Applying Payments Clause Samples
The "Applying Payments" clause defines how payments made by one party are allocated to outstanding amounts owed under an agreement. Typically, this clause specifies the order in which payments are applied, such as first to accrued interest, then to principal, and finally to any fees or other charges. By establishing a clear hierarchy for payment application, the clause helps prevent disputes over how partial payments are credited and ensures both parties have a mutual understanding of how their financial obligations are reduced over time.
Applying Payments. Payments will be credited to the Card Account when received and cleared by us. Payments may not automatically adjust the available Credit Limit. This generally occurs within one to three business days following receipt and clearing of payment, depending on how the payment is made. If a payment is received by us after our normal business hours, or on a non-business day, that payment will be treated as if it were received on the next business day. If you choose to pay by Pre-Authorized Bill Payment, you agree that any specific terms that we provide to you at enrollment will apply and form part of this Agreement. Payments will be applied towards the payment of the New Balance on the Card Account (unless you are otherwise notified by us). Payments will be allocated to the different types of Charges on your Card Account in the following order:
(a) first to interest and other credit charges;
(b) then to any fees, including overlimit fees and Cash Advance fees;
(c) then to Balance Transfers;
(d) then to Cash Advances;
(e) then to Purchases; and
(f) then to Promotional Balance Transfers. If you have paid more than your New Balance, we will apply the extra payment to Charges that have not yet appeared on your Statement, but which have been posted to your Card Account, in the same order as described above. If different annual interest rates apply to any of these different types of Charges, payments will be allocated first to the type of Charges with the highest annual interest rate and then to the other types of Charges in descending order based on their annual interest rates (meaning that payments are applied to Charges with the highest interest rate first and Charges with the lowest interest rate last). If you have a credit on your Card Account, that credit will be used towards future Charges posted to the Card Account in the order that they are posted, until the credit is used in full. Payments on an Instalment Plan are only applied to that Instalment Plan and will not be applied to any other Charges posted to your Card Account.
Applying Payments. Payments will be credited to the Card Account when received and cleared by us. Payments may not automatically adjust the available Credit Limit. This generally occurs within one to three business days following receipt and clearing of payment, depending on how the payment is made. If a payment is received by us after our normal business hours, or on a non-business day, that payment will be treated as if it were received on the next business day. Payments will be applied towards the payment of the New Balance on the Card Account (unless you are otherwise notified by us). Payments will be allocated to the different types of Charges on your Card Account in the following order:
(a) first to interest charges; (b)then to creditor insurance;
Applying Payments. Under Civil Code Sec. 1479, all sums received by Owner from Tenant shall first be applied to past due rent and fees, then to current amounts due.
Applying Payments. (a) Any payments made from the Lender's address to the Borrower's address shall be applied first to disbursement of Parties' open loans negotiated on the Platform. In case of multiple Parties' open loans negotiated on the Platform, any payments made from the Lender's address to the Borrower's address shall be applied in order of their loan provisions date (sooner loan provision date gets priority).
(b) Any payments made from the Borrower's address to the Lender's address shall be applied first to repayment of Parties' open loans negotiated on the Platform. In case of multiple Parties' open loans negotiated on the Platform, any payments made from the Borrower's address to the Lender's address shall be applied (i) first on the loan that Borrower, on the Platform, had announced for repayment, and should there be multiple of such loans (ii) payments shall be applied in order of their maturity date (sooner maturity date gets priority).
(c) Lender will apply all payments received under this Agreement (i) first to the Interest amount,
Applying Payments. Payments will be credited to the Card Account when received and cleared by us. Payments may not automatically adjust the available Credit Limit. This generally occurs within one to three business days following receipt and clearing of payment, depending on how the payment is made. If a payment is received by us after our normal business hours, or on a non-business day, that payment will be treated as if it were received on the next business day. If you choose to pay by Pre-Authorized ▇▇▇▇ ▇▇▇▇▇▇▇, you agree that any specific terms that we provide to you at enrollment will apply and form part of this Agreement. Payments will be applied towards the payment of the New Balance on the Card Account (unless you are otherwise notified by us). Payments will be allocated to the different types of Charges on your Card Account in the following order:
i. first to interest and other credit charges;
ii. then to any annual or monthly fees, overlimit fees, Cash Advance fees and any other fees;
iii. then to Balance Transfers;
iv. then to Cash Advances;
v. then to Purchases; and
vi. then to Promotional Balance Transfers.
Applying Payments. We will apply payments and credits to your Account in this order:
(a) to any finance charge included in your previous balance; (b) to any miscellaneous fees (such as late fees, annual maintenance charge, and overlimit charges) included in your previous balance; (c) to any remaining portion of your previous balance; (d) to any loans and other debits posted during the billing cycle; and (e) to any finance charge imposed during the billing cycle.
Applying Payments. If you do not tell us how to apply cleared payments, acting reasonably, we may apply them to any part of all you owe in the order that we decide. If you have more than one loan account, each will have its own balance and will be debited and credited separately. If an amount you owe becomes subject to a court order, you must pay interest on that amount at the interest rate applicable to the relevant loan account. If that is not possible, you must pay interest at the rate payable under the court order. There might be further costs that you have to pay – see your letter of otfer.
Applying Payments. We may apply your payments to the earned and unpaid part of the Finance Charge, to the unpaid part of the Amount Financed and to other amounts you owe us in any order we choose, as permitted by applicable law.
Applying Payments. Payments will be credited to the Card Account when received and cleared by us. Payments do not automatically adjust the available Business Credit Limit or Card Limit. This generally occurs within one to three business days following receipt and clearing of payment, depend- ing on how the payment is made. If a payment is received by us after our normal business hours, or on a non-business day, that payment will be treated as if it were received on the next business day. Payments will be applied towards the payment of the New Balance on the Card Account in the following order, unless otherwise notified by us:
(a) first to interest charges;
(b) then to creditor insurance
(c) then to any annual or monthly fees, overlimit fees, cash advance fees and any other fees and charges;
(d) then to Balance Transfers;
(e) then to other Cash Advances (including cheques); and (f ) then to Purchases; If you have paid more than your New Balance, we will apply the extra payment to amounts that have not yet appeared on your Statement, but which have been posted to your Card Account, in the following order:
(a) first to Purchases;
(b) then, to any annual or monthly fees, overlimit fees, cash advance fees and any other fees and charges;
(c) then to Balance Transfers;
(d) then to other Cash Advances (including Cheques); and
(e) then to disputed items. In each category of charges, we apply the payment to the transactions bearing the lowest interest rate first. Promotional offers may vary the order in which payments are applied. We may change the order in which payments are applied at anytime without notice.
Applying Payments. All payments from Tenant shall be applied to the oldest charges on ▇▇▇▇▇▇'s account first (i.e. a tenant with an overdue balance who pays only an amount equal to his normal rent on the due date shall have his payment applied to his overdue balance first, leaving his current month's rent not paid in full).