Acceptance by Borrower. (i) Not later than 12:00 p.m. (Central Time) (x) on the Business Day immediately preceding the proposed date of borrowing, in the case of an Absolute Rate Auction and (y) on the date three (3) Business Days prior to the proposed date of borrowing, in the case of a LIBOR Auction, the Borrower shall notify the Administrative Agent of its acceptance or nonacceptance of the Bid Rate Quotes so notified to it pursuant to Section 2.18(d) which notice shall be in the form of Exhibit O. In the case of acceptance, such notice shall specify the aggregate principal amount of Bid Rate Quotes for each Interest Period that are accepted. The failure of the Borrower to give such notice by such time shall constitute nonacceptance. The Borrower may accept any Bid Rate Quote in whole or in part; provided that: (A) the aggregate principal amount of each Bid Rate Borrowing may not exceed the applicable amount set forth in the related Bid Rate Quote Request, but may be less; (B) the aggregate principal amount of each Bid Rate Borrowing shall comply with the provisions of Section 2.18(b)(ii) and together with all other Bid Rate Loans then outstanding shall not cause the limits specified in Section 2.1(a) to be violated; (C) acceptance of Bid Rate Quotes may be made only in ascending order of Absolute Rates or LIBOR Margins, as applicable, in each case beginning with the lowest rate so offered; (D) any acceptance in part by the Borrower shall be in a minimum amount of $5,000,000 and integral multiples of $1,000,000 in excess thereof; and (E) the Borrower may not accept any Bid Rate Quote that fails to comply with Section 2.18(c) or otherwise fails to comply with the requirements of this Agreement. (ii) If Bid Rate Quotes are made by two or more Revolving Lenders with the same Absolute Rates or LIBOR Margins, as applicable, for a greater aggregate principal amount than the amount in respect of which Bid Rate Quotes are permitted to be accepted for the related Interest Period, the principal amount of Bid Rate Loans in respect of which such Bid Rate Quotes are accepted shall be allocated by the Administrative Agent among such Revolving Lenders in proportion to the aggregate principal amount of such Bid Rate Quotes. Determinations by the Administrative Agent of the amounts of Bid Rate Loans shall be conclusive in the absence of manifest error.
Appears in 4 contracts
Samples: Unsecured Revolving Credit Agreement (First Industrial Lp), Unsecured Revolving Credit Agreement (First Industrial Lp), Unsecured Revolving Credit Agreement (First Industrial Realty Trust Inc)
Acceptance by Borrower. (i) Not later than 12:00 1:30 p.m. (Central Time) Eastern time (x) on the Business Day immediately preceding the proposed date of borrowing, in the case of an Absolute Rate Auction and (y) on the date three (3) Business Days prior to the proposed date of borrowing, in the case of a LIBOR Auction, the Borrower shall notify the Administrative Agent of its acceptance or nonacceptance of the Bid Rate Quotes so notified to it pursuant to Section 2.18(d) 2.2.(d). which notice shall be in the form of Exhibit O. N. In the case of acceptance, such notice shall specify the aggregate principal amount of Bid Rate Quotes for each Interest Period that are accepted. The failure of the Borrower to give such notice by such time shall constitute nonacceptance. The Borrower may accept any Bid Rate Quote in whole or in part; provided that:
(A) the aggregate principal amount of each Bid Rate Borrowing may not exceed the applicable amount set forth in the related Bid Rate Quote Request, but may be less;
(B) the aggregate principal amount of each Bid Rate Borrowing shall comply with the provisions of Section 2.18(b)(ii2.2.(b)(ii) and together with all other Bid Rate Loans then outstanding shall not cause the limits specified in Section 2.1(a) 2.15. to be violatedviolated and the number of Interest Periods shall not exceed the number permitted to be outstanding under Section 2.6.;
(C) acceptance of Bid Rate Quotes may be made only in ascending order of Absolute Rates or LIBOR Margins, as applicable, in each case beginning with the lowest rate so offered;
(D) any acceptance in part by the Borrower shall be in a minimum amount of $5,000,000 and integral multiples of $1,000,000 in excess thereof; and
(E) the Borrower may not accept any Bid Rate Quote that fails to comply with Section 2.18(c2.2.(c) or otherwise fails to comply with the requirements of this Agreement.
