Common use of Last Dollar Clause in Contracts

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.