Application of Payments. Subject to Sections 2.4(b)(iii) and (iv), each prepayment pursuant to [Section 2.4(e)(i) through (v)] shall, # so long as no Application Event shall have occurred and be continuing, be applied, first, to the outstanding principal amount of the Advances until paid in full (without a permanent reduction in the Lenders’ commitment to lend or extend credit under this Agreement), and second, only if an Event of Default exists, to cash collateralize the Letters of Credit in an amount equal to one hundred five percent (105%) of the then outstanding Letter of Credit Usage, and # if an Application Event shall have occurred and be continuing, be applied in the manner set forth in Section 2.4(b)(ii).

Application of Payments. Each prepayment pursuant to [Section 2.4(e)(i)] shall, # so long as no Application Event shall have occurred and be continuing, be applied, first, to the outstanding principal amount of the Revolving Loans until paid in full, and second, to cash collateralize the Letters of Credit in an amount equal to 105% of the then outstanding Letter of Credit Usage, and # if an Application Event shall have occurred and be continuing, be applied in the manner set forth in [Section 2.4(b)(ii)].

Application of Payments. Each prepayment pursuant to [Section 2.4(e)(i), (ii), or (iii)])])] shall, # so long as no Application Event shall have occurred and be continuing, be applied, first, to the outstanding principal amount of the Revolving Loans until paid in full, and second, to cash collateralize the Letters of Credit in an amount equal to 103% of the then outstanding Letter of Credit Usage, and # if an Application Event shall have occurred and be continuing, be applied in the manner set forth in [Section 2.4(b)(iii)].

Each prepayment pursuant to Section 2.4(e)(i) shall, # so long as no Application Event shall have occurred and be continuing, be applied, first, to the outstanding principal amount of the Revolving Loans until paid in full, and second, to provide Letter of Credit Collateralization with respect to the then outstanding Letter of Credit Usage, and # if an Application Event shall have occurred and be continuing, be applied in the manner set forth in Section 2.4(b)(ii).