Common use of Commitment of the Banks Clause in Contracts

Commitment of the Banks. (a) Each Bank severally and not jointly with the other Banks agrees, upon the terms and subject to the conditions herein set forth to make revolving credit loans (each a "Loan" and collectively, the "Loans") to the Borrower at any time and from time to time during the period commencing on the date hereof and ending on the Termination Date (or the earlier date, if any, of termination of the Total Commitment) in an aggregate principal amount not to exceed, when added to such Bank's Commitment Percentage of the then aggregate Letter of Credit Outstandings (in excess of the amount of cash then held in the Letter of Credit Account pursuant to Section 2.2(b)), the Commitment of such Bank, which Loans may be repaid and reborrowed in accordance with the provisions of this Agreement. At no time shall the sum of the then outstanding aggregate principal amount of the Loans plus the then aggregate Letter of Credit Outstandings exceed the Total Commitment of $200,000,000, as the same may be reduced from time to time pursuant to Sections 2.9 or 2.12, as the case may be. (b) Each Borrowing shall be made by the Banks pro rata in accordance with their respective Commitments; provided, however, that the failure of any Bank to make any Loan shall not in itself relieve the other Banks of their obligations to lend.

Appears in 1 contract

Sources: Revolving Credit and Guaranty Agreement (Flagstar Companies Inc)

Commitment of the Banks. (a) Each Bank severally and not jointly with the other Banks agrees, upon the terms and subject to the conditions herein set forth forth, to make revolving credit loans (each each, a "Loan," and and, collectively, the "Loans") to the Borrower at any time and from time to time during the period commencing on the date hereof Closing Date and ending on the Termination Final Maturity Date (or the earlier date, if any, date of termination of the Total Commitment) in an aggregate principal amount not to exceed, when added to such Bank's Commitment Percentage of the then aggregate Letter of Credit Outstandings (in excess of the amount of cash then held in the Letter of Credit Account pursuant to Section 2.2(b)), exceed the Commitment of such Bank, which Loans may be repaid and reborrowed in accordance with the provisions of this Agreement. At no time shall the sum of the then outstanding aggregate principal amount of the Loans plus exceed the then aggregate Letter lesser of Credit Outstandings exceed (i) the Total Commitment of $200,000,00050,000,000, as the same may be reduced from time to time pursuant to Sections 2.9 Section 2.07 or 2.122.10, as the case may be. be and (bii) Each the Borrowing shall be made Base minus the aggregate principal amount of all "Loans" outstanding under the Long-Term Credit Agreement, minus the aggregate "Letter of Credit Outstandings" under the Long-Term Credit Agreement, plus the cash then held by the Banks pro rata in accordance with their respective Commitments; provided, however, that Agent pursuant to Sections 2.03(b) and 2.13(a) of the failure of any Bank to make any Loan shall not in itself relieve the other Banks of their obligations to lendLong-Term Credit Agreement.

Appears in 1 contract

Sources: Revolving Credit and Guaranty Agreement (Carson Pirie Scott & Co /Il/)

Commitment of the Banks. (a) Each Bank severally and not jointly with the other Banks agrees, upon the terms and subject to the conditions herein set forth forth, to make revolving credit loans (each a "Loan," and collectively, the "Loans") to the Borrower at any time and from time to time during the period commencing on the date hereof Closing Date and ending on the Termination Final Maturity Date (or the earlier date, if any, date of termination of the Total Commitment) in an aggregate principal amount not to exceed, when added to such Bank's Commitment Percentage of multiplied by the then aggregate Letter of Credit Outstandings (in excess of the amount of cash then held in the Letter of Credit Account pursuant to Section 2.2(b))Outstandings, the Commitment of such Bank, which Loans may be repaid and reborrowed in accordance with the provisions of this Agreement. At no time shall the sum of the then outstanding aggregate principal amount of the Loans plus the then aggregate Letter of Credit Outstandings exceed the lesser of (i) the Total Commitment of $200,000,000150,000,000, as the same may be reduced from time to time pursuant to Sections 2.9 Section 2.10 or 2.122.13, as the case may bebe and (ii) the sum of the Borrowing Base plus 95.24% of the cash then held in the Cash Collateral Account pursuant to Section 2.03(b) and 2.13(a). (b) Each Borrowing shall be made by the Banks pro rata in accordance with their respective Commitments; provided, however, that the failure of any Bank to make any Loan shall not in itself relieve the other Banks of their obligations to lend.

