Common use of Revolving Loan Clause in Contracts

Revolving Loan. Subject to the terms and conditions of this Agreement and the other Loan Documents, prior to the Revolving Loan Termination Date, and 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 pursuant to the Revolving Loan to be issued for the account of Borrower; provided, however, no Advance shall be made in an amount wherein the aggregate of all Revolving Loans exceeds Loan Availability for the Revolving Loan then in effect. Subject to the terms and conditions hereof, Revolving Loans may be repaid and the principal amount thereof reborrowed before the Revolving Loan Termination Date. If at any time the outstanding aggregate principal balance of the Revolving Loans exceeds the Loan Availability, Borrower shall immediately, and without the necessity of a demand by Lender, pay to Lender such amount as may be necessary to eliminate such excess, and a failure to do so shall constitute an Event of Default. In the event that the availability of the Revolving Loan hereunder expires by the terms of this Agreement, or by the terms of any agreement extending the Maturity Date of the Revolving Loan, Lender may, in its sole discretion, continue to make requested advances; however, it is expressly acknowledged and agreed that, in such event, Lender shall have the right, in its sole discretion, to decline to make any requested advance and may require payment in full of the Revolving Loan at any time and the making of any such advances shall not be construed as a waiver of such right by Lxxxxx.

Revolving Loan. (a) Bank agrees to make advances to Borrowers from time to time until the Review Date, subject to all of the terms and conditions of this Agreement (the "Loan"). All requests by Borrowers for advances shall be made in such manner and form and with such prior notice to Bank as Bank may reasonably require from time to time. Each such request (other than a request made under Subsection 2.01(d)) shall contain or be accompanied by such information and documents (which shall be Certified if required by Bank) concerning the Collateral, Borrowers' financial condition, use of the proceeds of such advance and of advances previously made and/or any other matters as Bank may from time to time require. In no event shall Bank be obligated to make any advance hereunder if a Default or an Event of Default shall have occurred or if such advance would cause the total principal amount of advances made and outstanding hereunder to exceed the Maximum Loan Amount. Even if the total principal amount of advances outstanding shall at any time and for any reason exceed the Maximum Loan Amount, Borrowers and all guarantors shall nonetheless be liable for the entire principal amount outstanding, with interest thereon at the rate and calculated in the manner provided herein and in the Note, in accordance with and subject to this Agreement, the Note and the guaranties of such guarantors. If the total principal amount of advances outstanding under the Loan shall at any time exceed the Maximum Loan Amount, Borrowers shall pay to Bank within one (1) Banking Day after demand the amount of such excess, with interest thereon at the rate and calculated in the manner provided herein and in the Note. Borrowers agree that Borrowers shall be jointly and severally liable for, and the Collateral shall secure, the repayment of each advance made by Bank to or for any Borrower hereunder, with interest at the rate and calculated in the manner provided herein and in the Note, whether or not such advance was duly requested or authorized by any Borrower and whether or not any person requesting such advance was duly authorized to make such request. Subject to all of the terms and conditions of this Agreement and the Other Agreements, Borrowers may borrow, repay and reborrow hereunder until the Review Date. All principal, all accrued and unpaid interest and all other Loan Documents, prior sums and charges owing to the Revolving Loan Termination Date, and 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 pursuant to the Revolving Loan to be issued for the account of Borrower; provided, however, no Advance Bank hereunder shall be made in an amount wherein due and payable on the aggregate of all Revolving Loans exceeds Loan Availability for the Revolving Loan then in effectReview Date without demand. Subject to the terms and conditions hereof, Revolving Loans may be repaid and the principal amount thereof reborrowed before the Revolving Loan Termination Date. If at any time the outstanding aggregate principal balance of the Revolving Loans exceeds the Loan Availability, Borrower shall immediately, and without the necessity of a demand by Lender, pay to Lender such amount as may be necessary to eliminate such excess, and a failure to do so shall constitute an Event of Default. In the event that the availability of the Revolving Loan hereunder expires by the terms of this Agreement, or by the terms of any agreement extending the Maturity Date of the Revolving Loan, Lender Bank may, in its sole discretion, continue agree, but only in writing, to make requested advances; however, it is expressly acknowledged extend the Review Date for such time and agreed that, in upon such event, Lender terms and conditions as Bank shall have the right, determine in its sole discretion, to decline to make any requested advance and may require payment in full of the Revolving Loan at any time and the making of any such advances shall not be construed as a waiver of such right by Lxxxxx.