(ii) If Bid Rate Quotes are made by two or more Revolving Lenders with the same Absolute Rates or LIBOR Margins, as applicable, for a greater aggregate principal amount than the amount in respect of which Bid Rate Quotes are permitted to be accepted for the related Interest Period, the principal amount of Bid Rate Loans in respect of which such Bid Rate Quotes are accepted shall be allocated by the Administrative Agent among such Revolving Lenders in proportion to the aggregate principal amount of such Bid Rate Quotes. Determinations by the Administrative Agent of the amounts of Bid Rate Loans shall be conclusive in the absence of manifest error.
Appears in 3 contracts
Samples: Credit Agreement (Regency Centers Lp), Credit Agreement (Regency Centers Lp), Credit Agreement (Regency Centers Lp)
Acceptance by Borrower. (i) Not later than 12:00 12:30 p.m. (Central TimeChicago time) (xA) on the Business Day immediately preceding the proposed date of borrowing, in the case of an Absolute Rate Auction and (yB) on the date three (3) Business Days prior to the proposed date of borrowing, in the case of a LIBOR Eurodollar Auction, the Borrower shall notify the Administrative Agent of its acceptance or nonacceptance of the Bid Rate Quotes so notified to it pursuant to Section 2.18(d) 2.25(d). which notice shall be in the form of Exhibit O. I-3. In the case of acceptance, such notice shall specify the aggregate principal amount of Bid Rate Quotes for each Interest Period that are accepted. The failure of the Borrower to give such notice by such time shall constitute nonacceptance. The Borrower may accept any Bid Rate Quote in whole or in part; provided that:
(A) the aggregate principal amount of each Bid Rate Borrowing may not exceed the applicable amount set forth in the related Bid Rate Quote Request, but may be less;
(B) the aggregate principal amount of each Bid Rate Borrowing shall comply with the provisions of Section 2.18(b)(ii2.25(b)(B) and together with all other Bid Rate Loans then outstanding shall not cause the limits outstanding principal amount of all Bid Rate Loans, after giving effect to the application of the proceeds of the such Bid Rate Borrowing, to exceed the limit specified in Section 2.1(a) to be violated2.25(a);
(C) acceptance of Bid Rate Quotes may be made only in ascending order of Absolute Rates or LIBOR Eurodollar Margins, as applicable, in each case beginning with the lowest rate so offered;
(D) any acceptance in part by the Borrower shall be in a minimum amount of $5,000,000 1,000,000 and integral multiples of $1,000,000 500,000 in excess thereofthereof for the applicable Bid Rate Borrowing; and
(E) the Borrower may not accept any Bid Rate Quote that fails to comply with Section 2.18(c2.25(c) or otherwise fails to comply with the requirements of this Agreement.
(ii) If Bid Rate Quotes are made by two or more Revolving Lenders with the same Absolute Rates or LIBOR Eurodollar Margins, as applicable, for a greater aggregate principal amount than the amount in respect of which Bid Rate Quotes are permitted to be accepted for the related Interest Period, the principal amount of Bid Rate Loans in respect of which such Bid Rate Quotes are accepted shall be allocated by the Administrative Agent among such Revolving Lenders in proportion to the aggregate principal amount of such Bid Rate Quotes. Determinations by the Administrative Agent of the amounts of Bid Rate Loans shall be conclusive in the absence of manifest error.
Appears in 3 contracts
Samples: Credit Agreement (Extra Space Storage Inc.), Credit Agreement (Extra Space Storage Inc.), Credit Agreement (Extra Space Storage Inc.)
