Common use of Misapplied and Returned Payments Clause in Contracts

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 with respect to the Mortgage Loans 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 promptly notify the other party; (c) Subject to Section 3.01(b) hereof, if If a misapplied payment has created an improper Purchase Price Group 2 Closing Payment or Group 2 Final Payment as the result of an inaccurate outstanding principal balance or escrow balance, respectively, 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 5.06 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 ’s check presented to the Seller prior to the Transfer Closing Date is returned unpaid to the Seller for any reason subsequent to the Transfer Closing Date, the Seller shall immediately promptly forward the original unpaid check to the Purchaser and Purchaser shall reimburse Seller therefor promptly and, upon the Seller's ’s demand. If, as a result (i) if the final settlement of the unpaid check such Mortgagor's loan becomes a Delinquent Mortgage, Seller shall reimburse to Purchaser the Group 2 Final Purchase Price allocable pursuant to said Mortgage Loan within ten Section 2.12 has not yet occurred, such returned amount will be reflected in the Group 2 Final Purchase Price when calculated or (10ii) Business Days after notice thereof if the final settlement has already occurred, depending on the category of payment that was returned, such reimbursement shall be calculated by Purchaserapplication of the relevant percentage listed on Schedule 2.06.

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 ’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 ’s demand. If, as a result of the unpaid check such Mortgagor's ’s loan becomes a Delinquent MortgageMortgage or becomes ninety (90) days or more past due at the Transfer Date, Seller shall reimburse to Purchaser the Purchase Price allocable to said Mortgage Loan within ten (10) Business Days after notice thereof by Purchaser.