Misdirected Payment Fee definition

Misdirected Payment Fee means fifteen percent (15%) of the amount of any payment on account of a Purchased Receivable which has been received by the Seller and not delivered in kind to the Purchaser on the next business day following the date of receipt by the Seller.

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Misdirected Payment Fee shall be Ten Percent (10%) of the face amount of any Purchased Receivable for which Seller violates the warranty set forth in Section 3.3 herein.

Misdirected Payment Fee. The fee the Seller shall pay to the Purchaser for each payment on account of a Purchased Account which has been received by Seller or by a third party (“Misdirected Payment”) and not paid to Purchaser on the third Business Day following the later of (a) the date of receipt of the Misdirected Payment by Seller or a third party or (b) the date of Seller’s knowledge of receipt of the Misdirected Payment by such third party. The amount of the Misdirected Payment Fee shall be 15% of the amount of the Misdirected Payment.

Examples of Misdirected Payment Fee in a sentence

Seller shall pay Buyer the Misdirected Payment Fee immediately upon its accrual.
Seller's failure to comply with its duties under this Section shall result in the imposition of the Misdirected Payment Fee as liquidated damages, as such damages shall be difficult to calculate or ascertain.
Seller’s failure to comply with its duties under this Section shall result in the imposition of the Misdirected Payment Fee as liquidated damages, as such damages shall be difficult to calculate or ascertain.
Borrower shall pay the Misdirected Payment Fee to Lender, immediately on its accrual, on the amount of any Misdirected Payment.
All Collections in respect of Purchased Receivables received by the Seller and not deposited directly by the Payor in the Lockbox Account shall be remitted to the Lockbox Account no later than the following Business Day, and if such Collections are not remitted on a timely basis, in addition to its other remedies hereunder, the Purchaser shall be entitled to receive the Misdirected Payment Fee.

More Definitions of Misdirected Payment Fee

Misdirected Payment Fee fifteen percent (15%) of the amount of any payment on account of a Purchased Account where said payment has been received by Client and not immediately delivered in kind or the proceeds paid by Client to Crestmark.

Misdirected Payment Fee has the meaning provided in Section 8(F) of this Agreement.

Misdirected Payment Fee. Unless otherwise stated in the General Rates and Fees, 20% of the amount of any payment (but in no event less than $1,000) on account of a Purchased Account which has been received by Borrower and not delivered in kind to Lender on the next business day following the date of receipt by Borrower, or 30% of the amount of any such payment which has been received by Borrower as a result of any action taken by Borrower to cause such payment to be made to Borrower.

Misdirected Payment Fee shall be fifteen percent (15%) of the amount of any payment on account of a Factored Account which has been received by Company and not delivered in kind to Factor on the next business day following the date of receipt by Company. "Missing Notation Fee" shall be 15% of the face amount of each invoice.

Misdirected Payment Fee means the fee payable in accordance with clause 10.9 (Misdirected Payment Fee) in the amount specified in the Commercial Terms.

Misdirected Payment Fee means five percent (5 %) of the amount of any payment on account of a Receivable, which has been received by Seller and not delivered in kind to Factor on the next business day following the date of receipt by Seller.

Misdirected Payment Fee. The rate set forth in Annex A, multiplied by the amount of any payment on a Purchased Account.