Misapplied Payments definition

Misapplied Payments. “Misapplied payment” shall mean 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:
Misapplied Payments. The party receiving a notice of misapplied payment, occurring after the Transfer Date, will immediately notify the other party. • Requests for corrections should be emailed to: ▇▇▇▇▇▇▇.▇▇▇▇▇▇▇▇@▇▇▇▇▇▇▇▇▇▇▇▇▇▇.▇▇▇. • Retiring Servicer will provide the payment history from the point of error to the Transfer Cut- off Date and a copy of the cancelled check bearing the endorsement of the Retiring Servicer responsible for the posting of the missing funds. • In the event a misapplied payment cannot be identified by either party and said misapplied payment has resulted in a mortgage account shortage, the Retiring Servicer will reimburse Nationstar Mortgage, LLC within 20 days after receipt of written demand by Nationstar Mortgage, LLC. • Any check issued under provisions of this section must be accompanied by a statement indicating the purpose of the check, borrower name, subject property, and the corresponding Retiring Servicer and/or Nationstar Mortgage, LLC account number. Data Requirements
Misapplied Payments. Misapplied payment” shall mean 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.

Examples of Misapplied Payments in a sentence

  • The Calculation Agent has obtained knowledge of the Misapplied Payment[s] described on Exhibit A hereto and has reviewed certain statements, reports and/or communications regarding such Misapplied Payment[s], copies of which are enclosed herewith.

  • Processing Errors Encoding Misapplied Payments [***] in [***] [***] in [***] Encoding + Misapplied + Not Posted + Check Onlys* = Total Errors Timeliness Mail [***]% [***]% Total Items Total Items (Total Items Holdover Items)/ Total Items = Percentage MICR Encoding Errors -No issue [***] the [***] and [***] are [***].

  • The Servicer shall notify the Purchaser or its designee of the particulars of the payment, such as the account number, dollar amount, date received and any special Mortgagor application instructions with respect to such Monthly Payments received by the Servicer; Misapplied Payments.

Related to Misapplied Payments

  • 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.

  • Permitted Payments has the meaning specified in Section 7.06(b).

  • Excluded Payments means (i) indemnity payments paid or payable by Lessee to or in respect of Owner Participant, or Owner Trustee in its individual capacity, their respective Affiliates, successors and permitted assigns and their directors, officers, employees, servants and agents pursuant to Section 9 of the Participation Agreement or any corresponding payments under the Lease, (ii) proceeds of public liability insurance paid or payable as a result of insurance claims made, or losses suffered, by Owner Trustee in its individual capacity or by Owner Participant, that are payable directly to Owner Trustee in its individual capacity, or Owner Participant, respectively, for their own account, (iii) proceeds of insurance maintained with respect to the Aircraft by Owner Participant or any Affiliate thereof for its or their own account or benefit (whether directly or through Owner Trustee) and permitted under Section 11.2 of the Lease, (iv) all payments required to be made under the Tax Indemnity Agreement by Lessee whether or not denominated as Supplemental Rent, (v) any Transaction Expenses paid or payable by the Lessee to the Owner Trustee (to the extent for its sole benefit) or the Owner Participant pursuant to the Lease or the Participation Agreement, (vi) any amount payable to the Owner Participant by any transferee as the purchase price of the Owner Participant's interest in the Trust Estate, (vii) any interest that pursuant to the Operative Agreements may from time to time accrue in respect of any of the amounts described in clauses (i) through (vi) above, (viii) any right to enforce the payment of any amount described in clauses (i) through (vii) above (PROVIDED, that the rights referred to in this clause (viii) shall not be deemed to include the exercise of any remedies provided for in the Lease other than the right to ▇▇▇ for specific performance of any covenant to make such payment or to ▇▇▇ for damages in respect of the breach of any such covenant) and (ix) any right to exercise any election or option or make any decision or determination, or to give or receive any notice, consent, waiver or approval, or to take any other action in respect of, but in each case, only to the extent relating to, any Excluded Payments.

  • 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.

  • Restricted Payments as defined in Section 7.6.