Common use of Application Among Interest Rate Options Clause in Contracts

Application Among Interest Rate Options. All prepayments required pursuant to this Section 4.7 shall first be applied among the Interest Rate Options to the principal amount of the Loans subject to the Base Rate Option or the Canadian Prime Rate Option, as applicable, then to Loans subject to a LIBOR Rate Option or a BA Rate Option, as applicable. In accordance with Section 4.10 [Indemnity], the Borrowers shall indemnify the Lenders for any loss or expense incurred with respect to any such prepayments applied against Loans subject to a LIBOR Rate Option or a BA Rate Option, as applicable, on any day other than the last day of the applicable Interest Period.