Common use of Satisfaction of Customer Debt Clause in Contracts

Satisfaction of Customer Debt. PTC is a Third Party Sender on behalf of Client. In that regard, PTC holds client funds for the number of days specified in the Account Requirements Document following the value date of any debit or credit entry as security in the event that the RDFI should reverse the Transaction. Client acknowledges that, as between Client and its customer, the customer’s debt to Client is satisfied when PTC receives funds from the ODFI in payment of that debt, subject only to a reversal of such payment.

Satisfaction of Customer Debt. PTC is a Third Party Sender third-party service provider on behalf of Client. In that regard, PTC holds client merchant funds for the number of days specified in the Account Requirements Document following the value date of any debit or credit entry as security in the event that the RDFI should reverse the Transaction. Client acknowledges that, as between Client and its customer, the customer’s debt to Client is satisfied when PTC receives funds from the ODFI in payment of that debt, subject only to a reversal of such payment.