Remittance Facility definition

Remittance Facility means an instruction for transfer of funds from the Registered Users account in India to a Beneficiary in Relevant Country through the Website for select purposes detailed herein, the services provided by the bank on the Website for the transmission of funds by a Registered User to a Beneficiary in the Relevant Country.
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Remittance Facility. Means the facility provided to the customer for remitting money to the beneficiary for the purpose of (i) Family Maintenance (ii) Credit to NRE/NRO account (iii) Gifting
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Examples of Remittance Facility in a sentence

  • Specifically, the use of Remittance Facility does not establish a checking account or any other form of a bank account for the Registered User or the Beneficiary with the bank and neither does it constitute or create a fiduciary or escrow capacity between the Visitor or the Beneficiary and the bank.

  • RBI increased limit of fund transfer under Indo-Nepal Remittance Facility Scheme from Rs 50,000 per transaction to Rs 2 lakh per transaction.

  • Definitions: "Career Pathway" means a planned program of sequenced or specialized courses designed to develop knowledge and skills in a particular career or academic area.

  • In order to access and use the Website and avail of the Remittance Facility, the Registered User must be an individual of at least 18 years of age having the capacity to enter into legally binding contracts under the law applicable to the Registered User.

  • In consideration of the bank agreeing to provide the Remittance Facility as per the Facility T&C, the Registered User hereby unconditionally agrees to indemnify the bank and hold the bank harmless against any liability, costs, damages, claims, suits, and proceedings based upon or relating to such unauthorized access and use.

  • The bank shall not be responsible for any error or omission made by the Registered User in keying in or otherwise providing the information required to avail of the Remittance Facility or any consequences as a result of such error or omission.

  • Further the customer/s whose account has been classified as delinquent before shall not be eligible to avail the Remittance Facility.

  • By virtue of continuing to access and use the Website and/or Remittance Facility, you are agreeing to the Facility T&C in effect at such time.

  • Remittance Facility requests can only be made by the Registered User for the purposes permitted by the bank.

  • Preview Objective To preview key topics that will be discussed in today’s session WHAT ARE WE GOING TO TALK ABOUT TODAY?Procedure 1) Briefly mention the list of topics for the day.

Related to Remittance Facility

  • Remittance Amount means the funds denominated in Singapore Dollars or United Stated Dollars which is to be debited from the Customer's Account(s) and converted into the specified Foreign Amount.

  • Interest Remittance Amount With respect to any Mortgage Pool and Distribution Date, (a) the sum of (1) all interest collected (other than in connection with Payaheads and Prepayment Premiums) or advanced in respect of Scheduled Payments in such Mortgage Pool during the related Collection Period by the Servicers, the Master Servicer, or the Trustee (solely acting in its capacity as successor Master Servicer), minus (x) the Servicing Fee with respect to the Mortgage Loans and (y) previously unreimbursed Advances and other amounts due to the Servicers, the Master Servicer or the Trustee (solely acting in its capacity as successor Master Servicer) to the extent allocable to interest and the allocable portion of previously unreimbursed Servicing Advances with respect to the Mortgage Loans, (2) any Compensating Interest Payments with respect to the Mortgage Loans in such Mortgage Pool with respect to the related Prepayment Period (or in the case of Mortgage Loans serviced by Aurora, the relevant Collection Period), (3) the portion of any Purchase Price, as applicable, or Substitution Amount paid with respect the Mortgage Loans in such Mortgage Pool during the related Prepayment Period (or in the case of Mortgage Loans serviced by Aurora, the relevant Collection Period) allocable to interest, and (4) all Net Liquidation Proceeds, Insurance Proceeds and any other recoveries collected with respect to the Mortgage Loans during the related Prepayment Period (or in the case of Mortgage Loans serviced by Aurora, the relevant Collection Period), to the extent allocable to interest, as reduced by (b) other costs, expenses or liabilities reimbursable to the Trustee, the Master Servicer or each Servicer to the extent provided in this Agreement and each Servicing Agreement, and the Custodian pursuant to the Custodial Agreement; provided, however, that in the case of the Trustee, such reimbursable amounts may not exceed $500,000 during any Anniversary Year up to and including the Anniversary Year in which the Stepdown Date occurs and $200,000 during any Anniversary Year thereafter (the “Applicable Maximum Reimbursement Amount”). In the event that the Trustee incurs reimbursable amounts in excess of the Applicable Maximum Reimbursement Amount in any Anniversary Year, it may obtain reimbursement for such amounts in subsequent Anniversary Years, but in no event shall more than the Applicable Maximum Reimbursement Amount in aggregate be reimbursed to the Trustee per Anniversary Year. Notwithstanding the foregoing, costs and expenses incurred by the Trustee pursuant to Section 6.14(a) in connection with any transfer of servicing shall be excluded in determining the Applicable Maximum Reimbursement Amount limitation on reimbursable amounts per Anniversary Year. For the avoidance of doubt, (i) the Interest Remittance Amount available on each Swap Payment Date for distributions to the Supplemental Interest Trust Account shall be equal to the Interest Remittance Amount on the related Distribution Date and (ii) the Interest Remittance Amount for each Distribution Date shall be calculated without regard to any distributions to the Supplemental Interest Trust Account on the related Swap Payment Date.

