Common use of Last Repaid Clause in Contracts

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 Debt equals or exceeds the then outstanding principal amount of the Parallel NotesNote, the principal amount of the Debt evidenced by the Parallel Notes Note shall at all times equal the principal amount of the Parallel NotesNote. The Subject to Section 2.13(2)(b), the principal amount of the Parallel Notes Note shall be reduced only by the last and final sums that Borrower pays Borrowers pay 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 Note 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 Borrowers pay with respect to the Debt and shall not be reduced by any intervening payments on the Debt.