Client’s Funds are all cash monies held or received by any Licensed Person for or on behalf of a Client in the course of any Securities Activity. When a Client designates a certain amount for the purpose of covering present or future, actual or contingent or prospective obligations, such money shall no longer be regarded as client funds. Client’s assets are all non-cash money and Securities and other assets held or received by any Licensed Person for or on behalf of a Client in the course of any Securities Activity. A Licensed Person’s fees are not included in Client’s funds if they are due subject to a contract entered into between the parties.