SEPA Credit Transfers Clause Examples

The SEPA Credit Transfers clause defines the terms under which payments are made using the Single Euro Payments Area (SEPA) credit transfer system. It typically outlines the requirements for initiating, processing, and receiving euro-denominated payments between accounts within SEPA member countries, ensuring that funds are transferred efficiently and securely. This clause is essential for standardizing cross-border euro payments, reducing transaction costs, and providing clarity on payment timelines and responsibilities for both parties.
SEPA Credit Transfers. When the Client wishes to transfer a sum of money, it may ask the Bank to debit its account for the desired amount in order to transfer it to another account, opened in its name or in the name of a third party. The SEPA credit transfer can be used for transactions denominated in euros, between two accounts held by payment services providers located in the SEPA area or in the French Pacific Territories (French Polynesia, New Caledonia and the Wallis and Futuna islands). The Bank provides said payment service solely for issues from a euro account and for receipts on an account in euros. The Bank may only be in a position to process a SEPA credit transfer order if the Client provides it with the following information: the IBAN number of the account to be debited; the amount of the credit transfer; the IBAN number of the account to be credited; the payee’s name (if available); any transaction text (maximum 140 characters). It is the Client’s responsibility to obtain the necessary IBAN codes from beneficiaries for issuing SEPA credit transfers, or entrusting its own IBAN to its debtors in order to benefit from a SEPA credit transfer. The Client is solely responsible for the accuracy of information provided for the requirements of executing a SEPA credit transfer order. The Bank has no obligation to correct or complete the information provided. A SEPA transfer order is only executed by the Bank on the basis of an IBAN number, independently of any additional information provided for the requirements of executing said order. The procedure for requesting a return of funds is used solely to regularise the issuance of the SEPA credit transfer(s): - in duplicate, - Erroneous following an operational problem - fraudulently The request of recall can be made by the SEPA transfer principal received by the Client or the Bank, the Bank being in any case responsible for the constituency of the request. For any request received, if the Client’s account status allows, the Bank will automatically debit said account, which the Client accepts as of now. The Bank may, on its own initiative and in the cases referred to above, initiate a request for return of funds. The Client may also make a request to the Bank for return of funds when it is responsible for wrongly issuing the SEPA credit transfer and solely in the 3 aforementioned cases. To do this, the Client must address its request to the Bank at the latest before 10 a.m. (Paris time), on the 8th business day following the inte...
View SourceView Similar (3)
SEPA Credit Transfers. SEPA Direct Debits 5.1 SEPA credit transfer: Client can make via the Service outbound money transfers from Client’s myPOS Account and balance in EUR to any SEPA-reachable bank account in EUR in SEPA country. We shall perform correct payment orders for such transfers in compliance with EU Regulations on SEPA credit transfers. To make a correct payment order for SEPA credit transfer
View SourceView Similar (2)
SEPA Credit Transfers. 8.1.1.1 In order for a SEPA Credit Transfer to be initiated, you (or the Third Party Provider acting on your behalf) must provide the Payee's Unique Identifier and the amount to be transferred. You can optionally provide a reference for the Transaction. If we receive a SEPA Credit Transfer Payment Order from you by 14:00 on a Business Day, and provided that you have given us a valid Unique Identifier, we will send the funds to the Payee's payment service provider on the same Business Day. If the SEPA Credit Transfer Payment Order is received after 14:00 on a Business Day, the funds will be sent to the Payee's payment service provider before the end of the next Business Day. The fees applicable are set out in Article 17. 8.1.1.2 You must ensure (or the Third Party Provider acting on your behalf must ensure) that you provide us (that it provides us) the correct Unique Identifier. In order to allow the Payee to identify the origin of the transfer, you can add a reference. If you (or the Third Party Provider acting on your behalf) 8.1.1.3 If we are charged with executing a SEPA Credit Transfer Payment Order and we have not executed this order correctly, and provided that you have informed us of the incorrect execution within 13 months of the date of execution of said order, we will promptly return the amount debited to your online Account, and return your online Account to the situation in which it would have been had the incorrect order not been given. We will have no other liability towards you in this regard. 8.1.1.4 We reserve the right to refuse to execute a SEPA Credit Transfer Payment Order: i. if we have reasonable grounds to suspect that your online Account is being used in an unauthorised, fraudulent, or grossly negligent manner; ii. if Available Funds are not sufficient to cover the amount of the SEPA Credit Transfer and any applicable fees; or iii. if we consider that the SEPA Credit Transfer may be illegal. 8.1.1.5 In the event of refusal, we will inform you of the reasons for such refusal by email as soon as possible, and at the latest at the end of the first Business Day following the receipt of the Payment Order, unless the law forbids us to do so.
View SourceView Similar (2)
SEPA Credit Transfers. SEPA Direct Debits 5.1 SEPA credit transfer: Client can make via the Service outbound money transfers from Client’s myPOS Account and balance 5.2 SEPA Direct debit (SDD) Payments which Client makes to payees by SEPA direct debit through its myPOS Account (“Account”) shall be subject to the following terms and conditions. 5.2.1 The SEPA Direct Debit Service enables Client to make payments in EUR currency to the payee through our Service within the Single Euro Payments Area (SEPA) where the payments are initiated by the payee on the basis of a prior consent given by the Client. SEPA comprises the countries and territories described above in the List of SEPA countries and territories. 5.2.2 The client understands and agrees that in order to execute payments by SEPA Direct Debit Service: (a) The payee and the payee’s payment service provider must use the SEPA Direct Debit Core Scheme. (b) Client must give the SEPA direct debit mandate to the payee when entering into contractual relations with the payee or at least 14 days before the due date of the payment transaction under the contractual relations. (c) The payee initiates the respective payment transaction by submitting orders (“Collection”) for direct debit transaction to us via its payment service provider. The direct debit transaction may be recurrent or one-off payment as determined by Client in the Mandate provided to the payee. 5.2.3 When applying SEPA Direct Debit Service Client must use the generated IBAN and BIC provided by us as Client’s unique identifier vis-à-vis the payee. Client understands and agrees that we shall perform the payment under SEPA direct debit solely on the basis of the unique identifier provided in the Collection submitted by payee’s payment service provider. 5.2.4 SEPA direct debit mandate (a) Client understands that the SEPA direct debit mandate must be provided to the payee as a paper document, physically signed by Client or in any durable electronic format according to the agreement between Client and the payee and subject to the national legal requirements. (b) The Mandate must contain the following statements by the Client: (1) a statement authorizing the payee to collect payments via SEPA direct debit from Client’s Account held with us; and (2) a statement instructing us to pay XXXX direct debits drawn by the payee on Client’s Account. (c) The Mandate must contain the following authorisation data and attributes: (1) Client’s unique identifier (IBAN and BIC code); (2) uniq...
View Source
SEPA Credit Transfers 
View Source

