Common use of Order of Payments Clause in Contracts

Order of Payments. The Lender may appropriate any payment received from you or money which is proceeds of the sale of the vehicle or of any land to be mortgaged against any debt owed by you in any manner that the Lender may decide, notwithstanding any purported appropriation you claim to have made or the fact that the time for payment of the amount has not arrived. To the extent allowed by the law, the Lender may from time to time without notice set off against any claim or demand which you may have any claim or demand which the Lender may have against you. Payment Dates Payment dates are based on the assumption that the loan is drawn down on the date of the contract. The dates of payment are to be linked to the actual date of advance and will be adjusted to correspond with this date if it differs from the date of contract. If the loan is not drawn down on the date of the contract, unless agreed otherwise by the parties in writing, the date the loan is drawn down may be referred to as the date of the contract when referred to in correspondence or the issuance of notices.

Order of Payments. The Lender may appropriate any payment received from you or money which is proceeds of the sale of the vehicle collateral or of any land to be mortgaged against any debt owed by you in any manner that the Lender may decide, notwithstanding any purported appropriation you claim to have made or the fact that the time for payment of the amount has not arrived. To the extent allowed by the law, the Lender may from time to time without notice set off against any claim or demand which you may have any claim or demand which the Lender may have against you. Payment Dates Payment dates are based on the assumption that the loan is drawn down on the date of the contract. The dates of payment are to be linked to the actual date of advance and will be adjusted to correspond with this date if it differs from the date of contract. If the loan is not drawn down on the date of the contract, unless agreed otherwise by the parties in writing, the date the loan is drawn down may be referred to as the date of the contract when referred to in correspondence or the issuance of notices.