Returned Debits definition
Returned Debits. Any payment remitted by an Obligor to the Servicer that does not clear such Obligor's account.
Examples of Returned Debits in a sentence
The CLIENT hereby acknowledges the Common Law principle of “Set-off” allowing BDB to set-off Service Fees ,for services rendered, as well as Returned Debits directly from Collected amounts.
The CLIENT hereby authorises and instructs BDB to debit its account as specified in Annexure A, par 1 to this Agreement in respect of any outstanding Service Fees or Returned Debits where the Collected Amount has been paid to the CLIENT.