Common use of Mandatory Prepayments for a Prepayment Event Clause in Contracts

Mandatory Prepayments for a Prepayment Event. If at any time a Prepayment Event occurs, the Borrowers shall immediately pay to the Administrative Agent for the ratable benefit of the Lenders the net proceeds realized by such Prepayment Event and any prepayment fee payable under Section 2.23. Any such prepayments shall be applied first, to the Term Loans, second, to any outstanding Swing Line Loans and third, to any outstanding Revolving Loans. All prepayments applied to the Term Loans shall be applied to the scheduled principal payments on the Term Loans in the inverse order of their maturities.

Mandatory Prepayments for a Prepayment Event. If at any time a Prepayment Event occurs, the Borrowers shall immediately pay to the Administrative Agent for the ratable benefit of the Lenders the net proceeds realized by such Prepayment Event and any prepayment fee payable under Section 2.23. Any such prepayments shall be applied first, to the Term Loans, and second, to any outstanding Swing Line Loans and third, to any outstanding Revolving Loans. All prepayments applied to the Term Loans shall be applied to the scheduled principal payments on the Term Loans in the inverse order of their maturities.