Common use of Application of Payments and Repayments Clause in Contracts

Application of Payments and Repayments. So long as the balance of the Obligations under the Credit Agreement, and the indebtedness evidenced by the Notes and the A-Advanced Notes, exceeds the portion of the Secured Indebtedness secured by this Mortgage, any payments and repayments of the Loans or the payment of principal and interest on said Notes or A-Advanced Notes shall not be deemed to be applied against, or to reduce, the portion of the Secured Indebtedness secured by this Mortgage. Such payments shall instead be deemed to reduce only such portions of the Secured Indebtedness as are secured by mortgages and deeds of trust encumbering real property located outside the State in which the Real Property is located, which mortgages and deeds of trust also secure in part the Secured Indebtedness (except to the extent, if any, that specific mortgages and deeds of trust in such states contain specific limitations on the amount secured).

Application of Payments and Repayments. So long as the balance of the Obligations under the Credit Agreement, and the indebtedness evidenced by the Notes and the A-Advanced Notes, exceeds the portion of the Secured Indebtedness secured by this MortgageDeed of Trust, any payments and repayments of the Loans or the payment of principal and interest on said Notes or A-Advanced Notes shall not be deemed to be applied against, or to reduce, the portion of the Secured Indebtedness secured by this MortgageDeed of Trust. Such payments shall instead be deemed to reduce only such portions of the Secured Indebtedness as are secured by mortgages and deeds of trust encumbering real property located outside the State in which the Real Property is located, which mortgages and deeds of trust also secure in part the Secured Indebtedness (except to the extent, if any, that specific mortgages and deeds of trust in such states contain specific limitations on the amount secured).