Revolving Loan. Subject to the terms and conditions of this Agreement AGREEMENT and the other Loan Documentsmaximum amount available at any time under the BORROWING BASE, prior BANKS with a REVOLVING LOAN COMMITMENT severally agree to lend BORROWER, from time to time until the LOAN TERMINATION DATE applicable to the Revolving Loan Termination DateREVOLVING LOAN and up to their respective REVOLVING LOAN COMMITMENTS, such sums as BORROWER may request, but which sums shall not collectively exceed in the aggregate principal amount at any time outstanding the lesser of (i) the amount available under the BORROWING BASE or (ii) Ten Million and provided no Event No/100 Dollars ($10,000,000.00). The aggregate maximum principal amount outstanding on the REVOLVING LOAN at any time may never exceed the amount of Default shall exist the TOTAL REVOLVING LOAN COMMITMENT or the occurrence of any event which, with amount then derived from 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 pursuant to the Revolving Loan to be issued for the account of Borrower; provided, however, no Advance shall be made in an amount wherein the aggregate of all Revolving Loans exceeds Loan Availability for the Revolving Loan then in effectBORROWING BASE. Subject to the terms conditions and conditions hereoflimitations set forth in this AGREEMENT, Revolving Loans may advances and readvances under the REVOLVING LOAN (collectively, “Advances”) will be repaid made to BORROWER, from time to time during the period commencing on the date of this AGREEMENT to but not including the LOAN TERMINATION DATE applicable to the REVOLVING LOAN, unless extended by written agreement between BANKS, AGENT and BORROWER. So long as no EVENT OF DEFAULT has occurred and is continuing, BORROWER may, from the principal amount thereof reborrowed before date of this AGREEMENT through the Revolving Loan Termination Date. If LOAN TERMINATION DATE applicable to the REVOLVING LOAN, borrow, repay and reborrow sums not to exceed at any time outstanding the outstanding aggregate lesser of (1) the maximum principal balance amount available as provided for above as of the Revolving Loans exceeds relevant date or (2) the Loan AvailabilityBORROWING BASE as of the relevant date. In addition to the foregoing, Borrower the REVOLVING LOAN shall immediatelybe deemed to automatically terminate, and without all amounts outstanding under the necessity REVOLVING LOAN shall become immediately due and payable, if the occurrence of a demand by Lender, pay an EVENT OF DEFAULT (as defined in this AGREEMENT or any other LOAN DOCUMENT) causes the REVOLVING LOAN to Lender such amount as may be necessary to eliminate such excess, become immediately due and a failure to do so shall constitute an Event of Default. In the event that the availability of the Revolving Loan hereunder expires by the terms of this Agreement, or by the terms of any agreement extending the Maturity Date of the Revolving Loan, Lender may, in its sole discretion, continue to make requested advances; however, it is expressly acknowledged and agreed that, in such event, Lender shall have the right, in its sole discretion, to decline to make any requested advance and may require payment in full of the Revolving Loan at any time and the making of any such advances shall not be construed as a waiver of such right by Lxxxxxpayable.

Revolving Loan. Subject to and upon the terms, covenants and conditions hereinafter set forth, the Banks hereby agree to make loans to the Borrower under this Section 2.A. from time to time until and 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 such amount as to each loan as the Borrower shall request, up to but not exceeding in aggregate principal amount at any one time outstanding the Revolving Loan Amount. In addition, at the request of Borrower, which request shall be made by the execution and delivery by Borrower to the Agent of the Banks' standard form application for letters of 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 substance of which shall be determined by the Banks, but without limiting the generality of the foregoing, the Banks may require a draft thereunder to be accompanied by such documentation as the 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 of this Agreement set forth herein, the Borrower may borrow, repay and re-borrow within the other Loan Documents, prior to the Revolving Loan Termination Date, and 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 pursuant to the Revolving Loan to be issued for the account of Borrower; provided, however, no Advance shall be made in an amount wherein the aggregate of all Revolving Loans exceeds Loan Availability for the Revolving Loan then in effect. Subject to the terms and conditions hereof, Revolving Loans may be repaid and the principal amount thereof reborrowed before the Revolving Loan Termination Date. If at any time the outstanding aggregate principal balance of the Revolving Loans exceeds the Loan Availability, Borrower shall immediately, and without the necessity of a demand by Lender, pay to Lender such amount as may be necessary to eliminate such excess, and a failure to do so shall constitute an Event of Default. In the event that the availability limit of the Revolving Loan hereunder expires by Amount under this Section 2.A. from the terms of this Agreement, or by date hereof to and including the terms of any agreement extending the Maturity Date of the Revolving Loan, Lender may, in its sole discretion, continue to make requested advances; however, it is expressly acknowledged and agreed that, in such event, Lender shall have the right, in its sole discretion, to decline to make any requested advance and may require payment in full of the Revolving Loan at any time and the making of any such advances shall not be construed as a waiver of such right by LxxxxxExpiration Date.

