Common use of Operating Loan Clause in Contracts

Operating Loan. The Bank agrees, on the terms and subject to the conditions set forth in this Agreement, to lend up to Ten Million and No/100ths Dollars ($10,000,000.00) to the Borrower relating to the Operating Loan, which shall provide both operating line of credit financing and Letter of Credit financing under the same financing facility and will refinance and replace the Existing Operating Note. The Bank will credit proceeds of the Operating Loan to the Borrower’s deposit account with the Bank, bearing account number ▇▇▇▇▇▇▇▇. Subject to the terms of this Agreement and the Operating Note, the Bank will lend the Borrower, from time to time until the Operating Loan Termination Date such sums as the Borrower may request by reasonable same-day notice to the Bank, received by the Bank not later than 11:00 a.m. (Omaha, Nebraska time) of such day, but which shall not exceed the aggregate principal amount at any one time outstanding of Ten Million and No/100ths Dollars ($10,000,000.00) less (i) the aggregate amounts of any sums previously disbursed to the Borrower under the Operating Loan by the Bank at the request of, and for the account of, the Borrower and (ii) the aggregate amount of any outstanding Letters of Credit (the “Operating Loan Commitment”). The Borrower may borrow, repay, and reborrow under the Operating Loan, without penalty or premium, from the Closing Date until the Operating Loan Termination Date, either the full amount of the Operating Loan Commitment or any lesser sum. It is the intention of the parties that the outstanding balance of the Operating Loan shall not exceed the Borrowing Base, and if at any time said balance exceeds the Borrowing Base, the Borrower shall forthwith pay the Bank sufficient funds to reduce the balance of the Operating Loan until it is in compliance with this requirement. The Borrower may elect to terminate the Operating Note at any time upon written notice to the Bank. In the event the Borrower elects to terminate the Operating Note, the aggregate principal amount of the Operating Note outstanding, together with any accrued and unpaid interest thereon, shall be due and payable to the Bank on the date of such election, if not sooner paid.”

Operating Loan. The Bank agrees, on the terms and subject to the conditions set forth in this Agreement, to lend up to Ten Five Million and No/100ths Dollars ($10,000,000.005,000,000.00) to the Borrower relating to the Operating Loan, which shall provide both operating line of credit financing and Letter of Credit financing under the same financing facility and will refinance and replace the Existing Operating Note. The Bank will credit proceeds of the Operating Loan to the Borrower’s deposit account with the Bank, bearing account number ▇▇▇▇▇▇▇▇. Subject to the terms of this Agreement and the Operating Note, the Bank will lend the Borrower, from time to time until the Operating Loan Termination Date such sums as the Borrower may request by reasonable same-day notice to the Bank, received by the Bank not later than 11:00 a.m. (Omaha, Nebraska time) of such day, but which shall not exceed in the aggregate principal amount at any one time outstanding of Ten Five Million and No/100ths Dollars ($10,000,000.005,000,000.00) less (i) the aggregate amounts of any sums previously disbursed to the Borrower under the Operating Loan by the Bank at the request of, and for the account of, the Borrower and (ii) the aggregate amount of any outstanding Letters of Credit (the “Operating Loan Commitment”). The Borrower may borrow, repay, and reborrow under the Operating Loan, without penalty or premium, from the Closing Date until the Operating Loan Termination Date, either the full amount of the Operating Loan Commitment or any lesser sum. It is the intention of the parties that the outstanding balance of the Operating Loan shall not exceed the Borrowing Base, and if at any time said balance exceeds the Borrowing Base, the Borrower shall forthwith pay the Bank sufficient funds to reduce the balance of the Operating Loan until it is in compliance with this requirement. The Borrower may elect to terminate the Operating Note at any time upon written notice to the Bank. In the event the Borrower elects to terminate the Operating Note, the aggregate principal amount of the Operating Note outstanding, together with any accrued and unpaid interest thereon, shall be due and payable to the Bank on the date of such election, if not sooner paid.”