Adequate cover definition

Adequate cover for a payment order means the availability of sufficient funds, namely the existence of an account balance not smaller than the amount of the payment order, consisting of the closing balance of the previous banking day, plus credit already posted to the payor’s account in the course of the current banking day for incoming payments, deposits and remittances, less outgoing payments and disbursements already occurring in the course of the current banking day, and anticipated bank charges. Funds reflecting mere provisional credit to the payor’s account do not constitute part of the required cover.
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Adequate cover means the availability of sufficient funds to process payment orders from which the payment order is executed. Funds recorded as mere provisional credit to the originator’s Account do not constitute part of the required cover;
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Examples of Adequate cover in a sentence

  • Adequate cover helps ensure the pipeline operates safely and minimizes the risk to public safety.

Related to Adequate cover

  • Adequate Country means a country or territory that is recognized under EU Data Protection Laws as providing adequate protection for Personal Data;

  • Adequate Assurance has the meaning given in clause 21.3(a).

  • Adequate security means protective measures that are commensurate with the consequences and probability of loss, misuse, or unauthorized access to, or modification of information.

  • adequate information means information of a kind, and in sufficient detail, as far as is reasonably practicable in light of the nature and history of the debtor and the condition of the debtor’s books and records, including a discussion of the potential material Federal tax consequences of the plan to the debtor, any successor to the debtor, and a hypothetical investor typical of the holders of claims or interests in the case, that would enable such a hypothetical investor of the relevant class to make an informed judgment about the plan . . . .

  • Adequate Assurance of Performance has the meaning given to it in Section 10.3.