Processing Bank definition

Processing Bank means, initially, Mellon Bank, N.A. and its successors in interest, and thereafter a depository institution named by the Servicer and approved by the Insurer (so long as no Insurer Default has occurred and is continuing) which provides a lockbox as part of its normal and customary services at which the Lockbox Account is established and maintained as of such date; provided, however, that upon the occurrence of a Servicer Termination Event, the Controlling Party may, in its sole discretion, cause the Lockbox Account to be established at another bank.
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Processing Bank means, with respect to any Receivable, a bank that has been engaged by the Servicer to collect Credit Card Payments from the related Processor and to remit such funds to the applicable Receivables Obligor’s Transfer Accounts.
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Processing Bank means any bank at which any Collection Account, Disbursement Account or Exchange Account is maintained as listed in Exhibit B (as may be amended from time to time by mutual agreement by the applicable Exchanger and QI).
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Examples of Processing Bank in a sentence

  • To the extent that such amounts are owed to the Processing Bank, the Servicer will cause such amounts to be returned to the Processing Bank.

  • The Lockbox Account will be a demand deposit account held by the Processing Bank.

  • The Servicer will use its best efforts to notify or direct any Processing Bank to deposit all payments on the Receivables in the Lockbox Account no later than the Business Day after receipt, and to cause all amounts credited to the Lockbox Account on account of such payments to be transferred to the Collection Account no later than the second Business Day after receipt of available funds with respect to such payments.

  • The outgoing Servicer will, upon request of the Indenture Trustee, but at the expense of the outgoing Servicer, deliver to the successor Servicer all documents and records relating to each such Blocked Account Agreement and an accounting of amounts collected and held by the Processing Bank and otherwise use its best efforts to effect the orderly and efficient transfer of any Blocked Account Agreement to the successor Servicer.

  • In such event, the successor Servicer will be deemed to have assumed all of the outgoing Servicer's interest therein and to have replaced the outgoing Servicer as a party to each such Blocked Account Agreement to the same extent as if such Blocked Account Agreement had been assigned to the successor Servicer, except that the outgoing Servicer will not thereby be relieved of any liability or obligations on the part of the outgoing Servicer to the Processing Bank under such Blocked Account Agreement.

  • The Servicer will, to the extent not provided for pursuant to Section 5.7, be liable for the fees and out-of-pocket expenses of the Owner Trustee, the Backup Servicer, the Indenture Trustee, the Custodian, the Processing Bank (and any fees under the Blocked Account Agreement) and the Independent Accountants, except taxes levied or assessed against such parties.

  • The SWIFT flows between the Lead Bank and Processing Bank are not governed by SCORE.

  • In such event, the successor Servicer will be deemed to have assumed all of the outgoing Servicer’s interest therein and to have replaced the outgoing Servicer as a party to each such Blocked Account Agreement to the same extent as if such Blocked Account Agreement had been assigned to the successor Servicer, except that the outgoing Servicer will not thereby be relieved of any liability or obligations on the part of the outgoing Servicer to the Processing Bank under such Blocked Account Agreement.

  • I understand that as per regulatory requirement, Company shall process any payment in relation to my insurance policy only through electronic fund transfer after receipt of aforesaid pending bank details from me.Cancelled Cheque submitted for Refund Processing Bank account details as provided below and for which I am submitting a cancelled cheque, should be used by the Company for electronic fund transfer as mode of payment.

  • The Servicer will, to the extent not provided for pursuant to Section 5.7, be liable for the fees and out-of-pocket expenses of the Owner Trustee, the Backup Servicer, the Indenture Trustee, the Custodian, the Processing Bank (and any fees under the Blocked Account Agreement) and the Independent Accountants except taxes levied or assessed against such parties.


More Definitions of Processing Bank

Processing Bank has the meaning set forth in the preliminary statements hereto.
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Processing Bank means the terms set out by any processing bank time to time trading as Stripe, as set out within the Agreement.
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Related to Processing Bank

  • Processing Date means the day on which the first step of physical Processing is scheduled to occur, as identified in an Acknowledgement.

