Common use of Application of Other Payments Clause in Contracts

Application of Other Payments. If Borrower is or shall hereafter be liable to Lender for any obligation, indebtedness, or liability other than the Guaranteed Debt, and Lender should collect or receive any payments, funds, or distributions which are not specifically required, by law or agreement, to be applied to the Guaranteed Debt, then Lender may, in its sole discretion, apply such payments, funds, or distributions to indebtedness of Borrower other than the Guaranteed Debt.