Second Lien Loan. At any time, directly or indirectly, pay, prepay, repurchase, redeem, retire or otherwise acquire, or make any payment on account of any principal of, interest on or premium payable in connection with the repayment or redemption of the Second Lien Loan to the extent expressly prohibited by the Intercreditor Agreement (Second Lien); provided, that, without limiting the foregoing, (i) neither GLDD nor any of its Subsidiaries shall make any voluntary prepayment in respect of the Second Lien Loan unless the Payment Conditions are satisfied after giving effect thereto and (ii) any mandatory prepayment in respect of the Second Lien Loan shall be subject to the application of proceeds, first, to the Obligations in accordance with Section 2.20 hereof and, second, to the Second Lien Loan, in each case in accordance with Section 2.13(j) of the Second Lien Credit Agreement (as in effect on the Amendment No. 1 Closing Date).
Appears in 2 contracts
Sources: Revolving Credit and Security Agreement (Great Lakes Dredge & Dock CORP), Revolving Credit and Security Agreement (Great Lakes Dredge & Dock CORP)