Common use of Place and Application of Payments Clause in Contracts

Place and Application of Payments. Each payment on this Note shall be made at Creditor’s address set forth below or any other place that Creditor directs in writing. Any payment on this Note shall be applied in the following order: first, to any expenses (including expenses of collection) then due and payable to Creditor under this Note; second to any accrued and unpaid interest under this Note; and third, to the unpaid principal balance of this Note. If Maker at any time owes Creditor any indebtedness or obligation in addition to the indebtedness evidenced by this Note, and if such other indebtedness owed by Maker to the Creditor is then in default, then Maker shall have no right to direct or designate the particular indebtedness or obligation on which payment made by or collected from Maker shall be applied. Maker waives any such right and agrees that the manner of application of any such payment, as between or among such indebtedness and obligations, shall be determined solely by the Creditor.

Place and Application of Payments. Each payment on this Term Note shall be made at CreditorLender’s address set forth below above or any other place that Creditor the Lender directs in writing. Any payment on this Term Note shall be applied in the following order: first, first to any expenses (including expenses of collection) then due and payable to Creditor Lender under this Term Note; , second to any accrued and unpaid interest under this Note; interest, and third, third to the unpaid principal balance of this Notebalance. If Maker Borrower at any time owes Creditor the Lender any indebtedness or obligation in addition to the indebtedness evidenced by this Term Note, and if such other any indebtedness owed by Maker Borrower to the Creditor Lender is then in default, then Maker Borrower shall have no right to direct or designate the particular indebtedness or obligation on which any payment made by or collected from Maker Borrower or other security shall be applied. Maker Borrower waives any such right and agrees that the manner of application of any such payment, as between or among such indebtedness and obligations, shall be determined solely by the CreditorLender.