Common use of Application and Reversal of Payments Clause in Contracts

Application and Reversal of Payments. All such payments not relating to principal or interest of specific Loans, or not constituting payment of specific fees, and all proceeds of Collateral received by Lender, shall be applied, subject to the provisions of this Agreement, FIRST, to pay any fees, indemnities or expense reimbursements then due to Lender; SECOND, to pay interest due in respect of all Loans; and THIRD, to pay or prepay principal of the Loans. Lender shall have the continuing and exclusive right to apply and reverse and reapply any and all such proceeds and payments to any portion of the Obligations.

Application and Reversal of Payments. All such ------------------------------------ payments not relating to principal or interest of specific Loans, or not constituting payment of specific fees, and all proceeds of Collateral received by Lender, shall be applied, subject to the provisions of this Agreement, FIRSTfirst, ----- to pay any fees, indemnities or expense reimbursements then due to Lender; SECONDsecond, to pay interest due in respect of all Loans; and THIRDthird, to pay or prepay ------ ----- principal of the Loans. Lender shall have the continuing and exclusive right to apply and reverse and reapply any and all such proceeds and payments to any portion of the Obligations.