Common use of Account Status Clause in Contracts

Account Status. Your Global Account is a stored value account issued by VGSI as a licensed money transmitter (as applicable) which enables you to store funds and send and receive electronic payments. Where you close your Global Account as described below, we will seek to promptly return any funds held in your Global Account to you, except as prohibited by applicable law or otherwise in accordance with these Terms of Use. You can fund your Global Account and make payments from your Global Account. For these purposes, making payments from your Global Account includes making payments to third party beneficiaries or instructing funds in your Global Account to be transferred to another account in your name with a third party. Except as otherwise provided for in these Terms of Use, no person other than the holder of the Global Account has any rights in relation to the funds held in a Global Account and you may not assign or transfer your Global Account to a third party or otherwise grant any third party a legal or equitable interest over it unless a court or competent regulatory body requires you to in which case we shall use all commercially reasonable endeavors to assist you in executing such assignment, transfer or grant. Your Global Account may be subject to funding, payment, or conversion limits due to security and legal requirements as determined by us from time to time at our reasonable discretion. You may be asked to answer security questions or to complete other processes that we may reasonably require in relation to any funding or payment transaction. If we are lawfully able to, we shall notify you in writing as soon as is reasonably practicable following any determination that funding or payment limits are to be imposed. We reserve the right in our reasonable discretion to carry out all and any necessary money laundering, terrorism financing, fraud or other illegal activity checks before processing any payment transaction to or from your Global Account. Certain transactions may be subject to fees, as set forth in your Commercial Agreement.