Cash Paymaster definition

Cash Paymaster means Cash Paymaster Services Proprietary Limited (registration number 1971/007195/07), a company registered under the laws of South Africa;
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Examples of Cash Paymaster in a sentence

  • Cash Paymaster Services Proprietary Limited South Africa 1971/007195/07 4.

  • Second, Cash Paymaster is an organ of state19 and has constitutional obligations to ensure the distribution of social grants that flow from its unlawful incumbency (and the beneficiaries’ concomitant dependency) derived from the invalid 2012 contract, which continue even after the dissolution of the contract.

  • The Court in support of its determination that “Cash Paymaster has no right to benefit from an unlawful contract”, specifically referred to the right to restitution after rescission of a contract and enrichment claims arising from invalid contracts.17 With this in mind, the Court required audited accounts to be filed by SASSA and CPS at the end of the invalid 2012 contract (which are still be filed),18 to establish the extent of any benefit obtained by Cash Paymaster from the invalid contract.

  • This Court held that “even after the dissolution of the contract, but before the appointment of another service provider, Cash Paymaster will have constitutional obligations”.20 This makes it clear that, despite Cash Paymaster’s erroneously allegation, 21 in the current circumstances (where no new system of distribution is in place) its constitutional obligations do not end with the termination of the invalid 2012 contract.

  • On the Effective Date, Cash Paymaster Services Proprietary Limited (registration number 1971/007195/07) resigns as Guarantor and is released from all of its obligations under the Finance Documents.

  • The Cash Paymaster Service (CPS) and Allpay (private companies) were then contracts by government to pay out grants to social security grant beneficiaries.

  • Challenges• Despite access letters, Cash Paymaster Services (CPS) refused Black Sash staff and community partnermonitors access to the SASSA pay points.

  • The Company has ceded its investment in Cash Paymaster Services Proprietary Limited (“CPS”), a wholly owned South African subsidiary, as security for its repayment obligations under the facility.

  • Neither the Company, EasyPay (Pty) Ltd., Cash Paymaster Services (Pty) Ltd, Moneyline Financial Services (Pty) Ltd nor any other Subsidiary provide or have ever provided any financial services, including any advice or intermediary services, in South Africa (as defined by and regulated under the South African Financial Advisory and Intermediary Services Act (“FAIS”) prior to receipt of the relevant FAIS licenses.

  • But even after the dissolution of the contract, but before the appointment of another service provider, Cash Paymaster will have constitutional obligations.

Related to Cash Paymaster

  • Cash Payment has the meaning assigned by Section 2.7(b)(ii).

  • 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.

  • Net Cash Payments means, with respect to any Disposition, the aggregate amount of all cash payments received by the Company and its Restricted Subsidiaries directly or indirectly in connection with such Disposition, whether at the time of such Disposition or after such Disposition under deferred payment arrangements or Investments entered into or received in connection with such Disposition (including, without limitation, Disposition Investments); provided that:

  • Closing Cash Payment has the meaning set forth in Section 2.06(a).

  • Cash Consideration has the meaning set forth in Section 2.2.

  • Non-Cash Consideration means the Fair Market Value of non-cash consideration received by the Borrower or a Subsidiary in connection with an Asset Sale less the amount of cash or Cash Equivalents received in connection with a subsequent sale of or collection on such Non-Cash Consideration.

  • Company Cash means all cash on hand or on deposit to the credit of the Company on the Closing Date;

  • Per Share Cash Consideration has the meaning set forth in Section 3.01(a)(ii).

  • Distributor / Distribution Company means Company(ies), Firm(s), Sole Proprietorship concern(s), individual(s), Banks or any other Financial Institution appointed by the Management Company under intimation to the Trustee for performing any or all of the Distribution Functions and who are registered with MUFAP as Registered Service Providers. The Management Company may itself also performs the Distribution Function.

  • Local Distribution Company or “LDC” means a Person licensed by the OEB as a “Distributor” in connection with a Distribution System.

