Maximum Indebtedness Secured. This Instrument shall be governed by the provisions of Sections 106.300 through 106.400 of the Nevada Revised Statutes, as may be amended from time to time. Debtors, Secured Party and Trustee agree and acknowledge that Secured Party may elect to make additional advances under the terms of the Notes, the Loan Agreement or otherwise, and that any such future advances shall be subject to, and secured by, this Instrument. Should the Obligations decrease or increase pursuant to the terms of the Notes, the Loan Agreement or otherwise, at any time or from time to time, this Instrument shall retain its priority position of record until the termination of the Loan Agreement and until full, final and complete payment of all the Obligations. The aggregate unpaid principal amount of the Obligations outstanding at any particular time (after having given effect to all advances and all repayments made prior to such time) which is secured by the Collateral shall not aggregate in excess of One-Hundred Million Dollars ($100,000,000). Such amount does not in any way imply that Secured Party is obligated to make any future advances to Debtors at any time unless specifically so provided in the Loan Agreement or any other loan document.
Appears in 2 contracts
Sources: Deed of Trust (Foreland Corp), Deed of Trust, Security Agreement, Assignment of Rents, Profits and Proceeds, Financing Statement and Fixture Filing (Foreland Corp)