covered contractual payment entitlement
Defined in 1 place of the United States Code.
The term “covered contractual payment entitlement” means—
(A) an entitlement of a financial institution to receive a payment, subject to a netting contract from another financial institution; and
(B) an entitlement of a member of a clearing organization to receive payment, subject to a netting contract, from another member of a clearing organization of a covered clearing obligation.
Source
- 1994–present12 U.S.C. § 4402Banks and Banking · Definitions · for purposes of this subchapter