We, WBX Members Funds Limited, a company registered in England and Wales with company registration number 4638312 and whose registered office is at Newcombe House, 43-45 Notting Hill Gate, London W11 3LQ (the “Company”), irrevocably declare that we shall hold all of the funds in each Member’s Account as trustee and agent for such Member in accordance with the terms of this Deed and the Terms and Conditions.
In this Deed (including the Introduction) except where the context otherwise requires, the following words and expressions shall have the following meanings:
- the Bank Account - the bank accounts held by the Company with Barclays Bank plc.
- Commission - commission payable from a Member’s Winnings to WBX in accordance with the Terms and Conditions.
- the Exchange - the person-to-person bet exchange facility offered by WBX for the use of the Members.
- Matched Bet - a bet entered into by two Members in accordance with the Terms and Conditions, the outcome of which will be determined by the result of a sporting (or other) event.
- Member - a registered user of the Exchange and authorised to participate in the Exchange following completion of the registration process as set out in the Terms and Conditions.
- Member’s Account - the betting account maintained by the Company on behalf of each Member.
- Offer to Bet - an offer by any Member to enter into a Matched Bet with another Member at the odds (and stake) proposed by the offering Member.
- Terms and Conditions - the terms and conditions (as amended from time to time) agreed by the Members in relation to their use of the Exchange, a copy of which is set out in the Schedule.
- WBX - World Bet Exchange Limited (company registration number 04428027) and whose registered office is at Newcombe House, 43-45 Notting Hill Gate, London W11 3LQ.
- Winnings - the amount of a Member’s winnings following the settlement of a Matched Bet in accordance with the Terms and Conditions.
- Deposit of Funds
2.1 Each Member is permitted to deposit funds with the Company for the credit of their Member’s Account in accordance with the Terms and Conditions. Fees are chargeable to Members for certain deposit methods, as set out in the Terms and Conditions.
- Declaration of Trust
3.1 With effect from the date of this Deed, the Company irrevocably declares that it holds all funds deposited in each Member’s Account as trustee and agent for each relevant Member subject to the terms of this Deed and the Terms and Conditions.
3.2 The Company shall not take any action relating to, or in any way affecting, any funds in each Member’s Account except in accordance with the terms of this Deed and the Terms and Conditions.
- Operation of Member Account
4.1 All funds received by the Company from Members shall be paid into the Bank Account and held by the Company as bare trustee for the Member’s use, subject to the Terms and Conditions.
4.2 In accordance with the Terms and Conditions, all funds shall be held by the Company as trustee and stakeholder on behalf of Members.
4.3 The Company will settle all Matched Bets by calculating the amount of money owed to each winning Member, and shall transfer the Winnings (less the Commission) to the Member’s Account during settlement of each market.
4.4 The Company will deduct the Commission from the Winnings and will transfer such sum to WBX in accordance with the Terms and Conditions.
- Withdrawal of Funds from Member Account
The Company will arrange for the transfer of funds from a Member’s Account following a valid instruction from a Member in accordance with the Terms and Conditions. Any charges imposed on the Company by its bankers will be deducted from the funds to be transferred.
- Interest and Other Amounts
Members are not entitled to receive interest or other amounts on any balances they may have with the Company. All interest and other amounts earned on the funds held in trust for Members shall be credited to WBX and may be paid to WBX at the discretion of the Company. If for any reason any such interest or other amounts earned are credited to a Member’s Account, the Company may withdraw such interest or other amounts and pay the same to WBX as and when it considers fit.
In witness, this Declaration of Trust has been duly executed, and unconditionally delivered, as a Deed on 15/02/2007.