Validation exception in Enhanced Revenue Batch when Application is required field

When the Application field is required in an ERB, you might notice that you get an exception when trying to validate the batch for the first time. If the Application field has a default value, the exception will be blank. If the Application field has no default value, the exception will state, "Required field missing: Application" even if it is selected.

There are two workarounds: Validating the batch a second time will clear the exception. The other option is to edit the batch template and change the field so that it is no longer required.
We are currently evaluating this issue for a fix in a future service pack. 

Steps to Duplicate

1) Create an ERB batch template and require the Application field.
2) Open a new batch and enter all the required fields
3) Update projected totals
4) Validate the batch
5) Notice the validation exception.

Environment

 Blackbaud CRM
 4.0
 4.0.170.0

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