Common use of Acceptance and Notice by Borrower Clause in Contracts

Acceptance and Notice by Borrower. Subject to the receipt of the notice from the Administrative Agent referred to in Section 2.1.3(v), not later than: (i) for an INDEXED BID RATE AUCTION for Competitive Bid Advances denominated in any AGREED CURRENCY OTHER THAN DOLLARS, 10:00 a.m. (London time) at least three Business Days prior to the Borrowing Date proposed therein; (ii) for an INDEXED BID RATE AUCTION for Competitive Bid Advances denominated in DOLLARS, 9:30 a.m. (Chicago time) at least two Business Days prior to the Borrowing Date proposed therein; (iii) for an ABSOLUTE RATE AUCTION for Competitive Bid Advances denominated in any AGREED CURRENCY OTHER THAN DOLLARS, 2:00 p.m. (London time) at least two Business Days prior to the Borrowing Date proposed therein; or (iv) for an ABSOLUTE RATE AUCTION for Competitive Bid Advances denominated in DOLLARS, 10:00 a.m.(Chicago time) on the proposed Borrowing Date; or any such case, such other time or date as the Company and the Administrative Agent shall have mutually agreed upon and shall have notified to the Lenders not later than the date of the Competitive Bid Quote Request for the first Indexed Bid Rate Auction or Absolute Rate Auction for which such change is to be effective, the applicable Borrower shall notify the Administrative Agent of such Borrower's acceptance or rejection of the offers so notified to it pursuant to Section 2.1.3(v); provided, however, that the failure by the applicable Borrower to give such notice to the Administrative Agent shall be deemed to be a rejection by such Borrower of all such offers. In the case of acceptance, such notice (a "COMPETITIVE BID BORROWING NOTICE") shall specify the aggregate principal amount of offers for each Interest Period that are accepted. The applicable Borrower may accept or reject any Competitive Bid Quote in whole or in part; provided that: (A) the aggregate principal amount of each Competitive Bid Advance may not exceed the applicable amount set forth in the related Competitive Bid Quote Request; (B) the principal amount of each Competitive Bid Advance must be at least $5,000,000 (and an integral multiple of $1,000,000 if in excess thereof); (C) acceptance of offers may only be made on the basis of ascending Competitive Bid Margins or Absolute Rates, as the case may be; and (D) the applicable Borrower may not accept any offer of the type described in Section 2.1.3(iv)(c) or that otherwise fails to comply with the requirements of this Agreement in respect of obtaining a Competitive Bid Loan under this Agreement.

Appears in 2 contracts

Samples: Multicurrency Credit Agreement (Crane Co /De/), Multicurrency Credit Agreement (Crane Co /De/)

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Acceptance and Notice by Borrower. Subject to the receipt of the notice from the Administrative Agent referred to in Section 2.1.3(v), not Not later than: than 10:30 A.M. (i) for an INDEXED BID RATE AUCTION for Competitive Bid Advances denominated in any AGREED CURRENCY OTHER THAN DOLLARS, 10:00 a.m. (London time) at least three Business Days prior to the Borrowing Date proposed therein; (ii) for an INDEXED BID RATE AUCTION for Competitive Bid Advances denominated in DOLLARS, 9:30 a.m. (Chicago time) at least two Business Days prior to the Borrowing Date proposed therein; (iii) for an ABSOLUTE RATE AUCTION for Competitive Bid Advances denominated in any AGREED CURRENCY OTHER THAN DOLLARS, 2:00 p.m. (London time) at least two Business Days prior to the Borrowing Date proposed therein; or (iv) for an ABSOLUTE RATE AUCTION for Competitive Bid Advances denominated in DOLLARS, 10:00 a.m.(Chicago New York City time) on (x) the third Euro-Dollar Business Day before the proposed Borrowing Date; date of Borrowing, in the case of a LIBOR Auction or any such (y) the proposed date of Borrowing, in the case of an Absolute Rate Auction (or, in either case, such other time or date as the Company Borrower and the Administrative Agent shall have mutually agreed upon and shall have notified to the Lenders Banks not later than the date of the Competitive Bid Quote Request for the first Indexed Bid Rate LIBOR Auction or Absolute Rate Auction for which such change is to be effective), the applicable Borrower shall notify the Administrative Agent of such Borrower's its acceptance or rejection non-acceptance of the offers of which it has been so notified to it pursuant to Section 2.1.3(v2.03(e); provided, however, that the failure by the applicable Borrower to give such notice to the Administrative Agent shall be deemed to be a rejection by such Borrower of all such offers. In the case of acceptance, such notice to the Administrative Agent (a "COMPETITIVE BID BORROWING NOTICE"“Notice of Competitive Bid Borrowing”) shall specify the aggregate principal amount of offers for each Interest Period that are accepted. The applicable Borrower may accept or reject any Competitive Bid Quote in whole or in part; provided that: (Ai) the aggregate principal amount of each Competitive Bid Advance Borrowing may not exceed the applicable amount set forth in the related Competitive Bid Quote Request; (Bii) the principal amount of each Competitive Bid Advance Borrowing must be at least $5,000,000 (and an integral or a larger multiple of $1,000,000 if in excess thereof)1,000,000; (Ciii) acceptance of offers may only be made on the basis of ascending Competitive Bid Margins or Competitive Bid Absolute Rates, as the case may be; and; (Div) the applicable Borrower may not accept any offer of the type that is described in Section 2.1.3(iv)(csubsection 2.03(d)(iii) or that otherwise fails to comply with the requirements of this Agreement in respect of obtaining a Agreement; and (v) immediately after such Competitive Bid Loan under this AgreementBorrowing is made, (i) the aggregate outstanding principal amount of Loans to any Borrower plus the aggregate amount of Letter of Credit Liabilities for the account of such Borrower shall not exceed the Maximum Availability of such Borrower and (ii) the Total Outstanding Amount shall not exceed the aggregate amount of the Commitments.

