Application of Prepayments of Term Loans. (i) Any prepayment of any Term Loan pursuant to Section 2.12 shall be applied as directed by the Lead Borrower (and absent such direction, in inverse order of maturity thereof), and (ii) any mandatory prepayment of any Loan pursuant to Section 2.13 shall be applied to reduce the then remaining installments of the Term Loans (including the installment thereof due on the Maturity Date) pro rata based upon the respective then remaining principal amounts thereof, in each case, until paid in full.
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Samples: Abl Credit Agreement (B. Riley Financial, Inc.), Credit Agreement (Franchise Group, Inc.), Credit Agreement (Franchise Group, Inc.)
Application of Prepayments of Term Loans. (i) Any prepayment of any Term Loan pursuant to Section 2.12 shall be applied as directed by the Lead Borrower (and absent such direction, in inverse direct order of maturity thereof), and (ii) any mandatory prepayment of any Loan pursuant to Section 2.13 shall be applied to reduce the then remaining installments of the Term Loans (including the installment thereof due on the Maturity Date) pro rata based upon the respective then remaining principal amounts thereof, in each case, until paid in full.
Appears in 2 contracts
Samples: Credit Agreement (Liberty Tax, Inc.), Credit Agreement (Liberty Tax, Inc.)
Application of Prepayments of Term Loans. (i) Any prepayment of any Term Loan pursuant to Section 2.12 shall be applied as directed by the Lead Borrower (and absent such direction, in inverse direct order of maturity thereof), and (ii) any mandatory prepayment of any Loan pursuant to Section 2.13 shall be applied to reduce the then remaining installments of the Term Loans (including the installment thereof due on the Maturity Date) pro rata based upon the respective then remaining principal amounts thereof, in each case, until paid in full.
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