Common use of Misdirected Payments Clause in Contracts

Misdirected Payments. With respect to misdirected payments, whenever any payment on any Purchased Account comes into the Customer’s possession, the Customer shall hold such payment in trust and safekeeping, as the property of WFBC, and immediately turn over to WFBC such payment in the same form as it was received by the Customer to WFBC. The Customer shall pay a misdirected payment fee in the amount of fifteen percent (15%) of the amount of any payment on account of a Purchased Account which has been received by the Customer and not delivered in kind to WFBC on the next Business Day following the date of receipt by the Customer. Further, the Customer shall segregate and hold in trust and safekeeping, as the property of WFBC, and immediately turn over to WFBC, any goods or inventory returned to, reclaimed or repossessed by the Customer which constitute Related Rights related to a Purchased Account.

Misdirected Payments. With respect to misdirected payments, whenever any payment on any Purchased Account comes into the Customer’s possession, the Customer shall hold such payment in trust and safekeeping, as the property of WFBC, and immediately turn over to WFBC such payment in the same form as it was received by the Customer to WFBC. The Customer shall pay a misdirected payment fee in the amount of fifteen ten percent (1510%) of the amount of any payment on account of a Purchased Account which has been received by the Customer and not delivered in kind to WFBC on the next within five (5) Business Day Days following the date of receipt by the Customer. Further, the Customer shall segregate and hold in trust and safekeeping, as the property of WFBC, and immediately turn over to WFBC, any goods or inventory returned to, reclaimed or repossessed by the Customer which constitute Related Rights related to a Purchased Account.