Common use of Procedure for Revolving Advances Under Revolving Loan Clause in Contracts

Procedure for Revolving Advances Under Revolving Loan. (a) Revolving Advances shall be disbursed pursuant to the Borrower's request therefor (whether in writing, by telephone, or otherwise). Any request for a Revolving Advance shall be given by Borrower to Agent no later than 11:00 a.m. of the proposed Borrowing Date. If such Revolving Advance will be in excess of $5,000,000, Borrower shall orally notify Agent at least two (2) Business Days prior to the proposed Borrowing Date. Any request for a Revolving Advance must be made by (1) Xxxxxx X. Xxxxxx, (2) Xxxxxxx X. Xxxxxxxxx, (3) Xxxxxxx X. Xxxxxx, (4) Xxxxxx X. Xxxxxx, Xx., or (5) any other Person designated in writing by Xxxxxx X. Xxxxxx, and shall include (a) the amount of the Revolving Advance, (b) the proposed Borrowing Date, and (c) the identification of an account of Borrower into which such Revolving Advance is to be disbursed. Agent and each Lender shall be entitled to rely upon any notice it believes is genuine and to have been given by an authorized Person. Revolving Advances made in conformity with the provisions of this paragraph shall be fully binding upon the Borrower. Borrower shall confirm in writing any request for a Revolving Advance disbursed pursuant to telephonic or oral notification. Notwithstanding the foregoing, all drafts under any Letter of Credit and Revolving Advances made pursuant to Section 2C.7., shall be deemed a Revolving Advance requested by Borrower for all purposes of this Section 2.9. (b) Agent shall notify Lenders in writing, by telecopy on or before 12:00 noon on each Borrowing Date, of (1) the amount of the Revolving Advance to be funded by Lenders, and (2) each Lender's Commitment Percentage of such Revolving Advance. On or before 3:00 p.m. on such Borrowing Date, Agent must receive, and each Lender agrees to provide to Agent, each Lender's Commitment Percentage of the Revolving Advance via wire transfer to the following account (or to such other account as Lender may hereafter designate in writing): SouthTrust Bank, National Association Birmingham, Alabama ABA No.: 000000000 Customer No.: 5157751 For the account of Colonial Realty Limited Partnership Attention: Affiliate Relations No Lender's obligation to fund its Commitment Percentage of a Revolving Advance shall be affected by any other Lender's failure to fund its Commitment Percentage of a Revolving Advance, nor shall any Lender's Commitment Percentage be increased as a result of any such failure of any other Lender.

Procedure for Revolving Advances Under Revolving Loan. (a) Revolving Advances shall be disbursed pursuant to the Borrower's request therefor (whether in writing, by telephone, or otherwise). Any request for For each proposed Revolving Advance, Borrower shall give Agent irrevocable notice (a "Revolving Advance shall Borrowing Notice") of its proposal which must be given received by Borrower to Agent no not later than 11:00 a.m. of the proposed Borrowing Date. If such Revolving Advance will be in excess of $5,000,000, Borrower shall orally notify Agent at least two a.m. (2i) three (3) Business Days prior to the proposed requested Borrowing Date. Any request for a Revolving Advance must be made by , in the case of LIBOR Rate Loans, and (ii) one (1) Xxxxxx X. XxxxxxBusiness Day prior to the requested Borrowing Date, in the case of Floating Rate Loans. Each Revolving Borrowing Notice shall be signed by an Authorized Officer and shall specify (i) the requested Borrowing Date, (2) Xxxxxxx X. Xxxxxxxxx, (3) Xxxxxxx X. Xxxxxx, (4) Xxxxxx X. Xxxxxx, Xx., or (5) any other Person designated in writing by Xxxxxx X. Xxxxxx, and shall include (aii) the aggregate amount of the proposed Revolving AdvanceAdvance (which must be in a minimum amount of $100,000 (and in integral multiples of $100,000 if in excess thereof), (biii) whether the proposed Borrowing DateRevolving Advance shall be a LIBOR Rate Loan or a Floating Rate Loan, and (civ) and in the identification case of an account of Borrower into which such Revolving Advance is to be disburseda LIBOR Rate Loan, the applicable Interest Period. Agent and each Lender shall be entitled to rely upon any notice it believes is genuine and to have been given by an authorized PersonAuthorized Officer. Revolving Advances made in conformity with the provisions of this paragraph shall be fully binding upon the Borrower. Borrower shall confirm in writing any request for a Revolving Advance disbursed pursuant to telephonic or oral notification. Notwithstanding the foregoing, all drafts under any Letter of Credit and Revolving Advances made pursuant to Section 2C.7., shall be deemed a Revolving Advance requested by Borrower for all purposes of this Section 2.92.7., and shall be a Floating Rate Loan. (b) Upon receipt of a Revolving Borrowing Notice from Borrower, Agent shall notify Lenders in writing, by telecopy on or before 12:00 noon on each Borrowing Date, Lender of (1) the amount of the Revolving Advance to be funded by Lenders, and (2) each Lender's Commitment Percentage of such Revolving Advance. On or before 3:00 p.m. on such Borrowing Date, Agent must receive, and each Lender agrees to provide to Agent, each Lender's Commitment Percentage of the Revolving Advance via wire transfer to the following account (or to such other account as Lender may hereafter designate in writing): SouthTrust Bank, National Association Birmingham, Alabama ABA No.: 000000000 Customer No.: 5157751 _______________ For the account of Colonial Realty Limited Partnership Monarch Properties, LP Attention: Affiliate Relations ___________________ On the same Business Day, upon satisfaction or waiver in accordance with the terms of this Agreement of the applicable conditions precedent set forth in Article IV, the Agent will make the funds so received from the Lenders available to Borrower by crediting Borrower's designated account with Agent or in such other manner as may be acceptable to Borrower and Agent. No Lender's obligation to fund its Commitment Percentage of a Revolving Advance shall be affected by any other Lender's failure to fund its Commitment Percentage of a Revolving Advance, nor shall any Lender's Commitment Percentage be increased as a result of any such failure of any other Lender.