  • Stock Value means an amount equal to (a) 25% multiplied by (b) (i) the Closing Purchase Price, minus (ii) the Financial Debt, minus (iii) the Transaction Expenses.

  • Cash Contribution refers to a direct payment of Contribution in Canadian currency.

  • Distribution Company means a distribution company as defined in Section 1 of Chapter 164 of the Massachusetts General Laws.3

  • Closing Cash Consideration has the meaning set forth in Section 2.6(a)(i).

  • Designated Non-Cash Consideration means the Fair Market Value of non-cash consideration received by the Company or one of its Restricted Subsidiaries in connection with an Asset Sale that is so designated as Designated Non-cash Consideration pursuant to an Officers’ Certificate, setting forth the basis of such valuation, less the amount of Cash Equivalents received in connection with a subsequent sale of such Designated Non-cash Consideration.

  • Defined Contribution Plan Fraction means a fraction, the numerator of which is the sum of the Annual Additions to the Member's account under all the defined contribution plans (whether or not terminated) maintained by the Employer for the current and all prior Limitation Years (including the Annual Additions attributable to the Member's nondeductible employee contributions to all defined benefit plans, whether or not terminated, maintained by the Employer, and the Annual Additions attributable to all welfare benefit funds, as defined in Code Section 419(e), and individual medical accounts, as defined in Code Section 415(l)(2), maintained by the Employer), and the denominator of which is the sum of the maximum aggregate amounts for the current and all prior Limitation Years of service with the Employer (regardless of whether a defined contribution plan was maintained by the Employer). The maximum aggregate amount in any Limitation Year is the lesser of 125 percent of the dollar limitation determined under Code Section 415(b) and (d) in effect under Code Section 415(c)(1)(A) of the Code or 35 percent of the Member's Compensation for such year. If the Member was a member as of the end of the first Limitation Year beginning after December 31, 1986, in one or more defined contribution plans maintained by the Employer which were in existence on May 6, 1986, the numerator of this fraction shall be adjusted if the sum of this fraction and the Defined Benefit Plan Fraction would otherwise exceed 1.0 under the terms of this Plan. Under the adjustment, an amount equal to the product of (1) the excess of the sum of the fractions over 1.0 times (2) the denominator of this fraction, will be permanently subtracted from the numerator of this fraction. The adjustment is calculated using the fractions as they would be computed as of the end of the last Limitation Year beginning before January 1, 1987, and disregarding any changes in the terms and conditions of the plan made after May 5, 1986, but using the Code Section 415 limitations applicable to the first Limitation Year beginning on or after January 1, 1987. The Annual Addition for any Limitation Year beginning before January 1, 1987, shall not be recomputed to treat all employee contributions as Annual Additions.

  • Aggregate Cash Consideration has the meaning set forth in Section 3.01(b)(ii).

  • Newco has the meaning set forth in the first paragraph of this Agreement.

  • Cash Amount means an amount of cash equal to the product of (i) the Value of a REIT Share and (ii) the REIT Shares Amount determined as of the applicable Valuation Date.

  • Cash Portion is defined in Section 2.2(a)(iii) hereof.

  • Umbrella Cash Account means (a) a cash account designated in a particular currency opened

  • OP Unit Economic Balance has the meaning set forth in Section 6.03(c) hereof.

  • Per Share Cash Amount for purposes of this Section 2(b) means an amount equal to the sum of (I) the average of the closing price of the Common Stock for the 20 trading days immediately preceding the date of the Change in Control and (II) any cash dividend payable on a share of Common Stock during the 20 trading-day period described in the foregoing.

  • Performing Cash Pay Mezzanine Investments means Mezzanine Investments (a) as to which, at the time of determination, not less than 2/3rds of the interest (including accretions and “pay-in-kind” interest) for the current monthly, quarterly, semi-annual or annual period (as applicable) is payable in cash and (b) which are Performing.

  • Cash Contribution Amount means the aggregate amount of cash contributions made to the capital of the Issuer or any Guarantor described in the definition of “Contribution Indebtedness.”

  • SpinCo shall have the meaning set forth in the Preamble.