Common use of Appropriation of payment Clause in Contracts

Appropriation of payment. The Bank shall be entitled to appropriate any payment made to or monies received by the Bank (including but not limited to circumstances where such monies are less than the amount due in respect of the Customer’s Indebtedness to the Bank) towards the satisfaction of any Indebtedness due in such proportions and order and generally in such manner as the Bank shall deem fit notwithstanding any specific or express appropriation by the Customer or any person making payment on behalf or for the Account of the Customer.