Processing Bank definition

Processing Bank means, initially, Mellon Bank, N.A. and its successors in interest, and thereafter a depository institution named by the Servicer and approved by the Insurer (so long as no Insurer Default has occurred and is continuing) which provides a lockbox as part of its normal and customary services at which the Lockbox Account is established and maintained as of such date; provided, however, that upon the occurrence of a Servicer Termination Event, the Controlling Party may, in its sole discretion, cause the Lockbox Account to be established at another bank.
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Processing Bank means, with respect to any Receivable, a bank that has been engaged by the Servicer to collect Credit Card Payments from the related Processor and to remit such funds to the applicable Receivables Obligor’s Transfer Accounts.
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Processing Bank means any bank at which any Collection Account, Disbursement Account or Exchange Account is maintained as listed in Exhibit B (as may be amended from time to time by mutual agreement by the applicable Exchanger and QI).
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Examples of Processing Bank in a sentence

  • The Servicer will use its best efforts to notify or direct any Processing Bank to deposit all payments on the Receivables in the Lockbox Account no later than the Business Day after receipt, and to cause all amounts credited to the Lockbox Account on account of such payments to be transferred to the Collection Account no later than the second Business Day after receipt of available funds with respect to such payments.

  • The outgoing Servicer will, upon request of the Indenture Trustee, but at the expense of the outgoing Servicer, deliver to the successor Servicer all documents and records relating to each such Blocked Account Agreement and an accounting of amounts collected and held by the Processing Bank and otherwise use its best efforts to effect the orderly and efficient transfer of any Blocked Account Agreement to the successor Servicer.

  • To the extent that such amounts are owed to the Processing Bank, the Servicer will cause such amounts to be returned to the Processing Bank.

  • The Lockbox Account will be a demand deposit account held by the Processing Bank.

  • In such event, the successor Servicer will be deemed to have assumed all of the outgoing Servicer's interest therein and to have replaced the outgoing Servicer as a party to each such Blocked Account Agreement to the same extent as if such Blocked Account Agreement had been assigned to the successor Servicer, except that the outgoing Servicer will not thereby be relieved of any liability or obligations on the part of the outgoing Servicer to the Processing Bank under such Blocked Account Agreement.

  • The Servicer will, to the extent not provided for pursuant to Section 5.7, be liable for the fees and out-of-pocket expenses of the Owner Trustee, the Backup Servicer, the Indenture Trustee, the Custodian, the Processing Bank (and any fees under the Blocked Account Agreement) and the Independent Accountants, except taxes levied or assessed against such parties.

  • The Servicer will, to the extent not provided for pursuant to Section 5.7, be liable for the fees and out-of-pocket expenses of the Owner Trustee, the Backup Servicer, the Indenture Trustee, the Custodian, the Processing Bank (and any fees under the Blocked Account Agreement) and the Independent Accountants except taxes levied or assessed against such parties.

  • In such event, the successor Servicer will be deemed to have assumed all of the outgoing Servicer’s interest therein and to have replaced the outgoing Servicer as a party to each such Blocked Account Agreement to the same extent as if such Blocked Account Agreement had been assigned to the successor Servicer, except that the outgoing Servicer will not thereby be relieved of any liability or obligations on the part of the outgoing Servicer to the Processing Bank under such Blocked Account Agreement.

  • Neither F&M BANK nor any Processing Bank shall have any liability for executing any payment order, even if it has knowledge of the discrepancy or inconsistency.

  • Until so deposited, all such Proceeds shall be held in trust for the Agent by the Check Processing Bank, the Borrower or the Servicer, as the case may be.


More Definitions of Processing Bank

Processing Bank means the terms set out by any processing bank time to time trading as Stripe, as set out within the Agreement.
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Processing Bank has the meaning set forth in the preliminary statements hereto.
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Related to Processing Bank

  • Processing Date means the day on which the first step of physical Processing is scheduled to occur, as identified in an Acknowledgement.

  • processing aid means any substance not consumed as a food ingredient by itself, intentionally used in the processing of raw materials, foods or their ingredients, to fulfil a certain technological purpose during treatment or processing and which may result in the unintentional but technically unavoidable presence of residues of the substance or its derivatives in the final product, provided that these residues do not present any health risk and do not have any technological effect on the finished product;

  • Bank is defined in the preamble hereof.

  • Collecting bank means a bank handling the item for collection except the payor bank.

  • Processing facility means an establishment that prepares, treats, or converts tangible personal property into finished goods or another form of tangible personal property. The term includes a business engaged in processing agricultural, aquacultural, or maricultural products and specifically includes meat, poultry, and any other variety of food processing operations. It does not include an establishment in which retail sales of tangible personal property are made to retail customers.