LOAN AND SECURITY AGREEMENT
THIS LOAN AND SECURITY AGREEMENT ("Agreement") is made as of the date set forth below between:
Secured Party: DVI Financial Services, Inc.; and
Debtor: Transcend Services, Inc.
1. Certain Definition: The following terms shall have the following respective meanings:
(a) Advances. Advances of funds to the Debtor pursuant to Section 2 hereof and Schedules which may be
executed between Secured Party and Debtor from time to time.
(b) Collateral: "Collateral" shall have the meaning set forth in Section 2.2 hereof.
(c) Event of Default: Those events set forth in Section 9 hereof.
(d) Monthly Loan Repayment. The amount set forth in any Schedule executed in connection with any Advance
under this Agreement.
(e) Schedule(s): Any and all or each (as the context shall require) of the Loan and Collateral Schedules of the
Debtor, to be executed by the parties under this Agreement.
(f) Secured Obligations. The payment of the principal and interest as set forth in each and all of the Schedules,
and the payment of all additional amounts and other sums at any time due and owing under the Schedules for this
Agreement, and the performance and observance of all covenants and conditions contained herein and therein.
(g) Supplier: The entity from whom the Debtor purchased the collateral including manufacturers, dealers, sellers
2. Purpose of Financing and Description of Loans; Grant of Security Interest;
(a) Secured Party agrees, subject to the terms and conditions of this Agreement, to make Advances to the
Debtor in an aggregate amount to be determined by Secured Party in its sole and absolute discretion.
(b) Debtor agrees that the proceeds of any Advance will be used solely to acquire the Collateral as described in
the Schedule executed in connection with said advance.
(c) The amount of any Advances to Debtor shall be set forth on the Schedule executed in connection with said
(d) The ter