Additional Settlement Account definition

Additional Settlement Account means an account opened and maintained by a Direct Participant with SI as specified in Rule 3.1.1 of the US Dollar Clearing House Rules which (a) is in addition to the Settlement Account; (b) has the characteristics set out in the Operating Procedures; (c) complies with the provisions contained in the Operating Procedures; and (d) is for the purpose of making or receiving certain types of payment identified as being the account to or from which the payment is made by the code in the payment instruction for that payment;
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Examples of Additional Settlement Account in a sentence

  • The settlement institution is SI and each Direct Participant shall open and keep a Settlement Account with SI and if agreed by SI a Direct Participant may open and keep an Additional Settlement Account with SI in each case in such manner and upon such terms and conditions as agreed between each Direct Participant and SI and MA for the purposes of settlement of payments effected through CHATS.

  • The settlement institution is SI and each Member shall open and keep a Settlement Account with SI and if agreed by SI a Member may open and keep an Additional Settlement Account with SI in each case in such manner and upon such terms and conditions as agreed between each Member and SI and MA for the purposes of settlement of payments effected through CHATS.

Related to Additional Settlement Account

  • Settlement Account means an account established at a financial institution designated by Merchant as the account to be credited and debited by the Servicers for Transactions, Card Fees, Chargebacks and other amount assessed by a Card Association and passed- through to Merchant pursuant to the terms of this Agreement.

  • Transaction Account means a cash account established and maintained by Repo Custodian for the Funds to effect repurchase transactions pursuant to the Master Agreement.

  • Collection Account means the account designated as such, established and maintained pursuant to Section 5.1.

  • Mandatory Redemption Settlement Date means, in respect of a Mandatory Redemption Event, the day that falls three Currency Business Days after the day on which the Issuer has received payment in full from the Margin Loan Provider of the amounts payable in respect of the termination of the LS Margin Account Agreement.