Procedure for Revolving Advances Under Revolving Loan. (a) Request for a Revolving Advances Advance shall be disbursed pursuant to the Borrower's request therefor (whether in writing, by telephone, or otherwise)) to Agent. Any written request for a Revolving Advance shall be given by Borrower to Agent no later than 11:00 a.m. (substantially in the form of Exhibit L, the proposed Borrowing Date. If "Notice of Borrowing") and any telephonic or other request shall be confirmed by a Notice of Borrower in such Revolving Advance will be in excess of $5,000,000, Borrower shall orally notify Agent at least two form within five (25) Domestic Business Days prior to the proposed Borrowing Dateof such telephonic or other request). Any request for a Revolving Advance must be received prior to 11:00 A.M. Birmingham, Alabama time), on the same Domestic Business Day of each Base Rate Advance, and at least three (3) Euro-Dollar Business Days before each Euro-Dollar Advance (once the Notice of Borrowing is received by the Agent such notice shall not thereafter be revocable by the Borrower), specifying: (i) the date of such Borrowing, which shall be a Domestic Business Day in the case of a Base Rate Advance or a Euro-Dollar Business Day in the case of a Euro-Dollar Advance, (ii) the aggregate amount of such Borrowing, (iii) whether the Revolving Loans comprising such Borrowing are to be Base Rate Loans or Euro-Dollar Loans, and (iv) in the case of a Fixed Rate Advance, the duration of the Interest Period applicable thereto, subject to the provisions of the definition of Interest Period. Revolving Advance must be made by (1) Xxxxxx X. XxxxxxThomas H. Lowder, (2) Xxxxxxx X. XxxxxxxxxAnita G. Phillips, (3) Xxxxxxx X. XxxxxxKenneth B. Howell, (40) Xxxxxx X. XxxxxxXxlson, Xx., or (50) any other Person designated in writing by Xxxxx X. Brewex, xxx (0) xxx xxher Pexxxx xxxxxxxxxx xx xxiting xx Xxxxxx X. XxxxxxXxwder as President and CEO or Howard B. Nelson, and shall include Jr., xx XXX (a) the amount of the Revolving Advancexx xxx xuccessor President, (b) the proposed Borrowing DateCEO, and (c) the identification of an account of Borrower into which such Revolving Advance is to be disbursedxxx/xx XXX). Agent and Xxxxx xxd each Lender shall be entitled to rely upon any notice it believes is genuine and to have been given by an authorized Person. Revolving Advances made in conformity with the provisions of this paragraph shall be fully binding upon the Borrower. Borrower shall confirm in writing any request for a Revolving Advance disbursed pursuant to telephonic or oral notification. Notwithstanding the foregoing, all drafts under any Letter of Credit and Revolving Advances made pursuant to Section 2C.75.7., shall be deemed a Revolving Advance requested by Borrower for all purposes of this Section 2.92.8. (b) Agent shall notify Lenders in writing, by telecopy on or before 12:00 noon on each If a Notice of Borrowing is not received at least three (3) Domestic Business Days prior to the proposed Borrowing Date, then such Revolving Advance shall be a Base Rate Advance and Agent shall provide prompt notice to Lender on the day of such Base Rate Advance to the Lender. The Agent agrees to provide at least two (12) days notice to the Lenders for a Euro-Dollar Advance. Such notice ("Notice of Borrowing to Lenders") provided to the Lenders by the Agent (substantially in the form of Exhibit M) shall also include the principal amount of the Revolving Advance to be funded by Lenders, and (2) that each Lender shall disburse as calculated based upon each Lender's Revolving Commitment Percentage, whether it is a Base Rate Loan or a Euro-Dollar Loan, and the applicable interest rate. (c) Not later than 2:00 P.M. (Birmingham, Alabama, time) as to Base Rate Advances and as to Euro-Dollar Advances, on the date of each Revolving Advance, each Lender shall (except as provided in paragraph (d) of this Section) make available its Revolving Commitment Percentage of such Revolving Advance. On , in Federal or before 3:00 p.m. on such Borrowing Dateother funds immediately available in Birmingham, Alabama, to the Agent must receive, and each Lender agrees to provide to Agent, each Lender's Commitment Percentage of the Revolving Advance via wire transfer to the following account (or to such other account as Lender Agent may hereafter designate in writing): SouthTrust Bank, National Association Bank Birmingham, Alabama ABA No.: 000000000 062000080 Customer No.: 5157751 00015209641 For the account of Colonial Realty Limited Partnership Attention: Affiliate Relations Participation Loans The Agent will make the funds so received from the Lenders available to the Borrower at the Agent's aforesaid