Common use of Prepayments Generally Clause in Contracts

Prepayments Generally. All prepayments of Advances under the Revolver A Loan, the Revolver B Loan and the Term Loan made solely pursuant to this Section 2.05 shall cause the Revolver A Commitment, the Revolver B Commitment, and the Term Loan to be reduced. Each prepayment applied to prepay Advances under the Term Loan and reductions in the Revolver A Commitment and the Revolver B Commitment shall be applied to prepay installments of Advances and reductions of Commitments together with interest accrued thereon in the inverse order of maturities or Commitment reductions. Each such prepayment of Advances shall permanently reduce the Term Loan, the Revolver A Commitment, and the Revolver B Commitment, respectively. Any prepayment of Advances pursuant to this Section 2.05 shall be applied first to Base Rate Advances, if any, then outstanding under the Facility, second to LIBOR Advances for which the date of prepayment is the last day of the applicable Interest Period, if any, outstanding under the Facility and third to LIBOR Advances with the shortest remaining Interest Periods outstanding under the Facility. All such prepayments shall be applied as follows: (i) 12.5% of such Net Proceeds to permanently reduce the Revolver A Commitment (or after the Conversion Date, to prepay scheduled principal payments in inverse order of maturity); (ii) 12.5% of such Net Proceeds to permanently reduce the Revolver B Commitment in inverse order of such Revolver B Commitment reduction; and (iii) 75% of such Net Proceeds to prepay scheduled principal payments of the Term Loan, applied on a pro rata

Prepayments Generally. All prepayments of Advances under the Revolver A Loan, the Revolver B Loan and the Term Loan made solely pursuant to this Section 2.05 2.05(b) shall cause the Revolver A Commitment, the Revolver B Commitment, Commitment and the Term Loan to be reduced. Each prepayment applied to prepay Advances under the Term Loan and reductions in the Revolver A Commitment and the Revolver B Commitment shall be applied to prepay installments of Advances and reductions of Commitments together with interest accrued thereon in the inverse order of maturities or Commitment reductions. Each such prepayment of Advances shall permanently reduce the Term Loan, the Revolver A Commitment, Loan and the Revolver B Commitment, respectively. Any prepayment of Advances pursuant to this Section 2.05 shall be applied first to Base Rate Advances, if any, then outstanding under the Facility, second to LIBOR Advances for which the date of prepayment is the last day of the applicable Interest Period, if any, outstanding under the Facility and third to LIBOR Advances with the shortest remaining Interest Periods outstanding under the Facility. All such prepayments shall be applied as follows: (A) so long as no Default or Event of Default shall have occurred (i) 12.5% such amounts as directed by Borrower, in Borrower's sole and absolute discretion to prepay the Revolving Loans and with a corresponding permanent reduction of such Net Proceeds to permanently reduce the Revolver A Commitment (or after the Conversion Date, to prepay scheduled principal payments in inverse order of maturity); and (ii) 12.5% of such Net Proceeds to permanently reduce the Revolver B Commitment in inverse order of such Revolver B Commitment reduction; and (iii) 75% remaining balance of such Net Proceeds to prepay scheduled principal payments of the Term Loan, applied on a pro ratarata basis to each scheduled installment of principal of the Term Loan set forth in Section 2.06(c) that is unpaid at the time of such prepayment (B) at all times after an Event of Default shall have occurred, at the direction of the Administrative Agent in its sole and absolute discretion.