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 Closing Date and ending on the Final Maturity Date (or the earlier date of termination of the Total Commitment) in an aggregate principal amount not to exceed, when added to such Bank's Commitment Percentage multiplied by the then aggregate Letter of Credit 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 $75,000,000, as the same may be reduced from time to time pursuant to Section 2.10 or 2.13, as the case may 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 (a) minus the aggregate principal amount of all "Loans" outstanding under the Short-Term Credit Agreement.
Appears in 1 contract
Samples: 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, 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 Closing Date and ending on the Final Maturity Date (or the earlier date of termination of the Total Commitment) in an aggregate principal amount not to exceed, when added to such Bank's Commitment Percentage multiplied by the then aggregate Letter of Credit 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 $75,000,000150,000,000, as the same may be reduced from time to time pursuant to Section 2.10 or 2.13, as the case may be and (ii) the sum of the Borrowing Base plus 95.24% of the cash then held by in the Agent Cash Collateral Account pursuant to Sections Section 2.03(b) and 2.132.13(a).
(ab) minus Each Borrowing shall be made by the aggregate principal amount Banks pro rata in accordance with their respective Commitments; provided, however, that the failure of all "Loans" outstanding under any Bank to make any Loan shall not in itself relieve the Short-Term Credit Agreementother Banks of their obligations to lend.
Appears in 1 contract
Samples: Revolving Credit and Guaranty Agreement (Carson Pirie Scott & Co /Il/)
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 forthforth (including, without limitation, the provisions of Section 2.25), 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 Closing Date date hereof and ending on the Final Maturity Termination Date (or the earlier date of termination of the Total Commitment) in an aggregate principal amount not to exceed, when added to such Bank's Commitment Percentage multiplied by of the then aggregate Letter of Credit OutstandingsOutstandings (in excess of the ratable portion of the amount of cash then held in the Letter of Credit Account pursuant to Section 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 $75,000,000100,000,000, as the same may be reduced from time to time pursuant to Section 2.10 or 2.132.10, as the case may be and (ii) the sum of the Borrowing Base plus the cash then held Base.
(2) Each Borrowing shall be made by the Agent pursuant Banks pro rata in accordance --- ---- with their respective Commitments; provided, however, that the failure of any -------- ------- Bank to Sections 2.03(b) and 2.13
(a) minus make any Loan shall not in itself relieve the aggregate principal amount other Banks of all "Loans" outstanding under the Short-Term Credit Agreementtheir obligations to lend.
Appears in 1 contract
Samples: 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, to make revolving credit loans (each, each a "Loan,LOAN" and, and collectively, the "LoansLOANS") to the Borrower at any time and from time to time during the period commencing on the Closing Date date hereof and ending on the Final Maturity Termination Date (or the earlier date of termination of the Total Commitment) in an aggregate principal amount not to exceed, when added to such Bank's Commitment Percentage multiplied by of the then aggregate Letter of Credit OutstandingsOutstandings (in excess of the amount of cash then held in the Letter of Credit Account pursuant to Section 2.03(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 PLUS the then aggregate Letter of Credit Outstandings exceed the lesser of (i) the Total Commitment of $75,000,000581,868,616.73, as the same may be reduced from time to time pursuant to Section 2.10 or 2.13, as the case may be Section 2.13 and (ii) the sum Borrowing Base. On the Closing Date, each of the Banks that is shown under the column headed "Settlement Amount" on that certain LTV Steel Replacement DIP Settlement Accounting (4/02/01), a copy of which has heretofore been furnished to the Banks, as making a payment shall pay the amount thereof to the Agent for the account of those Banks who are shown therein as receiving a payment, and the Agent shall distribute such payments as set forth therein.
(b) Each Borrowing Base plus the cash then held shall be made by the Agent pursuant Banks PRO RATA in accordance with their respective Commitments; PROVIDED, HOWEVER, that the failure of any Bank to Sections 2.03(b) and 2.13
(a) minus make any Loan shall not in itself relieve the aggregate principal amount other Banks of all "Loans" outstanding under the Short-Term Credit Agreementtheir obligations to lend.
Appears in 1 contract
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,LOAN" and, and collectively, the "LoansLOANS") to the Borrower at any time and from time to time during the period commencing on the Closing Date date hereof and ending on the Final Maturity Termination Date (or the earlier date 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 multiplied by of the then aggregate Letter of Credit OutstandingsOutstandings (in excess of the amount of cash then held in the Letter of Credit Account pursuant to Section 2.13(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 $75,000,000, as the same may be reduced from time to time pursuant to Section 2.10 or 2.132.10, as the case may be and (ii) the sum of the Borrowing Base plus the PLUS cash then held in the Letter of Credit Account pursuant to Section 2.13(a).
(b) Each Borrowing shall be made by the Agent pursuant Banks PRO RATA in accordance with their respective Commitments; PROVIDED, HOWEVER, that the failure of any Bank to Sections 2.03(b) and 2.13
(a) minus make any Loan shall not in itself relieve the aggregate principal amount other Banks of all "Loans" outstanding under the Short-Term Credit Agreementtheir obligations to lend.
Appears in 1 contract
Samples: Revolving Credit and Guaranty Agreement (Paragon Trade Brands 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 Closing Date date hereof and ending on the Final Maturity Termination Date (or the earlier date 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 multiplied by of the then aggregate Letter of Credit OutstandingsOutstandings (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 lesser of (i) the Total Commitment of $75,000,000200,000,000, as the same may be reduced from time to time pursuant to Section 2.10 Sections 2.9 or 2.132.12, as the case may be.
(b) Each Borrowing shall be and (ii) the sum of the Borrowing Base plus the cash then held made by the Agent pursuant Banks pro rata in accordance with their respective Commitments; provided, however, that the failure of any Bank to Sections 2.03(b) and 2.13
(a) minus make any Loan shall not in itself relieve the aggregate principal amount other Banks of all "Loans" outstanding under the Short-Term Credit Agreementtheir obligations to lend.
Appears in 1 contract
Samples: 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 forthforth (including, without limitation, the provisions of Section 2.28), to make revolving credit loans (eachtogether with Swingline Loans referred to in Section 2.06, 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 Closing Date date hereof and ending on the Final Maturity Termination Date (or the earlier date of termination of the Total Commitment) in an aggregate principal amount (exclusive of the aggregate principal amount of the Swingline Loans, if any, made by such Bank) not to exceed, when added to such Bank's Commitment Percentage multiplied by of the then aggregate Letter of Credit 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 $75,000,000, 100,000,000 as the same may be reduced from time to time pursuant to Section Sections 2.10 or 2.13, as the case may be and 2.13 and (ii) after the sum execution and delivery of the Borrowing Base plus Amendment, the cash then held Borrowing Base.
(b) Each Borrowing shall be made by the Agent pursuant Banks pro rata in accordance --- ---- with their respective Commitments (except as set forth in Section 2.06(c) with respect to Sections 2.03(b) and 2.13
(a) minus Swingline Loans); provided, however, that the aggregate principal amount failure of all "Loans" outstanding under any Bank to -------- ------- make any Loan shall not in itself relieve the Short-Term Credit Agreementother Banks of their obligations to lend.
Appears in 1 contract
Samples: Revolving Credit and Guaranty Agreement (Galey & Lord Inc)