APPROPRIATION OF PAYMENTS Clause Samples
The Appropriation of Payments clause defines how payments made by a debtor are allocated among multiple outstanding debts or obligations owed to a creditor. In practice, if a debtor owes several amounts to the same creditor and makes a payment insufficient to cover all debts, this clause specifies the order or manner in which the payment will be applied—such as to the oldest debt first, to interest before principal, or as directed by the creditor. Its core function is to prevent disputes by clarifying payment allocation, ensuring both parties understand how partial payments affect outstanding balances.
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APPROPRIATION OF PAYMENTS. (a) Except where clause 6.11(b) applies, all payments made by an Obligor under a Finance Document may be appropriated as between principal, interest and other amounts as the Agent determines or, failing any determination, in the following order:
(1) first, towards reimbursement of all fees, costs, expenses, charges, damages and indemnity payments due and payable by the Obligors under the Finance Documents;
(2) second, towards payment of interest due and payable under the Finance Documents; and
(3) third, towards repayment or prepayment of the Principal Outstanding.
(b) Any money recovered by a Finance Party as a result of the exercise of a Power under a Security must be appropriated in the manner provided in that Security.
(c) Any appropriation under clauses 6.11(a) or (b) overrides any appropriation made by an Obligor.
APPROPRIATION OF PAYMENTS. Unless otherwise agreed to by the Lender, any payment due and payable under this Agreement and made by the Borrower will be appropriated towards such dues in the order, namely:
a) Principal amount of the Loan
b) Additional Interest and/or Default Interest
c) Delayed payment/cheque bounce charges
d) Service fees;
e) Costs, charges, expenses, incidental charges and other moneys that may have been expended by ▇▇▇▇▇▇ in connection with the recovery;
APPROPRIATION OF PAYMENTS. We have the right to appropriate all payments made by you in any manner or priority that we see fit even if you or the person making the payment indicates such payment is meant for a specific purpose.
APPROPRIATION OF PAYMENTS. 14.1 Any and all payments received by DBS from or for the account of the Cardmember may be applied and appropriated by DBS in relation to such Card Account for which the Cardmember is liable as DBS may determine or select and in relation to such of the entries or transactions constituting the Outstanding Balance on such Card Account as DBS may determine or select notwithstanding any specific appropriation by the person making the payment or any other person.
APPROPRIATION OF PAYMENTS. Any and all payments made in respect of the Obligations from time to time and monies realized from any security interests held therefor (including monies collected in accordance with or realized on any enforcement of this Agreement) may be applied to such part or parts of the Obligations as the Secured Party may see fit, and the Secured Party may at all times and from time to time change any appropriation as the Secured Party may see fit.
APPROPRIATION OF PAYMENTS. (a) All payments made by the Issuer to the Note Holder under this agreement may be appropriated as between principal, interest and other amounts, as the OF Manager in its absolute discretion determines, or, failing any determination, in the following order:
(1) first, towards reimbursement of all fees, costs, expenses, charges, damages and indemnity payments incurred or due and owing by the Transaction Parties under the Material Documents;
(2) second, towards payment of interest due and payable under the Material Documents; and
(3) third, towards repayment of the Principal Outstanding.
(b) Any appropriation under clause 6.3(a) overrides any appropriation made by the Issuer.
APPROPRIATION OF PAYMENTS. Any and all payments received by us whether from the Principal Cardmember or any Supplementary Cardmember may be applied and appropriated by us in such manner and order and to such Card Account(s) (whether relating to the Card issued to that cardmember or otherwise) and or with respect to such Card Transaction(s) as we may select or determine notwithstanding any specific appropriation by that cardmember.
APPROPRIATION OF PAYMENTS. 34.1 The Canon Parties may apply any money received from You, or anyone else on Your behalf, to any money You owe whether in connection with this Agreement or otherwise and may disregard any directions You give as to how any monies are to be applied.
APPROPRIATION OF PAYMENTS. Any and all payments made in respect of the Obligations from time to time and monies realized from any security interests held therefor (including monies collected in accordance with or realized on any enforcement of this Security Agreement) may be applied to such part or parts of the Obligations as the Secured Party may see fit and the Secured Party may at all times and from time to time change any appropriation as the Secured Party may see fit.
APPROPRIATION OF PAYMENTS. 2.13.1 In case any moneys are received by the Debenture Trustee in respect of the Debentures or amounts payable under this Deed or any other Transaction Document, such amounts will, despite any appropriation of all or part of them by the Issuer, be held by the Debenture Trustee upon trust to apply them:
(a) firstly, for payment or satisfaction of all documented costs, charges, expenses, fees (including legal fees) and liabilities incurred by the Debenture Trustee (including remuneration payable to the Debenture Trustee in accordance with the Debenture Trustee Agreement) in carrying out its functions and/or exercising its rights, power and discretions under this Deed or any other Transaction Document;
(b) secondly, subject to Clause 2.7 (Redemption of the Debentures) for payment of any amounts of interest (including without limitation the Coupon and Default Interest at the Default Rate) owing in respect of the Debentures pari passu and rateably;
(c) thirdly, subject to Clause 2.7 (Redemption of the Debentures) for payment of the Nominal Value owing in respect of the Debentures pari passu and rateably; and
(d) fourthly, for payment of any balance (if any) to the Issuer for itself.
2.13.2 The Debenture Trustee shall not be obliged to pay any monies as contemplated by Clause 2.13.1 above, or to pay any other amounts in respect of the Debentures until such time as such moneys or amounts have actually been received by the Debenture Trustee in cleared funds or are to the satisfaction of the Debenture Trustee held by another Person to the Debenture Trustee’s order.
2.13.3 If any amount whether redemption or interest, paid to the Debenture Holder(s) in respect of the Debentures is held to be void or set aside on the liquidation or winding up of the Issuer or otherwise, then for the purpose of this Deed such amount shall not be considered to have been paid.