Application of Payments and Prepayments. (1) Each prepayment pursuant to Section 2.06(2), Section 2.06(3), Section 2.06(4), or, in the case of the Term Loan Facility, Section 2.07 shall be applied ratably to the repayments pursuant to Section 2.05(3). (2) All amounts received by the Administrative Agent from or on behalf of a Borrower and not previously applied pursuant to this Agreement shall be applied by the Administrative Agent as follows (i) first, in reduction of the Borrower’s obligation to pay any unpaid interest and any Fees which are due and owing; (ii) second, in reduction of the Borrower’s obligation to pay any claims or losses referred to in Section 15.01; (iii) third, in reduction of the Borrower’s obligation to pay any amounts due and owing on account of any unpaid principal amount of Advances and obligations arising under Eligible Cash Management Agreements and Eligible Hedging Agreements, in each case which are due and owing; provided that notwithstanding the foregoing, obligations arising under Eligible Cash Management Agreements and Eligible Hedging Agreements shall be excluded from any such application if the Administrative Agent has not received written notice thereof, together with such supporting documentation as the Administrative Agent may request, from the applicable Cash Management Bank or Hedge Lender, as the case may be; (iv) fourth, in reduction of the Borrower’s obligation to pay any other unpaid Accommodations Outstanding which are due and owing; (v) fifth, in reduction of any other obligation of the Borrower under this Agreement and the other Credit Documents; (vi) sixth, to Cash Collateralize the then Accommodation Outstanding of all Documentary Credit obligations; and (vii) seventh, to the applicable Borrower or such other Persons as may lawfully be entitled to or directed by a Borrower to receive the remainder.
Appears in 1 contract
Samples: Credit Agreement (Open Text Corp)
Application of Payments and Prepayments. (1) Each prepayment pursuant to Section 2.06(22.05(1), Section 2.06(32.05(2), Section 2.06(42.05(3), or, in the case of the Term Loan Facility, or Section 2.07 2.06 shall be applied ratably to the repayments pursuant to Section 2.05(3)2.04.
(2) All amounts received by the Administrative Agent from or on behalf of a Borrower and not previously applied pursuant to this Agreement shall be applied by the Administrative Agent as follows (i) first, in reduction of the Borrower’s obligation to pay any unpaid interest and any Fees which are due and owing; (ii) second, in reduction of the Borrower’s obligation to pay any claims or losses referred to in Section 15.0114.01; (iii) third, in reduction of the Borrower’s obligation to pay any amounts due and owing on account of any unpaid principal amount of Advances and obligations Obligations arising under Eligible Cash Management Agreements and Eligible Hedging Agreements, in each case case, which are due and owing; provided that notwithstanding the foregoing, obligations Obligations arising under Eligible Cash Management Agreements and Eligible Hedging Agreements shall be excluded from any such application if the Administrative Agent has not received written notice thereof, together with such supporting documentation as the Administrative Agent may request, from the applicable Cash Management Bank or Hedge Lender, as the case may be; (iv) fourth, in reduction of the Borrower’s obligation to pay any other unpaid Accommodations Outstanding which are due and owing; (v) fifth, in reduction of any other obligation of the Borrower under this Agreement and the other Credit Documents; and (vi) sixth, to Cash Collateralize the then Accommodation Outstanding of all Documentary Credit obligations; and (vii) seventh, to the applicable Borrower or such other Persons as may lawfully be entitled to or directed by a Borrower to receive the remainder.
Appears in 1 contract
Samples: Credit Agreement (Open Text Corp)
Application of Payments and Prepayments. (1) Each Subject to paragraph (2) hereof, each prepayment pursuant to Section 2.06(2), 2.05 and Section 2.06(3), Section 2.06(4), or, 2.06 in the case respect of the Term Loan Facility, Section 2.07 Facility B shall be applied ratably to the repayments instalments pursuant to Section 2.05(3)2.04 in the inverse order of their maturity, subject to paying the applicable breakage costs (as contemplated by Section 12.06) if any Libor Advance or BA Instrument is prepaid.
