Application of Indebtedness. If any part of the Secured Indebtedness cannot be lawfully secured by this Deed of Trust or if any part of the Property cannot be lawfully subject to the lien and security interest hereof to the full extent of such indebtedness, then all payments made shall be applied on said indebtedness first in discharge of that portion thereof which is unsecured by this Deed of Trust.
Appears in 3 contracts
Samples: Credit Agreement (Doskocil Manufacturing Co Inc), Credit Agreement (Pillowtex Corp), Term Credit Agreement (Pillowtex Corp)
Application of Indebtedness. If any part of the Secured Indebtedness cannot be lawfully secured by this Deed of Trust or if any part of the Property cannot be lawfully subject to the lien and security interest hereof to the full extent of such indebtedness, then all payments made shall be applied on said indebtedness first in discharge of that portion thereof which is unsecured by this Deed of TrustDeed.
Appears in 2 contracts
Samples: Credit Agreement (Pillowtex Corp), Term Credit Agreement (Pillowtex Corp)
Application of Indebtedness. If any part of the Secured Indebtedness cannot be lawfully secured by this Deed of Trust or if any part of the Mortgaged Property cannot be lawfully subject to the lien and security interest hereof to the full extent of such indebtednessthe Indebtedness, then all payments made shall be applied on said indebtedness Indebtedness first in discharge of that portion thereof which is unsecured by this Deed of Trust.
Appears in 2 contracts
Samples: Deed of Trust (Netreit, Inc.), Term Loan and Revolving Credit Facility Agreement (Stolt Nielsen S A)
Application of Indebtedness. If any part of the Secured --------------------------- Indebtedness cannot be lawfully secured by this Deed of Trust or if any part of the Property cannot be lawfully subject to the lien and security interest hereof to the full extent of such indebtedness, then all payments made shall be applied on said indebtedness first in discharge of that portion thereof which is unsecured by this Deed of Trust.
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