Appears in 1 contract

Samples: Credit Agreement (Consolidated Edison Inc)

Acceptance and Notice by Borrower. Subject to the receipt of the notice from the Administrative Agent referred to in Section 2.1.3(v), not Not later than: than 10:30 A.M. (iNew York City time) for an INDEXED BID RATE AUCTION for Competitive Bid Advances denominated in any AGREED CURRENCY OTHER THAN DOLLARS, 10:00 a.m. (or 10:30 A.M. (London time) at least three in the case of an Alternative Currency Borrowing) on (x) the third Euro-Dollar Business Days Day prior to the proposed date of Borrowing Date proposed therein; (iior in the case of an Alternative Currency Borrowing, the third Euro-Currency Business Day), in the case of a LIBOR Auction or (y) for an INDEXED BID RATE AUCTION for Competitive Bid Advances denominated in DOLLARS, 9:30 a.m. (Chicago time) at least two Business Days prior to the Borrowing Date proposed therein; (iii) for an ABSOLUTE RATE AUCTION for Competitive Bid Advances denominated in any AGREED CURRENCY OTHER THAN DOLLARS, 2:00 p.m. (London time) at least two Business Days prior to the Borrowing Date proposed therein; or (iv) for an ABSOLUTE RATE AUCTION for Competitive Bid Advances denominated in DOLLARS, 10:00 a.m.(Chicago time) on the proposed Borrowing Date; or any such date of Borrowing, in the case of an Absolute Rate Auction (or, in either case, such other time or date as the Company Borrower and the Administrative Agent shall have mutually agreed upon and shall have notified to the Lenders not later than the date of the Competitive Bid Quote Request for the first Indexed Bid Rate LIBOR Auction or Absolute Rate Auction for which such change is to be effective), the applicable Borrower shall notify the Administrative Agent of such Borrower's its acceptance or rejection non-acceptance of the offers so notified to it pursuant to Section 2.1.3(vsubsection (e); provided, however, that the failure by the applicable Borrower to give such notice to the Administrative Agent shall be deemed to be a rejection by such Borrower of all such offers. In the case of acceptance, such notice (a "COMPETITIVE BID BORROWING NOTICE"“Notice of Competitive Bid Borrowing”) shall specify the aggregate principal amount of offers for each Interest Period that are accepted. The applicable Borrower may accept or reject any Competitive Bid Quote in whole or in part; provided that: (Ai) the aggregate principal amount of each Competitive Bid Advance Borrowing may not exceed the applicable amount set forth in the related Competitive Bid Quote Request; (Bii) the principal amount of each Competitive Bid Advance Borrowing must be at least (x) in the case of a Dollar-Denominated Borrowing, in a minimum aggregate Dollar Amount of $5,000,000 (20,000,000 and an integral any larger multiple of $1,000,000 if and (y) in excess thereof)the case of an Alternative Currency Borrowing, in a minimum aggregate Dollar Amount of $5,000,000 and in integral multiples of 500,000 units of the applicable Alternative Currency; (Ciii) acceptance of offers may only be made on the basis of ascending Competitive Bid Margins or Competitive Bid Absolute Rates, as the case may be; and (Div) the applicable Borrower may not accept any offer of the type that is described in Section 2.1.3(iv)(csubsection (d)(iii) or that otherwise fails to comply with the requirements of this Agreement in respect of obtaining a Competitive Bid Loan under this Agreement.

Appears in 1 contract

Samples: Credit Agreement (Estee Lauder Companies Inc)

