Common use of Applications of Certain Prepayment Proceeds Clause in Contracts

Applications of Certain Prepayment Proceeds. Each prepayment required to be made pursuant to Sections 2.16(c)(v), (vi), or (vii) above shall be applied, except as may otherwise be set forth in any Incremental Joinder with respect to any Incremental Term Loan, first, ratably to the scheduled principal payment installments set forth in Section 2.16(c)(i)(B) on a pro rata basis, second, after payment in full of the Term Facility, to repay the outstanding principal balance of the Swing Loans, and third, to repay the outstanding principal balance of the Revolving Loans (with an accompanying permanent Dollar for Dollar reduction of Revolving Commitments).