Common use of Client Moneys Clause in Contracts

Client Moneys. 15.1 Admiral must deal with any money and property which you pay or give to, or which is otherwise received by Admiral in connection with financial services provided by Admiral, in accordance with the Applicable Laws. For example, Admiral may be required to pay such moneys into the Admiral Trust Account which complies with the requirements of the Corporations Act. You acknowledge and authorise that: your moneys and the moneys of other clients of Admiral may be combined and held by Admiral in an Admiral Trust Account, separate from the moneys of Admiral; if we classify you as a wholesale client (except for sophisticated investors), we will deposit your client money into a wholesale client segregated trust account, separate from Admiral Trust Account holding retail client and sophisticated investor client money; moneys credited to the Admiral Trust Account maintained by Admiral may be used by Admiral to meet the default of any client of Admiral to the extent permitted by the Corporations Act (subject to Applicable Laws and Rules); moneys credited to any Admiral Trust Account maintained by Admiral under the Corporations Act may be used by Admiral for purposes unrelated to your Account to the extent permitted by the Corporations Act and accordingly such use of an Admiral Trust Account does not fully protect your money and property from risk of loss.

Client Moneys. 15.1 16.1 Admiral must deal with any money and property which you pay or give to, or which is otherwise received by Admiral in connection with financial services provided by Admiral, in accordance with the Applicable Laws. For example, Admiral may be required to pay such moneys into the Admiral Trust Account which complies with the requirements of the Corporations Act. You acknowledge and authorise that: your moneys and the moneys of other clients of Admiral may be combined and held by Admiral in an Admiral Trust Account, separate from the moneys of Admiral; if we classify you as a wholesale client (except for sophisticated investors), we will deposit your client money into a wholesale client segregated trust account, separate from Admiral Trust Account holding retail client and sophisticated investor client money; moneys credited to the Admiral Trust Account maintained by Admiral may be used by Admiral to xx meet the default of any client of Admiral to the extent permitted by the Corporations Act (subject to Applicable Laws and Rules); moneys credited to any Admiral Trust Account maintained by Admiral under the Corporations Act may be used by Admiral for purposes unrelated to your Account to the extent permitted by the Corporations Act and accordingly such use of an Admiral Trust Account does not fully protect your money and property from risk of loss.