Application of Indebtedness. If any part of the Indebtedness cannot be lawfully secured by this Mortgage or if any part of the Mortgaged Property cannot be lawfully subject to the lien and security interest hereof to the full extent of the Indebtedness, then all payments made shall be applied on said Indebtedness first in discharge of that portion thereof which is unsecured by this Mortgage.
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Samples: Pledge Agreement (Stolt Nielsen S A), International Isotopes Inc, Newmark Homes Corp
Application of Indebtedness. If any part of the Indebtedness secured indebtedness cannot be lawfully secured by this Mortgage or if any part of the Mortgaged Property cannot be lawfully subject to the lien and security interest hereof to the full extent of the Indebtednesssuch indebtedness, then all payments made shall be applied on said Indebtedness indebtedness first in discharge of that portion thereof which is unsecured by this Mortgage.
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