Common use of Prepayment Procedures Clause in Contracts

Prepayment Procedures. Any prepayment, as well as any Prepayment Fee and Prepayment Surcharge that is applicable, will only be accepted in accordance with Lender’s established procedures. If Borrower, in making a Prepayment, intends the Prepayment to be applied to reduce the principal balance of the Note, Borrower must so inform Lender in writing accompanying the prepayment. Unless agreed to in writing otherwise, Lender may apply all prepayments in such manner as Lender, in its sole discretion, may determine.

Prepayment Procedures. Any prepayment, as well as any Prepayment Fee and Prepayment Surcharge that is applicable, will only be accepted in accordance with Lender’s established procedures. If Borrower, in making a Prepaymentprepayment, intends the Prepayment prepayment to be applied to reduce the principal balance of the NoteAccount, Borrower must so inform Lender in writing accompanying the prepayment. Unless agreed to in writing otherwise, Lender may apply all prepayments in such manner as Lender, in its sole discretion, may determine.