Common use of Application and Place of Payments Clause in Contracts

Application and Place of Payments. All payments hereunder shall be applied first to the payment of any late charges and costs of collections then due hereunder, second to the payment of accrued and unpaid interest then due hereunder, and the remainder, if any, shall be applied to the unpaid Principal Sum. Notwithstanding the foregoing, accrued and unpaid interest on amounts outstanding hereunder bearing interest on a LIBOR Rate basis shall be due and payable on the last day of the applicable LIBOR Rate Funding Period (as herein defined) and if such LIBOR Rate Funding Period is longer than ninety (90) days, on the ninetieth (90th) day of each LIBOR Rate Funding Period. All payments on account of this Note shall be paid in lawful money of the United States of America in immediately available funds on or before 11:00 a.m. (Washington, D.C. time) at its principal office in McLean, Virginia or at such other times and places as the Lender may at any time and from time to time designate in writing to the Borrower.