Common use of Advances in Excess of Overall Excess Availability Clause in Contracts

Advances in Excess of Overall Excess Availability. Subject to Section 2.17, if for any reason at any time, Overall Excess Availability is less than $0, the Borrowers shall immediately prepay the Obligations in an aggregate amount equal to such deficiency, which prepayment shall be applied in accordance with the priorities set forth in Section 8.03, in each case until Overall Excess Availability is equal to $0.

Appears in 3 contracts

Samples: Credit Agreement (PetIQ, Inc.), Credit Agreement (PetIQ, Inc.), Credit Agreement (PetIQ, Inc.)

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Advances in Excess of Overall Excess Availability. Subject to Section 2.17, if for any reason at any time, Overall Excess Availability is less than $0, the Borrowers shall immediately prepay the Obligations in an aggregate amount equal to such deficiency, which deficiency (such prepayment shall be directed to a Concentration Account and applied in accordance with to the priorities set forth in Section 8.03, in each case Obligations (or to Cash Collateralize Letters of Credit) until such time as Overall Excess Availability is equal to greater than $0).

Appears in 1 contract

Samples: Credit Agreement (American Apparel, Inc)

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