Common use of Payment by Borrower Clause in Contracts

Payment by Borrower. The Borrower agrees, declares, affirms and confirms that notwithstanding any of the provisions of the Contract Act or any other law or any terms and conditions to the contrary contained in this Agreement, any payment made by the Borrower to the Bank unless otherwise agreed to by the Bank in writing, be appropriated by the Bank in the manner following:- i) Firstly towards costs, charges, expenses and other moneys due and payable or becoming due and payable to the Bank; ii) Secondly towards interest due and payable and / or accruing due and payable to the Bank; and iii) Lastly towards repayment of the amount of any instalment (s) of the principal sum due and payable or becoming due and payable to the Bank. All the aforesaid amounts having become due and payable and / or becoming due and payable by the Borrower to the Bank under this Agreement shall be promptly paid by the Borrower to the Bank as per terms of this Agreement.

Payment by Borrower. The Borrower agrees, declares, affirms affirms, and confirms that notwithstanding any of the provisions of the Contract Act or any other law or any terms and conditions to the contrary contained in this Agreement, any payment made by the Borrower to the Bank unless otherwise agreed to by the Bank in writing, be appropriated by the Bank in the manner following:-following: - i) Firstly Firstly, towards costs, charges, expenses expenses, and other moneys due and payable or becoming due and payable to the Bank;. ii) Secondly towards interest due and payable and / or accruing due and payable to the Bank; and iii) Lastly towards repayment of the amount of any instalment (s) of the principal sum due and payable or becoming due and payable to the Bank. All the aforesaid amounts having become due and payable and / or becoming due and payable by the Borrower to the Bank under this Agreement shall be promptly paid by the Borrower to the Bank as per terms of this Agreement.