Last Dollar Sample Clauses
The "last-dollar" clause determines the order in which payments are applied when multiple obligations or debts exist, specifying that the final available funds are used to satisfy a particular obligation. In practice, this means that if a debtor has limited resources, the last remaining funds will be directed toward the debt or liability covered by this clause, often after other obligations have been settled. This mechanism ensures that a specific party receives payment only after all other claims have been addressed, thereby clarifying payment priorities and reducing disputes over the allocation of limited funds.
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Last Dollar. So long as the balance of the Guaranteed Obligations under the Credit Agreement exceeds the portion of the Guaranteed Obligations secured by this Mortgage, any payments, prepayments and repayments of the Guaranteed Obligations shall not be deemed to be applied against, or to reduce, the portion of the Guaranteed Obligations secured by this Mortgage. Such payments, prepayments and repayments shall instead be deemed to reduce only such portions of the Guaranteed Obligations as are not secured by this Mortgage.
Last Dollar. The portion of the Debt secured by this Mortgage shall be reduced only by the last and final sums that Mortgagor repays with respect to the Loan and shall not be reduced by any intervening repayments of the Loan by ▇▇▇▇▇▇▇▇▇, except as may otherwise be permitted or required herein or in the Purchase Agreement.
Last Dollar. The lien of this Mortgage shall remain in effect until the last dollar of the Secured Liabilities is paid in full and all obligations of Agent and Lenders under the Credit Agreement have been terminated.
Last Dollar. The lien of this Deed of Trust shall remain in effect until the last dollar of Borrower's Liabilities is paid in full and all obligations of the Beneficiaries under each of the Loan Agreements have been terminated.
Last Dollar. So long as the balance of the Obligations exceeds the portion of the Obligations secured by this Mortgage, no payment on account of the Obligations shall be deemed to be applied against or to reduce the portion of the Obligations secured by this Mortgage, but shall, instead, be deemed to be applied against only such portions of the Obligations that are not secured by this Mortgage.
Last Dollar. Unless earlier released or reconveyed in accordance with the provisions of the Credit Agreement, the lien of this Deed of Trust shall remain in effect until the last dollar of the Loans and the Swap Obligations are paid in full and all obligations of Agent and Lenders under the Credit Agreement have been terminated.
Last Dollar. The Second Priority Obligations secured by this Deed shall be reduced only by the last and final sums that Grantor repays with respect to the Loans and shall not be reduced by any intervening repayments of the Loans by Grantor, except as may otherwise be permitted herein. Such intervening payments shall instead be deemed to reduce only such portions of the Second Priority Obligations as are not secured by this Deed. As of the date of recording of this Deed, the outstanding principal balance of the Loans exceeds the amount of the maximum principal amount secured by this Deed, so that the maximum principal amount secured by this Deed represents only a portion of the Second Priority Obligations actually outstanding. 26.
Last Dollar. 30 Section 8.21 Defense of Claims........................................ 30 Section 8.22
Last Dollar. 27 SECTION 8.21
Last Dollar. Until such time as the lien of this Mortgage has been released of record, all payments and repayments made, from time to time, on account of the Loan shall be applied in accordance with Section 2.4(b) of the Loan Agreement, it being the intent of the parties hereto that the Special Term Advance shall not be paid, either wholly or in part, until all other outstanding Advances (as defined in the Loan Agreement) have been paid in full.