Payment Beneficiary definition

Payment Beneficiary means a Payment Merchant who is designated by you to receive payment via a Payment Service.
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Payment Beneficiary means a natural or legal person who is the payee in the context of a Payment Transaction;
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Examples of Payment Beneficiary in a sentence

  • When a Payment Transaction is initiated via the Payment Beneficiary in the context of a Payment Transaction via a Card and the exact amount is not known at the time when the Cardholder consents to execution of the Payment Transaction, the Issuer may block funds in the amount authorised by the Cardholder.

  • For the Buy-All Tariff, a Payment Beneficiary, other than a Customer of Record, can be designated to receive a percentage of the total tariff compensation.

  • If the Payment Transaction is executed in the EEA in euros using a Card denominated in euros, the Card Issuer guarantees that the amount of the Payment Transaction shall be credited to the account of the Service Provider of payment of the Payment Beneficiary on the first Business Day after receipt of payment.

  • Incentive payments can be split between Monetary On-Bill Credits applied to Customer of Record’s main on- premise billing account and Direct Payments to the Payment Beneficiary.

  • For the Netting incentive structure, REC payments will be issued to a Tariff Payment Beneficiary, who may be either the Customer of Record or third party.

  • When a Tariff Payment Beneficiary is designated to receive Direct Payments, a Tariff Payment Beneficiary Form must be provided during the application process.

  • For Payment Transactions carried out in the EEA in a currency of another Member State other than those described in article 7.1, the Card Issuer guarantees that the amount of the Payment Transaction shall be credited to the account of the Service Provider of the Payment Beneficiary no later than fourth Business Day after receipt of the Payment Order.

  • The date of currency conversion is no later than the date on which the Payment Transaction is credited to the account of the Service Provider of the Payment Beneficiary.

  • Once per 12-month period, System Owners may request a change to the Payment Beneficiary form on file with the EDC or the EDC’s Payment Vendor.

  • The Bank shall hand over the Customer’s Payment Order to the Intermediary Bank/Correspondent Bank indicating in the appropriate SWIFT message field “OUR" option, therewith by instructing the Intermediary Bank/Correspondent Bank to pay out to the Payment Beneficiary the full amount of the Payment.

Related to Payment Beneficiary

  • Contingent Beneficiary is the person that becomes the Beneficiary if the named Beneficiary dies prior to the Income Date.

  • Refund beneficiary means an individual nominated by a qualified participant or a former qualified participant under section 66 to receive a distribution of the participant's accumulated balance in the manner prescribed in section 67.

  • Surviving Spouse means the widow or widower, as the case may be, of a Deceased Participant or a Deceased Beneficiary (as applicable).

  • Death Benefit means the insurance amount payable under the Certificate at death of the Insured, subject to all Certificate provisions dealing with changes in the amount of insurance and reductions or termination for age or retirement. It does not include any amount that is only payable in the event of Accidental Death.

  • Retirement Benefit means the benefit set forth in Article 5.

  • Income beneficiary means a person to whom net income of a trust is or may be payable.

  • Termination Benefit means the benefit set forth in Article 7.

  • primary beneficiary means the individual for whose primary benefit the trust is then held. For purposes of Section 8.3, a Qualified Entity is a member of each Family Group to which such one or more Qualified Trusts that are its equity holders belong.

  • Designated Beneficiary means the beneficiary or beneficiaries the Participant designates, in a manner the Administrator determines, to receive amounts due or exercise the Participant’s rights if the Participant dies or becomes incapacitated. Without a Participant’s effective designation, “Designated Beneficiary” will mean the Participant’s estate.

  • Plan Benefit means the benefit payable to a Participant as calculated in Article V.

  • relevant benefit means any benefit specified in paragraph 21(2); and

  • Remainder beneficiary means a person entitled to receive principal when an income interest ends.

  • Monthly Benefit means the monthly amount payable by Liberty to you if you are Disabled or Partially Disabled.

  • Accrued Benefit means the amount standing in a Participant's Account(s) as of any date derived from both Employer contributions and Employee contributions, if any.

  • Qualified beneficiary means a beneficiary who, on the date the beneficiary's qualification is determined:

  • Retirement Benefits means benefits paid by reference to reaching, or the expectation of reaching, retirement or, where they are supplementary to those benefits and provided on an ancillary basis, in the form of payments on death, disability, or cessation of employment or in the form of support payments or services in case of sickness, indigence or death. In order to facilitate financial security in retirement, these benefits may take the form of payments for life, payments made for a temporary period, a lump sum, or any combination thereof;

  • Net death benefit means the amount of the life insurance policy or certificate to be settled less any outstanding debts or liens.

  • Pre-Retirement Survivor Benefit means the benefit set forth in Article 6.

  • Supplemental Retirement Benefit means the benefit determined under Article V of this Plan.

  • Beneficiary means each designated person, or the estate of the deceased Executive, entitled to benefits, if any, upon the death of the Executive, determined according to Article 4.

  • Supplemental Benefit means the monthly benefit payable to the Executive under this Agreement.

  • Disability Benefit means the benefit set forth in Article 8.

  • Early Retirement Benefit means the retirement benefit payable to a member following early

  • life annuity means an annuity payable under a policy issued to an SRS member for a term ending with, or at a time ascertainable only by reference to, the end of his life;

  • Normal Retirement Benefit means an annual benefit equal to One Hundred Fifty Thousand Dollars and No/100 ($150,000.00) per year, payable in accordance with the terms of this Agreement. Beginning on the thirteenth month that the Normal Retirement Benefit is paid, and continuing thereafter until paid in full, the Normal Retirement Benefit shall be increased annually by three percent (3%) from the previous year’s Normal Retirement Benefit amount to account for cost of living increases.

  • Former Spouse means the individual who is considered by Applicable Laws to be the Annuitant’s former spouse or common-law partner;