Common use of SEPA Area Clause in Contracts

SEPA Area. Member States of the European Union (EU), Iceland, Liechtenstein, Norway, Republic of San Marino, Switzerland and Monaco. As far as France is concerned, the overseas departments and regions (Guadeloupe, Guyane, Martinique, Réunion and Mayotte) as well as the overseas territories of Saint-Barthélemy, Saint-Pierre-et-Miquelon and the French part of Saint-Xxxxxx are part of the SEPA area. Unique identifier Combination of letters, figures or symbols indicated to the Client, user of a payment service, by the Bank, and which the Client must provide to enable accurate identification of the other user of payment services and/or its payment account, for the payment transaction. Example: when the Client wishes to initiate a SEPA credit transfer, it needs to provide the Bank with the payee’s IBAN. IBAN (International Bank Account Number) Identifier used to uniquely identify a client’s bank account with a financial institution in a given country. SCI (SEPA Creditor Identifier) Identifier that uniquely designates a creditor issuing SEPA direct debit instructions. Business day Day during which the Bank carries out an activity allowing the execution of payment transactions. Bank business day Day when the European payment system TARGET (Trans-European Automated Real- time Gross Settlement Express Transfer System) is open and which is a business day for the Bank. Moment of receipt Is the day when the payment instruction is received by the Bank, or else the day when the Client has made the funds available to the Bank, or else, if the Client and the Bank agree that execution of the payment instruction shall commence on a given day or at the end of a pre-determined period, the day so agreed. If the moment of receipt is not a business day for the Bank, the payment instruction is deemed to have been received on the next business day.

SEPA Area. Member States of the European Union (EU), Iceland, Liechtenstein, Norway, Republic of San Marino, Switzerland and Monaco. As far as France is concerned, the overseas departments and regions (Guadeloupe, Guyane, Martinique, Réunion and Mayotte) as well as the overseas ov erseas territories of Saint-Barthélemy, Saint-Pierre-et-Miquelon and the French part of Saint-Xxxxxx are part of the SEPA area. Unique identifier Combination of letters, figures or symbols indicated to the Client, user of a payment service, by the Bank, and which the Client must provide prov ide to enable accurate identification identif ication of the other user of payment services and/or its payment account, for the payment transaction. Example: when the Client wishes to initiate a SEPA credit transfer, it needs to provide the Bank with the payeepay ee’s IBAN. IBAN (International Bank Account Number) Identifier Identif ier used to uniquely identify a client’s bank account with a financial institution in a given giv en country. SCI (SEPA Creditor Identifier) Identifier Identif ier that uniquely designates a creditor issuing SEPA direct debit instructions. Business day Day during which the Bank carries out an activity allowing the execution of payment transactions. Bank business day Day when the European payment system TARGET (Trans-European Trans -European Automated Real- time Gross Settlement Express Transfer System) is open and which is a business day for f or the Bank. Moment of receipt Is the day when the payment instruction is received by the Bank, or else the day when the Client has made the funds available to the Bank, or else, if the Client and the Bank agree that execution of the payment instruction shall commence on a given giv en day or at the end of a pre-determined period, the day so agreed. If the moment of receipt is not a business day for the Bank, the payment instruction is deemed to have hav e been received on the next business day.