Common use of Deemed application Clause in Contracts

Deemed application. If a reliquification B▇▇▇ is presented to the Borrower and the Borrower discharges it by payment, the amount of that payment will be deemed to have been applied against the Amount Owing to the Financier which required the Borrower to draw the B▇▇▇.

Deemed application. If a reliquification B▇▇▇▇ is presented to the Borrower and the Borrower discharges it by payment, the amount of that payment will be deemed to have been applied against the Amount Owing moneys outstanding under this agreement to the Financier which required the Borrower to draw the B▇▇▇▇.