Common use of Application of Payment Clause in Contracts

Application of Payment. Except as otherwise expressly set forth herein, all payments received by Lender hereunder shall be applied, in accordance with the then current billing statement applicable to the Borrowing, first to accrued interest, then to fees, then to principal due and then to late charges. Any remaining funds shall be applied to the further reduction of principal. In the event more than one Borrowing shall be outstanding hereunder, and no designation is made by Borrower, Lender, in its discretion, may determine to which Borrowing(s) each payment shall be applied. Notwithstanding the foregoing, upon the occurrence of a Default Condition or Event of Default, payments shall be applied to the Obligations in such order as Lender, in its sole discretion, may elect.

Application of Payment. Except as may be otherwise expressly ----------------------- agreed to by Borrower and Lender and as set forth hereinin Section 4.4 hereof, all payments received by Lender hereunder shall be applied, in accordance with the then current billing statement applicable to the BorrowingBorrowings, first to accrued interestinterest due, then to feesfees due, then to principal due and then to late chargescharges due. Any remaining funds shall be applied to the further reduction of principal. In the event more than one Borrowing shall be outstanding hereunder, and no designation is made by Borrower, Lender, Lender in its discretion, sole discretion may determine to which Borrowing(s) each payment shall be appliedapplied to. Notwithstanding the foregoing, upon the occurrence and during the continuance of a Default Condition or an Event of Default, payments shall be applied to the Obligations in such order as Lender, determined by Lender in its sole discretion, may elect.

Application of Payment. Except as otherwise expressly set forth herein, all All payments received by Lender hereunder shall be applied, in accordance with the then current billing statement applicable to the Borrowing, first to accrued interest, then to fees, then to principal due and then to late charges. Any remaining funds shall be applied to the further reduction of principal. In the event more than one Borrowing shall be outstanding hereunder, and no designation is made by Borrower, Lender, Lender in its discretion, sole discretion may determine to which Borrowing(s) each payment shall be appliedapplied to. Notwithstanding the foregoing, upon the occurrence of a Default Condition or Event of Default, payments shall be applied to the Obligations in such order as Lender, determined by Lender in its sole discretion, may electdiscretion or as expressly provided in Section 14.3.

Application of Payment. Except as otherwise expressly set forth herein, all All payments received by Lender hereunder shall be applied, in accordance with the then current billing statement applicable to the Borrowing, first to accrued interest, then to fees, then to principal due and then to late charges. Any remaining funds shall be applied to the further reduction of principal. In the event more than one Borrowing shall be outstanding hereunder, and no designation is made by Borrower, Lender, Lender in its discretion, sole discretion may determine to which Borrowing(s) each payment shall be appliedapplied to. Notwithstanding the foregoing, upon the occurrence of a Default Condition or Event of Default, payments shall be applied to the Obligations in such order as Lender, determined by Lender in its sole discretion, may electdiscretion or as expressly provided herein.

Application of Payment. Except as may be otherwise expressly agreed to by Borrower and Lender and as set forth hereinin Section 4.4 hereof, all payments received by Lender hereunder shall be applied, in accordance with the then current billing statement applicable to the Borrowing, first to accrued interest, then to fees, then to principal due and then to late charges. Any remaining funds shall be applied to the further reduction of principal. In the event more than one Borrowing shall be outstanding hereunder, and no designation is made by Borrower, Lender, Lender in its discretion, sole discretion may determine to which Borrowing(s) each payment shall be appliedapplied to. Notwithstanding the foregoing, upon the occurrence of a Default Condition or Event of Default, payments shall be applied to the Obligations in such order as Lender, determined by Lender in its sole discretion, may electdiscretion or as expressly provided in Section 14.3.