Common use of Revolving Loan Clause in Contracts

Revolving Loan. (a) The Lender hereby establishes, subject to the terms and conditions of this Agreement and in reliance upon the representations and warranties made herein by the Borrowers, a revolving line of credit in favor of the Borrowers, as a group and not individually, in the aggregate principal amount of up to TWENTY-EIGHT MILLION AND 00/100 DOLLARS ($28,000,000.00); provided, however, Lender shall retain as a non-disbursed reserve from the Revolving Line of Credit an amount equal to the sum of the Letter of Credit Reserve and Credit Card Obligations, and agrees to make and remake advances thereunder to the Borrowers, upon the terms and conditions set forth in this Agreement, from time to time on any Business Day during the period from the date hereof through the Termination Date. Subject to Section 2.6 and Article III, the Borrowers may borrow, repay and reborrow any amount of the Revolving Line of Credit at any time prior to the Termination Date. The Borrowers shall give the Lender prior notice of the amount of any desired advance and the date the funds are to be received by any Borrower. In the event that the Borrowers desire to receive the proceeds of an advance of the Revolving Line of Credit on the same banking day of its request therefor, the Borrowers must give the Lender notice of such advance not later than 12:00 noon, North Carolina time. Notwithstanding the foregoing, the Lender shall have no obligation to lend funds at any time when (i) a Default has occurred and the Borrowers have not commenced with diligence all efforts to remedy such Default; (ii) an Event of Default exists, or (iii) the making of such advance would or could result in the occurrence of a Default or an Event of Default.

Revolving Loan. (a) The From the Closing Date to the Termination Date, the Lender hereby establishesagrees, upon the terms and subject to the terms and conditions of this Agreement and in reliance upon subject to the representations limitations set forth below with respect to the maximum amount of Advances permitted to be outstanding from time to time, to make a revolving loan (the “Revolving Loan”) available to the Borrower pursuant to which the Borrower may from time to time borrow from the Lender and warranties made herein repay and reborrow, such sums as may be needed by the Borrowers, a revolving line of credit in favor of Borrower for the Borrowers, as a group and not individually, in the aggregate principal amount of up to TWENTY-EIGHT MILLION AND 00/100 DOLLARS ($28,000,000.00); provided, however, Lender shall retain as a non-disbursed reserve from the Revolving Line of Credit an amount equal to the sum of the Letter of Credit Reserve and Credit Card Obligations, and agrees to make and remake advances thereunder to the Borrowers, upon the terms and conditions set forth purposes expressed in this Agreement, up to a maximum aggregate principal amount at any one time outstanding not exceeding the Maximum Facility Amount in effect from time to time time. Each advance to the Borrower under the Revolving Loan (an “Advance”) will be made on any at least one Business Day during Day’s prior written notice to the period from Lender, which notice shall be signed by an Authorized Representative of the date hereof through Borrower and shall set forth the Termination Date. Subject to Section 2.6 and Article III, the Borrowers may borrow, repay and reborrow any amount of the Revolving Line Advance requested and the date on which the Advance is to be made. Not later than 2:00 p.m. Birmingham, Alabama time on the date specified for the Advances, the Lender shall make available the amount of Credit at any time prior the Advances to be made by it on such date to the Borrower by depositing the proceeds thereof into an account with the Lender in the name of the Borrower. The Advances shall bear interest as provided in Section 2.3. The Lender’s obligation to make Advances shall terminate, if not sooner terminated pursuant to the provisions of this Agreement, on the Termination Date. The Borrowers shall give the Lender prior notice of the amount of any desired advance and the date the funds are to be received by any Borrower. In the event that the Borrowers desire to receive the proceeds of an advance of the Revolving Line of Credit on the same banking day of its request therefor, the Borrowers must give the Lender notice of such advance not later than 12:00 noon, North Carolina time. Notwithstanding the foregoing, the Lender shall have no obligation to lend funds at any time when (i) a Default has occurred and the Borrowers have not commenced with diligence all efforts to remedy such Default; (ii) make Advances if an Event of Default exists, or (iii) the making of such advance would or could result in the occurrence of a Default or an Event of Default.