Appears in 1 contract

Sources: Revolving Credit and Guaranty Agreement (Carson Pirie Scott & Co /Il/)

Commitment of the Banks. 15 (a1) Each Bank severally and not jointly with the other Banks agrees, upon the terms and subject to the conditions herein set forth (including, without limitation, the provisions of Section 2.28), to make revolving credit loans (each a "Loan" and collectively, the "Loans") to the Borrower at any time and from time to time during the period commencing on the date hereof and ending on the Termination Date (or the earlier date, if any, date of termination of the Total Commitment) in an aggregate principal amount not to exceed, when added to such Bank's Commitment Percentage of the then aggregate Letter of Credit Outstandings (in excess of the amount of cash then held in the Letter of Credit Account pursuant to Section 2.2(b2.03(b)), the Commitment of such Bank, which Loans may be repaid and reborrowed in accordance with the provisions of this Agreement. At no time shall the sum of the then outstanding aggregate principal amount of the Loans plus the then aggregate Letter of Credit Outstandings exceed the lesser of (i) the Total Commitment of $200,000,000, as the same may be reduced from time to time pursuant to Sections 2.9 or 2.12Section 2.10, as and (ii) from and after the case may beentry of the Final Order, the sum of the Borrowing Base plus cash then held in the Letter of Credit Account pursuant to Section 2.13(a). (b) Each Borrowing shall be made by the Banks pro rata in accordance with their respective Commitments; provided, however, that the failure of any Bank to make any Loan shall not in itself relieve the other Banks of their obligations to lend.

Appears in 1 contract

Sources: Revolving Credit and Guaranty Agreement (Brunos Inc)

Commitment of the Banks. (a) Each Bank severally and not jointly with the other Banks agrees, upon the terms and subject to the conditions herein set forth forth, to make revolving credit loans (each each, a "Loan," and and, collectively, the "Loans") to the Borrower at any time and from time to time during the period commencing on the date hereof Closing Date and ending on the Termination Final Maturity Date (or the earlier date, if any, date of termination of the Total Commitment) in an aggregate principal amount not to exceed, when added to such Bank's Commitment Percentage of multiplied by the then aggregate Letter of Credit Outstandings (in excess of the amount of cash then held in the Letter of Credit Account pursuant to Section 2.2(b))Outstandings, the Commitment of such Bank, which Loans may be repaid and reborrowed in accordance with the provisions of this Agreement. At no time shall the sum of the then outstanding aggregate principal amount of the Loans plus the then aggregate Letter of Credit Outstandings exceed the lesser of (i) the Total Commitment of $200,000,00075,000,000, as the same may be reduced from time to time pursuant to Sections 2.9 Section 2.10 or 2.122.13, as the case may be.be and (ii) the sum of the Borrowing Base plus the cash then held by the Agent pursuant to Sections 2.03(b) and 2.13 (ba) Each Borrowing shall be made by minus the Banks pro rata in accordance with their respective Commitments; provided, however, that aggregate principal amount of all "Loans" outstanding under the failure of any Bank to make any Loan shall not in itself relieve the other Banks of their obligations to lendShort-Term Credit Agreement.