  • processing aid means any substance not consumed as a food ingredient by itself, intentionally used in the processing of raw materials, foods or their ingredients, to fulfil a certain technological purpose during treatment or processing and which may result in the unintentional but technically unavoidable presence of residues of the substance or its derivatives in the final product, provided that these residues do not present any health risk and do not have any technological effect on the finished product;

  • Bank is defined in the preamble hereof.

  • Collecting bank means a bank handling the item for collection except the payor bank.

  • Processing facility means an establishment that prepares, treats, or converts tangible personal property into finished goods or another form of tangible personal property. The term includes a business engaged in processing agricultural, aquacultural, or maricultural products and specifically includes meat, poultry, and any other variety of food processing operations. It does not include an establishment in which retail sales of tangible personal property are made to retail customers.

  • Processing Services means those services which are necessary to issue and service a Card and process a Transaction in accordance with Applicable Law.

  • Collection Bank means, at any time, any of the banks holding one or more Collection Accounts.

  • Processing means any operation or set of operations which is performed on Personal Data or on sets of Personal Data, whether or not by automated means, such as collection, recording, organization, structuring, storage, adaptation or alteration, retrieval, consultation, use, disclosure by transmission, dissemination or otherwise making available, alignment or combination, restriction, erasure or destruction.

  • Merchant means any corporate entity, person or other establishment, supplying goods and/or services, which a Card Scheme Member Bank has approved and made arrangements to accept the Card or the Card numbers as a mode of payment or reservation by the Cardholder.

  • Credit card means any card, plate, coupon book, or other credit device ex- isting for the purpose of obtaining money, property, labor, or services on credit.

  • Eye bank means a person that is licensed, accredited, or regulated under federal or state law to engage in the recovery, screening, testing, processing, storage, or distribution of human eyes or portions of human eyes.

  • banking institution means a bank, bank and trust company, trust company, savings bank, private bank, or a national banking association, organized and doing business under the provisions of any law of this state, or of any other state of the United States, or under the provisions of any law of the United States of America.

  • Financial Services Provider means any Lender and any other provider of financial services or products;

  • Funding Bank shall have the meaning given to such term in Section 3.3 hereof.

  • Lockbox Bank means a depository institution named by the Servicer and acceptable to the Controlling Party.

  • secondary processing means concentration or other beneficiation of iron ore other than by crushing or screening and includes thermal electrostatic magnetic and gravity processing and agglomeration, pelletization or comparable changes in the physical character of iron ore;

  • Originating Lender has the meaning specified therefor in Section 13.1(e) of the Agreement.

  • SBI / Bank means State Bank of India (client) a body Corporate created under SBI Act 1955, having one of its Circle Office at State Bank of India, III/1 Pandit Jawaharlal Nehru Marg, Bhubaneswar- 01 and includes the client’s representatives, successors and assigns.

  • Processing Agreement means the agreement (as amended from time to time) ratified by the Iron Ore Processing (BHP Minerals)

  • Fortis means Fortis Inc.;

  • Banking Services Provider means any Lender (other than a Defaulting Lender) or Affiliate of a Lender (other than a Defaulting Lender) that provides Banking Services to any Credit Party.

  • account information service means an online service to provide consolidated information on one or more payment accounts held by the payment service user with either another payment service provider or with more than one payment service provider;

  • HSBC means HSBC Bank USA, National Association.

  • Servicing Bank means the Agent or the Security Trustee;

  • Data Processing Lease means any lease or licensing agreement, binding on the Failed Bank as of Bank Closing, the subject of which is data processing equipment or computer hardware or software used in connection with data processing activities. A lease or licensing agreement for computer software used in connection with data processing activities shall constitute a Data Processing Lease regardless of whether such lease or licensing agreement also covers data processing equipment.

  • Lock-Box Bank means any of the banks or other financial institutions holding one or more Lock-Box Accounts.