Common use of Application of Sums Received Clause in Contracts

Application of Sums Received. General Sums received from the Borrower shall only discharge its payment obligations if received in accordance with the terms of this Contract. Partial payments If the Bank receives a payment that is insufficient to discharge all the amounts then due and payable by the Borrower under this Contract, the Bank shall apply that payment, in the order set out below, in or towards: pro rata to each of any unpaid fees, costs, indemnities and expenses due under this Contract; any accrued interest due but unpaid under this Contract; any principal due but unpaid under this Contract; and any other sum due but unpaid under this Contract. Allocation of sums related to Tranches In case of: a partial voluntary prepayment of a Tranche that is subject to a repayment in several instalments, the Prepayment Amount shall be applied pro rata to each outstanding instalment, or, at the request of the Borrower, in inverse order of maturity; or a partial compulsory prepayment of a Tranche that is subject to a repayment in several instalments, the Prepayment Amount shall be applied in reduction of the outstanding instalments in inverse order of maturity. Sums received by the Bank following a demand under Article 10.1 and applied to a Tranche, shall reduce the outstanding instalments in inverse order of maturity. The Bank may apply sums received between Tranches at its discretion. In case of receipt of sums which cannot be identified as applicable to a specific Tranche, and on which there is no agreement between the Bank and the Borrower on their application, the Bank may apply these between Tranches at its discretion.

Application of Sums Received. (a) General Sums received from the Borrower shall only discharge its payment obligations if received in accordance with the terms of this Contract. . (b) Partial payments If the Bank receives a payment that is insufficient to discharge all the amounts then due and payable by the Borrower under this Contract, the Bank shall apply that payment, in the order set out below: (i) firstly, in or towards: towards pro rata to each payment of any unpaid fees, costs, indemnities and expenses due under this Contract; ; (ii) secondly, in or towards payment of any accrued interest due but unpaid under this Contract; ; (iii) thirdly, in or towards payment of any principal due but unpaid under this Contract; and and (iv) fourthly, in or towards payment of any other sum due but unpaid under this Contract. . (c) Allocation of sums related to Tranches Tranches (i) In case of: - a partial voluntary prepayment of a Tranche that is subject to a repayment in several instalments, the Prepayment Amount shall be applied pro rata to each outstanding instalment, or, at the request of the Borrower, in inverse order of maturity; or , - a partial compulsory prepayment of a Tranche that is subject to a repayment in several instalments, the Prepayment Amount shall be applied in reduction of the outstanding instalments in inverse order of maturity. . (ii) Sums received by the Bank following a demand under Article 10.1 10.01 and applied to a Tranche, shall reduce the outstanding instalments in inverse order of maturity. The Bank may apply sums received between Tranches at its discretion. . (iii) In case of receipt of sums which cannot be identified as applicable to a specific Tranche, and on which there is no agreement between the Bank and the Borrower on their application, the Bank may apply these between Tranches at its discretion.

Application of Sums Received. (a) General Sums received from the Borrower shall only discharge its payment obligations if received in accordance with the terms of this Contract. . (b) Partial payments If the Bank receives a payment that is insufficient to discharge all the amounts then due and payable by the Borrower under this Contract, the Bank shall apply that payment, in the order set out below: (i) first, in or towards: towards payment pro rata to each of any unpaid fees, costs, indemnities and expenses due under this Contract; ; (ii) secondly, in or towards payment of any accrued interest due but unpaid under this Contract; ; (iii) thirdly, in or towards payment of any principal due but unpaid under this Contract; and and (iv) fourthly, in or towards payment of any other sum due but unpaid under this Contract. . (c) Allocation of sums related to Tranches Tranches (i) In case of: - a partial voluntary prepayment of a Tranche that is subject to a repayment in several instalments, the Prepayment Amount shall be applied pro rata to each outstanding instalment, or, at the request of the Borrower, in inverse order of maturity; or , - a partial compulsory prepayment of a Tranche that is subject to a repayment in several instalments, the Prepayment Amount shall be applied in reduction of the outstanding instalments in inverse order of maturity. . (ii) Sums received by the Bank following a demand under Article 10.1 10.01 and applied to a Tranche, shall reduce the outstanding instalments in inverse order of maturity. The Bank may apply sums received between Tranches at its discretion. . (iii) In case of receipt of sums which cannot be identified as applicable to a specific Tranche, and on which there is no agreement between the Bank and the Borrower on their application, the Bank may apply these between Tranches at its discretion.