiat Currency may be retained by Trust Company as additional consideration for its services. In addition, Trust Company may receive earnings or compensation for an Omnibus Account or Money Market Account either in the form of services provided at a reduced rate, the payment of any shareholder service fees, or similar compensation. Client agrees that any such compensation shall be retained by Trust Company and no portion of any such compensation shall be paid to or for Client.
Fiat Services. 3.1 By accepting these Terms, you acknowledge and agree that:
A. you have read, accepted and will comply with these Terms, the Legal Statement, the Privacy Po licy, and any other RBC Platform Rules related to Services;
B. RBC may partner with any Fiat Partners and that, if applicable, you will open an account with s uch Fiat Partners by completing the relevant registration and identity verification for such accou nt, and by accepting any user agreements, terms and conditions, policies and procedures or sim ilar documents of any Partners;
C. any payments expressed in any fiat currencies and which have been made in connection with a ny Services may not be canceled, recalled or refunded, and that any chargeback requests in co nnection with any Services that involve a Partner, are subject to that Partner's policies and proc edures. 3.2
Fiat Services. The following services (the "Fiat Services") may be provided to you by Coinbase Australia:
(A) a hosted digital wallet (“Fiat Wallet”) enabling you to deposit and store fiat funds (such as Australian dollars (“AUD”)) on the Coinbase Platform, for use solely on the Coinbase Platform. Any funds in the Fiat Wallet are electronically stored monetary value that is, and is intended to be, used only in Australia for the payment or part payment of goods and/or services provided by Coinbase. Accordingly, with respect to the Fiat Services, Coinbase does not purport to operate a non-cash payment facility regulated under the Corporations ▇▇▇ ▇▇▇▇ (Cth) (“Corporations Act”) or a purchased payment facility regulated under the Payment Systems (Regulation) ▇▇▇ ▇▇▇▇ (Cth). Coinbase is not, and is not required to be, licensed (including through an Australian financial services licence), authorised (including as an authorised deposit-taking institution), approved, registered or regulated to carry on the Fiat Services. Consequently, you acknowledge and agree that you will not be protected by these Acts when you use the Fiat Services.
Fiat Services. 5.4.1. By agreeing to these Terms when registering a Damex Direct (OTC) Account, you agree to the Fiat Services as contained in the OTC Terms and Conditions to which you have agreed.
Fiat Services. (A) Client may elect to store Fiat Company has no right, interest, or title in such Fiat Currency. Trust Company hereby confirms that the Fiat Currency is not an asset on the balance sheet of Trust Company.
(B) Trust Company will hold any Fiat Currency received by Trust Company on behalf siness, operating, and reserve accounts. Each Omnibus Account constitutes a banking relationship between Trust Company and Bank and shall not constitute a custodial relationship between Trust Company and Bank and does not create or represent any relationship between Client and any Bank. Likewise, any Money Market Account shall be in the name of Trust Company and shall be maintained Money Market Accounts constitute an investment account between Trust Company and the asset management firm of such Money Market Account and do not create or represent any relationship between Client and any asset management firm.
(C) Client acknowledges and agrees that Trust Company may hold some or any portion of Fiat Currency in accounts that may or may not receive interest or other earnings. Client hereby agrees that the amount of any such interest or earnings attributable to such Fiat Currency may be retained by Trust Company as additional consideration for its services. In addition, Trust Company may receive earnings or compensation for an Omnibus Account or Money Market Account either in the form of services provided at a reduced rate, the payment of any shareholder service fees, or similar compensation. Client agrees that any such compensation shall be retained by Trust Company and no portion of any such compensation shall be paid to or for Client.