Acceptance and Notice by Borrower. Subject to the receipt of the notice from the Administrative Agent referred to in Section 2.1.3(v), not Not later than: than 10:30 A.M. (iNew York City time) for an INDEXED BID RATE AUCTION for Competitive Bid Advances denominated in any AGREED CURRENCY OTHER THAN DOLLARS, 10:00 a.m. (or 10:30 A.M. (London time) at least three in the case of an Alternative Currency Borrowing) on (x) the third Euro-Dollar Business Days Day prior to the proposed date of Borrowing Date proposed therein; (iior in the case of an Alternative Currency Borrowing, the third Eurocurrency Business Day), in the case of a LIBOR Auction or (y) for an INDEXED BID RATE AUCTION for Competitive Bid Advances denominated in DOLLARS, 9:30 a.m. (Chicago time) at least two Business Days prior to the Borrowing Date proposed therein; (iii) for an ABSOLUTE RATE AUCTION for Competitive Bid Advances denominated in any AGREED CURRENCY OTHER THAN DOLLARS, 2:00 p.m. (London time) at least two Business Days prior to the Borrowing Date proposed therein; or (iv) for an ABSOLUTE RATE AUCTION for Competitive Bid Advances denominated in DOLLARS, 10:00 a.m.(Chicago time) on the proposed Borrowing Date; or any such date of Borrowing, in the case of an Absolute Rate Auction (or, in either case, such other time or date as the Company Borrower and the Administrative Agent shall have mutually agreed upon and shall have notified to the Lenders not later than the date of the Competitive Bid Quote Request for the first Indexed Bid Rate LIBOR Auction or Absolute Rate Auction for which such change is to be effective), the applicable Borrower shall notify the Administrative Agent of such Borrower's its acceptance or rejection non-acceptance of the offers so notified to it pursuant to Section 2.1.3(vsubsection (e); provided, however, that the failure by the applicable Borrower to give such notice to the Administrative Agent shall be deemed to be a rejection by such Borrower of all such offers. In the case of acceptance, such notice (a "NOTICE OF COMPETITIVE BID BORROWING NOTICEBORROWING") shall specify the aggregate principal amount of offers for each Interest Period that are accepted. The applicable Borrower may accept or reject any Competitive Bid Quote in whole or in part; provided that: (Ai) the aggregate principal amount of each Competitive Bid Advance Borrowing may not exceed the applicable amount set forth in the related Competitive Bid Quote Request; (Bii) the principal amount of each Competitive Bid Advance Borrowing must be at least (x) in the case of a Dollar-Denominated Borrowing, in a minimum aggregate Dollar Amount of $5,000,000 (20,000,000 and an integral any larger multiple of $1,000,000 if and (y) in excess thereof)the case of an Alternative Currency Borrowing, in a minimum aggregate Dollar Amount of $5,000,000 and in integral multiples of 500,000 units of the applicable Alternative Currency; (Ciii) acceptance of offers may only be made on the basis of ascending Competitive Bid Margins or Competitive Bid Absolute Rates, as the case may be; and (Div) the applicable Borrower may not accept any offer of the type that is described in Section 2.1.3(iv)(csubsection (d)(iii) or that otherwise fails to comply with the requirements of this Agreement in respect of obtaining a Competitive Bid Loan under this Agreement.

Appears in 1 contract

Samples: Credit Agreement (Estee Lauder Companies Inc)

Acceptance and Notice by Borrower. Subject to the receipt of the notice from the Administrative Agent referred to in Section 2.1.3(v), not Not later than: than 10:30 A.M. (i) for an INDEXED BID RATE AUCTION for Competitive Bid Advances denominated in any AGREED CURRENCY OTHER THAN DOLLARS, 10:00 a.m. (London time) at least three Business Days prior to the Borrowing Date proposed therein; (ii) for an INDEXED BID RATE AUCTION for Competitive Bid Advances denominated in DOLLARS, 9:30 a.m. (Chicago time) at least two Business Days prior to the Borrowing Date proposed therein; (iii) for an ABSOLUTE RATE AUCTION for Competitive Bid Advances denominated in any AGREED CURRENCY OTHER THAN DOLLARS, 2:00 p.m. (London time) at least two Business Days prior to the Borrowing Date proposed therein; or (iv) for an ABSOLUTE RATE AUCTION for Competitive Bid Advances denominated in DOLLARS, 10:00 a.m.(Chicago New York City time) on (x) the third Euro-Dollar Business Day before the proposed Borrowing Date; date of Borrowing, in the case of a LIBOR Auction or any such (y) the proposed date of Borrowing, in the case of an Absolute Rate Auction (or, in either case, such other time or date as the Company Borrower and the Administrative Agent shall have mutually agreed upon and shall have notified to the Lenders not later than the date of the Competitive Bid Quote Request for the first Indexed Bid Rate LIBOR Auction or Absolute Rate Auction for which such change is to be effective), the applicable Borrower shall notify the Administrative Agent of such Borrower's its acceptance or rejection non-acceptance of the offers of which it has been so notified to it pursuant to Section 2.1.3(v2.03(e); provided, however, that the failure by the applicable Borrower to give such notice to the Administrative Agent shall be deemed to be a rejection by such Borrower of all such offers. In the case of acceptance, such notice to the Administrative Agent (a "COMPETITIVE BID BORROWING NOTICE"“Notice of Competitive Bid Borrowing”) shall specify the aggregate principal amount of offers for each Interest Period that are accepted. The applicable Borrower may accept or reject any Competitive Bid Quote in whole or in part; provided that: (Ai) the aggregate principal amount of each Competitive Bid Advance Borrowing may not exceed the applicable amount set forth in the related Competitive Bid Quote Request; (Bii) the principal amount of each Competitive Bid Advance Borrowing must be at least $5,000,000 (and an integral or a larger multiple of $1,000,000 if in excess thereof)1,000,000; (Ciii) acceptance of offers may only be made on the basis of ascending Competitive Bid Margins or Competitive Bid Absolute Rates, as the case may be; and; (Div) the applicable Borrower may not accept any offer of the type that is described in Section 2.1.3(iv)(csubsection 2.03(d)(iii) or that otherwise fails to comply with the requirements of this Agreement in respect of obtaining a Agreement; and (v) immediately after such Competitive Bid Loan under this AgreementBorrowing is made, (i) the aggregate outstanding principal amount of Loans to any Borrower plus the aggregate amount of Letter of Credit Liabilities for the account of such Borrower shall not exceed the Maximum Availability of such Borrower and (ii) the Total Outstanding Amount shall not exceed the aggregate amount of the Commitments.