Revolving Loan. Subject (a) The Lender hereby establishes, subject to the terms and conditions of this Agreement and in reliance upon the other Loan Documentsrepresentations and warranties made herein by the Borrowers, prior a revolving line of credit in favor of the Borrowers, as a group and not individually, in the aggregate principal amount of up to the Revolving Loan Termination Date, and 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 pursuant to the Revolving Loan to be issued for the account of BorrowerFORTY MILLION AND 00/100 DOLLARS ($40,000,000.00); provided, however, no Advance Lender shall be made in retain as a non-disbursed reserve from the Revolving Line of Credit an amount wherein equal to the aggregate sum of all Revolving Loans exceeds Loan Availability for the Revolving Loan then in effect. Subject Letter of Credit Reserve and Credit Card Obligations, and agrees to make and remake advances thereunder to the Borrowers, upon the terms and conditions hereofset forth in this Agreement, Revolving Loans may be repaid and from time to time on any Business Day during the principal amount thereof reborrowed before period from the Revolving Loan date hereof through the Termination Date. If 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 outstanding aggregate principal balance Termination Date. The Borrowers shall give the Lender prior notice of the Revolving Loans exceeds amount of any desired advance and the Loan Availability, Borrower shall immediately, and without date the necessity of a demand funds are to be received by Lender, pay to Lender such amount as may be necessary to eliminate such excess, and a failure to do so shall constitute an Event of Defaultany Borrower. In the event that the availability Borrowers desire to receive the proceeds of an advance of the Revolving Loan hereunder expires by Line of Credit on the terms same banking day of this Agreementits request therefor, or by the terms Borrowers must give the Lender notice of any agreement extending such advance not later than 12:00 noon, North Carolina time. Notwithstanding the Maturity Date of foregoing, the Revolving Loan, Lender may, in its sole discretion, continue to make requested advances; however, it is expressly acknowledged and agreed that, in such event, Lender shall have the right, in its sole discretion, no obligation to decline to make any requested advance and may require payment in full of the Revolving Loan 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 any such advances shall not be construed as advance would or could result in the occurrence of a waiver Default or an Event of such right by LxxxxxDefault.

Revolving Loan. Subject to and upon the terms, covenants and conditions hereinafter set forth, the Banks hereby severally agree to make loans to the Borrower under this Section 2.A. from time to time until and 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 1 l. J. herein), at such time and in such amount as to each loan as the Borrower shall request, up to but not exceeding in aggregate principal amount at any one time outstanding the Revolving Loan Amount, nor exceeding on a several basis the Revolving Commitment of the Banks. In addition, at the request of Borrower, which request shall be made by the execution and delivery by Borrower to the Agent of Marquette's, LaSalle's or Firstar's standard form application for letters of credit duly completed to reflect the letter of credit being requested, the Banks will severally make advances pursuant to the Revolving Commitment of the Banks in the form of a letter of credit, the form and substance of which shall be determined by the Banks, but without limiting the generality of the foregoing, the Banks may require a draft thereunder to be accompanied by such documentation as the 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 of this Agreement set forth herein, the Borrower may borrow, repay and re-borrow within the other Loan Documents, prior to the Revolving Loan Termination Date, and 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 pursuant to the Revolving Loan to be issued for the account of Borrower; provided, however, no Advance shall be made in an amount wherein the aggregate of all Revolving Loans exceeds Loan Availability for the Revolving Loan then in effect. Subject to the terms and conditions hereof, Revolving Loans may be repaid and the principal amount thereof reborrowed before the Revolving Loan Termination Date. If at any time the outstanding aggregate principal balance of the Revolving Loans exceeds the Loan Availability, Borrower shall immediately, and without the necessity of a demand by Lender, pay to Lender such amount as may be necessary to eliminate such excess, and a failure to do so shall constitute an Event of Default. In the event that the availability limit of the Revolving Loan hereunder expires by Amount under this Section 2.A. from the terms of this Agreement, or by date hereof to and including the terms of any agreement extending the Maturity Date of the Revolving Loan, Lender may, in its sole discretion, continue to make requested advances; however, it is expressly acknowledged and agreed that, in such event, Lender shall have the right, in its sole discretion, to decline to make any requested advance and may require payment in full of the Revolving Loan at any time and the making of any such advances shall not be construed as a waiver of such right by LxxxxxExpiration Date.