Revolving Loan. (a) The Lender hereby establishes, subject to the terms and conditions of this Agreement and in reliance upon the representations and warranties made herein by the Borrowers, a revolving line of credit in favor of the Borrowers, as a group and not individually, in the aggregate principal amount of up to TWENTY-EIGHT FORTY MILLION AND 00/100 DOLLARS ($28,000,000.0040,000,000.00); provided, however, Lender shall retain as a non-disbursed reserve from the Revolving Line of Credit an amount equal to the sum of the Letter of Credit Reserve and Credit Card Obligations, and agrees to make and remake advances thereunder to the Borrowers, upon the terms and conditions set forth in this Agreement, from time to time on any Business Day during the period from the date hereof through the Termination Date. Subject to Section 2.6 and Article III, the Borrowers may borrow, repay and reborrow any amount of the Revolving Line of Credit at any time prior to the Termination Date. The Borrowers shall give the Lender prior notice of the amount of any desired advance and the date the funds are to be received by any Borrower. In the event that the Borrowers desire to receive the proceeds of an advance of the Revolving Line of Credit on the same banking day of its request therefor, the Borrowers must give the Lender notice of such advance not later than 12:00 noon, North Carolina time. Notwithstanding the foregoing, the Lender shall have no obligation to lend funds at any time when (i) a Default has occurred and the Borrowers have not commenced with diligence all efforts to remedy such Default; (ii) an Event of Default exists, or (iii) the making of such advance would or could result in the occurrence of a Default or an Event of Default.

Revolving Loan. (a) The Lender hereby establishes, subject a. Subject to the terms and conditions hereof, each Revolving Lender agrees to make available from time to time until the Commitment Termination Date its Pro Rata Share of this Agreement and in reliance upon the representations and warranties made herein by the Borrowersadvances (each, a revolving line of credit in favor "Revolving Credit Advance"). The Pro Rata Share of the Borrowers, as a group Revolving Loan of any Revolving Lender shall not at any time exceed its separate Revolving Loan Commitment. The obligations of each Revolving Lender hereunder shall be several and not individuallyjoint. The aggregate amount of Revolving Credit Advances outstanding shall not exceed at any time the lesser of (A) the Maximum Amount and (B) the Aggregate Borrowing Base, in the aggregate principal amount of up to TWENTY-EIGHT MILLION AND 00/100 DOLLARS ($28,000,000.00); provided, however, Lender shall retain as a non-disbursed reserve from the Revolving Line of Credit an amount equal to each case less the sum of the Letter of Credit Reserve and Credit Card ObligationsObligations outstanding at such time ("Borrowing Availability"). Until the Commitment Termination Date, and agrees to make and remake advances thereunder to the Borrowers, upon the terms and conditions set forth in this Agreement, Borrowers may from time to time on any Business Day during the period from the date hereof through the Termination Date. Subject to Section 2.6 and Article III, the Borrowers may borrow, repay and reborrow any amount under this Section 1.1.1(a). Each Revolving Credit Advance shall be made on notice by Borrower Representative to the representative of the Revolving Line Credit Agent identified on Disclosure Schedule 1.1 at the address specified thereon. Those notices must be given no later than (1) 11:00 a.m. (New York time) on the Business Day of the proposed Revolving Credit at any time Advance, in the case of an Index Rate Loan, or (2) 11:00 a.m. (New York time) on the date which is three (3) Business Days prior to the Termination Dateproposed Revolving Credit Advance, in the case of a LIBOR Loan. The Borrowers Each such notice (a "Notice of Revolving Credit Advance") may be given by telephone (promptly confirmed by a written notice substantially in the form of Exhibit 1.1.1(a), which notice shall give include the Lender prior notice of information required in such Exhibit and such other information as the amount of any desired advance and the date the funds are to be received by any BorrowerRevolving Credit Agent shall have otherwise previously reasonably requested). In the event that If the Borrowers desire to receive the proceeds of an advance of have the Revolving Line of Credit on the same banking day of its request thereforAdvances bear interest by reference to a LIBOR Rate, the Borrowers Borrower Representative must give the Lender notice of such advance not later than 12:00 noon, North Carolina time. Notwithstanding the foregoing, the Lender shall have no obligation to lend funds at any time when (i) a Default has occurred and the Borrowers have not commenced comply with diligence all efforts to remedy such Default; (ii) an Event of Default exists, or (iii) the making of such advance would or could result in the occurrence of a Default or an Event of DefaultSection 1.4(e).

