Misapplied and Returned Payments Sample Clauses
The Misapplied and Returned Payments clause defines how payments that are incorrectly applied or returned are handled between the parties. It typically outlines the procedures for identifying, notifying, and correcting such payment errors, including the reallocation of funds to the correct accounts or the return of funds to the payer. This clause ensures that any payment mistakes are promptly addressed, minimizing financial confusion and maintaining accurate records for both parties.
Misapplied and Returned Payments. Misapplied and returned payments shall be processed as follows:
(a) Both parties shall cooperate in correcting misapplication errors;
(b) The party receiving notice of a misapplied payment shall immediately notify the other party;
(c) Subject to Section 3.01(b) hereof, if a misapplied payment has created an improper Purchase Price as the result of an inaccurate outstanding principal balance, a check shall be issued to the party shorted by the improper payment application within ten (10) Business Days after notice thereof by the other party;
(d) Any check issued under the provisions of this Section 7.14 shall be accompanied by a statement indicating the purpose of the check, the Mortgagor and property address involved, and the corresponding Seller and Purchaser account number; and
(e) If any Mortgagor's check presented to Seller prior to the Transfer Date is returned unpaid to Seller for any reason subsequent to the Transfer Date, Seller shall immediately forward the original unpaid check to Purchaser and Purchaser shall reimburse Seller therefor promptly upon Seller's demand. If, as a result of the unpaid check such Mortgagor's loan becomes a Delinquent Mortgage, Seller shall reimburse to Purchaser the Purchase Price allocable to said Mortgage Loan within ten (10) Business Days after notice thereof by Purchaser.
Misapplied and Returned Payments. Misapplied and returned payments shall be processed as follows:
(a) Both Parties shall reasonably cooperate in correcting misapplication errors;
(b) The Party who discovers or receives notice of a misapplied payment shall immediately notify the other Party;
(c) Subject to Section 3.03 hereof, if a misapplied payment has created an improper Purchase Price as the result of an inaccurate outstanding principal balance, a check shall be issued to the Party shorted by the improper payment application within ten (10) Business Days after notice thereof by the other Party; and
(d) If any Mortgagor’s check presented to Seller prior to each Servicing Transfer Date is returned unpaid to Seller for any reason subsequent to each Servicing Transfer Date, Seller shall immediately forward the original unpaid check to Purchaser and Purchaser shall reimburse Seller therefor promptly upon Seller’s demand.
Misapplied and Returned Payments. The Seller shall promptly resolve any Mortgage Loan Payments that have been misapplied by the Seller, and shall immediately notify the Buyer when the Seller becomes aware of any such misapplied payments.
Misapplied and Returned Payments. The Parties shall reasonably cooperate in correcting any misapplication errors relating to the Purchased MSR Assets, and if either Party discovers or receives notice of a misapplied payment, such Party shall notify the other Party within five (5) Business Days after such discovery or notice. Section 2.10
Misapplied and Returned Payments. Misapplied and returned payments shall be processed as follows:
Misapplied and Returned Payments. Misapplied and returned payments shall be processed as follows:
(a) Both Parties shall reasonably cooperate in correcting misapplication errors; (
Misapplied and Returned Payments. 11 Section 2.10 Approvals .......................................................................................... 11 Section 2.11 Notice to Taxing Authorities and Insurers .................................... 11 Section 2.12 IRS ..................................................................................................... 12 Section 2.13