Appears in 1 contract

Samples: Credit Agreement (Consolidated Edison Inc)

Acceptance and Notice by Borrower. Subject The Borrower may in its sole discretion, subject only to the receipt provisions of the notice from the Administrative Agent this paragraph (f), accept or reject any Competitive Bid (other than any disregarded bid) referred to in Section 2.1.3(v), not later than: paragraph (ie) for an INDEXED BID RATE AUCTION for Competitive Bid Advances denominated in any AGREED CURRENCY OTHER THAN DOLLARS, 10:00 a.m. (London time) at least three Business Days prior to the Borrowing Date proposed therein; (ii) for an INDEXED BID RATE AUCTION for Competitive Bid Advances denominated in DOLLARS, 9:30 a.m. (Chicago time) at least two Business Days prior to the Borrowing Date proposed therein; (iii) for an ABSOLUTE RATE AUCTION for Competitive Bid Advances denominated in any AGREED CURRENCY OTHER THAN DOLLARS, 2:00 p.m. (London time) at least two Business Days prior to the Borrowing Date proposed therein; or (iv) for an ABSOLUTE RATE AUCTION for Competitive Bid Advances denominated in DOLLARS, 10:00 a.m.(Chicago time) on the proposed Borrowing Date; or any such case, such other time or date as the Company and the Administrative Agent shall have mutually agreed upon and shall have notified to the Lenders not later than the date of the Competitive Bid Quote Request for the first Indexed Bid Rate Auction or Absolute Rate Auction for which such change is to be effective, the applicable above. The Borrower shall notify the Administrative Agent by telephone, confirmed immediately thereafter by telecopy in the form of such Borrower's acceptance a Competitive Bid Accept/Reject Letter, whether and to what extent it wishes to accept any or rejection all of the offers so notified bids referred to it pursuant in paragraph (e) above not later than (x) 10:30 A.M. (New York City time) on the third Business Day prior to Section 2.1.3(v)the proposed date of Borrowing, in the case of a Competitive Eurodollar Borrowing or (y) 10:30 A.M. (New York City time) on the proposed date of Borrowing, in the case of a Fixed Rate Borrowing; provided, however, that provided that: (i) the failure by the applicable Borrower to give such notice to the Administrative Agent shall be deemed to be a rejection by such Borrower of all such offers. In the case of acceptance, such notice bids referred to in paragraph (a "COMPETITIVE BID BORROWING NOTICE"e) shall specify the aggregate principal amount of offers for each Interest Period that are accepted. The applicable Borrower may accept or reject any Competitive Bid Quote in whole or in part; provided that:above; (Aii) the aggregate principal amount of each the Competitive Bid Advance Bids accepted by the Borrower may not exceed the applicable lesser of (A) the principal amount set forth in the related Competitive Bid Quote Request;Request and (B) the excess, if any, of the aggregate Commitments of all Lenders then in effect over the aggregate principal amount of all Loans outstanding immediately prior to the making of such Competitive Loans (and after giving effect to the use of proceeds thereof), (Biii) the principal amount of each Competitive Bid Advance Borrowing must be at least $5,000,000 (and an integral or a multiple of $1,000,000 if in excess thereof);, (Civ) acceptance of offers unless there are any limitations contained in a quoting Lender’s Competitive Bid, the Borrower may only be made on the basis of ascending not accept a Competitive Bid Margins or Absolute Ratesmade at a particular Competitive Bid Rate if it has decided to reject any portion of a bid made at a lower Competitive Bid Rate for the same Interest Period, as the case may be; and (Dv) the applicable Borrower may not accept any offer of Competitive Bid that is disregarded by the type described in Section 2.1.3(iv)(cAdministrative Agent pursuant to subsection 2.3(d)(ii) or that otherwise fails to comply with the requirements of this Agreement in respect of obtaining a Competitive Bid Loan under Agreement. A notice given by the Borrower pursuant to this Agreementparagraph (f) shall be irrevocable.

