Common use of Application to Advances Clause in Contracts

Application to Advances. Subject to the foregoing, and so long as no Event of Default has occurred and is continuing, payments of principal of any Note shall be applied to such outstanding Alternate Base Rate Advances and Eurodollar Advances under such Note as Borrower shall select; provided, however, that Borrower shall select Alternate Base Rate Advances and Eurodollar Advances to be repaid in a manner designated to minimize the funding loss required to be paid pursuant to Section 4.5, if any, resulting from such payment; and provided further that if Borrower shall fail to select the Alternate Base Rate Advances and Eurodollar Advances to which such payments are to be applied, or if an Event of Default has occurred and is continuing at the time of such payment, then the Administrative Agent shall be entitled to apply the payment to such Advances in the manner in which it shall deem appropriate in its sole discretion.

Application to Advances. Subject to the foregoing, and so long as no Event of Default has occurred and is continuing, payments of principal of any Note shall be applied to such outstanding Alternate Base Rate Advances and Eurodollar Advances under such Note as Borrower shall select; provided, however, that Borrower shall select Alternate Base Rate Advances and Eurodollar Advances to be repaid in a manner designated to minimize the funding loss required to be paid pursuant to Section SECTION 4.5, if any, resulting from such payment; and provided further that if Borrower shall fail to select the Alternate Base Rate Advances and Eurodollar Advances to which such payments are to be applied, or if an Event of Default has occurred and is continuing at the time of such payment, then the Administrative Agent shall be entitled to apply the payment to such Advances in the manner in which it shall deem appropriate in its sole discretion.