HOW PAYMENTS ARE APPLIED Sample Clauses
The "How Payments Are Applied" clause defines the order and manner in which payments made by a party are allocated to outstanding amounts owed under an agreement. Typically, this clause specifies whether payments are first applied to interest, principal, fees, or other charges, and may outline a default order if the payer does not specify. By establishing a clear payment application process, this clause helps prevent disputes over how payments reduce different types of debt and ensures both parties have a mutual understanding of how their financial obligations are managed.
HOW PAYMENTS ARE APPLIED. It is agreed that payments are to be applied first toward outstanding balances including prior deposits, rent, late fees, utilities, fines, repairs, or cleaning charges. The remainder of the payment will be applied toward payment of rent. Rent is considered paid only when any outstanding balance is one hundred dollars or less. Balances of one hundred dollars or less will be financed as specified in the lease.
HOW PAYMENTS ARE APPLIED. The Payment is applied in the following order: First, fees; second, finance charge; third, non-accruing balance (i.e. insurance premiums); fourth, old purchases; fifth, old cash advances; sixth, current cash advances (cycle to date); seventh, current purchases (cycle to date). 7.
HOW PAYMENTS ARE APPLIED. Payments received will be applied in the following order of priority: First to any unpaid late fees or charges including maintenance, Second to any past due rent, Third to any current late fees, and last to the current months rent. Therefore it is possible to pay on the first and still face a possible eviction.
HOW PAYMENTS ARE APPLIED. After tenancy begins, regardless of how specified by tenant, payments will be applied in the following priority (highest listed first, and so on): 1) deposits, 2) damages or repairs, 3) utilities, 4) fees, 5) rent owed on prior months, 6) rent owed on the current month, 7) then to outstanding late charges.
HOW PAYMENTS ARE APPLIED. 7.1. You can tell us to apply Your payments in any order to any amount You owe under this Agreement. However, if You do not provide written instructions before, or when, making a payment, we will apply the payment to any amount You owe under this Agreement in the order we decide. For example, if You owe Enforcement Expenses, or credit fees and charges, we can apply Your payment to them before applying any of the remaining part of Your payment to Your Regular Payment.
7.2. We will adjust debits, credits, and the Money Owing if there is a processing error or where a payment made to us has been dishonoured. We will also adjust debits, credits, and Money Owing if there are refunds or corrections to accurately reflect the legal obligations between us. This will occur regardless of the adjustment favouring either of Us.