Reconverting Bank definition

Reconverting Bank means: (1) the bank that creates a Substitute Check; or (2) with respect to a Substitute Check that was created by a person that is not a bank, the first bank that transfers, presents, or returns that Substitute Check or, in lieu thereof, the first paper or electronic representation of that Substitute Check.
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Reconverting Bank means a bank that creates a Substitute Check; or if a Substitute Check is created by a Person other than a bank, the first bank that transfers or presents such Substitute Check.
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Reconverting Bank. ’ means the first bank that
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Examples of Reconverting Bank in a sentence

  • Customer is responsible for all the warranties and indemnifications of a Reconverting Bank as defined in the Check 21 Law and its implementing regulations found at 12 C.F.R. Part 229, as the same may be amended from time to time, to the extent permitted by law.

  • The images captured and transmitted by Business Entity through Remote Deposit shall be sufficient for Extraco or any subsequent Reconverting Bank, to print and distribute a Substitute Check in compliance with the Standards.

  • Bank represents and warrants that it and/or its service partners have the capability to receive image files and initiate “Substitute Checks/Image Replacement Documents” or “IRD” Bank agrees to remain in Reconverting Bank for all purposes under “Check 21” and makes all warranties there under.

  • It is the parties’ intent that at all times the images captured and transmitted by Customer through Remote Capture shall be sufficient for Amarillo National Bank or any subsequent Reconverting Bank, to print and distribute a Substitute Check in compliance with the Standards.

  • Therefore, Customer understands and agrees that it is responsible, to the extent permitted by law, for all warranties and indemnifications set forth in Check 21 applying to any Reconverting Bank and Truncating Bank, as such terms are defined by Check 21, including, without limitation, the obligation to only convert an original check that allows for the creation of a substitute check that clearly and accurately represents the information on the front and back of the original check.

  • Sub-Merchant is responsible for all the warranties and indemnifications of a Reconverting Bank as defined in Check 21 and its implementing regulations found in Regulation CC, as the same may be amended.

  • The Company incurred an amount of USD 65,858 (EURO 58,148) for the financial period ended 31 December 2022 relating to administration services provided by Apex IFS Limited.

  • Northern Trust acknowledges and agrees that it is the Reconverting Bank and may be the Truncating Bank (as defined in Check 21) and is responsible for all warranties and indemnifications of a Reconverting Bank as set forth in Check 21.

  • Customer is responsible for all the warranties and indemnifications of a Reconverting Bank as defined in The Check Clearing for the 21st Century Act ("Check 21 Law") and its implementing regulations found at 12 C.F.R. Part 229, as the same may be amended.

  • Customer is responsible for all the warranties and indemnifications of a Reconverting Bank as defined in The Check Clearing for the 21st Century Act (“Check 21 Law”) and its implementing regulations found in Reg.


More Definitions of Reconverting Bank

Reconverting Bank means, with respect to a non-bank substitute check, the first bank that transfers, presents or returns that non-bank substitute check.
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Related to Reconverting Bank

  • Purchasing Lender shall have the meaning set forth in Section 16.3(c) hereof.

  • New Revolving Lender as defined in Section 2.24.

  • Increasing Lender has the meaning specified in Section 2.18(b).

  • New Revolving Loan Lender shall have the meaning provided in Section 2.14(b).

  • Departing Lender means each lender under the Existing Credit Agreement that executes and delivers to the Administrative Agent a Departing Lender Signature Page.

  • Extending Lender shall have the meaning assigned to such term in Section 2.21(e).

  • Increasing Bank has the meaning specified in Section 2.6(a).

  • Existing bank means a bank or national banking association that is a party to a consolidation agreement and is engaged in the business of banking before the consolidation or merger provided for in the consolidation agreement.

  • PPP Lender means JPMorgan Chase Bank, N.A.

  • Purchasing Lenders shall have the meaning set forth in Section 9.6(c).

  • New Lender as defined in Section 2.24(b).

  • Non-BA Lender means any Lender which is not a BA Lender.

  • Tranche B Lender means a Lender with a Tranche B Commitment or an outstanding Tranche B Term Loan.

  • Revolving Loan Lender means a Lender with a Revolving Credit Commitment or a Revolving Loan.

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

  • Extending Revolving Lender shall have the meaning given to such term in Section 2.22(a)(iii).

  • Swing Loan Lender means PNC, in its capacity as lender of the Swing Loans.

  • New Lender Supplement as defined in Section 2.1(c).

  • Refinancing Lender has the meaning assigned to such term in Section 2.23(c).

  • Funding Lender means Citibank N.A., a national banking association, and any successor under this Funding Loan Agreement and the Borrower Loan Documents.

  • Additional Revolving Lender means any Lender with an Additional Revolving Credit Commitment or any Additional Revolving Credit Exposure.

  • New Revolving Loan has the meaning specified in Section 2.14(a).

  • Increasing Lenders is defined in Section 2.14.

  • New Bank as defined in subsection 2.20(b).

  • Term Loan Lender means a Lender with a Term Loan Commitment or a Term Loan.

  • Revolving Lender means a Lender with a Revolving Commitment or, if the Revolving Commitments have terminated or expired, a Lender with Revolving Exposure.