Common use of Appropriation of Payment Right of Set Off Clause in Contracts

Appropriation of Payment Right of Set Off. 17.1 Right of appropriation (a) We are entitled in our absolute discretion to apply and appropriate all payments received by us in such manner or order of priority as we may deem fit, notwithstanding any specific appropriation of such sums by you or any person making such payment. Without prejudice to the generality of the foregoing, we may apply payments received by us in the following order of priority :- (i) all unpaid interest, fees and charges shown in any previous statements of account; (ii) all unpaid interest, fees and charges shown in the current statements of account; (iii) all unpaid fund transfer balances (subject to 17.1 (b)), cash advances, Card transactions shown in any previous statements of account; (iv) all unpaid fund transfer balances (subject to 17.1 (b)), cash advances, Card transactions shown in the current statement of account; and (v) all unpaid fund transfer balances (subject to 17.1 (b)), cash advances, Card transactions not yet included in any statement of account. (b) Payments made to your Card account will always reduce the balances transferred under the latest fund transfer program (after it has been reflected in your statement of account) before reducing any other current balance in your Card account (including any balances transferred from previous fund transfer programs).