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 Servicing Transfer Date and discovered after the Servicing Transfer Date shall immediately notify the other party; (C) Intentionally omitted; (D) Subject to the provisions of Section 2.5, if a misapplied payment which occurred prior to the Servicing Transfer Date has created an incorrect Purchase Price as the result of an inaccurate outstanding principal balance, a check shall be issued to the party disadvantaged by the incorrect payment application within ten (10) Business Days after notice therefor by the other party; and (E) Any check issued hereunder shall be accompanied by a statement indicating the Seller and/or Purchaser Asset identification number and an explanation of the allocation of any such payments.

Misapplied Payments. Misapplied payments on Mortgage Loans shall be processed as follows: : (Ai) All all parties shall cooperate in correcting misapplication errors; ; (Bii) The the party receiving notice of a misapplied payment occurring prior to the Servicing Transfer Date and discovered after the Servicing Transfer Date shall immediately notify the other party; ; (Ciii) Intentionally omitted; (D) Subject to the provisions of Section 2.5, if a misapplied payment which occurred prior to the Servicing Transfer Date has created an incorrect improper Purchase Price as the result of an inaccurate outstanding principal balance, a check the party with notice of such misapplied payment shall promptly inform the other party and funds shall be issued to the party disadvantaged shorted by the incorrect improper payment application within ten (10) Business Days business days after notice therefor thereof by the other party; and and (Eiv) Any check any funds issued hereunder under the provisions of this section shall be accompanied by a statement indicating the Seller and/or Purchaser Asset corresponding Mortgagor and the Mortgage Loan identification number and an explanation of the allocation of any such payments.