Acceptance by Borrower. (i) Not later than 12:00 p.m. (Central Time) 11:00 a.m. (x) on the Business Day immediately preceding the proposed date of borrowing, in the case of an Absolute Rate Auction and (y) on the date three (3) Business Days prior to the proposed date of borrowing, in the case of a LIBOR Auction, the Borrower shall notify the Administrative Agent of its acceptance or nonacceptance of the Bid Rate Quotes so notified to it pursuant to Section 2.18(d2.2.(d) which notice shall be in the form of Exhibit O. J. In the case of acceptance, such notice shall specify the aggregate principal amount of Bid Rate Quotes for each Interest Period that are accepted. The failure of the Borrower to give such notice by such time shall constitute nonacceptance. The Agent shall promptly notify each affected Lender. The Borrower may accept any Bid Rate Quote in whole or in part; provided that:
(A) the aggregate principal amount of each Bid Rate Borrowing may not exceed the applicable amount set forth in the related Bid Rate Quote Request, but may be less;
(B) the aggregate principal amount of each Bid Rate Borrowing shall comply with the provisions of Section 2.18(b)(ii) 3.5., and together with all other Bid Rate Loans then outstanding accepted in such Auction shall not cause the limits specified in Section 2.1(a) 2.15. to be violated;
(C) acceptance of Bid Rate Quotes may be made only in ascending order of Absolute Rates or LIBOR Margins, as applicable, in each case beginning with the lowest rate so offered;
(D) any acceptance in part by the Borrower shall be in a minimum amount of $5,000,000 and integral multiples of $1,000,000 in excess thereof; and
(E) the Borrower may not accept any Bid Rate Quote that fails to comply with Section 2.18(c2.2.(c) or otherwise fails to comply with the requirements of this Agreement; and
(E) any acceptance in part shall be in a minimum amount of $1,000,000 and integral multiples of $500,000 in excess thereof.
(ii) If Bid Rate Quotes are made by two or more Revolving Lenders with the same Absolute Rates or LIBOR Margins, as applicable, for a greater aggregate principal amount than the amount in respect of which Bid Rate Quotes are permitted to be accepted for the related Interest Period, the principal amount of Bid Rate Loans in respect of which such Bid Rate Quotes are accepted shall be allocated by the Administrative Agent among such Revolving Lenders in proportion to the aggregate principal amount of such Bid Rate Quotes. Determinations by the Administrative Agent of the amounts of Bid Rate Loans shall be conclusive in the absence of manifest error.
Appears in 3 contracts
Samples: Credit Agreement (Sl Green Realty Corp), Credit Agreement (Sl Green Realty Corp), Credit Agreement (St Joe Co)
Acceptance by Borrower. (i) Not later than 12:00 p.m. (Central Time) 10:30 a.m. Pacific time (x) on the Business Day immediately preceding the proposed date of borrowing, in the case of an Absolute Rate Auction and (y) on the date three (3) Business Days prior to the proposed date of borrowing, in the case of a LIBOR Auction, the Borrower shall notify the Administrative Agent of its acceptance or nonacceptance of the Bid Rate Quotes so notified to it pursuant to Section 2.18(d) 2.2.(d). which notice shall be in the form of Exhibit O. N. In the case of acceptance, such notice shall specify the aggregate principal amount of Bid Rate Quotes for each Interest Period that are accepted. The failure of the Borrower to give such notice by such time shall constitute nonacceptance. The Borrower may accept any Bid Rate Quote in whole or in part; provided that:
(A) the aggregate principal amount of each Bid Rate Borrowing may not exceed the applicable amount set forth in the related Bid Rate Quote Request, but may be less;
(B) the aggregate principal amount of each Bid Rate Borrowing shall comply with the provisions of Section 2.18(b)(ii2.2.(b)(ii) and together with all other Bid Rate Loans then outstanding shall not cause the limits specified in Section 2.1(a) 2.15. to be violated;
(C) acceptance of Bid Rate Quotes may be made only in ascending order of Absolute Rates or LIBOR Margins, as applicable, in each case beginning with the lowest rate so offered;
(D) any acceptance in part by the Borrower shall be in a minimum amount of $5,000,000 1,000,000 and integral multiples of $1,000,000 500,000 in excess thereof; and
(E) the Borrower may not accept any Bid Rate Quote that fails to comply with Section 2.18(c2.2.(c) or otherwise fails to comply with the requirements of this Agreement.
(ii) If Bid Rate Quotes are made by two or more Revolving Lenders with the same Absolute Rates or LIBOR Margins, as applicable, for a greater aggregate principal amount than the amount in respect of which Bid Rate Quotes are permitted to be accepted for the related Interest Period, the principal amount of Bid Rate Loans in respect of which such Bid Rate Quotes are accepted shall be allocated by the Administrative Agent among such Revolving Lenders in proportion to the aggregate principal amount of such Bid Rate Quotes. Determinations by the Administrative Agent of the amounts of Bid Rate Loans shall be conclusive in the absence of manifest error.
