Common use of Application of Payments to Certain Obligations Clause in Contracts

Application of Payments to Certain Obligations. If any part of the Obligations cannot be lawfully secured by this Mortgage or if any part of the Mortgaged Property cannot be lawfully subject to the Lien hereof to the full extent of the Obligations, then all payments made shall be applied on said Obligations first in discharge of that portion thereof which is not secured by this Mortgage.

Appears in 1 contract

Sources: Credit Agreement (KKR Financial Holdings LLC)

Application of Payments to Certain Obligations. If any part of the Obligations cannot be lawfully secured by this Mortgage or if any part of the Mortgaged Property Collateral cannot be lawfully subject to the Lien hereof to the full extent of the Obligations, then all payments made shall be applied on said Obligations first in discharge of that portion thereof which is not secured by this Mortgage.

Appears in 1 contract

Sources: Mortgage, Assignment of Leases, Rents and as Extracted Collateral, Security Agreement, Financing Statement and Fixture Filing (Nacco Industries Inc)

Application of Payments to Certain Obligations. If any part of the Loan Obligations cannot be lawfully secured by this Mortgage or if any part of the Mortgaged Property cannot be lawfully subject to the Lien hereof to the full extent of the Loan Obligations, then all payments made shall be applied on said Loan Obligations first in discharge of that portion thereof which that is not secured by this Mortgage.

Appears in 1 contract

Sources: Credit Agreement (Lilis Energy, Inc.)