Application of Prepayment Proceeds. Except as otherwise provided therein, all prepayments described in Sections 2.4(B)(2) through 2.4(B)(7) shall first be applied in payment of Scheduled Installments of Term Loan A and Term Loan C, on a pro rata basis, in the inverse order of maturity, and at any time after Term Loan A and Term Loan C shall have been repaid in full, such payments shall be applied (a) if, after giving effect to any such payment (i) no Default or Event of Default has occurred which is then continuing, and (ii) Undrawn Availability shall not be less than $12,500,000, in prepayment and satisfaction of Term Loan B, including both principal and interest accrued thereon and then (b) to reduce the outstanding principal balance of the Revolving Loans but not as a permanent reduction of the Revolving Loan Commitment; provided, however, that (x) the application of any proceeds from the issuance of proceeds of the issuance of securities described in Section 2.4(B)(4) (an “Issuance”) shall be applied as follows: (i) first, in full prepayment and satisfaction of Term Loan A, including both principal and interest accrued thereon, (ii) second, in full prepayment and satisfaction of Term Loan C, including both principal and interest accrued thereon, (iii) third in full prepayment and satisfaction of Term Loan B, including both principal and interest accrued thereon, and (iv) fourth, in the event any excess proceeds remain following the payment of underwriting fees and other reasonable professional fees associated with the Issuance, to pay any applicable prepayment premiums associated with the prepayment of Term Loan A, Term Loan B and Term Loan C and (v) fifth, to repay outstanding Revolving Loans, but not as a permanent reduction of the Revolving Loan Commitment and (y) the application of any proceeds of tax refunds described in Section 2.4(B)(5) which consist of tax refunds anticipated to be received each year by the applicable Borrower in its ordinary course of doing business, as reasonably determined by Agent, shall be applied to reduce the outstanding principal balance of the Revolving Loans but not as a permanent reduction of the Revolving Loan Commitment. Considering each type of Loan being prepaid separately, any such prepayment shall be applied first to Base Rate Loans of the type required to be prepaid before application to LIBOR Loans of the type required to be prepaid.
(n) Section 2.7(A) of the Loan Agreement is hereby amended and restated in its entirety as follows:
Application of Prepayment Proceeds. The Partial Release payment referred to in Section 10.1(i) above shall be applied first to the applicable prepayment premium calculated in accordance with the Notes, if any, with respect to the principal reduction of the Loan and then to the principal balance of the Loan. No Partial Release or prepayment shall affect the regularly scheduled installments of principal and interest then due under the Notes. Lender shall not be obligated to make any additional disbursements under this Loan Agreement while any Request for Partial Release is pending.
Application of Prepayment Proceeds. So long as no Default or Event of Default has occurred and is continuing, with respect to the prepayments described in subsections 2.4(B)(2), 2.4(B)(3), 2.4(B)(4), 2.4(B)(5), 4.5(E), and 4.5(P), such prepayments shall be applied (after payments of amounts specified in subsections 2.4(A)(6)(a) and 2.4(A)(6)(b)), at the election of the Company on written notice to the Collateral Agent, (i) to reduce the outstanding principal balance of the Revolving Loans but not as a permanent reduction of the Revolving Loan Commitment or (ii) in accordance with subsection 2.1(A)(2), if received on or after March 1, 2004, to permanently reduce the Revolving Commitment with respect to such mandatory prepayment in accordance with subsection 2.1. Considering each type of Loan being prepaid separately, any such prepayment shall be applied first to Base Rate Loans of the type required to be prepaid before application to LIBOR Loans of the type required to be prepaid. If a Default or Event of Default has occurred and is continuing, all such amounts shall be applied as provided in Section 2.4(A)(6)
Application of Prepayment Proceeds. With respect to the prepayments described in subsections 2.4(B)(2) and 2.4(B)(3), such payments shall be applied to reduce the outstanding principal balance of the Revolving Loans but not as a permanent reduction of the Revolving Loan Commitment. Considering each type of Loan being prepaid separately, any such prepayment shall be applied first to Base Rate Loans of the type required to be prepaid before application to LIBOR Loans of the type required to be prepaid.
