Secure Payment System definition

Secure Payment System. (or "SPS") means the system established by LME Clear to facilitate the payment of cash amounts between LME Clear and Members using Settlement Accounts at Approved Settlement Banks, as more specifically described in the Clearing Procedures; "Securities Collateral" means Collateral provided in the form of securities; "Securities System Operator" has the meaning set out in the Settlement Finality Procedure; "Security Document" means any document at any time pursuant to which a Member creates a Security Interest or other collateral arrangement in favour of LME Clear (excluding any collateral arrangement in favour of LME Clear on behalf of or on trust for Clients of the Member); "Security Interest" means any mortgage, charge, pledge, lien or other encumbrance collateralising any obligation of any person or any other type of preferential arrangement (including title transfer and retention arrangements) having a similar effect; "Seller" means whichever party (LME Clear or the Member) under a Contract has:
View Source

Related to Secure Payment System

  • payment system means a funds transfer system with formal and standardised arrangements and common rules for the processing, clearing and/or settlement of payment transactions;

  • Cash Payment System means a payment system that generates any transfer of funds through a transaction originated by cash, check, or similar paper instrument. This includes electronic payments to a financial institution or clearing house that subsequently issues cash, check, or similar paper instrument to the designated payee.

  • settlement system means a system established and operated by the Bank to facilitate the transfer of funds for the discharge of payment and settlement obligations between system participants;

  • Settlement System Code means the specifications, standards, methods, calculations and conventions established under the AUC Settlement System Code Rule 021, as amended or replaced from time to time;

  • Earned value management system means an earned value management system that complies with the earned value management system guidelines in the ANSI/EIA-748.