Free of Payment" or "FOP definition

Free of Payment" or "FOP means, in relation to the settlement of a stock position in CCASS by a Participant, the settlement of such a stock position in CCASS which does not require the settlement of the corresponding money position of such stock position to be effected thereafter as part of the CCASS money settlement process (noting that money settlement may still take place outside CCASS);
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Examples of Free of Payment" or "FOP in a sentence

  • Transactions in Eligible Securities can be settled in CCASS, either on a Free of Payment, or FOP, basis, or on a Delivery versus Payment, or DVP, basis or on a Realtime Delivery versus Payment, or RDP, basis.

  • Malthus and Ricardo - the pessimists - were obsessed with the fear of an impending hell unless human beings adopted measures to keep their number in check.12 Their protagonists like Seligman and others saw in the birth of a child not only a mouth demanding food but also a pair of hands capable of eventually adding to output of consumable goods.

  • The following types of securities transfer operations (except securities transfer operations based on transactions concluded on the Regulated Market) are carried out in the system: 1) Free Delivery or ST transfer; 2) Delivery versus Payment or DVP transfer; 3) Free of Payment or FOP transfer; 4) Transfer of securities portfolio or portfolio transfer; 5) Transfer of securities due to repurchase transaction, concluded with the Central Bank and/or financial organizations.

Related to Free of Payment" or "FOP

  • Date of Payment means the date on which NYSERDA requisitions a check from its statutory fiscal agent, the Department of Taxation and Finance, to make a Payment.

  • Tariff Payment means the payments to be made under Monthly Bills as referred to in Article 10 and the relevant Supplementary Bills;

  • Schedule of Payments means the schedule of payments disclosed on a Contract.

  • 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.

  • Next Payment means, in respect of each Next Payment Date, the greater of (i) the amount of any payments due to be made by Party A under Section 2(a) on such Next Payment Date less any payments due to be made by Party B under Section 2(a) on such Next Payment Date (in each case, after giving effect to any applicable netting under Section 2(c)) and (ii) zero.

  • Basic Rate of Pay means the incremental step in the Salaries Schedule applicable to an Employee in accordance with the terms of this Collective Agreement, exclusive of all premium payments.

  • Guarantor of Payment means each of the Companies set forth on Schedule 2 hereto, that are each executing and delivering a Guaranty of Payment, or any other Person that shall deliver a Guaranty of Payment to Agent subsequent to the Closing Date.

  • Regular rate of pay means the rate of pay the employee was receiving at the time maternity leave commenced, but does not include retroactive adjustment of rate of pay, acting pay, overtime, shift premium or any other form of supplementary compensation.

  • Annual Rate of Pay means, as of any date, an employee’s annualized base pay rate. An employee’s Annual Rate of Pay shall not include sales commissions or other similar payments or awards.

  • Co-payment means a relatively small amount of money paid by the insured person towards the cost of each day in a private hospital per episode of care, with Latrobe paying the rest of the cost.

  • Actual Rate of Pay means, unless and until the Agency Worker has completed the Qualifying Period, the rate of pay which will be paid for all time worked during an Assignment for each hour worked, as set out in the relevant Assignment Details Form;

  • Debit Payment means a particular transaction where a debit is made.

  • Net Payment With respect to any Distribution Date on or prior to the Swap Contract Termination Date, an amount equal to the sum of (i) any Current Interest and Interest Carry Forward Amounts in respect of the Benefited Certificates, (ii) any Net Rate Carryover in respect of the Benefited Certificates, (iii) any Unpaid Realized Loss Amounts in respect of the Benefited Certificates and (iv) any Overcollateralization Deficiency Amount, in each case remaining unpaid (or in the case of Overcollateralization Deficiency Amount, remaining) following the distribution to the Benefited Certificates of Excess Cashflow and Credit Comeback Excess Cashflow pursuant to Section 4.04(c) of the Pooling and Servicing Agreement. With respect to any Distribution Date after the Swap Contract Termination Date, zero.

  • Current rate of pay means the member's actual hourly, daily, weekly, biweekly, monthly, or yearly rate of pay converted to an annual rate as defined in final rate of pay. The rate shall be certified by the employer;

  • Place of Payment when used with respect to the Securities of any series, means the place or places where the principal of and any premium and interest on, or any Additional Amounts with respect to, the Securities of that series are payable as specified as contemplated by Section 3.1 and 10.2.

  • hourly rate of pay means a full-time employee’s weekly rate of pay divided by thirty-seven decimal five (37.5); (taux de rémunération horaire)

  • Agent Payment Account means account no. 5000000030266 of Agent at Wachovia Bank, National Association, or such other account of Agent as Agent may from time to time designate to Administrative Borrower as the Agent Payment Account for purposes of this Agreement and the other Financing Agreements.

  • Base Rate of Pay means the employee’s hourly rate of pay excluding any premiums, incentives, add-ons or rollups.

  • Final rate of pay means the actual rate upon which earnings of an employee were calculated during the twelve (12) month period immediately preceding the member's effective retirement date, and shall include employee contributions picked up after August 1, 1982, pursuant to KRS 78.610(4). The rate shall be certified to the system by the employer and the following equivalents shall be used to convert the rate to an annual rate: two thousand eighty (2,080) hours for eight (8) hour workdays, one thousand nine hundred fifty (1,950) hours for seven and one-half (7.5) hour workdays, two hundred sixty (260) days, fifty-two (52) weeks, twelve (12) months, one (1) year;

  • Guaranty of Payment means each Guaranty of Payment executed and delivered on or after the Closing Date in connection with this Agreement by the Guarantors of Payment, as the same may from time to time be amended, restated or otherwise modified.

  • Electronic Payment System means a payment system that generates any transfer of funds, other than a transaction originated by cash, check, or similar paper instrument, which is initiated through an electronic terminal, telephone, mobile phone, computer, or magnetic tape, for the purpose of ordering, instructing or authorizing a financial institution to debit or credit an account. The term includes debit cards, wire transfers, transfers made at automatic teller machines, and point-of-sale terminals.

  • Agreement Payment means a Payment paid or payable pursuant to this Agreement.

  • Event Payments has the meaning set forth in Section 6.1(d).

  • Payment Network means a debit or credit network (such as the ACH Network or ACCEL / Exchange payment network) through which funds may be transferred.