Common use of Misapplied Payments Clause in Contracts

Misapplied Payments. Misapplied payments shall be processed as follows: (A) All parties shall cooperate in correcting misapplication errors; (B) The party receiving notice of a misapplied payment occurring prior to the applicable Transfer Date and discovered after the Transfer Date shall immediately notify the other party; (C) If a misapplied payment which occurred prior to the Transfer Date cannot be identified and said misapplied payment has resulted in a shortage in a Custodial Account or Escrow Account, the Interim Servicer shall be liable for the amount of such shortage. The Interim Servicer shall reimburse the Purchaser for the amount of such shortage within thirty (30) days after receipt of written demand therefor from the Purchaser; (D) Any check issued hereunder shall be accompanied by a statement indicating the corresponding Seller and/or the Purchaser Mortgage Loan identification number and an explanation of the allocation of any such payments.

Misapplied Payments. Misapplied payments shall be processed as follows: (Ai) All parties shall cooperate in correcting misapplication errors; (Bii) The party receiving notice of a misapplied payment occurring prior to the applicable Transfer Date and discovered after the Transfer Date shall immediately notify the other party; (Ciii) If a misapplied payment which that occurred prior to the Transfer Date cannot be identified and said misapplied payment has resulted in a shortage in a Custodial Account or Escrow Account, the Interim Servicer shall be liable for the amount of such shortage. The Interim Servicer shall reimburse the Purchaser Owner for the amount of such shortage within thirty (30) days after receipt of written demand therefor from the PurchaserOwner; (Div) Any check issued hereunder under the provisions of this Section shall be accompanied by a statement indicating the corresponding Seller Servicer and/or the Purchaser Owner Mortgage Loan identification number and an explanation of the allocation of any such payments.

Misapplied Payments. Misapplied payments shall be processed as follows: (A) All parties shall cooperate in correcting misapplication errors; (B) The party receiving notice of a misapplied payment occurring prior to the applicable Subsequent Transfer Date and discovered after the Subsequent Transfer Date shall immediately notify the other party; (C) If a misapplied payment which occurred prior to the Subsequent Transfer Date cannot be identified and said misapplied payment has resulted in a shortage in a Custodial Account or Escrow Account, the Interim Servicer shall be liable for the amount of such shortage. The Interim Servicer shall reimburse the Purchaser for the amount of such shortage within thirty (30) days after receipt of written demand therefor from the Purchaser; (D) Any check issued hereunder shall be accompanied by a statement indicating the corresponding Seller and/or the Purchaser Mortgage Loan identification number and an explanation of the allocation of any such payments.