Misapplication of Funds. The Collateral Agent agrees that any funds incorrectly paid to it by the Borrower shall be promptly returned to the Borrower upon receipt of written notice from the Borrower that such funds were incorrectly paid to the Collateral Agent prior to the Collateral Agent's transfer of such funds in accordance with this Agreement. The Collateral Agent shall be completely protected against any liability for returning such funds in reliance on such written notice that funds were incorrectly paid.
Appears in 3 contracts
Samples: Security Agreement (Monaco Finance Inc), Security Agreement (Monaco Finance Inc), Security Agreement (Autobond Acceptance Corp)
Misapplication of Funds. The Collateral Agent agrees that any funds incorrectly paid to it by the Borrower shall be promptly returned to the Borrower upon receipt of written notice from the Borrower that such funds were incorrectly paid to the Collateral Agent prior to the Collateral Agent's transfer of such funds in accordance with this Agreement. The Collateral Agent shall be completely protected against any liability for returning such funds in reliance on such written notice that funds were incorrectly paidpaid and shall be entitled to full indemnification therefor.
Appears in 1 contract
Samples: Security and Collateral Agent Agreement (Firstcity Financial Corp)
