Application of Prepayments Reductions. (a) Any prepayment of any Loan pursuant to Section 2.11 shall be applied as specified by the Borrower in the applicable notice of prepayment; provided, in the event the Borrower fails to specify the Loans to which any such prepayment shall be applied, such prepayment shall be applied as follows: first, to repay outstanding Base Rate Loans to the full extent thereof; and second, to repay outstanding Eurodollar Rate Loans to the full extent thereof, as the Administrative Agent may determine. (b) Considering each Type of Loans being prepaid separately, any prepayment thereof shall be applied first to Base Rate Loans to the full extent thereof before application to Eurodollar Rate Loans, in each case in a manner which minimizes the amount of any payments required to be made by the Borrower pursuant to Section 2.16(c).
Appears in 2 contracts
Sources: Revolving Credit and Guaranty Agreement (Compass, Inc.), Revolving Credit and Guaranty Agreement (Slack Technologies, Inc.)
Application of Prepayments Reductions. (a) Any prepayment of any Loan pursuant to Section 2.11 shall be applied as specified by the Borrower in the applicable notice of prepayment; provided, in the event the Borrower fails to specify the Loans to which any such prepayment shall be applied, such prepayment shall be applied as follows: first, to repay outstanding Base Rate Loans to the full extent thereof; and second, to repay outstanding Eurodollar Rate Loans to the full extent thereof, as the Administrative Agent may determine.
(b) Considering each Type of Loans being prepaid separately, any prepayment thereof shall be applied first to Base Rate Loans to the full extent thereof before application to Eurodollar Rate Loans, in each case in a manner which minimizes the amount of any payments required to be made by the Borrower pursuant to Section 2.16(c2.16(cd).
Appears in 1 contract
Sources: Revolving Credit and Guaranty Agreement (Blue Apron Holdings, Inc.)