Common use of Payments Clause in Contracts

Payments. All payments received by the Lender under this Agreement shall be applied towards the payment of expenses, fees, interest, principal amounts or any other sum due under this Agreement in the following order: 1) incidental costs and expenses; 2) fees; 3) late-payment interest and default interest; 4) accrued interest; 5) principal repayments. Any payments received from the Borrower shall be applied first in or towards payment of any sums due and payable under the Facility or under other loans extended by the Lender to the Borrower, should it be in the Lender’s interest to apply these sums to such other loans, in the order set out above.

Payments. All payments received by the Lender under this Agreement shall be applied towards the payment of expenses, fees, interest, principal amounts or any other sum due under this Agreement in the following order: 1(a) incidental costs and expenses; 2(b) fees; 3(c) late-payment interest and default interest; 4(d) accrued interest; 5(e) principal repayments. Any payments received from the Borrower shall be applied first in or towards payment of any sums due and payable under the Facility or under other loans extended by the Lender to the Borrower, should it be in the Lender’s interest to apply these sums to such other loans, in the order set out above.