Related to SEPA Credit Transfers

  • Manner of Borrowing and Funding Revolver Loans Borrowings under the Commitments established pursuant to Section 1.1 hereof shall be made and funded as follows:

  • Base Rate Loans Substituted for Affected Euro-Dollar Loans If (a) the obligation of any Lender to make or maintain, or to convert outstanding Loans to, Euro-Dollar Loans has been suspended pursuant to Section 2.15 or (b) any Lender has demanded compensation under Section 2.16(a) with respect to its Euro-Dollar Loans and, in any such case, the Borrower shall, by at least four Business Days’ prior notice to such Lender through the Administrative Agent, have elected that the provisions of this Section shall apply to such Lender, then, unless and until such Lender notifies the Borrower that the circumstances giving rise to such suspension or demand for compensation no longer apply: (i) all Loans which would otherwise be made by such Lender as (or continued as or converted into) Euro-Dollar Loans shall instead be Base Rate Loans (on which interest and principal shall be payable contemporaneously with the related Euro-Dollar Loans of the other Lenders); and (ii) after each of its Euro-Dollar Loans has been repaid, all payments of principal that would otherwise be applied to repay such Loans shall instead be applied to repay its Base Rate Loans. If such Lender notifies the Borrower that the circumstances giving rise to such notice no longer apply, the principal amount of each such Base Rate Loan shall be converted into a Euro-Dollar Loan on the first day of the next succeeding Interest Period applicable to the related Euro-Dollar Loans of the other Lenders.

