Last Repaid Sample Clauses
The "Last Repaid" clause defines the point at which the final payment on a loan or financial obligation is made. In practice, this clause specifies the date or event that marks the completion of all repayment obligations, often used to determine when interest stops accruing or when collateral can be released. Its core function is to provide a clear reference for both parties regarding the end of repayment responsibilities, thereby preventing disputes over when obligations have been fully satisfied.
Last Repaid. So long as the total outstanding principal amount of the payment Obligations under the Credit Documents equals or exceeds the then total outstanding principal amount of the New York Term Notes, the principal amount of the payment Obligations evidenced by the New York Term Notes and secured by the New York Mortgages shall at all times equal only the total principal amount of the New York Term Notes. The principal amount of the New York Term Notes shall be reduced only by the last and final sums that the Borrower repays with respect to the Obligations under the Credit Documents and shall not be reduced by any intervening repayments of such Obligations. So long as the balance of the payment Obligations under the Credit Documents exceeds the then total outstanding principal amount of the New York Term Notes, any payments and repayments of such Obligations shall not be deemed to be applied against, or to reduce, the portion of such principal payment Obligations evidenced by the New York Term Notes and secured by the New York Mortgages. Notwithstanding the foregoing, the Borrower may direct the Administrative Agent to apply payments and repayments of payment Obligations under the Credit Documents against the portion of such Obligations evidenced by any New York Term Note and secured by any New York Mortgage. No Advances made under this Agreement subsequent to any particular New York Advance shall be deemed to be an Advance under the related New York Term Note or secured by the related New York Mortgage.
Last Repaid. So long as the total outstanding principal amount of the Debt equals or exceeds the then outstanding principal amount of the Parallel Notes, the principal amount of the Debt evidenced by the Parallel Notes shall at all times equal the principal amount of the Parallel Notes. The principal amount of the Parallel Notes shall be reduced only by the last and final sums that Borrower pays with respect to the Debt and shall not be reduced by any intervening payments on the Debt. Any reduction of the principal amounts of the Parallel Notes shall be allocated between the Parallel Notes on a pro rata basis in accordance with the principal amount evidenced by each Parallel Note. So long as the aggregate outstanding principal balance of the Parallel Notes equals or exceeds the amount secured by the Parallel Note Mortgages, any payments on the Debt shall not be deemed to be applied against, or to reduce, the portion of the Debt secured by the Parallel Note Mortgages. The amount secured by each Parallel Note Mortgage shall be reduced on a pro rata basis only by the last and final sums that Borrower pays with respect to the Debt and shall not be reduced by any intervening payments on the Debt.
Last Repaid. So long as the total outstanding principal amount of the payment Obligations under the Loan Documents equals or exceeds the then total outstanding principal amount of the Parallel Notes, the principal amount of the payment Obligations evidenced by the Parallel Notes and secured by the Mortgages shall at all times equal only the total principal amount of the Parallel Notes. The principal amount of the Parallel Notes shall be reduced only by the last and final sums that the Borrower repays with respect to the Obligations under the Loan Documents and shall not be reduced by any intervening repayments of such Obligations. So long as the balance of the payment Obligations under the Loan Documents exceeds the then total outstanding principal amount of the Parallel Notes, any payments and repayments of such Obligations shall not be deemed to be applied against, or to reduce, the portion of such principal payment Obligations evidenced by the Parallel Notes. Notwithstanding the foregoing, the Borrower may direct the Administrative Agent to apply payments and repayments of payment Obligations under the Loan Documents against the portion of such Obligations evidenced by any Parallel Notes. No Advances made under this Agreement subsequent to the date of any particular Parallel Note shall be deemed to be an Advance under such Parallel Note or secured by the related Mortgage.