FIRST AMENDED AND RESTATED
REVOLVING CREDIT LOAN AGREEMENT
This FIRST AMENDED AND RESTATED REVOLVING CREDIT LOAN AGREEMENT (Agreement) is made as of October 7, 2020 by and between Piedmont Coca-Cola Bottling Partnership, a Delaware general partnership, (Lender), and Coca-Cola Consolidated, Inc., a Delaware corporation (Borrower). Lender and Borrower are hereinafter referred to as the Parties.
WHEREAS, Borrower may have cash-flow needs on a short-term basis from time to time; and
WHEREAS, Lender may have cash available to lend on a short-term basis from time to time; and
WHEREAS, Lender and Borrower are parties to that certain Revolving Credit Loan Agreement dated as of September 18, 2017 (and the related Demand Short-Term Promissory Note) (collectively, the Prior Loan Agreement); and
WHEREAS, Lender and Borrower desire to terminate the Prior Loan Agreement and to enter into this Agreement.
NOW, THEREFORE, for and in consideration of the mutual covenants and agreements contained herein, the Parties agree to the following terms and conditions.
1. TERMINATION OF PRIOR LOAN AGREEMENT. The Prior Loan Agreement is hereby terminated. Any current outstanding principal balance under the Prior Loan Agreement shall automatically be considered an Advance hereunder, and such principal balance, together with all accrued interest thereon, shall be governed by the terms of this Agreement commencing on the date hereof.
2. LINE OF CREDIT. Until the Termination Date (as defined in Section 7.1) Borrower may borrow, repay, and reborrow from Lender such amounts (Advances) as Borrower may from time to time request and as Lender may in its sole and absolute discretion make available for borrowing, provided that the aggregate amount of all Advances outstanding at any time hereunder shall not exceed $400,000,000.00 (Line of Credit Limit). Lender shall have the right to reduce the Line of Credit Limit in its sole discretion from time to time.
3. NOTE EVIDENCING ADVANCES. The Advances shall be evidenced by the Demand Short-Term Promissory Note (the Note) in the form set forth as Exhibit A attached hereto. All Advances made pursuant to this Agreement, and all payments of principal and interest hereunder, shall be recorded on the books and records of Lender which shall be rebuttable presumptive evidence of the subject matter thereof.
4. INTEREST. The unpaid principal of the Note shall bear interest during each fiscal month of Lender and Borrower at a rate equal to (expressed as a percentage and rounded upward