Application of Prepayment Proceeds. Prepayments of Advances (and/or provision of cover for Letter of Credit Liabilities) and reductions of Commitments (each, a "Required Reduction") described in the above paragraphs of this Section 2.09 (other than in paragraph (b)(i) above) shall be effected as follows:
(i) if the date of such Required Reduction falls on or before the Termination Date, the Commitments shall be automatically reduced in an amount equal to the amount of the Required Reduction (and to the extent that, after giving effect thereto, the Aggregate Financing Amount would exceed the Commitments, the Borrower shall, first, prepay Advances and, second, provide cover for Letter of Credit Liabilities as specified in Section 2.09(d), in an aggregate amount equal to such excess); and
(ii) if the date of the Required Reduction falls after the Termination Date, the amount of the Required Reduction shall be applied to the installments of the Advances then outstanding pro rata in accordance with the amounts of such installments.
Application of Prepayment Proceeds. With respect to the prepayments described in subsections 2.4(B) and 2.4(C), any such prepayment shall be applied first to Index Rate Loans before application to BA Rate Loans, in each case in any manner which minimizes any resulting BA Rate breakage fees.
Application of Prepayment Proceeds. Except as otherwise provided therein, all prepayments described in Sections 2.4(B)(2) through 2.4(B)(5) shall be applied to reduce the outstanding principal balance of the Revolving Loans but not as a permanent reduction of the Revolving Loan Commitment; provided, however, that the application of any proceeds from the issuance of securities described in Section 2.4(B)(3) may be utilized by Borrower to repay or prepay, in whole or in part, the Second Priority Senior Secured Notes, with any excess applied to reduce the outstanding principal balance of the Revolving Loans but not as a permanent reduction of the Revolving Loan Commitment. Considering each type of Loan being prepaid separately, any such prepayment shall be applied first to Base Rate Loans of the type required to be prepaid before application to LIBOR Loans of the type required to be prepaid.
Application of Prepayment Proceeds. With respect to the prepayments described in subsections 2.4(B)(2) and 2.4(B)(4), such prepayments shall first be applied in payment of Scheduled Installments of the Term Loan A in inverse order of maturity, and shall then be applied in payment of Scheduled Installments of Term Loan B in inverse order of maturity, and, at any time after the Term Loans shall have been repaid in full, such payments shall be applied to reduce the outstanding principal balance of the Revolving Loans but not as a permanent reduction of the Revolving Loan Commitment. With respect to the prepayments described in subsections 2.4(B)(3), such prepayments shall first be applied in payment of Scheduled Installments of the Term Loan B in inverse order of maturity, and shall then be applied in payment of Scheduled Installments of Term Loan A in inverse order of maturity, and, at any time after the Term Loans shall have been repaid in full, such payments shall be applied to reduce the outstanding principal balance of the Revolving Loans but not as a permanent reduction of the Revolving Loan Commitment. Considering each type of Loan being prepaid separately, any such prepayment shall be applied first to Index Rate Loans of the type required to be prepaid before application to LIBOR Loans of the type required to be prepaid, in each case in any manner which minimizes any resulting LIBOR breakage fees.
Application of Prepayment Proceeds. The Partial Release Proceeds shall be applied first to the applicable prepayment premium calculated in accordance with the Note, if any, with respect to the principal reduction of the Loan and then to the principal balance of the Loan. No Partial Release or prepayment shall affect the regularly scheduled installments of principal and interest then due under the Notes. All prepayments made in connection with the Loan shall be applied first (i) to the Tranche B Note, and (ii) then to the Tranche A Note and the applicable prepayment premium.
Application of Prepayment Proceeds. Prepayments made pursuant to this Agreement shall be applied between the Facilities as follows:
(a) Prepayment of Loans pursuant to Clause 8.1 (Illegality) shall be applied towards the Facilities in the order requested by the Lender.
(b) Any other prepayment shall be applied between the Facilities in the following order: first, towards prepayment of the then outstanding Loans under Facility A and Facility B on a pro rata basis; second, towards prepayment of any Utilisations under Facility C.
(c) With respect to prepayment of any of the Facilities, any partial prepayment made pursuant to this Agreement (other than a prepayment required to be made pursuant to Clause 8.1 (Illegality)) shall be applied with respect to prepayment of the Loan under Facility A – in inverse order.