Revolving Loan. From the Closing Date to (abut not including) The the Termination Date, the Lender hereby establishesagrees, upon the terms and subject to the terms and conditions of this Agreement and in reliance upon subject to the representations limitations set forth below with respect to the maximum amount of Advances permitted to be outstanding from time to time, to make a revolving loan (the "Revolving Loan") available to the Borrower pursuant to which the Borrower may from time to time borrow from the Lender and warranties made herein repay and reborrow, such sums as may be needed by the Borrowers, a revolving line of credit in favor of Borrower for the Borrowers, as a group and not individually, in the aggregate principal amount of up to TWENTY-EIGHT MILLION AND 00/100 DOLLARS ($28,000,000.00); provided, however, Lender shall retain as a non-disbursed reserve from the Revolving Line of Credit an amount equal to the sum of the Letter of Credit Reserve and Credit Card Obligations, and agrees to make and remake advances thereunder to the Borrowers, upon the terms and conditions set forth purposes expressed in this Agreement, up to a maximum aggregate principal amount at any one time outstanding not exceeding the Maximum Facility Amount in effect from time to time time. Each advance to the Borrower under the Revolving Loan (an "Advance") will be made on any at least one Business Day during Day’s prior written notice to the period from Lender, which notice shall (i) be signed by an Authorized Representative of the date hereof through Borrower, (ii) set forth the Termination Date. Subject to Section 2.6 and Article III, the Borrowers may borrow, repay and reborrow any amount of the Revolving Line Advance requested and the date on 04121343.4 9 which the Advance is to be made, and (iii) set forth the portion, if any, of Credit at any time prior the Advance to be borrowed by IIC. Not later than 2:00 p.m. on the date specified for the Advances, the Lender shall make available the amount of the Advances to be made by it on such date to the Borrower by depositing the proceeds thereof into an account with the Lender in the name of the Borrower. The Advances shall bear interest as provided in Section 2.3. The Lender's obligation to make Advances shall terminate, if not sooner terminated pursuant to the provisions of this Agreement, on the Termination Date. The Borrowers shall give the Lender prior notice of the amount of any desired advance and the date the funds are to be received by any Borrower. In the event that the Borrowers desire to receive the proceeds of an advance of the Revolving Line of Credit on the same banking day of its request therefor, the Borrowers must give the Lender notice of such advance not later than 12:00 noon, North Carolina time. Notwithstanding the foregoing, the Lender shall have no obligation to lend funds at any time when (i) a Default has occurred and the Borrowers have not commenced with diligence all efforts to remedy such Default; (ii) make Advances if an Event of Default exists, or (iii) the making of such advance would or could result in the occurrence of a Default or an Event of Default.

Revolving Loan. (a) The Lender Subject to and upon the terms, covenants and conditions hereinafter set forth, the Banks hereby establishes, subject agree to make loans to the terms Borrower under this Section 2.A. from time to time until and conditions including the Expiration Date (and thereafter until and including July 1 of each succeeding calendar year if no "Event of Default" has occurred and if this Agreement is extended in writing by the Banks and the Borrower for additional one year period(s) pursuant to Section 13.J. herein), at such time and in reliance upon such amount as to each loan as the representations and warranties made herein by the BorrowersBorrower shall request, a revolving line of credit up to but not exceeding in favor of the Borrowers, as a group and not individually, in the aggregate principal amount of up to TWENTY-EIGHT MILLION AND 00/100 DOLLARS ($28,000,000.00); provided, however, Lender shall retain as a non-disbursed reserve from at any one time outstanding the Revolving Line Loan Amount. In addition, at the request of Credit an amount equal Borrower, which request shall be made by the execution and delivery by Borrower to the sum Agent of the Letter Banks' standard form application for letters of Credit Reserve credit duly completed to reflect the letter of credit being requested, the Banks will make advances pursuant to the Revolving Commitment of the Banks in the form of a letter of credit, the form and Credit Card Obligationssubstance of which shall be determined by the Banks, and agrees to make and remake advances but without limiting the generality of the foregoing, the Banks may require a draft thereunder to be accompanied by such documentation as the Borrowers, Banks may deem