Holding Balance definition
Examples of Holding Balance in a sentence
Holding Balance Funds held by Finductive for the benefit and on behalf of and for the convenience of the Account Holder, pending receipt from the Account Holder or an Account Operator of a Payment Order, including Beneficiary/Payee designation.
Legislation or regulation may set out obligations and processes where Holding Balance may be considered abandoned.
Provided that the Client has fully paid for the funds purchased from Argentex and complied with this Agreement, Argentex will hold those funds as a Holding Balance until Argentex’s receipt of Delivery Instructions from Client, subject to the provisions of clause 14.
Once Settlement has been received by Argentex with respect to a Forward Contract, Argentex will deliver the Contract Funds in accordance with the Instruction or, if no such Instruction is provided, the Client irrevocably grants Argentex the authority and directs Argentex to pay the Contract Funds into a Holding Balance.
Unless prohibited by applicable law, Argentex may charge all costs and expenses of any notice, advertisement, payment, and delivery of the Holding Balance to the applicable governing agency, against the Holding Balance prior to remitting in accordance with applicable law or regulation.
The Client understands and agrees that no interest will be paid to the Client by Argentex with respect to any funds received by Argentex on the account of the Client (including, without limitation, funds awaiting Instruction, funds maintained in a Holding Balance, or funds paid as Initial Margin or Margin Call, the latter of which funds belong to Argentex absolutely).
The Client acknowledges and accepts that the Holding Balance account will be subject to a nominal administrative fee determined by Argentex on a discretionary basis and advised to the Client.
Funds may be maintained in a Holding Balance for a maximum of ninety (90) days.
Once Settlement has been received by Argentex with respect to an Option Contract, Argentex will deliver Contract Funds in accordance with the Client’s Instruction or, if no such Instruction is provided the Client irrevocably grants Argentex the authority and directs Argentex to pay the Contract Funds into a Holding Balance.
If the Client does not have access to, or does not wish to have the Contract Funds paid as, a Holding Balance, the Client must provide to Argentex, at least two (2) Business Days before the Maturity Date (Delivery Date/Value Date) the necessary remittance details and Instructions to effect payment of the Contract Funds to the Payee.