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 has the meaning set forth in the preliminary statements hereto.
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Examples of Processing Bank in a sentence

  • 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 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 SWIFT flows between the Lead Bank and Processing Bank are not governed by SCORE.

  • The Processing Bank has responsibility for the actual processing of the trade transaction.Three additional fields have been added to each MT 798 Index Message; 29S (Customer Identifier), 29P (Processing Bank Identifier), 29U (Lead Bank Identifier).

  • 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.

  • I understand that as per regulatory requirement, Company shall process any payment in relation to my insurance policy only through electronic fund transfer after receipt of aforesaid pending bank details from me.Cancelled Cheque submitted for Refund Processing Bank account details as provided below and for which I am submitting a cancelled cheque, should be used by the Company for electronic fund transfer as mode of payment.

  • Debtor Voyager Digital, LLC shall address and remedy ACH Chargebacks pursuant to its standard order of operations consistent with past practices and shall have any rights of recovery, including without limitation indemnification rights, of MC Bank against any ACH Processing Bank for any unauthorized ACH Chargebacks.

  • The Processing Bank has responsibility for the actual processing of the trade transaction.

  • FONDY LTD undertakes to notify the E-Merchant of the decision of the Processing Bank about the eligibility of the claim filed by the Card Holder, the Card Issuer, the Card Association or the Partner.

  • This obligation applies to information regarding FONDY LTD and its contractual partners, as well as information regarding the Processing Bank or other Partners, and information regarding the Cardholders.


More Definitions of Processing Bank

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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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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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.

  • Processing Services means any and all services necessary or convenient for operation of the Program, including the issuance of cards or the processing of transactions or settlements in accordance with applicable Payment Network Rules and Applicable Law. Such services shall include: set-up and maintenance of cardholder accounts, transaction authorization, processing, clearing and settlement, Payment Network access, cardholder dispute resolution, Payment Network compliance, regulatory compliance, security and fraud control, customer service, collections and activity reporting.

  • Collection Bank means, at any time, any of the banks holding one or more Collection Accounts.

  • Processing means any operation or set of operations which is performed on personal data or on sets of personal data, whether or not by automated means, such as collection, recording, organisation, structuring, storage, adaptation or alteration, retrieval, consultation, use, disclosure by transmission, dissemination or otherwise making available, alignment or combination, restriction, erasure or destruction;

  • Merchant means a person who deals in goods of the kind or otherwise by his occupation holds himself out as having knowledge or skill peculiar to the practices or goods involved in the transaction or to whom such knowledge or skill may be attributed by his employment of an agent or broker or other intermediary who by his occupation holds himself out as having such knowledge or skill.

  • Credit card means any card, plate, coupon book, or other credit device ex- isting for the purpose of obtaining money, property, labor, or services on credit.

  • Eye bank means a person that is licensed, accredited, or regulated under federal or state law to engage in the recovery, screening, testing, processing, storage, or distribution of human eyes or portions of human eyes.

  • banking institution means a bank, bank and trust company, trust company, savings bank, private bank, or a national banking association, organized and doing business under the provisions of any law of this state, or of any other state of the United States, or under the provisions of any law of the United States of America.

  • Financial Services Provider means any Lender and any other provider of financial services or products;

  • Funding Bank shall have the meaning given to such term in Section 3.3 hereof.

  • Lockbox Bank means a depository institution named by the Servicer and acceptable to the Controlling Party.

  • secondary processing means concentration or other beneficiation of iron ore other than by crushing or screening and includes thermal electrostatic magnetic and gravity processing and agglomeration, pelletization or comparable changes in the physical character of iron ore;

  • Lockbox Processor means Regulus Group II LLC, or its successors or assigns.

  • Originating Lender has the meaning specified therefor in Section 13.1(e) of the Agreement.

  • SBI / Bank means State Bank of India (client) a body Corporate created under SBI Act 1955, having one of its Circle Office at State Bank of India, III/1 Pandit Jawaharlal Nehru Marg, Bhubaneswar- 01 and includes the client’s representatives, successors and assigns.

  • Processing Agreement means the agreement (as amended from time to time) ratified by the Iron Ore Processing (BHP Minerals)

  • Fortis means Fortis Inc.;

  • Banking Services Provider means any Lender (other than a Defaulting Lender) or Affiliate of a Lender (other than a Defaulting Lender) that provides Banking Services to any Credit Party.

  • HSBC means HSBC Bank USA, National Association.

  • Servicing Bank means the Agent or the Security Trustee;

  • Processing Center means a legal entity or its department that supports the informational and technological interaction between payment participants.

  • Data Processing Lease means any lease or licensing agreement, binding on the Failed Bank as of Bank Closing, the subject of which is data processing equipment or computer hardware or software used in connection with data processing activities. A lease or licensing agreement for computer software used in connection with data processing activities shall constitute a Data Processing Lease regardless of whether such lease or licensing agreement also covers data processing equipment.