necessary. In no event shall the Banks be required to issue any such letter of credit with a term extending beyond the Expiration Date. Any and all letters of credit issued by the Banks shall be treated as an advance under the Revolving Loan. The obligation of Borrower to reimburse the Banks for any draft(s) submitted under and paid by the Banks pursuant to any such letter(s) of credit shall be evidenced by the Revolving Notes. In no event shall the Banks be required to issue any letter(s) of credit hereunder in an aggregate amount in excess of $2,000,000.00. Subject to the foregoing and upon the terms and conditions set forth in this Agreement, from time to time on any Business Day during the period from the date hereof through the Termination Date. Subject to Section 2.6 and Article IIIherein, the Borrowers Borrower may borrow, repay and reborrow any amount re-borrow within the limit of the Revolving Line of Credit at any time prior to the Termination Date. The Borrowers shall give the Lender prior notice of the amount of any desired advance and Loan Amount under this Section 2.A. from the date hereof to and including the funds are to be received by any Borrower. In the event that the Borrowers desire to receive the proceeds of an advance of the Revolving Line of Credit on the same banking day of its request therefor, the Borrowers must give the Lender notice of such advance not later than 12:00 noon, North Carolina time. Notwithstanding the foregoing, the Lender shall have no obligation to lend funds at any time when (i) a Default has occurred and the Borrowers have not commenced with diligence all efforts to remedy such Default; (ii) an Event of Default exists, or (iii) the making of such advance would or could result in the occurrence of a Default or an Event of DefaultExpiration Date.

Revolving Loan. (a) The Lender hereby establishes, subject Subject to the terms and conditions of this Agreement and in reliance upon the representations other Loan Documents, prior to the Revolving Loan Termination Date, and warranties provided no Event of Default shall exist or the occurrence of any event which, with the giving of notice or the passage of time, or both, will become an Event of Default hereunder, Lender will, at Borrower’s request, cause cash advances to be made herein by pursuant to the Borrowers, a revolving line Revolving Loan to be issued for the account of credit in favor of the Borrowers, as a group and not individually, in the aggregate principal amount of up to TWENTY-EIGHT MILLION AND 00/100 DOLLARS ($28,000,000.00)Borrower; provided, however, Lender no Advance shall retain as a non-disbursed reserve from be made in an amount wherein the aggregate of all Revolving Loans exceeds Loan Availability for the Revolving Line of Credit an amount equal Loan then in effect. Subject to the sum of the Letter of Credit Reserve and Credit Card Obligations, and agrees to make and remake advances thereunder to the Borrowers, upon the terms and conditions set forth in this Agreementhereof, from time to time on any Business Day during Revolving Loans may be repaid and the period from principal amount thereof reborrowed before the date hereof through the Revolving Loan Termination Date. Subject to Section 2.6 and Article III, If at any time the Borrowers may borrow, repay and reborrow any amount outstanding aggregate principal balance of the Revolving Line Loans exceeds the Loan Availability, Borrower shall immediately, and without the necessity of Credit at any time prior a demand by Lender, pay to the Termination Date. The Borrowers Lender such amount as may be necessary to eliminate such excess, and a failure to do so shall give the Lender prior notice constitute an Event of the amount of any desired advance and the date the funds are to be received by any BorrowerDefault. In the event that the Borrowers desire to receive the proceeds of an advance availability of the Revolving Line Loan hereunder expires by the terms of Credit on this Agreement, or by the same banking day terms of any agreement extending the Maturity Date of the Revolving Loan, Lender may, in its request thereforsole discretion, the Borrowers must give the Lender notice of continue to make requested advances; however, it is expressly acknowledged and agreed that, in such advance not later than 12:00 noonevent, North Carolina time. Notwithstanding the foregoing, the Lender shall have no obligation the right, in its sole discretion, to lend funds decline to make any requested advance and may require payment in full of the Revolving Loan at any time when (i) a Default has occurred and the Borrowers have not commenced with diligence all efforts to remedy such Default; (ii) an Event of Default exists, or (iii) the making of any such advance would or could result in the occurrence advances shall not be construed as a waiver of a Default or an Event of Defaultsuch right by Lxxxxx.

