Common use of Application of Principal Payments Clause in Contracts

Application of Principal Payments. Principal payments and prepayments shall be applied (a) to principal amounts owing under the 364-Day Facility as Borrower directs in writing (provided that Bid Rate Loans may not be prepaid), or (b) if Borrower provides no specific direction, then to principal amounts owing (i) under those Overnight Advances with respect to which the Overnight Maturity Date has occurred, then (ii) under those Bid Rate Loans with respect to which the Bid Maturity Date has occurred, then (iii) under the 364-Day Facility (other than Bid Rate Loans or Overnight Advances), then (iv) under those Overnight Advances with respect to which the Overnight Maturity Date has not occurred. Subject to the provisions of the foregoing sentence, payments shall be applied first to Base Rate Loans and then to LIBO Rate Loans unless Borrower directs otherwise in writing. However, upon the occurrence and during the continuance of an Event of Default or Potential Default, all payments shall be applied, first to fees, second to interest, third to principal pro-rata to all Loans, fourth to the Cash Collateral Account, and last to any other Bank Debt.

Application of Principal Payments. Principal payments and prepayments shall be applied (a) to principal amounts owing under the 364-Day Facility or the 5-Year Facility, or to Overnight Advances as Borrower directs in writing (provided that Bid Rate Loans under each Facility may not be prepaid), or (b) if Borrower provides no specific direction, then to principal amounts owing (i) under those Overnight Advances with respect to which the Overnight Maturity Date has occurred, then (ii) under those Bid Rate Loans with respect to which the Bid Maturity Date has occurred, then (iii) under the 364-Day Facility, the 5-Year Facility (other than Bid Rate Loans or Overnight Advancesunder the two Facilities), then (iv) under those and the Overnight Advances with respect to which in the Overnight Maturity Date has not occurredratio of the amount of the outstanding principal balance owed under each, divided by the principal balance owed under all three (excluding Bid Rate Loan balances in both cases). Subject In the case of (a) and (b) and subject to the provisions of the foregoing sentencesuch clauses, payments shall be applied first to Base Rate Loans and then to LIBO Rate Loans unless Borrower directs otherwise in writing. However, upon the occurrence and during the continuance of an Event of Default or Potential Default, all principal payments shall be applied, first as the Administrative Agent in its sole discretion shall determine, to fees, second to interestinterest or principal indebtedness under the Notes, third to principal pro-rata to all Loans, fourth to the Cash Collateral Account, and last or to any other Bank Debt.

Application of Principal Payments. Principal payments and prepayments shall be applied (a) to principal amounts owing under the 364-Day Facility or the 5-Year Facility, or to Overnight Advances as Borrower directs in writing (provided that Bid Rate Loans under each Facility may not be prepaid), or (b) if Borrower provides no specific direction, then to principal amounts owing (i) under those Overnight Advances with respect to which the Overnight Maturity Date has occurred, then (ii) under those Bid Rate Loans with respect to which the Bid Maturity Date has occurred, then (iii) under the 364-Day Facility, the 5-Year Facility (other than Bid Rate Loans or Overnight Advancesunder the two Facilities), then (iv) under those and the Overnight Advances with respect to which in the Overnight Maturity Date has not occurredratio of the amount of the outstanding principal balance owed under each, divided by the principal balance owed under all three (excluding Bid Rate Loan balances in both cases). Subject In the case of (a) and (b) and subject to the provisions of the foregoing sentencesuch clauses, payments shall be applied first to Base Rate Loans and then to LIBO Rate Loans unless Borrower directs otherwise in writing. However, upon the occurrence and during the continuance of an Event of Default or Potential Default, all payments shall be applied, first to fees, second to interest, third to principal pro-rata to all Loans, fourth to the Cash Collateral Account, and last to any other Bank Debt.

Application of Principal Payments. Principal payments and prepayments shall be applied (a) to principal amounts owing under the 364-Day Facility or the 3-Year Facility, or to Overnight Advances as Borrower directs in writing (provided that Bid Rate Loans under each Facility may not be prepaid), or (b) if Borrower provides no specific direction, then to principal amounts owing (i) under those Overnight Advances with respect to which the Overnight Maturity Date has occurred, then (ii) under those Bid Rate Loans with respect to which the Bid Maturity Date has occurred, then (iii) under the 364-Day Facility, the 3-Year Facility (other than Bid Rate Loans or Overnight Advancesunder the two Facilities), then (iv) under those and the Overnight Advances with respect to which in the Overnight Maturity Date has not occurredratio of the amount of the outstanding principal balance owed under each, divided by the principal balance owed under all three (excluding Bid Rate Loan balances in both cases). Subject In the case of (a) and (b) and subject to the provisions of the foregoing sentencesuch clauses, payments shall be applied first to Base Rate Loans and then to LIBO Rate Loans unless Borrower directs otherwise in writing. However, upon the occurrence and during the continuance of an Event of Default or Potential Default, all payments shall be applied, first to fees, second to interest, third to principal pro-rata to all Loans, fourth to the Cash Collateral Account, and last to any other Bank Debt.

Application of Principal Payments. Principal payments and prepayments shall be applied (a) to principal amounts owing under the 3645-Day Facility Year Facility, including to Overnight Advances, as Borrower directs in writing (provided that Bid Rate Loans may not be prepaid), ; or (b) if Borrower provides no specific direction, then to principal amounts owing (i) under those Overnight Advances with respect to which the Overnight Maturity Date has occurred, then (ii) under those Bid Rate Loans with respect to which the Bid Maturity Date has occurred, then (iii) under the 3645-Day Year Facility (other than Bid Rate Loans or Overnight Advances), then (iv) under those Overnight Advances with respect to which the Overnight Maturity Date has not occurred. Subject to the provisions of the foregoing sentence, payments shall be applied first to Base Rate Loans and then to LIBO Rate Loans unless Borrower directs otherwise in writing. However, upon the occurrence and during the continuance of an Event of Default or Potential Default, all payments shall be applied, first to fees, second to interest, third to principal pro-rata to all Loans, fourth to the Cash Collateral Account, and last to any other Bank Debt.