Appears in 1 contract

Samples: 364 Day Competitive Advance and Revolving Credit Facility (Delphi Automotive Systems Corp)

Acceptance and Notice by Borrower. Subject The Borrower may in its sole discretion, subject only to the receipt provisions of the notice from the Administrative Agent this paragraph (f), accept or reject any Competitive Bid (other than any disregarded bid) referred to in Section 2.1.3(v), not later than: paragraph (ie) for an INDEXED BID RATE AUCTION for Competitive Bid Advances denominated in any AGREED CURRENCY OTHER THAN DOLLARS, 10:00 a.m. (London time) at least three Business Days prior to the Borrowing Date proposed therein; (ii) for an INDEXED BID RATE AUCTION for Competitive Bid Advances denominated in DOLLARS, 9:30 a.m. (Chicago time) at least two Business Days prior to the Borrowing Date proposed therein; (iii) for an ABSOLUTE RATE AUCTION for Competitive Bid Advances denominated in any AGREED CURRENCY OTHER THAN DOLLARS, 2:00 p.m. (London time) at least two Business Days prior to the Borrowing Date proposed therein; or (iv) for an ABSOLUTE RATE AUCTION for Competitive Bid Advances denominated in DOLLARS, 10:00 a.m.(Chicago time) on the proposed Borrowing Date; or any such case, such other time or date as the Company and the Administrative Agent shall have mutually agreed upon and shall have notified to the Lenders not later than the date of the Competitive Bid Quote Request for the first Indexed Bid Rate Auction or Absolute Rate Auction for which such change is to be effective, the applicable above. The Borrower shall notify the Administrative Agent by telephone, confirmed immediately thereafter by telecopy in the form of such Borrower's acceptance a Competitive Bid Accept/Reject Letter, whether and to what extent it wishes to accept any or rejection all of the offers so notified bids referred to it pursuant in paragraph (e) above not later than (x) 10:30 A.M. (New York City time) on the third Business Day prior to Section 2.1.3(v)the proposed date of Borrowing, in the case of a Competitive Eurodollar Borrowing or (y) 10:30 A.M. (New York City time) on the proposed date of Borrowing, in the case of a Fixed Rate Borrowing; provided, however, that provided that: (i) the failure by the applicable Borrower to give such notice to the Administrative Agent shall be deemed to be a rejection by such Borrower of all such offers. In the case of acceptance, such notice bids referred to in paragraph (a "COMPETITIVE BID BORROWING NOTICE"e) shall specify the aggregate principal amount of offers for each Interest Period that are accepted. The applicable Borrower may accept or reject any Competitive Bid Quote in whole or in part; provided that:above; (Aii) the aggregate principal amount of each the Competitive Bid Advance Bids accepted by the Borrower may not exceed the applicable lesser of (A) the principal amount set forth in the related Competitive Bid Quote Request;Request and (B) the excess, if any, of the aggregate Commitments of all Lenders then in effect over the aggregate principal amount of all Loans outstanding immediately prior to the making of such Competitive Loans (and after giving effect to the use of proceeds thereof), (Biii) the principal amount of each Competitive Bid Advance Borrowing must be at least $5,000,000 (and an integral or a multiple of $1,000,000 if in excess thereof);, (Civ) acceptance of offers unless there are any limitations contained in a quoting Lender's Competitive Bid, the Borrower may only be made on the basis of ascending not accept a Competitive Bid Margins or Absolute Ratesmade at a particular Competitive Bid Rate if it has decided to reject any portion of a bid made at a lower Competitive Bid Rate for the same Interest Period, as the case may be; and and (Dv) the applicable Borrower may not accept any offer of Competitive Bid that is disregarded by the type described in Section 2.1.3(iv)(cAdministrative Agent pursuant to subsection 2.3(d)(ii) or that otherwise fails to comply with the requirements of this Agreement in respect of obtaining a Competitive Bid Loan under Agreement. A notice given by the Borrower pursuant to this Agreementparagraph (f) shall be irrevocable.

Appears in 1 contract

Samples: Competitive Advance and Revolving Credit Facility (Delphi Automotive Systems Corp)