Revolving Loan. (a) The Lender hereby establishes, Under and subject to the terms and conditions of this Agreement and in reliance upon the representations and warranties made herein by the Borrowers, a revolving line of credit in favor of the Borrowers, as a group and not individually, in the aggregate principal amount of up to TWENTY-EIGHT MILLION AND 00/100 DOLLARS ($28,000,000.00); provided, however, Lender shall retain as a non-disbursed reserve from within the Revolving Line Loan Limit and as requested by an authorized officer of Credit an amount equal to the sum of the Letter of Credit Reserve and Credit Card Obligations, and agrees to make and remake advances thereunder to the Borrowers, upon the terms and conditions set forth in this Agreement, Borrower from time to time on any Business Day during through but not including the period from the date hereof through the Revolving Loan Termination Date, KS hereby establishes a Revolving Loan facility (the "Revolving Loan") pursuant to which KS will make cash advances from time to time to or for the account of Borrower. Subject Unless sooner terminated pursuant to Section 2.6 and Article IIIany other provision of this Agreement, the Borrowers may borrow, repay Revolving Loan will terminate and reborrow any amount the entire principal balance of the Revolving Line of Credit at any time prior to Loan, together with all unpaid accrued interest thereon, shall be repaid on the Revolving Loan Termination Date, without notice or demand. The Borrowers shall give the Lender prior notice of the amount of any desired Each advance and the date the funds are to be received by any Borrower. In the event that the Borrowers desire to receive the proceeds of an advance of under the Revolving Line Loan shall be made or issued following the giving of Credit on the same banking day notice by an authorized officer of its request therefor, the Borrowers must give the Lender Borrower to KS (which notice of such advance shall be given not later than 12:00 noonfive (5) Business Days preceding the Business Day on which such cash advance is required), North Carolina specifying the date of borrowing and the amount thereof. Cash advances shall be in multiples of $100,000. Upon fulfillment of all applicable conditions to such advance set forth herein, KS will make such funds available to the Borrower by wire transfer of funds to an account designated by Borrower. The outstanding principal balance under the Revolving Loan may fluctuate from time to time, to be reduced by repayments made by Borrower, and to be increased by future loans, advances and extensions of credit which may be made by KS, to or for the benefit of Borrower. Notwithstanding Contemporaneously herewith, Borrower will execute and deliver to KS the foregoing, the Lender shall have no Revolving Loan Note to evidence Borrower's obligation to lend funds at any time when (i) a Default has occurred and repay KS for all amounts due or which may become due in connection with the Borrowers have not commenced with diligence all efforts to remedy such Default; (ii) an Event of Default exists, or (iii) the making of such advance would or could result in the occurrence of a Default or an Event of DefaultRevolving Loan.

Revolving Loan. (a) The Lender hereby establishes, subject From the Closing Date to the terms and conditions of this Agreement and in reliance upon Termination Date, the representations and warranties made herein by the Borrowers, a revolving line of credit in favor of the Borrowers, as a group and not individually, in the aggregate principal amount of up to TWENTY-EIGHT MILLION AND 00/100 DOLLARS ($28,000,000.00); provided, however, Lender shall retain as a non-disbursed reserve from the Revolving Line of Credit an amount equal to the sum of the Letter of Credit Reserve and Credit Card Obligations, and agrees to make and remake advances thereunder to the Borrowersagrees, upon the terms and subject to the conditions set forth of this Agreement, to make a revolving loan (the "Revolving Loan") available to the Borrowers, pursuant to which the Borrowers may from time to time borrow from the Lender and repay and reborrow, such sums as may be needed by the Borrowers for the purposes expressed in this Agreement, from up to a maximum aggregate principal amount at any one time outstanding not exceeding the Maximum Revolving Loan Amount. Each advance to the Borrowers under the Revolving Loan (an "Advance") will be made in accordance with the provisions of the automated Control Account-Credit Line Service Agreement executed by the Borrowers in favor of the Lender (the "Disbursement Agreement"). Not later than 2:00 p.m. Birmingham, Alabama time on any Business Day during the period from the date hereof through specified for the Termination Date. Subject to Section 2.6 and Article