Temporary Increase Loan Repayments. Notwithstanding anything to the contrary herein, so long as no Event of Default has occurred and is continuing, all repayments of Principal Obligations and payments of interest, fees and other amounts from the Borrowers shall, unless the Borrowers otherwise direct in their sole discretion, be applied (A) first, to Temporary Increase Loans until such Temporary Increase Loans are reduced to zero and (B) second, to Loans other than Temporary Increase Loans (and the Administrative Agent shall in turn apply such repayments and payments in accordance with such direction from the Borrowers). Notwithstanding anything to the contrary herein, if an Event of Default has occurred and is continuing, at any time when there are Obligations outstanding related to any Temporary Increase Loans, all payments made by a Borrower on the Obligations shall be credited, to the extent of the amount thereof, to the Lenders in accordance with their pro rata share of aggregate Principal Obligations at the time of such repayment (i.e., ratably between Temporary Increase Loans or Loans other than Temporary Increase Loans based on amounts due without regard to the pro rata share of the Maximum Commitment of each Lender).
Appears in 4 contracts
Samples: Revolving Credit Agreement (MN8 Energy, Inc.), Revolving Credit Agreement (MN8 Energy, Inc.), Revolving Credit Agreement (New PubCo Renewable Power Inc.)
