Application of Voluntary Prepayments by Type of Loans and Order of Maturity. Any voluntary prepayments pursuant to subsection 2.4A(i) shall be applied as specified by Company in the applicable notice of prepayment, provided that in the event Company fails to specify the Loans to which any such prepayment shall be applied, such prepayment shall be applied: (1) first, to repay outstanding Swing Line Loans to the full extent thereof, without reduction of Revolving Loan Commitments, (2) second, to repay other outstanding Revolving Loans to the full extent thereof, including cash collateralizing any outstanding Bankers’ Acceptances issued under the Revolving Loan Commitments, without reduction of Revolving Loan Commitments, and (3) third, to collateralize Letters of Credit.
Appears in 2 contracts
Sources: Credit Agreement (Griffiths Pile Driving Inc), Credit Agreement (NACG Holdings Inc.)