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 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. 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 the related Seller prior to each Servicing Transfer Date is returned unpaid to such Seller for any reason subsequent to each Servicing Transfer Date, such Seller shall immediately forward the original unpaid check to Purchaser and Purchaser shall reimburse such Seller therefor promptly upon such Seller’s demand.

Misapplied and Returned Payments. Misapplied and returned payments shall be processed as follows: (a) Both Parties parties shall reasonably cooperate in correcting misapplication errors; (b) The Party party who discovers or receives notice of a misapplied payment shall immediately notify the other Partyparty; (c) Subject to Section 3.03 3.02(g) 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 party shorted by the improper payment application within ten (10) Business Days after notice thereof by the other Party; andparty; (d) If any Mortgagor’s check presented to Seller prior to each the Servicing Transfer Date is returned unpaid to Seller for any reason subsequent to each the Servicing Transfer Date, Seller shall immediately forward the original unpaid check to Purchaser and Purchaser shall reimburse Seller therefor promptly upon Seller’s demand.