Common use of Borrowing Availability Clause in Contracts

Borrowing Availability. Until such time as a Compliance Certificate is delivered pursuant to Section 6.02(b) that indicates that the Net Leverage Ratio is less than or equal to 4.00 to 1.00, if for any reason the Total Outstandings at any time exceed the Available Borrowing Assets, the Borrower shall immediately prepay the Loans and L/C Borrowings (together with all accrued but unpaid interest thereon) and/or Cash Collateralize the L/C Obligations in an aggregate amount equal to such excess. Each prepayment of Loans pursuant to this clause (vii) shall be applied, at the Borrower’s election, to the principal repayment installments of the Term Loan in inverse order of maturity or to the Revolving Facility in the manner set forth in clause (ix) of this Section 2.05(b).