Appears in 1 contract

Sources: Revolving Credit and Guaranty Agreement (Carson Pirie Scott & Co /Il/)

Commitment of the Banks. (a) Each Bank severally and not jointly with the other Banks agrees, upon the terms and subject to the conditions herein set forth to make revolving credit loans (each a "LoanLOAN" and collectively, the "LoansLOANS") to the Borrower at any time and from time to time during the period commencing on the date hereof and ending on the Termination Date (or the earlier date, if any, of termination of the Total Commitment) in an aggregate principal amount not to exceed, when added to such Bank's Commitment Percentage of the then aggregate Letter of Credit Outstandings (in excess of the amount of cash then held in the Letter of Credit Account pursuant to Section 2.2(b2.13(a)), the Commitment of such Bank, which Loans may be repaid and reborrowed in accordance with the provisions of this Agreement. At no time shall the sum of the then outstanding aggregate principal amount of the Loans plus PLUS the then aggregate Letter of Credit Outstandings exceed the lesser of (i) the Total Commitment of $200,000,00075,000,000, as the same may be reduced from time to time pursuant to Sections 2.9 or 2.12Section 2.10, as and (ii) the case may besum of the Borrowing Base PLUS cash then held in the Letter of Credit Account pursuant to Section 2.13(a). (b) Each Borrowing shall be made by the Banks pro rata PRO RATA in accordance with their respective Commitments; providedPROVIDED, howeverHOWEVER, that the failure of any Bank to make any Loan shall not in itself relieve the other Banks of their obligations to lend.

Appears in 1 contract

Sources: Revolving Credit and Guaranty Agreement (Paragon Trade Brands Inc)

Commitment of the Banks. (a1) Each Bank severally and not jointly with the other Banks agrees, upon the terms and subject to the conditions herein set forth (including, without limitation, the provisions of Section 2.25), to make revolving credit loans (each a "Loan" and collectively, the "Loans") to the Borrower at any time ---- ----- and from time to time during the period commencing on the date hereof and ending on the Termination Date (or the earlier date, if any, date of termination of the Total Commitment) in an aggregate principal amount not to exceed, when added to such Bank's Commitment Percentage of the then aggregate Letter of Credit Outstandings (in excess of the ratable portion of the amount of cash then held in the Letter of Credit Account pursuant to Section 2.2(b)2.03(b) and allocable to such Bank), the Commitment of such Bank, which Loans may be repaid and reborrowed in accordance with the provisions of this Agreement. At no time shall the sum of the then outstanding aggregate principal amount of the Loans plus the then aggregate ---- Letter of Credit Outstandings exceed the lesser of (i) the Total Commitment of $200,000,000100,000,000, as the same may be reduced from time to time pursuant to Sections 2.9 or 2.12Section 2.10, as and (ii) the case may beBorrowing Base. (b2) Each Borrowing shall be made by the Banks pro rata in accordance --- ---- with their respective Commitments; provided, however, that the failure of any -------- ------- Bank to make any Loan shall not in itself relieve the other Banks of their obligations to lend.

Appears in 1 contract

Sources: Revolving Credit and Guaranty Agreement (Mariner Post Acute Network Inc)

Commitment of the Banks. (a) Each Bank severally and not jointly with the other Banks agrees, upon the terms and subject to the conditions herein set forth (including, without limitation, the provisions of Section 2.28), to make revolving credit loans (each a "Loan" and collectively, the "Loans") to the Borrower at any time and from time to time during the period commencing on the date hereof and ending on the Termination Date (or the earlier date, if any, date of termination of the Total Commitment) in an aggregate principal amount not to exceed, when added to such Bank's Commitment Percentage of the then aggregate Letter of Credit Outstandings (in excess of the amount of cash then held in the Letter of Credit Account pursuant to Section 2.2(b2.03(b)), the Commitment of such Bank, which Loans may be repaid and reborrowed in accordance with the provisions of this Agreement. At no time shall the sum of the then outstanding aggregate principal amount of the Loans plus the then aggregate Letter of Credit Outstandings exceed the lesser of (i) the Total Commitment of $200,000,000, as the same may be reduced from time to time pursuant to Sections 2.9 or 2.12Section 2.10, as and (ii) from and after the case may beentry of the Final Order, the sum of the Borrowing Base plus cash then held in the Letter of Credit Account pursuant to Section 2.13(a). (b) Each Borrowing shall be made by the Banks pro rata in accordance with their respective Commitments; provided, however, that the failure of any Bank to make any Loan shall not in itself relieve the other Banks of their obligations to lend.

Appears in 1 contract

Sources: Revolving Credit and Guaranty Agreement (Brunos Inc)