Common use of Commitment; Maximum Credit Clause in Contracts

Commitment; Maximum Credit. Subject to the terms and conditions of this Agreement, each Bank severally (but not jointly) agrees to make loans to the Borrower (hereinafter collectively referred to as "Loans" and individually as a "Loan"), from time to time before the Termination Date, in such amounts as Borrower may from time to time request, not to exceed at any time outstanding the amount set opposite the Bank's name below; provided, however, that the aggregate outstanding principal amount of Loans at any time outstanding shall at no time exceed the lesser of (A) the Commitment, or (B) the Borrowing Base (the "Maximum Credit"): Name of Bank Amount ------------ ------ Fleet Bank, National Association $22,500,000.00 Sovereign Bank $17,500,000.00 Mellon Bank, N.A. $17,500,000.00 National City Bank $10,000,000.00 PNC Bank, National Association $10,000,000.00 European American Bank $ 7,500,000.00 TOTAL $85,000,000.00 Each Loan shall be made by each Bank in the proportion which that Bank's Commitment bears to the total amount of all the Banks' Commitments; provided, however, that the failure of any Bank to make any requested Loan to be made by it on the date specified for such Loan shall not relieve each other Bank of its obligation (if any) to make such Loan on such date, but no Bank shall be responsible for the failure of any other Bank to may any Loan to be made by such other Bank. Subject to the terms hereof, the Borrower may borrow, prepay and reborrow, and may continue and convert any Loan in accordance with Section 2.5, until the Termination Date. The Banks have no obligation to make any Loan on or after the Termination Date.

Appears in 1 contract

Samples: And Assignment Agreement (Suprema Specialties Inc)

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Commitment; Maximum Credit. Subject to the terms and conditions of this Agreement, each Bank severally (but not jointly) agrees to make loans to the Borrower (hereinafter collectively referred to as "Loans" and individually as a "Loan"), from time to time before the Termination Date, in such amounts as Borrower may from time to time request, not to exceed at any time outstanding the amount set opposite the such Bank's name below; provided, however, that the aggregate outstanding principal amount of Loans at any time outstanding shall at no time exceed the lesser of (A) the Commitment, or (B) the Borrowing Base (the "Maximum Credit"): Name of Bank Amount ------------ ------ Fleet Bank, National Association N.A. $22,500,000.00 25,000,000.00 Sovereign Bank $17,500,000.00 15,000,000.00 Mellon Bank, N.A. $17,500,000.00 National City Bank $10,000,000.00 PNC Bank, National Association $10,000,000.00 European American Bank $ 7,500,000.00 15,000,000.00 -------------- TOTAL $85,000,000.00 55,000,000.00 Each Loan shall be made by each Bank in the proportion which that Bank's Commitment bears to the total amount of all the Banks' Commitments; provided, however, that the failure of any Bank to make any requested Loan to be made by it on the date specified for such Loan shall not relieve each other Bank of its obligation (if any) to make such Loan on such date, but no Bank shall be responsible for the failure of any other Bank to may make any Loan to be made by such other Bank. Subject to the terms hereof, the Borrower may borrow, prepay and reborrow, and may continue and convert any Loan in accordance with Section 2.5, until the Termination Date. The Banks have no obligation to make any Loan on or after the Termination Date.

Appears in 1 contract

Samples: Guaranty and Security Agreement (Suprema Specialties Inc)

Commitment; Maximum Credit. Subject to the terms and conditions of this Agreement, each Bank severally (but not jointly) agrees to make loans to the Borrower (hereinafter collectively referred to as "Loans" and individually as a "Loan"), from time to time before the Termination Date, in such amounts as Borrower may from time to time request, not to exceed at any time outstanding the amount set opposite the such Bank's name below; provided, however, that the aggregate outstanding principal amount of Loans at any time outstanding shall at no time exceed the lesser of (A) the Commitment, or (B) the Borrowing Base (the "Maximum Credit"): Name of Bank Amount ------------ ------ Fleet Bank, National Association N.A. $22,500,000.00 25,000,000.00 Sovereign Bank $17,500,000.00 Mellon Bank, N.A. $17,500,000.00 National City Bank $10,000,000.00 PNC Bank, National Association $10,000,000.00 European American Bank $ 7,500,000.00 TOTAL $85,000,000.00 35,000,000.00 Each Loan shall be made by each Bank in the proportion which that Bank's Commitment bears to the total amount of all the Banks' Commitments; provided, however, that the failure of any Bank to make any requested Loan to be made by it on the date specified for such Loan shall not relieve each other Bank of its obligation (if any) to make such Loan on such date, but no Bank shall be responsible for the failure of any other Bank to may make any Loan to be made by such other Bank. Subject to the terms hereof, the Borrower may borrow, prepay and reborrow, and may continue and convert any Loan in accordance with Section 2.5, until the Termination Date. The Banks have no obligation to make any Loan on or after the Termination Date.

