Reconverting Bank definition

Reconverting Bank means (1) the bank that creates a Substitute Check; or (2) with respect to a Substitute Check that was created by a person that is not a bank, the first bank that transfers, presents, or returns that Substitute Check or, in lieu thereof, the first paper or electronic representation of that Substitute Check.
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Reconverting Bank means a bank that creates a Substitute Check; or if a Substitute Check is created by a Person other than a bank, the first bank that transfers or presents such Substitute Check.
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Reconverting Bank. ’ means the first bank that
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Examples of Reconverting Bank in a sentence

  • Customer is responsible for all the warranties and indemnifications of a Reconverting Bank as defined in the Check 21 Law and its implementing regulations found at 12 C.F.R. Part 229, as the same may be amended from time to time, to the extent permitted by law.

  • The images captured and transmitted by Business Entity through Remote Deposit shall be sufficient for Extraco or any subsequent Reconverting Bank, to print and distribute a Substitute Check in compliance with the Standards.

  • Bank represents and warrants that it and/or its service partners have the capability to receive image files and initiate “Substitute Checks/Image Replacement Documents” or “IRD” Bank agrees to remain in Reconverting Bank for all purposes under “Check 21” and makes all warranties there under.

  • Because you are performing the function of converting Original Checks to Check Images which may become Substitute Checks, you understand and agree that you are responsible, to the extent permitted by law, for all warranties and indemnifications set forth in the Check Clearing for the 21st Century Act (as may be amended from time to time, “Check 21”) applying to the Reconverting Bank and Truncating Bank, as such terms are defined by Check 21.

  • It is the parties’ intent that at all times the images captured and transmitted by Customer through Remote Capture shall be sufficient for Amarillo National Bank or any subsequent Reconverting Bank, to print and distribute a Substitute Check in compliance with the Standards.

  • The Company incurred an amount of USD 65,858 (EURO 58,148) for the financial period ended 31 December 2022 relating to administration services provided by Apex IFS Limited.

  • At all times the images captured and transmitted by Customer through Remote Deposit Capture shall be sufficient for Bank or any subsequent Reconverting Bank, to print and distribute a Substitute Check in compliance with the Standards.

  • Section 229.2(zz) Reconverting Bank (corresponding to Section 229.2(yy) of the proposed rule) Several commenters expressed concern about the proposed definition of reconverting bank and the accompanying commentary.15 Most of these comments focused on the portion of the definition describing the identity of the reconverting bank when a nonbank created the substitute check.

  • Customer is responsible for all the warranties and indemnifications of a Reconverting Bank as defined in The Check Clearing for the 21st Century Act ("Check 21 Law") and its implementing regulations found at 12 C.F.R. Part 229, as the same may be amended.

  • Customer is responsible for all the warranties and indemnifications of a Reconverting Bank as defined in The Check Clearing for the 21st Century Act (“Check 21 Law”) and its implementing regulations found in Reg.


More Definitions of Reconverting Bank

Reconverting Bank means, with respect to a non-bank substitute check, the first bank that transfers, presents or returns that non-bank substitute check.
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Related to Reconverting Bank

  • Purchasing Lender shall have the meaning set forth in Section 16.3(c) hereof.

  • New Revolving Lender as defined in Section 2.24.

  • Increasing Lender has the meaning specified in Section 2.18(b).

  • New Revolving Loan Lender shall have the meaning provided in Section 2.14(b).

  • Departing Lender means each lender under the Existing Credit Agreement that executes and delivers to the Administrative Agent a Departing Lender Signature Page.

  • Extending Lender shall have the meaning assigned to such term in Section 2.21(e).

  • Existing bank means a savings bank, national banking association, or state chartered bank engaged in the business of banking prior to the consolidation under this section.

  • PPP Lender means JPMorgan Chase Bank, N.A.

  • Purchasing Lenders shall have the meaning set forth in Section 9.6(c).

  • New Lender as defined in Section 2.1(c).

  • Non-BA Lender means any Lender which is not a BA Lender.

  • Tranche B Lender means a Lender with a Tranche B Commitment or an outstanding Tranche B Term Loan.

  • Revolving Loan Lender means a Lender with a Revolving Credit Commitment or a Revolving Loan.

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

  • Extending Revolving Lender shall have the meaning given to such term in Section 2.22(a)(iii).

  • Swing Loan Lender means PNC, in its capacity as lender of the Swing Loans.

  • New Lender Supplement as defined in Section 2.1(c).

  • Refinancing Lender means, at any time, any bank, other financial institution or institutional investor that agrees to provide any portion of any Credit Agreement Refinancing Indebtedness pursuant to a Refinancing Amendment in accordance with Section 2.28; provided that each Refinancing Lender (other than any Person that is a Lender, an Affiliate of a Lender or an Approved Fund of a Lender at such time) shall be subject to the approval of the Administrative Agent and each Issuing Bank (in the case of Other Refinancing Revolving Commitments or Other Refinancing Revolving Loans) (such approval not to be unreasonably withheld or delayed), in each case to the extent any such consent would be required from the Administrative Agent and each Issuing Bank (in the case of Other Refinancing Revolving Commitments or Other Refinancing Revolving Loans) under Section 10.4(b) for an assignment of Loans or Commitments to such Refinancing Lender.

  • Funding Lender means Citibank N.A., a national banking association, and any successor under this Funding Loan Agreement and the Borrower Loan Documents.

  • Additional Revolving Lender means any Lender with an Additional Revolving Credit Commitment or any Additional Revolving Credit Exposure.

  • New Revolving Loan has the meaning specified in Section 2.14(a).

  • New Bank as defined in subsection 2.20(b).

  • Term Loan Lender means a Lender with a Term Loan Commitment or an outstanding Term Loan.

  • Revolving Lender means a Lender with a Revolving Commitment or, if the Revolving Commitments have terminated or expired, a Lender with Revolving Exposure.

  • New Revolving Credit Lender has the meaning specified in Section 2.14(a).