Misapplied Payment definition

Misapplied Payment means an amount deposited into the Clearing Account that either (i) does not constitute or otherwise relate to PSL Revenues or (ii) does constitute or otherwise relate to PSL Revenues but (x) the payment of such amount is not yet due in accordance with the applicable PSL Contract and (y) the purchaser of the applicable PSL has requested that the Seller (or the Marketing Agent) return such amount.
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Misapplied Payment has the meaning assigned to that term in the Sale Agreement. “Misapplied Payment Disbursement Letter” means a disbursement letter in the form set forth in Exhibit D which is prepared and delivered by the Calculation Agent in accordance with Section 2.8 hereof.
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Misapplied Payment means a Mortgagor payment for which funds have been deposited in an incorrect Escrow Account or applied to an incorrect Mortgagor’s account. The existence of a canceled Mortgagor payment bearing the endorsement of Servicer, for which funds have not been allocated to the proper Escrow Accounts, shall be considered conclusive evidence of a misapplied payment. Misapplied payments shall be processed as follows:
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Examples of Misapplied Payment in a sentence

  • Notwithstanding anything to the contrary contained herein, any disbursement from the Clearing Account in respect of any Chargeback which constitutes a Misapplied Payment shall be subject to the prior approval of the Seller, the Purchaser and the Collateral Agent following their receipt of a Misapplied Payment Disbursement Letter from the Calculation Agent as further described in the Authority PSL Account Agreement.

  • BNY Mellon will make no more than ten (10) Misapplied Payment Errors per one hundred thousand (100,000) payments processed during the monthly Billing Cycle.

  • Processing Error shall mean an Encoding Error or Misapplied Payment.

  • Encoding Error shall mean any item encoded for an amount different than the legal (written) amount of the check Misapplied Payment shall mean payment information incorrectly captured by BNY Mellon during processing resulting in an erroneous posting by BNY Mellon.

  • If a Misapplied Payment which occurred prior to the sale date or other error in determining the principal balance of the Mortgage Loan has created an incorrect Purchase Price as the result of an inaccurate outstanding principal balance, a check shall be issued to the party shorted by the Misapplied Payment within five Business Days after notice thereof by the other party.

  • Misapplied Payment - Any payments, which are credited to an incorrect account ([***] if [***] in [***]).


More Definitions of Misapplied Payment

Misapplied Payment means a child support collection or refund posted to the account of the wrong obligor or obligee, or the amount of which exceeds that due the obligor or obligee.
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Misapplied Payment has the meaning assigned to that term in the Sale Agreement.
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Misapplied Payment means a Mortgagor payment for which funds have been deposited in an incorrect Escrow Account or applied to an incorrect Mortgagor’s account.The existence of a canceled Mortgagor payment bearing the endorsement of Servicer, for which funds have not been allocated to the proper Escrow Accounts, shall be considered conclusive evidence of a misapplied payment.Misapplied payments shall be processed as follows: Both parties shall cooperate in correcting misapplication errors by providing the payment history from point of error to the Transfer Cutoff Date and a copy of the canceled check bearing the endorsement of the servicer responsible for the posting of the missing funds. The party receiving notice of a misapplied payment occurring prior to the Transfer Date and discovered after the Transfer Date shall immediately notify the other party. If a misapplied payment cannot be identified by either party and said misapplied payment has resulted in a shortage in a Mortgage account, Servicer shall be liable for the amount of such shortage. Servicer shall reimburse GMACM for the amount of such shortage within twenty (20) days after receipt of written demand from GMACM. Any check issued under the provisions of this paragraph shall be accompanied by a statement indicating the purpose of the check, the mortgagor and property address involved, and the corresponding Servicer and/or GMACM account number.
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Related to Misapplied Payment

  • Prohibited Payment means any bribe, rebate, payoff, influence payment, kickback or other payment or gift of money or anything of value (including meals or entertainment) to any officer, employee or ceremonial office holder of any government or instrumentality thereof, political party or supra-national organization (such as the United Nations), any political candidate, any royal family member or any other person who is connected or associated personally with any of the foregoing that is prohibited under any Law for the purpose of influencing any act or decision of such payee in his official capacity, inducing such payee to do or omit to do any act in violation of his lawful duty, securing any improper advantage or inducing such payee to use his influence with a government or instrumentality thereof to affect or influence any act or decision of such government or instrumentality.

  • Insured Payments means, with respect to any Distribution Date, the aggregate amount actually paid by the Insurer to the Trustee in respect of Insured Amounts for such Distribution Date.

  • Specified Payment means any Permitted Acquisition, Investment, loan, advance, incurrence of or payment with respect to Indebtedness or other transaction made subject to satisfaction of the Payment Conditions or any component thereof.

  • Insured Payment means (a) as of any Distribution Date, any Deficiency Amount and (b) any Preference Amount.

  • Permitted Payment as defined in Subsection 8.2(b).