Appears in 3 contracts
Samples: Credit Agreement (Federal Realty Investment Trust), Credit Agreement (Bre Properties Inc /Md/), Credit Agreement (Federal Realty Investment Trust)
Acceptance by Borrower. (i) Not later than 12:00 p.m. (Central Time) 11:00 a.m. (x) on the Business Day immediately preceding the proposed date of borrowing, in the case of an Absolute Rate Auction and (y) on the date three (3) Business Days prior to the proposed date of borrowing, in the case of a LIBOR Auction, the Borrower shall notify the Administrative Agent of its acceptance or nonacceptance of the Bid Rate Quotes so notified to it pursuant to Section 2.18(d2.2(d) which notice shall be in the form of Exhibit O. J. In the case of acceptance, such notice shall specify the aggregate principal amount of Bid Rate Quotes for each Interest Period that are accepted. The failure of the Borrower to give such notice by such time shall constitute nonacceptance. The Agent shall promptly notify each affected Lender. The Borrower may accept any Bid Rate Quote in whole or in part; provided that:
(A) the aggregate principal amount of each Bid Rate Borrowing may not exceed the applicable amount set forth in the related Bid Rate Quote Request, but may be less;
(B) the aggregate principal amount of each Bid Rate Borrowing shall comply with the provisions of Section 2.18(b)(ii) 3.5, and together with all other Bid Rate Loans then outstanding accepted in such auction shall not cause the limits specified in Section 2.1(a) 2.15 to be violated;
(C) acceptance of Bid Rate Quotes may be made only in ascending order of Absolute Rates or LIBOR Margins, as applicable, in each case beginning with the lowest rate so offered;
(D) any acceptance in part by the Borrower shall be in a minimum amount of $5,000,000 and integral multiples of $1,000,000 in excess thereof; and
(E) the Borrower may not accept any Bid Rate Quote that fails to comply with Section 2.18(c2.2(c) or otherwise fails to comply with the requirements of this Agreement; and
(E) any acceptance in part shall be in a minimum amount of $2,000,000 and integral multiples of $100,000 in excess thereof.
(ii) If Bid Rate Quotes are made by two or more Revolving Lenders with the same Absolute Rates or LIBOR Margins, as applicable, for a greater aggregate principal amount than the amount in respect of which Bid Rate Quotes are permitted to be accepted for the related Interest Period, the principal amount of Bid Rate Loans in respect of which such Bid Rate Quotes are accepted shall be allocated by the Administrative Agent among such Revolving Lenders in proportion to the aggregate principal amount of such Bid Rate Quotes. Determinations by the Administrative Agent of the amounts of Bid Rate Loans shall be conclusive in the absence of manifest error.
Appears in 3 contracts
Samples: Revolving Credit Agreement (Piedmont Office Realty Trust, Inc.), Revolving Credit Agreement (Piedmont Office Realty Trust, Inc.), Revolving Credit Agreement (Piedmont Office Realty Trust, Inc.)
Acceptance by Borrower. (i) Not later than 12:00 p.m. (Central Time) 11:00 a.m. (x) on the Business Day immediately preceding the proposed date of borrowing, in the case of an Absolute Rate Auction and (y) on the date three (3) Business Days prior to the proposed date of borrowing, in the case of a LIBOR Auction, the Borrower shall notify the Administrative Agent of its acceptance or nonacceptance of the Bid Rate Quotes offers so notified to it pursuant to Section 2.18(d2.2.(d) which notice shall be in the form of Exhibit O. J. In the case of acceptance, such notice shall specify the aggregate principal amount of Bid Rate Quotes offers for each Interest Period that are accepted. The failure of the Borrower to give such notice by such time shall constitute nonacceptance. The Agent shall promptly notify each affected Lender. The Borrower may accept any Bid Rate Quote in whole or in part; provided that:
(A) the aggregate principal amount of each Bid Rate Borrowing may not exceed the applicable amount set forth in the related Bid Rate Quote Request, but may be less;
(B) the aggregate principal amount of each Bid Rate Borrowing shall comply with the provisions of Section 2.18(b)(ii) and together with all other Bid Rate Loans then outstanding shall not cause the limits specified in Section 2.1(a) 2.16. to be violated;
(C) acceptance of Bid Rate Quotes offers may be made only in ascending order of Absolute Rates or LIBOR Margins, as applicable, in each case beginning with the lowest rate so offered;
(D) the Borrower may not accept any Bid Rate Quote that fails to comply with Section 2.2.(c) or otherwise fails to comply with the requirements of this Agreement); and
(E) any acceptance in part by the Borrower shall be in a minimum amount of $5,000,000 and integral multiples of $1,000,000 in excess thereof; and
(E) the Borrower may not accept any Bid Rate Quote that fails to comply with Section 2.18(c) or otherwise fails to comply with the requirements of this Agreement.