Acceptance and Notice by Borrower. Subject to the receipt of the notice from the Administrative Agent referred to in Section 2.1.3(v), not Not later than: than 12:00 Noon (i) for an INDEXED BID RATE AUCTION for Competitive Bid Advances denominated in any AGREED CURRENCY OTHER THAN DOLLARS, 10:00 a.m. (London time) at least three Business Days prior to the Borrowing Date proposed therein; (ii) for an INDEXED BID RATE AUCTION for Competitive Bid Advances denominated in DOLLARS, 9:30 a.m. (Chicago time) at least two Business Days prior to the Borrowing Date proposed therein; (iii) for an ABSOLUTE RATE AUCTION for Competitive Bid Advances denominated in any AGREED CURRENCY OTHER THAN DOLLARS, 2:00 p.m. (London time) at least two Business Days prior to the Borrowing Date proposed therein; or (iv) for an ABSOLUTE RATE AUCTION for Competitive Bid Advances denominated in DOLLARS, 10:00 a.m.(Chicago New York City time) on (x) the third Business Day before the proposed Borrowing Date; date of Borrowing, in the case of a Euro-Currency Auction or any such (y) the proposed date of Borrowing, in the case of an Absolute Rate Auction (or, in either case, such other time or date as the Company applicable Borrower and the Administrative Agent shall have mutually agreed upon and shall have notified to the Lenders not later than the date of the Competitive Bid Quote Request for the first Indexed Bid Rate Euro-Currency Auction or Absolute Rate Auction for which such change is to be effective), the applicable Borrower shall notify the Administrative Agent of such Borrower's its acceptance or rejection non‑acceptance of the offers so notified to it pursuant to Section 2.1.3(v2.03(e); provided, however, that the failure by the applicable Borrower to give such notice to the Administrative Agent shall be deemed to be a rejection by such Borrower of all such offers. In the case of acceptance, such notice (a "COMPETITIVE BID BORROWING NOTICE"“Notice of Competitive Bid Borrowing”) shall specify the aggregate principal amount of offers for each Interest Period that are acceptedaccepted and the relevant Borrower. The applicable A Borrower may accept or reject any Competitive Bid Quote in whole or in part; provided that: (Ai) the aggregate principal amount of each Competitive Bid Advance Borrowing may not exceed the applicable amount set forth in the related Competitive Bid Quote Request; (Bii) the principal amount of each Competitive Bid Advance Borrowing must be at least $5,000,000 (in the case of Dollars), €5,000,000 (in the case of Euro), £5,000,000 (in the case of Pounds Sterling) or an amount agreed to by the Administrative Agent and an integral the Company (in the case of any other Approved Currency) and a multiple of $1,000,000 if (in excess thereofthe case of Dollars), €1,000,000 (in the case of Euro), £1,000,000 (in the case of Pounds Sterling) or an amount agreed to by the Administrative Agent and the Company (in the case of any other Approved Currency) (or the amount remaining under the Commitments); (Ciii) acceptance of offers may only be made on the basis of ascending Competitive Bid Margins Euro-Currency Rates or Competitive Bid Absolute Rates, as the case may be; and (Div) the applicable a Borrower may not accept any offer of the type that is described in Section 2.1.3(iv)(cclause (d)(iii) or that otherwise fails to comply with the requirements of this Agreement in respect of obtaining a Competitive Bid Loan under this Agreement.

Appears in 1 contract

Samples: Credit Agreement (Linde PLC)

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Acceptance and Notice by Borrower. Subject to Not later than 11:00 A.M. New York City time on (x) the receipt of the notice from the Administrative Agent referred to in Section 2.1.3(v), not later than: (i) for an INDEXED BID RATE AUCTION for Competitive Bid Advances denominated in any AGREED CURRENCY OTHER THAN DOLLARS, 10:00 a.m. (London time) at least three third Eurodollar Business Days Day prior to the Borrowing Date proposed therein; date of Borrowing, in the case of LIBOR Auction, or (iiy) for an INDEXED BID RATE AUCTION for Competitive Bid Advances denominated in DOLLARS, 9:30 a.m. (Chicago time) at least two Business Days prior to the Borrowing Date proposed therein; (iii) for an ABSOLUTE RATE AUCTION for Competitive Bid Advances denominated in any AGREED CURRENCY OTHER THAN DOLLARS, 2:00 p.m. (London time) at least two Business Days prior to the Borrowing Date proposed therein; or (iv) for an ABSOLUTE RATE AUCTION for Competitive Bid Advances denominated in DOLLARS, 10:00 a.m.(Chicago time) on the proposed Borrowing Date; or any such date of Borrowing, in the case of an Absolute Rate Auction (or, in either case, such other time or date as the Company requesting Borrower and the Administrative Agent shall have mutually agreed upon to and shall have notified to the Lenders not later than the date of the Competitive Bid Money Market Quote Request for the first Indexed Bid Rate LIBOR Auction or Absolute Rate Auction for which such change is to be effective), the applicable requesting Borrower shall notify the Administrative Agent of such Borrower's its acceptance or rejection non-acceptance of the offers so notified to it pursuant to Section 2.1.3(vsubsection (e); provided, however, that and the failure by the applicable of such Borrower to give provide such notice to in accordance with this clause (f) shall constitute the Administrative Agent shall be deemed to be a rejection by such Borrower non-acceptance of all such offers. In the case of acceptance, such notice (a "COMPETITIVE BID BORROWING NOTICENotice of Money Market Borrowing") shall specify the aggregate principal amount of offers for each Interest Period that are accepted. The applicable requesting Borrower may accept or reject any Competitive Bid Money Market Quote in whole or in part; , provided that: (Ai) the aggregate principal amount of each Competitive Bid Advance Money Market Borrowing may not exceed the applicable amount set forth in the related Competitive Bid Money Market Quote Request; (Bii) the principal amount of each Competitive Bid Advance Money Market Borrowing must be at least $10,000,000 or a larger multiple of $5,000,000 (and an integral multiple of $1,000,000 if except that any such Borrowing may be in excess thereofthe aggregate amount available in accordance with Section 4.2(d)); (Ciii) acceptance of offers may only be made on the basis of ascending Competitive Bid Money Market Margins or Money Market Absolute Rates, as the case may be; and (Div) the applicable requesting Borrower may not accept any offer of the type that is described in Section 2.1.3(iv)(csubsection (d)(iii) or that otherwise fails to comply with the requirements of this Agreement Agreement. Promptly after receipt by the Agent of the notice of acceptance from the Borrowers pursuant to this subsection (f), the Agent will notify each Lender of the amount of the Money Market Borrowing and the amount of the consequent pro rata Money Market Reduction in respect of obtaining a Competitive Bid Loan under this Agreementits Commitment and the dates upon which such Money Market Reduction commenced and will terminate.

