Common use of Application of Voluntary Prepayment Clause in Contracts

Application of Voluntary Prepayment. Each prepayment of any Loans made pursuant to Section 3.1.1 shall be applied first, to the prepayment of any Swingline Loans; second, after any Swingline Loans have been paid in full, to the prepayment of any Revolving Loans; third, after any Revolving Loans have been paid in full, pro rata to the outstanding balance of the Term Loans, any Multi-Draw Term Loans and any Incremental Term Loans (if and when applicable), and fourth, after the Term Loans, any Multi-Draw Term Loans and any Incremental Term Loans (if and when applicable) have been paid in full, to reduce the Aggregate Letter of Credit Usage by providing collateral pursuant to Section 4.14; provided that, the Borrowers may, at their option, request that the prepayments be applied as provided in clause (a) or (b) of this Section 3.1.3.

Application of Voluntary Prepayment. Each prepayment of any Loans made pursuant to Section 3.1.1 shall be applied first, to the prepayment of any Swingline Loans; second, after any Swingline Loans have been paid in full, to the prepayment of any Revolving Loans; third, after any Revolving Loans have been paid in full, pro rata to the outstanding balance of the Term Loans, any Multi-Draw Term Loans and any Incremental Term Loans (if and when applicable), and ; fourth, after the Term Loans, any Multi-Draw Term Loans and any Incremental Term Loans (if and when applicable) have been paid in full, to the outstanding balance of the Term Loans; and fifth, after the Term Loans have been paid in full, to reduce the Aggregate Letter of Credit Usage by providing collateral pursuant to Section 4.14; provided that, the Borrowers Borrower may, at their its option, request that the prepayments be applied as provided in clause (a) or (b) of this Section 3.1.3.