Revolving Loan. Subject (a) The Lender hereby establishes, subject to the terms and conditions of this Agreement and in reliance upon the other Loan Documentsrepresentations and warranties made herein by the Borrowers, prior a revolving line of credit in favor of the Borrowers, as a group and not individually, in the aggregate principal amount of up to the Revolving Loan Termination Date, and 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 pursuant to the Revolving Loan to be issued for the account of BorrowerTWENTY-EIGHT MILLION AND 00/100 DOLLARS ($28,000,000.00); provided, however, no Advance Lender shall be made in retain as a non-disbursed reserve from the Revolving Line of Credit an amount wherein equal to the aggregate sum of all Revolving Loans exceeds Loan Availability for the Revolving Loan then in effect. Subject Letter of Credit Reserve and Credit Card Obligations, and agrees to make and remake advances thereunder to the Borrowers, upon the terms and conditions hereofset forth in this Agreement, Revolving Loans may be repaid and from time to time on any Business Day during the principal amount thereof reborrowed before period from the Revolving Loan date hereof through the Termination Date. If 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 outstanding aggregate principal balance Termination Date. The Borrowers shall give the Lender prior notice of the Revolving Loans exceeds amount of any desired advance and the Loan Availability, Borrower shall immediately, and without date the necessity of a demand funds are to be received by Lender, pay to Lender such amount as may be necessary to eliminate such excess, and a failure to do so shall constitute an Event of Defaultany Borrower. In the event that the availability Borrowers desire to receive the proceeds of an advance of the Revolving Loan hereunder expires by Line of Credit on the terms same banking day of this Agreementits request therefor, or by the terms Borrowers must give the Lender notice of any agreement extending such advance not later than 12:00 noon, North Carolina time. Notwithstanding the Maturity Date of foregoing, the Revolving Loan, Lender may, in its sole discretion, continue to make requested advances; however, it is expressly acknowledged and agreed that, in such event, Lender shall have the right, in its sole discretion, no obligation to decline to make any requested advance and may require payment in full of the Revolving Loan 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 any such advances shall not be construed as advance would or could result in the occurrence of a waiver Default or an Event of such right by LxxxxxDefault.

