Common use of Application of Voluntary Prepayments by Type of Loans and Order of Maturity Clause in Contracts

Application of Voluntary Prepayments by Type of Loans and Order of Maturity. Any voluntary prepayments pursuant to subsection 2.4B(i) shall be applied as specified by Borrower in the applicable notice of prepayment; provided that if Borrower fails to specify the Loans to which any such prepayment shall be applied, (I) such prepayment shall be applied first to repay outstanding Swing Line Loans, second, to repay outstanding Revolving Loans to the full extent thereof, and third to repay the outstanding Term Loans (pro rata across each Series thereof) to the full extent thereof, and (II) such voluntary prepayments of Term Loans shall be applied pro rata to the scheduled installments thereof (including the amount due on the applicable Term Loan Maturity Date) set forth in subsection 2.4A.

Appears in 1 contract

Sources: Credit Agreement (Isle of Capri Casinos Inc)

Application of Voluntary Prepayments by Type of Loans and Order of Maturity. Any voluntary prepayments pursuant to subsection 2.4B(i) shall be applied as specified by Borrower in the applicable notice of prepayment; provided that if Borrower fails to specify the Loans to which any such prepayment shall be applied, (I) such prepayment shall be applied first to repay outstanding Swing Line Loans, second, to repay outstanding Revolving Loans to the full extent thereof, and third to repay the outstanding Term Loans (pro rata across each Series thereof) to the full extent thereof, and (II) such voluntary prepayments of Term Loans shall be applied pro rata to the scheduled installments thereof (including the amount due on the applicable Term Loan Maturity Date) set forth in subsection 2.4A.

Appears in 1 contract

Sources: Credit Agreement (Isle of Capri Casinos Inc)