Interbank Payment System definition

Interbank Payment System means any payment system between or among financial institutions which facilitates the transfer of money or the discharge of obligations on a gross or net settlement basis;
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Interbank Payment System means a formal arrangement or a frame- work which is binding between 2 or more participants, with common rules and standardised arrangements for the execution of money trans- fer orders between the participants;
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Examples of Interbank Payment System in a sentence

  • I agree to be bound by the rules and regulations that govern any applicable funds transfer systems, including, but not limited to, the ACH Network, NACHA, EPN, Federal Reserve System and Clearing House Interbank Payment System (CHIPS).

  • If any payment order is transmitted through any funds transfer system including, but not limited to the Clearing House Interbank Payment System (CHIPS) or the automated clearing house system (ACH), a Portfolio shall be subject to the rules of such funds transfer system in effect at the time that such transfer is made.

  • You agree to be bound by the rules and regulations that govern any applicable funds transfer systems, including, but not limited to, the ACH Network, NACHA, EPN, Federal Reserve System and Clearing House Interbank Payment System (CHIPS).

  • The Bank may use any payment network, clearinghouse, correspondent, intermediary, agent or sub-agent (collectively “Correspondent”) including, without limitation, the Fedwire Payment System (“FEDWIRE”), the Clearing House Interbank Payment System (CHIPS) and the Society for Worldwide Interbank Financial Telecommunications (SWIFT) as the Bank, in its sole discretion, determines is appropriate when processing a Funds Transfer.

  • You agree to be bound by the rules and regulations that govern any applicable funds transfer systems, including, but not limited to, the ACH Network, NACHA, Federal Reserve System and Clearing House Interbank Payment System (CHIPS).

  • Such payments shall be made to the Lender in funds settled through the New York Clearing House Interbank Payment System or other funds immediately available to Lender on the date such payment is due, at the Lender’s office in New York City, New York or such other location in the United States specified in writing by the Lender, without set off, recoupment, counterclaims or any other deduction of any nature.

  • Such payments shall be made to the Lender in funds settled through the New York Clearing House Interbank Payment System or other funds immediately available to Lender on the date such payment is due, at the Lender's office in New York City, New York or such other location in the United States specified in writing by the Lender, without set off, recoupment, counterclaims or any other deduction of any nature.

  • I agree to be bound by the rules and regulations that govern any applicable funds transfer systems, including, but not limited to, the ACH Network, NACHA, Federal Reserve System and Clearing House Interbank Payment System (CHIPS).

  • If any payment order is transmitted through any funds transfer system including, but, not limited to the Clearing House Interbank Payment System CHIPS) or the automated clearing house system (ACH), a Portfolio shall be subject to the rules of such funds transfer system in effect at the time that such transfer is made.

  • Notwithstanding the foregoing, all payments made in connection with the release of an Individual Property from the Lien of the Mortgage thereon (and related Loan Documents) pursuant to Section 2.4.2 or the payment in full of the Loan and all other amounts due and payable under the Loan Documents shall be made in funds settled through the New York Clearing House Interbank Payment System or other funds immediately available to Lender by 4:00 p.m., New York City time, to such account as Lender may designate.

Related to Interbank Payment System

  • Designated LIBOR Currency means the currency specified on the face hereof as to which LIBOR shall be calculated or, if no such currency is specified on the face hereof, United States dollars.

  • London Interbank Offered Rate has the meaning set forth in Section 2.06(c).

  • Interbank Rate means, for any period, (a) in respect of Loans denominated in Dollars, the Federal Funds Effective Rate and (b) in respect of Loans denominated in any other currency, the Agent’s cost of funds for such currency (as reasonably determined by the Agent) for such period.

  • Interbank Offered Rate means, for any Eurodollar Loan for any Interest Period therefor, the rate per annum (rounded upwards, if necessary, to the nearest 1/100 of 1%) appearing on Reuters Screen LIBO Page as the London interbank offered rate for deposits in Dollars at approximately 11:00 a.m. (London time) two Business Days prior to the first day of such Interest Period for a term comparable to such Interest Period; provided, however, if more than one rate is specified on Reuters Screen LIBO Page, the applicable rate shall be the arithmetic mean of all such rates (rounded upwards, if necessary, to the nearest 1/100 of 1%).

  • Adjusted London Interbank Offered Rate applicable to any Interest Period means a rate per annum equal to the quotient obtained (rounded upward, if necessary, to the next higher 1/100 of 1%) by dividing (i) the applicable London Interbank Offered Rate by (ii) 1.00 minus the Euro-Dollar Reserve Percentage.