Common use of Application of Obligor Payments Clause in Contracts

Application of Obligor Payments. Unless an Obligor arranges with the applicable Originator for a different application of payments, payments made by an Obligor in respect of a Pool Receivable will be applied to amounts billed on such Obligor’s invoice in the following order: (i) to amounts past due under any ISC Contract of such Obligor; (ii) to amounts past due under any Lease Contract of such Obligor; (iii) to amounts past due under any SCC Contract and other items past due (other than payments currently due under any Lease Contract, ISC Contract, or SCC Contract of such Obligor); (iv) to amounts currently due under any ISC Contract of such Obligor; (v) to amounts currently due under any Lease Contract of such Obligor, and (vi) to amounts currently due under any SCC Contract and items due other than payments due under any Lease Contracts, any ISC Contract, or SCC Contract of such Obligor.