Common use of Payment Hierarchy Clause in Contracts

Payment Hierarchy. Payment will be applied to any fees corresponding to your oldest outstanding balance (per statement period), then to your oldest outstanding balance (per statement period). This order recurs for each outstanding statement period. For example, your payment will be applied first to fees associated with balances 61-90 days past due, then to balances 61-90 days past due, then to fees associated with balances 31-60 days past due, then to balances 31-60 days past due, and then to fees associated with balances 0-30 days past due and finally to balances 0-30 days past due.

Payment Hierarchy. Payment will be applied to any fees corresponding to your oldest outstanding balance (per statement period), then to your oldest outstanding balance (per statement period). This order recurs for each outstanding statement period. For example, your payment will be applied first first to fees associated with balances 61-90 days past due, then to balances 61-90 days past due, then to late fees associated with balances 31-60 days past due, then to balances 31-60 days past due, and then to fees associated with balances 0-30 days past due and finally finally to balances 0-30 days past due.