  • Disbursement of Revolving Credit and Swingline Loans Not later than 2:00 p.m. on the proposed borrowing date, (i) each Revolving Credit Lender will make available to the Administrative Agent, for the account of the Borrower, at the office of the Administrative Agent in funds immediately available to the Administrative Agent, such Revolving Credit Lender’s Revolving Credit Commitment Percentage of the Revolving Credit Loans to be made on such borrowing date and (ii) the Swingline Lender will make available to the Administrative Agent, for the account of the Borrower, at the office of the Administrative Agent in funds immediately available to the Administrative Agent, the Swingline Loans to be made on such borrowing date. The Borrower hereby irrevocably authorizes the Administrative Agent to disburse the proceeds of each borrowing requested pursuant to this Section in immediately available funds by crediting or wiring such proceeds to the deposit account of the Borrower identified in the most recent notice substantially in the form attached as Exhibit C (a “Notice of Account Designation”) delivered by the Borrower to the Administrative Agent or as may be otherwise agreed upon by the Borrower and the Administrative Agent from time to time. Subject to Section 5.7 hereof, the Administrative Agent shall not be obligated to disburse the portion of the proceeds of any Revolving Credit Loan requested pursuant to this Section to the extent that any Revolving Credit Lender has not made available to the Administrative Agent its Revolving Credit Commitment Percentage of such Loan. Revolving Credit Loans to be made for the purpose of refunding Swingline Loans shall be made by the Revolving Credit Lenders as provided in Section 2.2(b).

  • Borrowing Mechanics for Revolving Loans (i) Except pursuant to Section 2.4(d), Revolving Loans that are Base Rate Loans shall be made in an aggregate minimum amount of $5,000,000 and integral multiples of $1,000,000 in excess of that amount, Revolving Loans that are Eurodollar Rate Loans shall be in an aggregate minimum amount of $5,000,000 and integral multiples of $1,000,000 in excess of that amount. (ii) Subject to Section 3.3(b), whenever Borrower desires that Lenders make Revolving Loans, Borrower shall deliver to Administrative Agent a fully executed and delivered Funding Notice no later than 1:00 p.m. (New York City time) at least three Business Days in advance of the proposed Credit Date in the case of a Eurodollar Rate Loan and at least one Business Day in advance of the proposed Credit Date in the case of a Revolving Loan that is a Base Rate Loan. (iii) Notice of receipt of each Funding Notice in respect of Revolving Loans, together with the amount of each Lender’s Pro Rata Share thereof, if any, together with the applicable interest rate, shall be provided by Administrative Agent to each applicable Lender by telefacsimile with reasonable promptness, but (provided Administrative Agent shall have received such notice by 1:00 p.m. (New York City time)) not later than 2:00 p.m. (New York City time) on the same day as Administrative Agent’s receipt of such Notice from Borrower. (iv) Each Lender shall make the amount of its Revolving Loan available to Administrative Agent not later than 12:00 p.m. (New York City time) on the applicable Credit Date by wire transfer of same day funds in Dollars, at the Principal Office designated by Administrative Agent. Except as provided herein, upon satisfaction or waiver of the conditions precedent specified herein, Administrative Agent shall make the proceeds of such Revolving Loans available to Borrower on the applicable Credit Date by causing an amount of same day funds in Dollars, equal to the proceeds of all such Revolving Loans received by Administrative Agent from Lenders to be credited to the account of Borrower at the Principal Office designated by Administrative Agent or such other account as may be designated in writing to Administrative Agent by Borrower.

  • Procedure for Borrowing Swingline Loans The Borrower shall give the Agent and the Swingline Lender notice pursuant to a Notice of Swingline Borrowing or telephonic notice of each borrowing of a Swingline Loan. Each Notice of Swingline Borrowing shall be delivered to the Swingline Lender no later than 3:00 p.m. on the proposed date of such borrowing. Any such notice given telephonically shall include all information to be specified in a written Notice of Swingline Borrowing and shall be promptly confirmed in writing by the Borrower pursuant to a Notice of Swingline Borrowing sent to the Swingline Lender by telecopy on the same day of the giving of such telephonic notice. On the date of the requested Swingline Loan and subject to satisfaction of the applicable conditions set forth in Article V. for such borrowing, the Swingline Lender will make the proceeds of such Swingline Loan available to the Borrower in Dollars, in immediately available funds, at the account specified by the Borrower in the Notice of Swingline Borrowing not later than 4:00 p.m. on such date.