address. Unless the Agent receives notice from a Lender, at the Agent's address referred to in or specified pursuant to Section 15.1, no later than 4:00 P.M. (Local time at such address) on the Domestic Business Day before the date of a Revolving Advance stating that such Lender will not make a Revolving Loan in connection with such Revolving Advance, the Agent shall be entitled to assume that such Lender will make a Revolving Loan in connection with such Revolving Advance and, in reliance on such assumption, the Agent may (but shall not be obligated to ) make available such Lender's Revolving Commitment Percentage of such Revolving Advance to the Borrower for the account of such Lender. If the Agent makes such Lender's Revolving Commitment Percentage available to the Borrower and such Lender does not in fact make its Revolving Commitment Percentage of such Revolving Advance available on such date, the Agent shall be entitled to recover such Lender's Revolving Commitment Percentage from such Lender or the Borrower (and for such purpose shall be entitled to charge such amount to any account of the Borrower maintained with the Agent), together with interest thereon for each day during the period from the date of such Revolving Advance until such sum shall be paid in full at a rate per annum equal to the rate at which the Agent determines that it obtained (or could have obtained) overnight Federal funds to cover such amount for each such day during such period, provided that (i) any such payment by the Borrower of such Lender's Revolving Commitment Percentage and interest thereon shall be without prejudice to any rights that the Borrower may have against such Lender, including, but not limited to actual attorneys' fees, reasonable costs and expenses and (ii) until such Lender has paid its Revolving Commitment Percentage of such Revolving Advance, together with interest pursuant to the foregoing provisions, it will have no interest in or rights with respect to such Revolving Advance for any purpose hereunder. If the Agent does not exercise its option to advance funds for the account of such Lender, it shall forthwith notify the Borrower of such decision. No Lender's obligation to fund its Revolving Commitment Percentage of a Revolving Advance shall be affected by any other Lender's failure to fund its Revolving Commitment Percentage of a Revolving Advance, nor shall any Lender's Revolving Commitment Percentage be increased as a result of any such failure of any other Lender. (d) If any Lender makes a new Revolving Loan hereunder on a day on which the Borrower is to repay all or any part of an outstanding Revolving Loan from such Lender, such Lender shall apply the proceeds of its new Revolving Loan to make such repayment as a Refunding Loan and only an amount equal to the difference (if any) between the amount being borrowed and the amount of such Refunding Loan shall be made available by such Lender to the Agent as provided in paragraph (c) of this Section, or shall be remitted by the Borrower to the Agent as provided in Section 2.3, as the case may be. (e) Notwithstanding anything to the contrary contained in this Agreement, no Fixed Rate Advance may be made if there shall have occurred and be continuing a Default or an Event of Default, which Default or Event of Default shall not have been cured or waived, and all Refunding Loans shall be made as Base Rate Loans (but shall bear interest at the Default Rate, if applicable). (f) In the event that a Notice of Borrowing fails to specify whether the Revolving Loans comprising such Revolving Advance are to be Base Rate Loans or Euro-Dollar Loans such Revolving Loans shall be made as Base Rate Loans. If the Borrower is otherwise entitled under this Agreement to repay any Revolving Loans maturing at the end of any Interest Period applicable thereto with the proceeds of a new Borrowing, and the Borrower fails to repay such Revolving Loans using its own moneys and fails to give a Notice of Borrowing in connection with such new Revolving Advance, a new Revolving Advance shall be deemed to be made on the date such Revolving Loans mature in an amount equal to the principal amount of the Revolving Loans so maturing, and the Revolving Loans comprising such new Revolving Advance shall be Base Rate Loans. (g) Notwithstanding anything to the contrary contained herein, there shall not be more than eight (8) Euro-Dollar Loans and two (2) Competitive Bid Loans outstanding at any given time. (h) The obligations of the Lenders hereunder are several and not joint. None of the Lenders shall be liable to the Credit Parties due to the failure of any other Lender to fund its Revolving Commitment Percentage of a Revolving Advance.