  • Remittance Period means, (i) as to the Initial Payment Date, the period beginning on the Closing Date and ending on, and including, the Determination Date immediately preceding such Payment Date and (ii) as to any subsequent Payment Date, the period beginning on the first day after the most recently ended Remittance Period and ending on, and including, the Determination Date immediately preceding such Payment Date, or, with respect to the final Remittance Period, the Collection Date.

  • Remittance Information means the information that must specify the Billing Account Numbers (BANs) paid; invoices paid and the amount to be applied to each BAN and invoice.

  • Optimal Interest Remittance Amount For each Distribution Date, the product of (A) (x) the weighted average of the Net Mortgage Rates for the Mortgage Loans as of the first day of the related Collection Period divided by (y) 12 and (B) the Aggregate Loan Balance as of the first day of the related Collection Period (not including for this purpose Mortgage Loans for which prepayments in full have been received and distributed in the month prior to that Distribution Date).

  • Master Servicer Prepayment Charge Payment Amount The amounts payable by the Master Servicer pursuant to Section 2.03(b) in respect of any waived (or, with respect to subsequent changes of law, any unenforceable) Prepayment Charges.

  • Group I Interest Remittance Amount With respect to any Distribution Date, that portion of the Available Funds for such Distribution Date attributable to interest received or advanced with respect to the Group I Mortgage Loans.

  • Principal Remittance Amount With respect to any Distribution Date, the sum of the Group I Principal Remittance Amount and the Group II Principal Remittance Amount.

  • Master Servicer Remittance Date With respect to any Distribution Date, the Business Day immediately preceding such Distribution Date.

  • Group II Interest Remittance Amount With respect to any Distribution Date, that portion of the Available Funds for such Distribution Date attributable to interest received or advanced with respect to the Group II Mortgage Loans.

  • Monthly P&I Advance An advance of funds by the Master Servicer pursuant to Section 4.02 or a Servicer pursuant to its Selling and Servicing Contract to cover delinquent principal and interest installments.

  • Remittance Date With respect to each Distribution Date, the 18th day (or if such 18th day is not a Business Day, the first Business Day immediately following) of the month in which such Distribution Date occurs.

  • Servicer Remittance Date With respect to any Distribution Date, the 18th day of the calendar month in which such Distribution Date occurs or, if such 18th day is not a Business Day, the Business Day immediately following.

  • Servicer Prepayment Charge Payment Amount The amounts payable by the Servicer in respect of any waived Prepayment Charges pursuant to Section 2.05 or Section 3.01.

  • Remittance Report A report prepared by the Master Servicer and delivered to the Trustee and the NIM Insurer in accordance with Section 4.04.

  • Mortgage Loan Remittance Rate With respect to each Mortgage Loan, the annual rate of interest remitted to the Purchaser, which shall be equal to the Mortgage Interest Rate minus the Servicing Fee Rate.

  • REMIC I Remittance Rate The per annum rate at which interest accrues in respect of any REMIC I Regular Interest during any Interest Accrual Period, as set forth in or otherwise calculated in accordance with Section 2.11(f).

  • REMIC II Remittance Rate The per annum rate at which interest accrues in respect of any REMIC II Regular Interest during any Interest Accrual Period, as set forth in or otherwise calculated in accordance with Section 2.13(f).

  • Remittance As defined in Section 7.02(b) hereof.

  • Group I Principal Remittance Amount With respect to any Distribution Date, the sum of the amounts described in clauses (i) through (iii) of the definition of Group I Principal Distribution Amount.

  • Servicing Advance Reimbursement Amounts As defined in Section 3.22.

  • Group II Principal Remittance Amount With respect to any Distribution Date, the sum of the amounts described in clauses (i) through (iii) of the definition of Group II Principal Distribution Amount.