Application of Principal Prepayments. If no Event of Default has occurred and is continuing, all prepayments which are applied to reduce the principal amount of Revolving Loans shall be applied to Revolving Loans as directed by Borrower. If Borrower fails to direct the application of any such principal prepayments or if an Event of Default has occurred and is continuing, such principal prepayments shall be applied first to Revolving Loan Borrowings consisting of Revolving Prime Rate Loans and then to Revolving Loan Borrowings consisting of Revolving LIBOR in chronological order of maturity.
Appears in 4 contracts
Samples: Credit Agreement (Bell Microproducts Inc), Credit Agreement (Bell Microproducts Inc), Credit Agreement (Bell Microproducts Inc)
