Direct Debiting Scheme definition

Direct Debiting Scheme means the scheme for the manual or automated debiting of bank accounts operated in accordance with the detailed rules of certain members of the Association for Payment Clearing Services;

Direct Debiting Scheme means the system for the manual or automated debiting of bank accounts by Direct Debit operated in accordance with the principal rules of certain members of the Association for Payment Clearing Services. "Discount Rate" means 5.8720 per cent. per annum, whereby discounting shall take place on the basis of one year of 360 days being equivalent to 12 months, each month consisting of 30 days.

Direct Debiting Scheme means the scheme for the manual or automated debiting of bank accounts operated in accordance with the detailed rules of certain members of the Association for Payment Clearing Services.

Examples of Direct Debiting Scheme in a sentence

• Prior to termination of this Agreement, the Administrator, the Seller, the Mortgages Trustee and Funding shall co-operate to obtain the agreement of the Borrowers to a new bank mandate permitting the Mortgages Trustee to operate the Direct Debiting Scheme.

• Prior to termination of this Agreement, the Servicer, the Seller, the Mortgages Trustee and the Funding Beneficiaries shall co-operate to obtain the agreement of the Borrowers to a new bank mandate permitting the Mortgages Trustee to operate the Direct Debiting Scheme.

• Prior to termination of this Agreement, the Administrator, the Seller, the Mortgages Trustee and the Funding Beneficiaries shall co-operate to obtain the agreement of the Borrowers to a new bank mandate permitting the Mortgages Trustee to operate the Direct Debiting Scheme.

More Definitions of Direct Debiting Scheme

Direct Debiting Scheme means the system for the manual or automated debiting of bank accounts by Direct Debit operated in accordance with the principal rules of certain members of the Association for Payment Clearing Services. "Discount Rate" means 4.1951 per cent. per annum, which equals the weighted average of (i) the estimated fixed rates under the Swap Agreement and (ii) an estimate of the hypothetical swap rate (being higher than the fixed rate under the Swap Agreement) theoretically needed to swap the floating rate payments of the Subordinated Loan, plus the Servicer Fee at a rate of 1 per cent. per annum, plus 0.03 per cent. for any administrative cost and fees. The Discount Rate shall include an amount equal to the Interest Compensation Rate which is available to pay Interest Compensation Order of Priority Required Amounts on any Payment Date.

Direct Debiting Scheme means the system for the manual or automated debiting of bank accounts by Direct Debit operated in accordance with the principal rules of certain members of the Association for Payment Clearing Services. "Discount Rate" means 4.1951 per cent. per annum, which equals the weighted average of (i) the estimated fixed rates under the Swap Agreement and (ii) an estimate of the hypothetical swap rate (being higher than the fixed rate under the Swap Agreement) theoretically needed to swap the floating rate payments of the Subordinated Loan, plus the Servicer Fee at a rate of 1 per cent. per annum, plus 0.03 per cent. for any administrative cost and fees. The Discount Rate shall include an amount equal to the Interest Compensation Rate which is available to pay Interest Compensation Order of Priority Required Amounts on any Payment Date.