Common use of Security Funds Clause in Contracts

Security Funds. You acknowledge and agree that: (a) the security funds do not constitute a deposit with Neo, are not insured by the Province of Alberta, the Canada Deposit Insurance Corporation, or any other government deposit insurer or agency, and will be held in an account at a depository institution we select; (b) the security funds may be used to offset Obligations (do not effect compensation in respect of the Obligations, if you are a resident of the province of Quebec), meaning you cannot use the security funds to pay your monthly payment; (c) you have no right to access or withdraw the security funds, except as described below; and (d) any interest earned on the security funds will become our sole property.

Security Funds. You acknowledge and agree that: (a) i. the security funds do not constitute a deposit with Neo, are not insured by the Province of Alberta, the Canada Deposit Insurance Corporation, or any other government deposit insurer or agency, and will be held in an account at a depository institution we select; (b) ii. the security funds may not be used to offset offset Obligations (do not effect effect compensation in respect of the Obligations, if you are a resident of the province of Quebec), meaning you cannot use the security funds to pay your monthly payment; (c) iii. you have no right to access or withdraw the security funds, except as described below; and (d) iv. any interest earned on the security funds will become our sole property.