Appears in 1 contract

Samples: Guaranty and Security Agreement (Suprema Specialties Inc)

Commitment; Maximum Credit. Subject to the terms and conditions of this Agreement, each Bank severally (but not jointly) agrees to make loans to the Borrower (hereinafter collectively referred to as "Loans" and individually as a "Loan"), from time to time before the Termination Date, in such amounts as Borrower may from time to time request, not to exceed at any time outstanding the amount set opposite the such Bank's name below; provided, however, that the aggregate outstanding principal amount of Loans at any time outstanding shall at no time exceed the lesser of (A) the Commitment, or (B) the Borrowing Base (the "Maximum Credit"): Name of Bank Amount ------------ ------ Fleet Bank, National Association N.A. $22,500,000.00 25,000,000.00 Sovereign Bank $17,500,000.00 Mellon Bank, N.A. $17,500,000.00 National City Bank $10,000,000.00 PNC Bank, National Association $10,000,000.00 European American Bank $ 7,500,000.00 15,000,000.00 TOTAL $85,000,000.00 40,000,000.00 Each Loan shall be made by each Bank in the proportion which that Bank's Commitment bears to the total amount of all the Banks' Commitments; provided, however, that the failure of any Bank to make any requested Loan to be made by it on the date specified for such Loan shall not relieve each other Bank of its obligation (if any) to make such Loan on such date, but no Bank shall be responsible for the failure of any other Bank to may make any Loan to be made by such other Bank. Subject to the terms hereof, the Borrower may borrow, prepay and reborrow, and may continue and convert any Loan in accordance with Section 2.5, until the Termination Date. The Banks have no obligation to make any Loan on or after the Termination Date."

Appears in 1 contract

Samples: Guaranty and Security Agreement (Suprema Specialties Inc)

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Commitment; Maximum Credit. Subject to the terms and conditions of this Agreement, each Bank severally (but not jointly) agrees to make loans to the Borrower (hereinafter collectively referred to as "Loans" and individually as a "Loan"), from time to time before the Termination Date, in such amounts as Borrower may from time to time request, not to exceed at any time outstanding the amount set opposite the such Bank's name below; provided, however, that the aggregate outstanding principal amount of Loans at any time outstanding shall at no time exceed the lesser of (A) the Commitment, or (B) the Borrowing Base (the "Maximum Credit"): Name of Bank Amount ------------ ------ Fleet Bank, National Association N.A. $22,500,000.00 25,000,000.00 Sovereign Bank $17,500,000.00 Mellon Bank, N.A. $17,500,000.00 National City Bank $10,000,000.00 PNC Bank, National Association $10,000,000.00 European American Bank $ 7,500,000.00 13,000,000.00 TOTAL $85,000,000.00 38,000,000.00 Each Loan shall be made by each Bank in the proportion which that Bank's Commitment bears to the total amount of all the Banks' Commitments; provided, however, that the failure of any Bank to make any requested Loan to be made by it on the date specified for such Loan shall not relieve each other Bank of its obligation (if any) to make such Loan on such date, but no Bank shall be responsible for the failure of any other Bank to may make any Loan to be made by such other Bank. Subject to the terms hereof, the Borrower may borrow, prepay and reborrow, and may continue and convert any Loan in accordance with Section 2.5, until the Termination Date. The Banks have no obligation to make any Loan on or after the Termination Date."

Appears in 1 contract

Samples: Guaranty and Security Agreement (Suprema Specialties Inc)

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