Common use of Security Funds Clause in Contracts

Security Funds. You acknowledge and agree that: (a) the security funds do not constitute a deposit, are not insured by 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 not be used to offset Obligations (nor to 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 or any other amounts owing under the Cardholder Agreement; (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) the security funds do not constitute a deposit, are not insured by 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 not be used to offset Obligations (nor to 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 the monthly payment or any other amounts owing under the Cardholder Agreement; (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.