Pooled Accounts Clause Samples
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Pooled Accounts. You appoint Stripe and Stripe’s Affiliate, SPC, as your agents for the limited purpose of directing, receiving, holding and settling funds under this Agreement. All settlement funds Stripe or, as applicable, SPC receives for Transactions are combined with settlement funds held for other users and credited to Pooled Accounts at one or more Financial Partners. Once Stripe or SPC (as applicable) receives funds for a Transaction on your behalf, the relevant Customer has no further obligation to make payments to you with respect to that Transaction, regardless of whether and when Stripe or SPC (as applicable) settles those funds to you. If Stripe or SPC (as applicable) does not settle funds due to you under this Agreement, you will have recourse only against Stripe or SPC (as applicable) and not the relevant Customer. Stripe will promptly update your Stripe Account balance to reflect processed Transactions. If, in the capacity as your agent, Stripe or its Affiliate provide a receipt for a Transaction to the applicable Customer, that receipt is binding on you. Stripe and its Affiliates (as applicable) may invest funds held in a Pooled Account as described in Section 5.2 of the General Terms. You have no rights to any Pooled Account, or earnings generated by funds held in any Pooled Account, and are not entitled to draw funds from any Pooled Account.
Pooled Accounts. A Pooled Account is an Account which for investment purposes is not a Segregated Account or a Participant-Directed Account. If any or all Plan investment Accounts are Pooled Accounts, each Participant's Account has an undivided interest in the assets comprising the Pooled Account. In a Pooled Account, the value of each Participant's Account Balance consists of that proportion of the net worth (at fair market value) of the Trust Fund which the net credit balance in his/her Account (exclusive of the cash value of incidental benefit insurance contracts) bears to the total net credit balance in the Accounts (exclusive of the cash value of the incidental benefit insurance contracts) of all Participants plus the cash surrender value of any incidental benefit insurance contracts held by the Trustee on the Participant's life.
Pooled Accounts. A Pooled Account is an Account which for investment purposes is not a Segregated Account or a Participant-Directed Account. If any or all Plan investment Accounts are Pooled Accounts, each Participant's Account has an undivided interest in the assets comprising the Pooled Account. In a Pooled Account, the value of each Participant's Account Balance consists of that proportion of the net worth (at fair market value) of the Trust Fund which the net credit balance in his or her Account (exclusive of the cash value of incidental benefit insurance contracts) bears to the total net credit balance in the Accounts of all Participants plus the cash surrender value of any insurance contracts held by the Trustee on the Participant's life. As of each Valuation Date, the Plan Administrator must reduce a Participant-Directed Account for any forfeiture arising from Section 5.07 after the Plan Administrator has made all other allocations, changes or adjustments to the Account (excluding Earnings) for the valuation period.
Pooled Accounts. Prior to settlement of proceeds from the Transactions, funds to be settled may be co-mingled and held with other merchants’ funds in one or more pooled accounts maintained by Citcon at one or more financial institutions, on Merchant’s behalf and for the benefit of other merchants and subject to said financial institutions’ insurance limits (“Pooled Account”). Citcon has the sole discretion over the establishment and maintenance of such Pooled Account, and Merchant will not receive interest or any other earnings on any funds that Citcon handles on Merchant’s behalf, including the funds held in a Pooled Account.
Pooled Accounts. 7.04(A)(2)(a) Matching Rate. 4.10(D)(2)(b) Post-Severance Compensation. 1.11(I)
Pooled Accounts. Unless otherwise agreed, FCA Client Money will be pooled with money belonging to other clients of CMRM in a Client Money Account, which shall act as an omnibus account. This means that Client will not have a claim against a specific sum in a specific account in the event of CMRM’s insolvency. CMRM’s insolvency will constitute a “primary pooling event” under the FCA Rules. Client’s claim shall be a general claim against the FCA Client Money held in the Client Money Account. Accordingly, should CMRM default on its obligations to its clients, any shortfall in FCA Client Money held in the Client Money Account may be shared pro rata among all clients who hold FCA Client Money in the Client Money Account.