Common use of Right of appropriation Clause in Contracts

Right of appropriation. (a) We shall be entitled in our reasonable discretion to apply and appropriate all payments received by us in such a manner or order of priority as we may deem fit, notwithstanding any specific appropriation of such sums by you or any person making such payment. Without prejudice to the generality of the foregoing, we may apply payments received by us in the following order of priority: (i) all billed but unpaid interest, fees and charges; (ii) all unpaid balance transfer balances, cash advances, instalment plans, card transactions shown in any previous statements ofaccount; (iii) all unpaid balance transfer balances, cash advances, instalment plans, card transactions shown in the currentstatementofaccount; and (iv) all unpaid balance transfer balances, cash advances, instalment plans, card transactions notyetincluded in any statementofaccount. (b) For each category of unpaid balances referred to in each of sub-clauses 15.1(a)(ii),