Common use of Application of Regular Payments Clause in Contracts

Application of Regular Payments. When Equitable receives a Regular Payment, Equitable will first apply it to Late Interest, if any. Next Equitable will apply it to Interest on the Fixed Rate Principal Amount. Finally, Equitable will apply any remaining part of the Regular Payment to reduce the Fixed Rate Principal Amount. Equitable may also decide to apply a Regular Payment to other amounts you may owe to third parties whose claims might constitute a higher priority interest to the Mortgage, for example Taxes, in any order Equitable determines in its sole discretion. The foregoing is subject to section 2.05.

Application of Regular Payments. When Equitable receives a Regular Payment, Equitable will first apply it to Late Interest, if any. Next Equitable will apply it to Interest on the Fixed Variable Rate Principal Amount. Finally, Finally Equitable will apply any remaining part of the Regular Payment to reduce the Fixed Variable Rate Principal Amount. Equitable may also decide to apply a Regular Payment to other amounts you may owe to third parties whose claims might constitute a higher priority interest to the Mortgage, for example Taxes, in any order Equitable determines in its sole discretion. The foregoing is subject to section 2.05.