Common use of IMPUTATION OF PAYMENTS Clause in Contracts

IMPUTATION OF PAYMENTS. Except as herein otherwise expressly provided, to the greatest extent permitted by all applicable law, the moneys and other proceeds arising from any sale or realization of the whole or any part of the Hypothecated Property, whether under any sale by the Attorney or by judicial process or otherwise, together with any other moneys or other proceeds then in the hands of the Attorney and available for such purpose, shall be applied on account of the principal and interest of the Bond or, at the option of the Attorney, may be held unappropriated in a collateral account in order to provide for payment of any charge or claim ranking prior to the Hypothec created hereunder.