(ii) If Bid Rate Quotes offers are made by two or more Revolving Lenders with the same Absolute Rates or LIBOR Margins, as applicable, for a greater aggregate principal amount than the amount in respect of which Bid Rate Quotes offers are permitted to be accepted for the related Interest Period, the principal amount of Bid Rate Loans in respect of which such Bid Rate Quotes offers are accepted shall be allocated by the Administrative Agent among such Revolving Lenders in proportion to the aggregate principal amount of such Bid Rate Quotesoffers. Determinations by the Administrative Agent of the amounts of Bid Rate Loans shall be conclusive in the absence of manifest error.
Appears in 2 contracts
Samples: Credit Agreement (Commercial Net Lease Realty Inc), Credit Agreement (Commercial Net Lease Realty Inc)
Acceptance by Borrower. (i) Not later than 12:00 p.m. (Central Time) 9:30 a.m. San Francisco time (x) on the Business Day immediately preceding the proposed date of borrowing, in the case of an Absolute Rate Auction and (y) on the date three (3) Business Days prior to the proposed date of borrowing, in the case of a LIBOR Auction, the Borrower shall notify the Administrative Agent of its acceptance or nonacceptance of the Bid Rate Quotes so offers of which it was notified to it pursuant to Section 2.18(d) 2.2.(d). which notice shall be in the form of Exhibit O. N. In the case of acceptance, such notice shall specify the aggregate principal amount of Bid Rate Quotes offers for each Interest Period that are accepted. The failure of the Borrower to give such notice by such time shall constitute nonacceptance. The Borrower may accept any Bid Rate Quote in whole or in part; provided that:
(A) the aggregate principal amount of each Bid Rate Borrowing may not exceed the applicable amount set forth in the related Bid Rate Quote Request, but may be less;
(B) the aggregate principal amount of each Bid Rate Borrowing shall comply with the provisions of Section 2.18(b)(ii2.2. (b)(ii) and together with all other Bid Rate Loans then outstanding but shall not cause the limits specified in Section 2.1(a) 2.15. to be violated;
(C) acceptance of Bid Rate Quotes offers may be made only in ascending order of Absolute Rates or LIBOR Margins, as applicable, in each case beginning with the lowest rate so offered;
(D) any acceptance in part by the Borrower shall be in a minimum amount of $5,000,000 and integral multiples of $1,000,000 in excess thereof; and
(E) the Borrower may not accept any Bid Rate Quote offer that fails to comply with Section 2.18(c2.2.(c) or otherwise fails to comply with the requirements of this Agreement.
(ii) If Bid Rate Quotes offers are made by two or more Revolving Lenders with the same Absolute Rates or LIBOR Margins, as applicable, for a greater aggregate principal amount than the amount in respect of which Bid Rate Quotes offers are permitted to be accepted for the related Interest Period, the principal amount of Bid Rate Loans in respect of which such Bid Rate Quotes offers are accepted shall be allocated by the Administrative Agent among such Revolving Lenders in proportion to the aggregate principal amount of such Bid Rate Quotesoffers. Determinations by the Administrative Agent of the amounts of Bid Rate Loans shall be conclusive in the absence of manifest error.