Revolving Loan. Subject Provided there does not exist an Event of Default, and no event with which notice or lapse of time or both would become such an Event of Default, and subject to the terms and conditions provisions of this Agreement and the other Loan Documents, prior to the Revolving Loan Termination Date, and 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 hereunderAgreement, Lender will, at Borrower’s requestunder the Note, cause cash advances to be made pursuant to the Revolving Loan to be issued lend or advance for the account of Borrower; providedBorrower from time to time, howeverand, no Advance shall be made in an amount wherein the aggregate of all Revolving Loans exceeds Loan Availability for the Revolving Loan then in effect. Subject Borrower may borrow, repay and re-borrow (provided that unless Borrower intends to the terms pay and conditions hereof, Revolving Loans may be repaid and the principal amount thereof reborrowed before the Revolving Loan Termination Date. If at any time the outstanding aggregate principal balance of the Revolving Loans exceeds satisfy the Loan Availabilityin full, Borrower shall immediatelynot reduce the outstanding principal balance under the Loan to a sum of less than One Thousand and 00/100 Dollars ($ 1,000.00)) such amounts as may be required for the purpose of providing working capital to the Borrower, and without not exceeding in the necessity aggregate an amount equal to (i) eighty-five percent (85%) of a demand by Eligible Receivables, less such reserves as Lender, pay in its sole discretion elects to Lender establish, provided further that a Receivable may be devalued in such amount as shall be determined by Lender in its sole discretion due to "Dilution" which is defined as and is the result of non-cash credits posted against the Receivable which result in payment or other satisfaction of all or any portion of the Receivable for reasons other than full payment of the Receivable in cash (the "Borrowing Base"); or, the sum of Five Million and 00/100 Dollars ($5,000,000.00), whichever is less. It is acknowledged that the Borrowing Base under the Loan may be necessary to eliminate such excess, and a failure to do so shall constitute an Event of Default. In adjusted during the event that the availability of the Revolving term ofthe Loan hereunder expires by the terms of this Agreement, or by the terms of Lender at any agreement extending the Maturity Date of the Revolving Loan, Lender maytime, in its sole discretion, continue to make requested advances; however, it is expressly acknowledged and agreed that, in such event, Lender shall have based upon the right, in its sole discretion, to decline to make any requested advance and may require payment in full result of the Revolving audits and collateral examinations conducted during the term ofthe Loan. The aggregate amounts outstanding under the Loan shall not at any time exceed the amount provided above, and in the making of event the amount outstanding at any such advances time exceeds the permitted amount, said excess amount shall not bear interest at the rate set forth in the Note and shall be construed as a waiver of such right by Lxxxxxdue and payable in full on DEMAND.

Revolving Loan. (a) Subject to the terms and conditions and relying upon the representations and warranties herein set forth, Lender agrees to extend a revolving credit loan (the “Revolving Loan”) to the Borrower by making loans to the Borrower on a revolving basis on any one or more Business Days prior to the Maturity Date, up to an aggregate principal amount not exceeding the Revolving Loan Available Amount on such Business Day. Within such limits and during such period and subject to the terms and conditions of this Agreement Agreement, the Borrower may borrow, repay and reborrow the other Loan DocumentsRevolving Loan. Subject to Section 2.3 hereof, prior loans extended with respect to the Revolving Loan Termination Date, and provided no Event shall be comprised of Default shall exist or Revolving Base Rate Loans and/or Revolving LIBOR Rate Loans as selected by 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 pursuant to . The principal amount outstanding under the Revolving Loan to be issued for Commitment shall not, at any time, exceed the account of Borrower; provided, however, no Advance shall be made in an amount wherein the aggregate of all Revolving Loans exceeds Loan Availability for the Revolving Loan then in effect. Subject to the terms and conditions hereof, Revolving Loans may be repaid and the principal amount thereof reborrowed before the Revolving Loan Termination DateBorrowing Base. If at any time the principal amount outstanding aggregate principal balance of under the Revolving Loans Loan Commitment exceeds the Loan AvailabilityBorrowing Base, then the amount of such excess shall be immediately due and payable by the Borrower shall immediatelyto the Lender. Notwithstanding the foregoing, the parties have agreed that Borrower may, request and without the necessity of a demand by Lender, pay to Lender such amount as may be necessary to eliminate such excess, and a failure to do so shall constitute an Event of Default. In the event that the availability obtain Two Million Dollars ($2,000,000.00) of the Revolving Loan hereunder expires by Commitment without the terms requirement of this Agreementsufficient Borrowing Base; provided, or by the terms of any agreement extending the Maturity Date of the Revolving Loan, Lender may, in its sole discretion, continue to make requested advances; however, it is expressly acknowledged and agreed that, in such event, Lender shall have the right, in its sole discretion, to decline to make any requested advance and may require payment in full of request for funds under the Revolving Loan Commitment above Two Million Dollars ($2,000,000.00) of principal, outstanding at any time and the making of any such advances time, shall not exceed the then available Borrowing Base. For purposes of illustration, should Borrower request an additional Two Million Five Hundred Thousand Dollars ($2,500,000.00) under the Revolving Loan Commitment, Borrower shall be construed as required to document to Lender a waiver Borrowing Base of such right by LxxxxxTwo Million Five Hundred Thousand Dollars, to receive the requested funds.