Appears in 1 contract

Samples: Credit Agreement (Sunamerica Inc)

Acceptance and Notice by Borrower. Subject to the receipt of the notice from the Administrative Agent referred to in Section 2.1.3(v), not Not later than: than 10:30 A.M. (i) for an INDEXED BID RATE AUCTION for Competitive Bid Advances denominated in any AGREED CURRENCY OTHER THAN DOLLARS, 10:00 a.m. (London time) at least three Business Days prior to the Borrowing Date proposed therein; (ii) for an INDEXED BID RATE AUCTION for Competitive Bid Advances denominated in DOLLARS, 9:30 a.m. (Chicago time) at least two Business Days prior to the Borrowing Date proposed therein; (iii) for an ABSOLUTE RATE AUCTION for Competitive Bid Advances denominated in any AGREED CURRENCY OTHER THAN DOLLARS, 2:00 p.m. (London time) at least two Business Days prior to the Borrowing Date proposed therein; or (iv) for an ABSOLUTE RATE AUCTION for Competitive Bid Advances denominated in DOLLARS, 10:00 a.m.(Chicago New York City time) on (x) the third Euro-Dollar Business Day before the proposed Borrowing Date; date of Borrowing, in the case of a LIBOR Auction or any such (y) the proposed date of Borrowing, in the case of an Absolute Rate Auction (or, in either case, such other time or date as the Company Borrower and the Administrative Agent shall have mutually agreed upon and shall have notified to the Lenders Banks not later than the date of the Competitive Bid Quote Request for the first Indexed Bid Rate LIBOR Auction or Absolute Rate Auction for which such change is to be effective), the applicable Borrower shall notify the Administrative Agent of such Borrower's its acceptance or rejection non-acceptance of the offers of which it has been so notified to it pursuant to Section 2.1.3(v2.03(e); provided, however, that the failure by the applicable Borrower to give such notice to the Administrative Agent shall be deemed to be a rejection by such Borrower of all such offers. In the case of acceptance, such notice to the Administrative Agent (a "COMPETITIVE BID BORROWING NOTICE"“Notice of Competitive Bid Borrowing”) shall specify the aggregate principal amount of offers for each Interest Period that are accepted. The applicable Borrower may accept or reject any Competitive Bid Quote in whole or in part; provided that: (Ai) the aggregate principal amount of each Competitive Bid Advance Borrowing may not exceed the applicable amount set forth in the related Competitive Bid Quote Request; (Bii) the principal amount of each Competitive Bid Advance Borrowing must be at least $5,000,000 (and an integral or a larger multiple of $1,000,000 if in excess thereof)1,000,000; (Ciii) acceptance of offers may only be made on the basis of ascending Competitive Bid Margins or Competitive Bid Absolute Rates, as the case may be; and; (Div) the applicable Borrower may not accept any offer of the type that is described in Section 2.1.3(iv)(csubsection 2.03(d)(iii) or that otherwise fails to comply with the requirements of this Agreement in respect of obtaining a Agreement; and (v) immediately after such Competitive Bid Loan under this AgreementBorrowing is made, (i) the aggregate outstanding principal amount of Loans to any Borrower shall not exceed the Maximum Availability of such Borrower and (ii) the aggregate outstanding principal amount of the Loans shall not exceed the aggregate amount of the Commitments.

Appears in 1 contract

Samples: Credit Agreement (Consolidated Edison Inc)

