Overdraws. If at any time the Revolving Credit Outstandings exceed the sum of the Revolver Commitments, the Borrowers shall immediately pay to the Agent, for the account of the Lenders, the amount of such excess, which excess shall be first applied to any unpaid LC Draw Obligations or, if a Default then exists and is continuing, applied at the Required Lenders' sole and absolute discretion.
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Samples: Credit Agreement (Star Buffet Inc), Credit Agreement (Jerrys Famous Deli Inc)
Overdraws. If at any time the Revolving Credit Outstandings exceed the sum of the Revolver CommitmentsCommitment (including, without limitation, as a result of a reduction of the Revolver Commitment pursuant to Section 2.6), the Borrowers shall immediately pay to the Agent, for the account of the Lenders, Lender the amount of such excess, which excess shall be first applied to any unpaid LC Draw Obligations or, if a Default then exists and is continuing, applied at the Required Lenders' Lender's sole and absolute discretion.
Appears in 1 contract
Samples: Credit Agreement (New World Coffee Manhattan Bagel Inc)
Overdraws. If at any time the Revolving Credit Outstandings exceed the sum of the Revolver CommitmentsCommitment, the Borrowers shall immediately pay to the Agent, for the account of the Lenders, Lender the amount of such excess, which excess shall be first applied to any unpaid LC Draw Obligations or, if a Default then exists and is continuing, applied at the Required Lenders' Lender's sole and absolute discretion.
Appears in 1 contract