IIIAdvances, the Borrowers may borrow, repay and reborrow any Lender shall make available the amount of the Revolving Line Advances to be made by it on such date to the Borrowers by depositing the proceeds thereof into an account with the Lender in the name of Credit at any time prior the Borrowers. The Advances shall bear interest as provided in Section 2.5. The Lender's obligation to make Advances shall terminate, if not sooner terminated pursuant to the provisions of this Agreement, on the Termination Date. The Borrowers shall give the Lender prior notice of the amount of any desired advance and the date the funds are to be received by any Borrower. In the event that the Borrowers desire to receive the proceeds of an advance of the Revolving Line of Credit on the same banking day of its request therefor, the Borrowers must give the Lender notice of such advance not later than 12:00 noon, North Carolina time. Notwithstanding the foregoing, the Lender shall have no obligation to lend funds at any time when (i) a Default has occurred and the Borrowers have not commenced with diligence all efforts to remedy such Default; (ii) make Advances if an Event of Default exists. The Lender may, or (iii) at its option, without any request by the making Borrowers, make Advances to itself for the purpose of such advance would or could result in paying overdrafts that the occurrence of a Default or an Event of DefaultBorrowers may have from time to time with respect to any operating accounts established by the Borrowers with the Lender.

Revolving Loan. (a) The From the Closing Date to the Termination Date, the Lender hereby establishesagrees, upon the terms and subject to the terms and conditions of this Agreement and in reliance upon subject to the representations and warranties made herein by limitations set forth below with respect to the maximum amount of Advances permitted to be outstanding from time to time, to make a revolving loan (the "Revolving Loan") available to the Borrowers, jointly and severally, pursuant to which the Borrowers may from time to time jointly and severally borrow from the Lender and repay and reborrow, such sums as may be needed by the Borrowers for the purposes expressed in this Agreement, up to a revolving line of credit in favor of the Borrowers, as a group and not individually, in the maximum aggregate principal amount of up at any one time outstanding not exceeding the difference between (i) the Maximum Facility Amount in effect from time to TWENTY-EIGHT MILLION AND 00/100 DOLLARS time, and ($28,000,000.00); provided, however, Lender shall retain as a non-disbursed reserve from the Revolving Line of Credit an amount equal to ii) the sum of the then-outstanding (x) Advances, (y) Letter of Credit Reserve Borrowings and Credit Card (z) Reimbursement Obligations. Each advance to the Borrowers under the Revolving Loan (an "Advance") will be made on prior written notice to the Lender made not later than 1:00 p.m. Mobile, Alabama time on the date such Advance is to be made, which notice shall be signed by an Authorized Representative of the Borrowers and agrees shall set forth the amount of the Advance requested and the date on which the Advance is to be made. Not later than 4:00 p.m. Mobile, Alabama time on the date specified for the Advances, the Lender shall make available the amount of the Advances to be made by it on such date to the Borrowers by depositing the proceeds thereof into an account with the Lender in the name of the Borrowers. The Advances shall bear interest as provided in Section 2.3. The Lender's obligation to make and remake advances thereunder Advances shall terminate, if not sooner terminated pursuant to the Borrowers, upon the terms and conditions set forth in provisions of this Agreement, from time to time on any Business Day during the period from the date hereof through the Termination Date. Subject to Section 2.6 and Article III, the Borrowers may borrow, repay and reborrow any amount of the Revolving Line of Credit at any time prior to the Termination Date. The Borrowers shall give the Lender prior notice of the amount of any desired advance and the date the funds are to be received by any Borrower. In the event that the Borrowers desire to receive the proceeds of an advance of the Revolving Line of Credit on the same banking day of its request therefor, the Borrowers must give the Lender notice of such advance not later than 12:00 noon, North Carolina time. Notwithstanding the foregoing, the Lender shall have no obligation to lend funds at any time when (i) a Default has occurred and the Borrowers have not commenced with diligence all efforts to remedy such Default; (ii) make Advances if an Event of Default exists, or (iii) the making of such advance would or could result in the occurrence of a Default or an Event of Default.