Common use of Applying Payments Clause in Contracts

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,