Application of Insufficient Payments. Any payments received by the Administrative Agent (i) not constituting (A) a specific payment of principal, unreimbursed LC Disbursements, interest, fees or other sum payable under the Loan Documents (which shall be applied as specified by the Borrower), (B) a mandatory prepayment (which shall be applied in accordance with Section 2.08), or (C) proceeds of any Collateral, or (ii) after an Event of Default has occurred and is continuing and the Administrative Agent so elects or the Required Lenders so direct to exercise remedies in accordance with the terms of the Loan Documents, shall be applied, subject to any applicable Intercreditor Agreement, (i) first, to pay interest and fees then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of interest and fees then due to such parties, and (ii) second, to pay principal then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of principal then due to such parties. For the avoidance of doubt, for purposes of this Section 2.15(b), unreimbursed LC Disbursements shall be treated the same as principal then due hereunder.
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Samples: Credit Agreement (Frontier Communications Corp), Credit Agreement (Frontier Communications Corp), Credit Agreement (Frontier Communications Corp)
Application of Insufficient Payments. Any payments received by the Administrative Agent (i) not constituting (A) a specific payment of principal, unreimbursed LC Disbursements, interest, fees or other sum payable under the Loan Documents (which shall be applied as specified by the Borrower), (B) a mandatory prepayment (which shall be applied in accordance with Section 2.08), or (C) proceeds of any Collateral, or (ii) after an Event of Default has occurred and is continuing and the Administrative Agent so elects or the Required Lenders so direct to exercise remedies in accordance with the terms of the Loan Documents, shall be applied, subject to any applicable Intercreditor Agreement, (i) first, to pay interest and fees then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of interest and fees then due to such parties, and (ii) second, to pay principal then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of principal then due to such parties. For the avoidance of doubt, for purposes of this Section 2.15(b), unreimbursed LC Disbursements shall be treated the same as principal then due hereunder.
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