Common use of Application of mandatory prepayments and cancellations Clause in Contracts

Application of mandatory prepayments and cancellations. (a) A prepayment of Loans made under clause 9.2 (Disposal and Insurance Proceeds) shall be applied, promptly upon receipt of the relevant proceeds, in the following order: (i) first, in prepayment of the Facility B Loan; (ii) secondly, in prepayment of the Facility A Loan; and (iii) thirdly, in prepayment of the Facility C Loan (to the extent made available and drawn); (b) Subject to paragraph (c) below, the Company may elect that any prepayment under clause 9.2 (Disposal and Insurance Proceeds) be applied in prepayment of a Loan on the last day of the Interest Period relating to that Loan. If the Company makes that election then a proportion of the Loan equal to the amount of the relevant prepayment will be due and payable on the last day of its Interest Period. (c) If the Company has made an election under paragraph (b) above but a Default has occurred and is continuing, that election shall no longer apply and a proportion of the Loan in respect of which the election was made equal to the amount of the relevant prepayment shall be immediately due and payable (unless the Facility A Lender otherwise agrees in writing).

Application of mandatory prepayments and cancellations. (a) A Subject to the Intercreditor Agreement and paragraph (c) below any cancellation and if applicable, prepayment of Loans made under clause 9.2 Clause 8.2 (Disposal and Insurance Disposals) or Clause 8.3 (Financing Proceeds) shall be applied, promptly upon receipt of the relevant proceeds, in the following order: (i) first, offered or applied in prepayment of the Facility B Loan; (ii) secondly, in prepayment of the Facility A Loan; and (iii) thirdly, in prepayment of the Facility C outstanding Loan (to the extent made available and drawn);pro rata. (b) Subject to paragraph (c) below, the Company Borrower may elect elect, by no less than two Business Days' notice in writing to the Agent (or such shorter period as the Majority Lenders may agree), that any prepayment due under clause 9.2 Clause 8.2 (Disposal and Insurance Disposals) or Clause 8.3 (Financing Proceeds) be applied in prepayment of a Loan made on the last day of the Interest Period relating to that the Loan. If the Company Borrower makes that election election, then a proportion an amount of the Loan equal to the amount of the relevant prepayment repayment (and the Commitments of each Lender) will be cancelled rateably and, if applicable, be due and payable on the last day of its Interest Period. (c) If the Company Borrower has made an election under paragraph (b) above but a an Event of Default has occurred and is continuing, that election shall no longer apply and a proportion of the Loan in respect of which the election was made equal to the amount of the relevant prepayment shall be immediately due and payable (unless the Facility A Lender Majority Lenders otherwise agrees agree in writing).