Safeguarding Funds Sample Clauses
The Safeguarding Funds clause establishes requirements for protecting client or customer funds held by a service provider or intermediary. Typically, it mandates that such funds be kept separate from the provider’s own assets, often in designated accounts, to prevent misuse or loss in the event of insolvency or financial difficulties. This clause ensures that clients’ money remains secure and accessible, thereby reducing the risk of loss and enhancing trust in the contractual relationship.
Safeguarding Funds. 8.1 Argentex holds all funds received into the Client’s Currency Account in Safeguarded Accounts with a reputable bank and confirms that:
(a) At no time whatsoever are funds in the Safeguarded Account combined with Argentex’s own funds and all funds held in Safeguarded Accounts are legally recognised as belonging to Argentex’s Clients only, subject to clause 8.3 below;
(b) The bank is not entitled to combine Safeguarded Accounts with any other account or to exercise any right of set-off or counterclaim against money in these accounts; and
(c) The purpose of keeping Client funds in Safeguarded Accounts is to ensure that in the event of Argentex’s insolvency or if a financial claim is made against Argentex, no creditor or claimant can claim funds held in these accounts. No lien is held over funds in Safeguarded Accounts and therefore no other person or institution will have any right or interest over the funds in these accounts.
8.2 Pursuant to the Electronic Money Regulations 2011, Argentex will not pay the Client interest on any funds received including balances held in Safeguarded Accounts. Argentex may retain any interest which accrues from funds held in any Safeguarded Account.
8.3 Argentex holds all funds in Safeguarded Accounts on trust for its Clients.
8.4 The Client acknowledges that Argentex may pass funds held for or received from the Client to its banking providers to hold or control in order to effect a Contract through or with that bank or to satisfy the Client’s obligations, including amounts payable by the Client for Initial Margin or Variation Margin respect of a FX Contract.
Safeguarding Funds. Instructional staff shall not be required to safeguard funds.
Safeguarding Funds. Employees shall not be required to safeguard funds.
Safeguarding Funds. Pursuant to Article 21 of Royal Decree Law 19/2018 on payment services and its implementing regulations, please note that the procedure adopt- ed by the company to safeguard funds is deposit in a separate account with a credit institution.
Safeguarding Funds. 3.1 The Contractor will safeguard all funds becoming available to it for the undertaking of the Program by insurance, or by fidelity or surety bonds, as shall be satisfactory to the State.
3.2 The Contractor will carry out the Program with all practicable dispatch, in a sound, economical, and efficient manner, in accordance with the provisions of this Agreement and all applicable Program statutes and regulations. The Contractor will incorporate in each Agreement entered into by it with respect to the Program such provisions and conditions as may be necessary to enable the Contractor to carry out the Program and to observe, require appropriate observance of, perform, and carry out the provisions of this Agreement.
Safeguarding Funds. (1) All funding received by the FNHA pursuant to this Agreement, including held as a Surplus or in a Reserve Fund must, until such time as it is expended in accordance with the terms and conditions of this Agreement, be held in a deposit account or accounts at a chartered bank or trust company in Canada or in interest-bearing certificates of deposit or treasury bills issued by the federal or a provincial government in the name of or held by the FNHA, solely.
(2) None of the Funding shall be used by the FNHA for, or paid to any other person, party or organization including First Nation Health Providers, for:
(a) expenses or any portion thereof that would not permitted by section 8.1;
(b) the purchase of, or expenses for, any business, activity or undertaking, except where same is for the exclusive purpose of planning, designing, managing, delivering and funding of FN Health Programs;
(c) the purchase of stocks, bonds, shares or financial instruments or securities of any kind, including any rights or options related thereto, other than deposits referred to in subsection (1) or as necessary for paragraph (b);
(d) making or providing a loan; or
(e) securing, assuming or guarantying any debts as set out in subsection (3).
(3) Unless agreed to by Canada, the FNHA shall not pledge, mortgage, lien, charge or permit the creation of any security interest in: (i) any of the Funding; or (ii) any Acquired Asset.
(4) The FNHA shall prepare and implement a policy on public, competitive contracting procedures to ensure, at a minimum, that contracts over one hundred thousand dollars ($100,000.00) are awarded through competitive processes, and that exceptions to the policy, including aboriginal procurement incentives, are clearly set out.
(5) The FNHA shall:
(a) in addition to any terms of its conflict of interest policies, ensure that no current director, officer or senior employee of the FNHA, or any corporate or other entity in which such individuals have a pecuniary interest, shall act as a paid contractor or consultant of the FNHA; and
(b) require that its members abide by conflict of interest policies that apply to them in relation to contracting with, or consulting for, the FNHA.
Safeguarding Funds