Common use of Application of Principal Payments Clause in Contracts

Application of Principal Payments. Principal payments and prepayments shall be applied (a) to principal amounts owing under the 364-Day Facility or the 5-Year Facility, or to Overnight Advances as Borrower directs in writing (provided that Bid Rate Loans under each Facility may not be prepaid), or (b) if Borrower provides no specific direction, then to principal amounts owing under the 364-Day Facility, the 5-Year Facility (other than Bid Rate Loans under the two Facilities), and the Overnight Advances in the ratio of the amount of the outstanding principal balance owed under each, divided by the principal balance owed under all three (excluding Bid Rate Loan balances in both cases). In the case of (a) and (b) and subject to the provisions of such clauses, payments shall be applied first to Base Rate Loans and then to LIBO Rate Loans unless Borrower directs otherwise in writing. However, upon the occurrence and during the continuance of an Event of Default or Potential Default, all principal payments shall be applied, as the Administrative Agent in its sole discretion shall determine, to fees, interest or principal indebtedness under the Notes, or to any other Bank Debt.

Application of Principal Payments. Principal payments and prepayments shall be applied (a) to principal amounts owing under the 364-Day Facility or the 5-Year Facility, or to Overnight Advances as Borrower directs in writing (provided that Bid Rate Loans under each Facility may not be prepaid), or (b) if Borrower provides no specific direction, then to principal amounts owing (i) under those Overnight Advances with respect to which the Overnight Maturity Date has occurred, then (ii) under those Bid Rate Loans with respect to which the Bid Maturity Date has occurred, then (iii) under the 364-Day Facility, the 5-Year Facility (other than Bid Rate Loans under the two Facilitiesor Overnight Advances), and then (iv) under those Overnight Advances with respect to which the Overnight Advances in the ratio of the amount of the outstanding principal balance owed under each, divided by the principal balance owed under all three (excluding Bid Rate Loan balances in both cases)Maturity Date has not occurred. In the case of (a) and (b) and subject Subject to the provisions of such clausesthe foregoing sentence, payments shall be applied first to Base Rate Loans and then to LIBO Rate Loans unless Borrower directs otherwise in writing. However, upon the occurrence and during the continuance of an Event of Default or Potential Default, all principal payments shall be applied, as the Administrative Agent in its sole discretion shall determine, first to fees, interest or second to interest, third to principal indebtedness under pro-rata to all Loans, fourth to the NotesCash Collateral Account, or and last to any other Bank Debt.

Application of Principal Payments. Principal payments and prepayments shall be applied (a) to principal amounts owing under the 364-Day Facility or the 53-Year Facility, or to Overnight Advances as Borrower directs in writing (provided that Bid Rate Loans under each Facility may not be prepaid), or (b) if Borrower provides no specific direction, then to principal amounts owing under the 364-Day Facility, the 53-Year Facility (other than Bid Rate Loans under the two Facilities), and the Overnight Advances in the ratio of the amount of the outstanding principal balance owed under each, divided by the principal balance owed under all three (excluding Bid Rate Loan balances in both cases). In the case of (a) and (b) and subject to the provisions of such clauses, payments shall be applied first to Base Rate Loans and then to LIBO Rate Loans unless Borrower directs otherwise in writing. However, upon the occurrence and during the continuance of an Event of Default or Potential Default, all principal payments shall be applied, as the Administrative Agent in its sole discretion shall determine, first to fees, interest or second to interest, third to principal indebtedness under pro-rata to all Loans, fourth to the NotesCash Collateral Account, or and last to any other Bank Debt.

Application of Principal Payments. Principal payments and prepayments shall be applied (a) to principal amounts owing under the 364-Day Facility or the 5-Year Facility, or to Overnight Advances as Borrower directs in writing (provided that Bid Rate Loans under each Facility may not be prepaid), or (b) if Borrower provides no specific direction, then to principal amounts owing under the 364-Day Facility, the 5-Year Facility (other than Bid Rate Loans under the two Facilities), and the Overnight Advances in the ratio of the amount of the outstanding principal balance owed under each, divided by the principal balance owed under all three (excluding Bid Rate Loan balances in both cases). In the case of (a) and (b) and subject to the provisions of such clauses, payments shall be applied first to Base Rate Loans and then to LIBO Rate Loans unless Borrower directs otherwise in writing. However, upon the occurrence and during the continuance of an Event of Default or Potential Default, all principal payments shall be applied, as the Administrative Agent in its sole discretion shall determine, first to fees, interest or second to interest, third to principal indebtedness under pro-rata to all Loans, fourth to the NotesCash Collateral Account, or and last to any other Bank Debt.