Appears in 2 contracts
Samples: Credit Agreement (Regency Centers Lp), Credit Agreement (Regency Centers Corp)
Acceptance by Borrower. (i) Not later than 12:00 12:30 p.m. (Central Time) Time (x) on the Business Day immediately preceding the proposed date of borrowing, in the case of an Absolute Rate Auction and (y) on the date three (3) Business Days prior to the proposed date of borrowing, in the case of a LIBOR Auction, the Borrower shall notify the Administrative Agent of its acceptance or nonacceptance rejection of the Bid Rate Quotes so notified to it pursuant to Section 2.18(d2.3(d) which notice shall be in the form of Exhibit O. Q. In the case of acceptance, such notice shall specify the aggregate principal amount of Bid Rate Quotes for each Interest Period that are accepted. The failure of the Borrower to give such notice by such time shall constitute nonacceptancerejection. The Borrower may accept any Bid Rate Quote in whole or in part; provided that:
(A) the aggregate principal amount of each Bid Rate Borrowing may not exceed the applicable amount set forth in the related Bid Rate Quote Request, but may be less;
(B) the aggregate principal amount of each Bid Rate Borrowing shall comply with the provisions of Section 2.18(b)(ii2.3(b)(ii) and together with all other Bid Rate Loans then outstanding shall not cause the limits specified in Section 2.1(a) 2.16 to be violated;
(C) acceptance of Bid Rate Quotes may be made only in ascending order of Absolute Rates or LIBOR Margins, as applicable, in each case beginning with the lowest rate so offered;
(D) any acceptance in part by the Borrower shall be in a minimum amount of $5,000,000 2,000,000 and integral multiples of $1,000,000 500,000 in excess thereof; and
(E) the Borrower may not accept any Bid Rate Quote that fails to comply with Section 2.18(c2.3(c) or otherwise fails to comply with the requirements of this Agreement.
(ii) If Bid Rate Quotes are made by two or more Revolving Lenders with the same Absolute Rates or LIBOR Margins, as applicable, for a greater aggregate principal amount than the amount in respect of which Bid Rate Quotes are permitted to be accepted for the related Interest Period, the principal amount of Bid Rate Loans in respect of which such Bid Rate Quotes are accepted shall be allocated by the Administrative Agent among such Revolving Lenders in proportion to the aggregate principal amount of such Bid Rate Quotes. Determinations by the Administrative Agent of the amounts of Bid Rate Loans shall be conclusive in the absence of manifest error.
Appears in 2 contracts
Samples: Credit Agreement (American Homes 4 Rent, L.P.), Credit Agreement (American Homes 4 Rent)
Acceptance by Borrower. (i) Not later than 12:00 p.m. (Central Time) 10:30 a.m. Pacific time (x) on the Business Day immediately preceding the proposed date of borrowing, in the case of an Absolute Rate Auction and (y) on the date three (3) 3 Business Days prior to the proposed date of borrowing, in the case of a LIBOR Auction, the Borrower shall notify the Administrative Agent of its acceptance or nonacceptance of the Bid Rate Quotes so notified to it pursuant to Section 2.18(d) 2.3.(d). which notice shall be in the form of Exhibit O. R. In the case of acceptance, such notice shall specify the aggregate principal amount of Bid Rate Quotes for each Interest Period that are accepted. The failure of the Borrower to give such notice by such time shall constitute nonacceptance. The Borrower may accept any Bid Rate Quote in whole or in part; provided that:
(A) the aggregate principal amount of each Bid Rate Borrowing may not exceed the applicable amount set forth in the related Bid Rate Quote Request, but may be less;
(B) the aggregate principal amount of each Bid Rate Borrowing shall comply with the provisions of Section 2.18(b)(ii2.3.(b)(ii) and together with all other Bid Rate Loans then outstanding shall not cause the limits specified in Section 2.1(a) 2.16. to be violated;
(C) acceptance of Bid Rate Quotes may be made only in ascending order of Absolute Rates or LIBOR Margins, as applicable, in each case beginning with the lowest rate so offered;
(D) any acceptance in part by the Borrower shall be in a minimum amount of $5,000,000 and integral multiples of $1,000,000 100,000 in excess thereof; and
(E) the Borrower may not accept any Bid Rate Quote that fails to comply with Section 2.18(c2.3.(c) or otherwise fails to comply with the requirements of this Agreement.
(ii) If Bid Rate Quotes are made by two or more Tranche 1 Revolving Lenders with the same Absolute Rates or LIBOR Margins, as applicable, for a greater aggregate principal amount than the amount in respect of which Bid Rate Quotes are permitted to be accepted for the related Interest Period, the principal amount of Bid Rate Loans in respect of which such Bid Rate Quotes are accepted shall be allocated by the Administrative Agent among such Tranche 1 Revolving Lenders in proportion to the aggregate principal amount of such Bid Rate Quotes. Determinations by the Administrative Agent of the amounts of Bid Rate Loans shall be conclusive in the absence of manifest error.