Acceptance and Notice by Borrower. Subject to the receipt of the notice from The Borrower shall notify the Administrative Agent referred of its acceptance or non-acceptance of the offers notified to in Section 2.1.3(v), it pursuant to subsection 2.03(e) at its Chicago Office not later than: than 12:00 Noon (i) for an INDEXED BID RATE AUCTION for Competitive Bid Advances denominated in any AGREED CURRENCY OTHER THAN DOLLARS, 10:00 a.m. (London time) at least three Business Days prior to the Borrowing Date proposed therein; (ii) for an INDEXED BID RATE AUCTION for Competitive Bid Advances denominated in DOLLARS, 9:30 a.m. (Chicago time) at least two Business Days prior to the Borrowing Date proposed therein; (iii) for an ABSOLUTE RATE AUCTION for Competitive Bid Advances denominated in any AGREED CURRENCY OTHER THAN DOLLARS, 2:00 p.m. (London time) at least two Business Days prior to the Borrowing Date proposed therein; or (iv) for an ABSOLUTE RATE AUCTION for Competitive Bid Advances denominated in DOLLARS, 10:00 a.m.(Chicago New York City time) on (x) the fourth Euro-Currency Business Day before the proposed Borrowing Date; date of Borrowing, in the case of a LIBOR Auction in an Alternative Currency, (y) the third Euro-Dollar Business Day before the proposed date of Borrowing, in the case of a LIBOR Auction in Dollars or (z) the proposed date of Borrowing, in the case of an Absolute Rate Auction, or, in any such case, such other time or date as the Company Borrower and the Administrative Agent shall have mutually agreed upon and shall have notified to the Lenders Banks not later than the date of the Competitive Bid Quote Request for the first Indexed Bid Rate LIBOR Auction or Absolute Rate Auction for which such change is to be effective, the applicable Borrower shall notify the Administrative Agent of such Borrower's acceptance or rejection of the offers so notified to it pursuant to Section 2.1.3(v); provided, however, that the failure by the applicable Borrower to give such notice to the Administrative Agent shall be deemed to be a rejection by such Borrower of all such offers. In the case of acceptance, such notice (a "NOTICE OF COMPETITIVE BID BORROWING NOTICEBORROWING") shall specify the aggregate principal amount of offers for each Interest Period that are accepted. The applicable Borrower may accept or reject any Competitive Bid Quote in whole or in part; provided PROVIDED that: (Ai) the aggregate principal amount of each Competitive Bid Advance Borrowing may not exceed the applicable amount set forth in the related Competitive Bid Quote Request; (Bii) the principal amount aggregate Dollar Amount of each Competitive Bid Advance Borrowing must be at least $5,000,000 (and an integral multiple in the amount of $1,000,000 if in excess thereof2,000,000 (or any larger mulitple of $1,000,000); (Ciii) acceptance of offers may only be made on the basis of ascending Competitive Bid Margins or Competitive Bid Absolute Rates, as the case may be; and (Div) the applicable Borrower may not accept any offer of the type that is described in Section 2.1.3(iv)(csubsection 2.03(d)(iii) or that otherwise fails to comply with the requirements of this Agreement in respect of obtaining a Competitive Bid Loan under this Agreement.

Appears in 1 contract

Samples: Credit Agreement (Blyth Industries Inc)

Acceptance and Notice by Borrower. Subject to the receipt of the notice from the Administrative Agent referred to in Section 2.1.3(v), not Not later than: than 10:30 A.M. (iNew York City time) for an INDEXED BID RATE AUCTION for Competitive Bid Advances denominated in any AGREED CURRENCY OTHER THAN DOLLARS, 10:00 a.m. (or 10:30 A.M. (London time) at least three in the case of an Alternative Currency Borrowing) on (x) the third Euro-Dollar Business Days Day prior to the proposed date of Borrowing Date proposed therein; (iior in the case of an Alternative Currency Borrowing, the third Eurocurrency Business Day), in the case of a LIBOR Auction or (y) for an INDEXED BID RATE AUCTION for Competitive Bid Advances denominated in DOLLARS, 9:30 a.m. (Chicago time) at least two Business Days prior to the Borrowing Date proposed therein; (iii) for an ABSOLUTE RATE AUCTION for Competitive Bid Advances denominated in any AGREED CURRENCY OTHER THAN DOLLARS, 2:00 p.m. (London time) at least two Business Days prior to the Borrowing Date proposed therein; or (iv) for an ABSOLUTE RATE AUCTION for Competitive Bid Advances denominated in DOLLARS, 10:00 a.m.(Chicago time) on the proposed Borrowing Date; or any such date of Borrowing, in the case of an Absolute Rate Auction (or, in either case, such other time or date as the Company Borrower and the Administrative Agent shall have mutually agreed upon and shall have notified to the Lenders not later than the date of the Competitive Bid Quote Request for the first Indexed Bid Rate LIBOR Auction or Absolute Rate Auction for which such change is to be effective), the applicable Borrower shall notify the Administrative Agent of such Borrower's its acceptance or rejection non-acceptance of the offers so notified to it pursuant to Section 2.1.3(vsubsection (e); provided, however, that the failure by the applicable Borrower to give such notice to the Administrative Agent shall be deemed to be a rejection by such Borrower of all such offers. In the case of acceptance, such notice (a "COMPETITIVE BID BORROWING NOTICE"“Notice of Competitive Bid Borrowing”) shall specify the aggregate principal amount of offers for each Interest Period that are accepted. The applicable Borrower may accept or reject any Competitive Bid Quote in whole or in part; provided that: (Ai) the aggregate principal amount of each Competitive Bid Advance Borrowing may not exceed the applicable amount set forth in the related Competitive Bid Quote Request; (Bii) the principal amount of each Competitive Bid Advance Borrowing must be at least (x) in the case of a Dollar-Denominated Borrowing, in a minimum aggregate Dollar Amount of $5,000,000 (20,000,000 and an integral any larger multiple of $1,000,000 if and (y) in excess thereof)the case of an Alternative Currency Borrowing, in a minimum aggregate Dollar Amount of $5,000,000 and in integral multiples of 500,000 units of the applicable Alternative Currency; (Ciii) acceptance of offers may only be made on the basis of ascending Competitive Bid Margins or Competitive Bid Absolute Rates, as the case may be; and (Div) the applicable Borrower may not accept any offer of the type that is described in Section 2.1.3(iv)(csubsection (d)(iii) or that otherwise fails to comply with the requirements of this Agreement in respect of obtaining a Competitive Bid Loan under this Agreement.

Appears in 1 contract

Samples: Credit Agreement (Estee Lauder Companies Inc)

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