Payment Party definition

Payment Party means a Trading Party, a Virtual Lead Party that holds a Virtual Balancing Account or the NETSO, or (in the context of a Payment Date) any such Party where obliged to make or (subject to Section N2.4 to N2.7 (inclusive)) entitled to receive payment to or from the BSC Clearer of any amount in respect of Trading Charges;
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Payment Party has the meaning assigned to such term in Section 8.15.
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Payment Party shall have the meaning provided in Section 12.19.
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Examples of Payment Party in a sentence

  • Each Payment Party shall promptly review all extracts of ledger accounts sent to it and shall (without prejudice to any of its rights under the Code) where practicable within 10 Business Days after receiving such information notify the FAA of any errors on the face of such account of which it is aware or, if it is not aware of any such errors on the face of the extracts, so notify the FAA.

  • In respect of each Settlement Day within the Relevant Period and for each Payment Party, the Trading Charges Amount under paragraph 6.1 automatically (by virtue of Section K7) includes the sum referred to in paragraph 6.10.1.

  • The FAA shall maintain ledger accounts showing all amounts payable and receivable by each Payment Party and the BSC Clearer according to calculations made and notifications issued by the FAA pursuant to this Section N.

  • If the FAA at any time receives a notice disputing the accuracy of any ledger account, records, data or information, it shall consult with the Payment Party who gave the notice and each shall use all reasonable endeavours to agree the information.

  • The amount determined, for a Payment Party and Reconciliation Settlement Run, pursuant to paragraph 6.4.2 shall be a " Reconciliation Charge".

  • Each Payment Party shall be entitled to receive a quarterly extract of the ledger account which is relevant to it showing all amounts debited and credited to its account provided that if a Payment Party so requests of the FAA, it shall be entitled to receive a monthly extract of such ledger account.

  • Each Payment Party waives any right and agrees not to make any claim it might otherwise have to set off against any obligation owing to the BSC Clearer any claims such Payment Party may have to repayment of moneys paid to the BSC Clearer and credited to the Reserve Account.

  • Except as otherwise expressly provided in this Section N and Section M, neither the FAA nor the BSC Clearer shall be required to ascertain or enquire as to the performance or observance by any Payment Party of its obligations under the Code and neither shall have a duty to inform the Panel or Payment Party of any default, other than a failure to pay, as may come to its attention.

  • Each Payment Party shall also supply to the FAA and the Panel such information or (as the case may be) further information concerning its Settlement Account as the Panel or the FAA reasonably requests.

  • Any Payment Party who instructs its bank to make a payment in excess of the amount owing by that Payment Party on any Payment Date shall simultaneously with giving such instructions advise the FAA in writing of the amount of the excess payment providing a description of what that Payment Party considers the excess payment relates to.


More Definitions of Payment Party

Payment Party means a bank, financial institution, credit card issuer, debit card issuer or credit/debit card payment processor that is obligated to remit funds to Borrowers with respect to a Transaction or on which a check is drawn.
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Payment Party has the meaning specified in Section 8.2(j).
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Payment Party as defined in Section 10.16.
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Payment Party means either (i) Lender, (ii) an Affiliate of Lender, (iii) Lessor, if the interest in such Lessor which has been pledged as security to Lender is owned (whether directly or indirectly, and irrespective of how such ownership is acquired) by Lender or an Affiliate of Lender, or (iv) Lessor, if the interest in such Lessor which has been pledged as security to Lender such Lessor will be owned (whether directly or indirectly, and irrespective of how such ownership is acquired) by Lender or an Affiliate of Lender immediately following any Prepayment Premium. 3.1.4
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Related to Payment Party

  • Settlement Payment means the transfer, or contractual undertaking (including by automated clearing house transaction) to effect a transfer, of cash or other property to effect a Settlement.

  • Third Party Payment means payment through an instrument issued from a bank account other than that of the beneficiary investor. In case of payments from a joint bank account, the first named investor/holder of the mutual fund folio has to be one of the joint holders of the bank account from which payment is made.

  • Payment means any payment or distribution in the nature of compensation (within the meaning of Section 280G(b)(2) of the Code) to or for the benefit of the Executive, whether paid or payable pursuant to this Agreement or otherwise.

  • Payor means a trustee, insurer, business entity, employer, government, governmental subdivision or agency, or other person authorized or obligated by law or a governing instrument to make payments.

  • Independent Party means, with respect to a BDC Downstream Fund, (i) if the BDC Downstream Fund has a board of directors (or the equivalent), the board or (ii) if the BDC Downstream Fund does not have a board of directors (or the equivalent), a transaction committee or advisory committee of the BDC Downstream Fund.

  • Payment Recipient The meaning specified in Section 11.10(a).

  • Participating Party means an enterprise or public body that has committed itself to reaching certain objectives under a voluntary agreement, or is covered by a national regulatory policy instrument;

  • Mediation party means a person that participates in a mediation and whose agreement is necessary to resolve the dispute.