Common use of Allocation of Payments Received Clause in Contracts

Allocation of Payments Received. 8.1 The Credit Provider will credit each payment (whether such payment is a fullinstalment, partial instalment or payment of a settlement amount) made by You underthe Agreement as of the date of receipt of payment, as follows: 8.1.1. firstly, to satisfy any due and/or unpaid interest charges; 8.

Allocation of Payments Received. 8.1 8.1. The Credit Provider will credit each payment (whether such payment is a fullinstalmentfull instalment, partial instalment or payment of a settlement amount) made by You underthe under the Agreement as of the date of receipt of payment, as follows: 8.1.1. firstly, to satisfy any due and/or unpaid interest charges; 8.1.2. secondly, to satisfy any due and/or unpaid fees or charges (including, without limitation, credit life insurance premiums); 8and 8.1.3. thirdly, to reduce the amount of the principal debt.