Payment and Application Clause Samples
Payment and Application. All payments shall be made in lawful money of the United States of America at such place in the United States of America as the Holder hereof may from time to time designate in writing to the Company. Payment shall be credited first to accrued and unpaid interest, and then to outstanding principal hereunder, with any excess returned to the Company.
Payment and Application. Insurance proceeds payable with ----------------------- respect to damage to or destruction of the Hotel shall be paid and applied as provided in the Mortgage of such Hotel.