Client Fund Obligations definition
Client Fund Obligations means monies belonging to clients of the Borrower representing advance deposits for payroll obligations (including related withholding taxes) that are being held by the Borrower in segregated accounts. As the context requires, the term “Client Fund Obligations” also includes all liabilities of the Borrower to its clients with regard to such monies, including for the safekeeping, investment and application of such funds.
Client Fund Obligations means monies belonging to (a) clients of the Borrower representing advance deposits for payroll obligations (including related withholding taxes) that are being held by the BorrowerTrust in segregated accounts and (b) international clients of the Borrower or a foreign Subsidiary representing advance deposits for payroll obligations (including related withholding taxes) that are being held by the Borrower or such foreign Subsidiary in segregated accounts in the name of the Borrower or such foreign Subsidiary. As the context requires, the term “Client Fund Obligations” also includes all liabilities of the Trust Entities, the Borrower or a foreign Subsidiary to its clients with regard to such monies, including for the safekeeping, investment and application of such funds.