(2) All amounts received by the Administrative Agent from or on behalf of a the Borrower and not previously applied pursuant to this Agreement shall be applied by the Administrative Agent as follows (i) first, in reduction of the Borrower’s obligation to pay any unpaid interest and any Fees which are due and owingamounts owing to the Administrative Agent; (ii) second, in reduction of the Borrower’s obligation to pay any claims or losses referred to in Section 15.01unpaid interest and any Fees which are due and owing; (iii) third, in reduction of the Borrower’s obligation to pay any Claims or Losses referred to in Section 12.06; (iv) fourth, in reduction of the Borrower’s obligation to pay any amounts due and owing on account of any unpaid principal amount of Advances and obligations arising Accommodations Outstanding or amounts under Eligible Cash Management Hedging Agreements and Eligible (other than the Hedging Agreements referred to in paragraph (ii) of the definition of Hedging Agreements, in each case ) which are due and owing; provided that notwithstanding the foregoing, obligations arising under Eligible Cash Management Agreements and Eligible Hedging Agreements shall be excluded from any such application if the Administrative Agent has not received written notice thereof, together with such supporting documentation as the Administrative Agent may request, from the applicable Cash Management Bank or Hedge Lender, as the case may be; (ivv) fourthfifth, in reduction of the Borrower’s obligation to pay any other unpaid Accommodations Outstanding amounts which are due and owingowing to the Lenders; (vvi) fifthsixth, in reduction of any other obligation of the Borrower under this Agreement and the other Credit Documents; (vi) sixth, to Cash Collateralize the then Accommodation Outstanding of all Documentary Credit obligations; and (vii) seventh, to the applicable Borrower or such other Persons as may lawfully be entitled to or directed by a Borrower to receive the remainder.
Appears in 1 contract
Application of Payments and Prepayments. (1) Each prepayment pursuant to Section 2.06(2), Section 2.06(3), Section 2.06(4), or, in the case of the Term Loan Facility, Section 2.07 shall be applied ratably to the repayments pursuant to Section 2.05(3).
(2) All amounts received by the Administrative Agent from or on behalf of a Borrower and not previously applied pursuant to this Agreement shall be applied by the Administrative Agent as follows (i) first, in reduction of the such Borrower’s obligation to pay any unpaid interest and any Fees which are due and owing; (ii) second, in reduction of the such Borrower’s obligation to pay any claims or losses referred to in Section 15.01; (iii) third, in reduction of the such Borrower’s obligation to pay any amounts due and owing on account of any unpaid principal amount of Advances and obligations Obligations arising under Eligible Cash Management Agreements and Eligible Hedging Agreements, in each case case, which are due and owing; provided that notwithstanding the foregoing, obligations Obligations arising under Eligible Cash Management Agreements and Eligible Hedging Agreements shall be excluded from any such application if the Administrative Agent has not received written notice thereof, together with such supporting documentation as the - 60 - 1808964.02A-NYCSR03A - MSWLEGAL_1:80104430.16 Administrative Agent may request, from the applicable Cash Management Bank or Hedge Lender, as the case may be; (iv) fourth, in reduction of the such Borrower’s obligation to pay any other unpaid Accommodations Outstanding which are due and owing; (v) fifth, in reduction of any other obligation of the such Borrower under this Agreement and the other Credit Documents; and (vi) sixth, to Cash Collateralize the then Accommodation Accommodations Outstanding in respect of all Documentary Credit obligationsCredits made to such Borrower; and (vii) seventh, to the applicable such Borrower or such other Persons as may lawfully be entitled to or directed by a such Borrower to receive the remainder.
Appears in 1 contract
Samples: Credit Agreement (Open Text Corp)
Application of Payments and Prepayments. (1) Each prepayment pursuant to Section 2.06(2), Section 2.06(3), Section 2.06(4), or, in the case of the Term Loan Facility, Section 2.07 shall be applied ratably to the repayments pursuant to Section 2.05(3).
(2) All amounts received by the Administrative Agent from or on behalf of a Borrower and not previously applied pursuant to this Agreement shall be applied by the Administrative Agent as follows (i) first, in reduction of the Borrower’s obligation to pay any unpaid interest and any Fees which are due and owing; (ii) second, in reduction of the Borrower’s obligation to pay any claims or losses referred to in Section 15.01; (iii) third, in reduction of the Borrower’s obligation to pay any amounts due and owing on account of any unpaid principal amount of Advances and obligations Obligations arising under Eligible Cash Management Agreements and Eligible Hedging Agreements, in each case case, which are due and owing; provided that notwithstanding the foregoing, obligations Obligations arising under Eligible Cash Management Agreements and Eligible Hedging Agreements shall be excluded from any such application if the Administrative Agent has not received written notice thereof, together with such supporting documentation as the Administrative Agent may request, from the applicable Cash Management Bank or Hedge Lender, as the case may be; (iv) fourth, in reduction of the Borrower’s obligation to pay any other unpaid Accommodations Outstanding which are due and owing; (v) fifth, in reduction of any other obligation of the Borrower under this Agreement and the other Credit Documents; and (vi) sixth, to Cash Collateralize the then Accommodation Accommodations Outstanding in respect of all Documentary Credit obligationsCredits made to such Borrower; and (vii) seventh, to the applicable Borrower or such other Persons as may lawfully be entitled to or directed by a Borrower to receive the remainder.
Appears in 1 contract
Samples: Credit Agreement (Open Text Corp)