Common use of Application of prepayment Clause in Contracts

Application of prepayment. Any prepayment of this Note shall be applied first to pay any accrued and unpaid interest on this Note to the date of prepayment and thereafter to the remaining principal balance of this Note.

Application of prepayment. Any prepayment of this Note shall be applied first to pay any accrued and unpaid interest on this Note to the date of prepayment (after giving effect to any offset of such unpaid interest against expenses reimbursable by KBB under the Agreement) and thereafter to the remaining principal balance of this Note.