Appears in 2 contracts
Samples: Credit Agreement (Realty Income Corp), Credit Agreement (Realty Income Corp)
Acceptance by Borrower. (i) Not later than 12:00 p.m. (11:30 a.m. Central Time) time (x) on the Business Day immediately preceding the proposed date of borrowing, in the case of an Absolute Rate Auction and (y) on the date three (3) 3 Business Days prior to the proposed date of borrowing, in the case of a LIBOR Auction, the Borrower shall notify the Administrative Agent of its acceptance or nonacceptance of the Bid Rate Quotes so notified to it pursuant to Section 2.18(d) 2.3.(d). which notice shall be in the form of Exhibit O. Q. In the case of acceptance, such notice shall specify the aggregate principal amount of Bid Rate Quotes for each Interest Period that are accepted. The failure of the Borrower to give such notice by such time shall constitute nonacceptance. The Borrower may accept any Bid Rate Quote in whole or in part; provided that:
(A) the aggregate principal amount of each Bid Rate Borrowing may not exceed the applicable amount set forth in the related Bid Rate Quote Request, but may be less;
(B) the aggregate principal amount of each Bid Rate Borrowing shall comply with the provisions of Section 2.18(b)(ii2.3.(b)(ii) and together with all other Bid Rate Loans then outstanding shall not cause the limits specified in Section 2.1(a) 2.16. to be violated;
(C) acceptance of Bid Rate Quotes may be made only in ascending order of Absolute Rates or LIBOR Margins, as applicable, in each case beginning with the lowest rate so offered;
(D) any acceptance in part by the Borrower shall be in a minimum amount of $5,000,000 and integral multiples of $1,000,000 500,000 in excess thereof; and
(E) the Borrower may not accept any Bid Rate Quote that fails to comply with Section 2.18(c2.3.(c) or otherwise fails to comply with the requirements of this Agreement.
(ii) If Bid Rate Quotes are made by two or more Revolving Lenders with the same Absolute Rates or LIBOR Margins, as applicable, for a greater aggregate principal amount than the amount in respect of which Bid Rate Quotes are permitted to be accepted for the related Interest Period, the principal amount of Bid Rate Loans in respect of which such Bid Rate Quotes are accepted shall be allocated by the Administrative Agent among such Revolving Lenders in proportion to the aggregate principal amount of such Bid Rate Quotes. Determinations by the Administrative Agent of the amounts of Bid Rate Loans shall be conclusive in the absence of manifest error.
Appears in 2 contracts
Samples: Credit Agreement (Equity Commonwealth), Credit Agreement (Equity Commonwealth)
Acceptance by Borrower. (i) Not later than 12:00 p.m. 10:30 a.m. (Central TimePacific time) (x) on the Business Day immediately preceding the proposed date of borrowing, in the case of an Absolute Rate Auction and (y) on the date three (3) Business Days prior to the proposed date of borrowing, in the case of a LIBOR Auction, the Borrower shall notify the Administrative Agent of its acceptance or nonacceptance non-acceptance of the Bid Rate Quotes so notified to it pursuant to Section 2.18(d2.3(d) which notice by Borrower shall be in the form of Exhibit O. E. In the case of acceptance, such notice shall specify the aggregate principal amount of Bid Rate Quotes for each Interest Period that are accepted. The failure of the Borrower to give such notice by such time shall constitute nonacceptancenon-acceptance. The Borrower may (but is not obligated to) accept any Bid Rate Quote in whole or in part; provided that:
(A) the aggregate principal amount of each Bid Rate Borrowing may not exceed the applicable amount set forth in the related Bid Rate Quote Request, but may be less;
(B) the aggregate principal amount of each Bid Rate Borrowing shall comply with the provisions of Section 2.18(b)(ii) 2.3(b)(ii), and together with all other Bid Rate Loans then outstanding shall not cause the limits specified in Section 2.1(a) 2.17 to be violated;
(C) acceptance of Bid Rate Quotes may be made only in ascending order of Absolute Rates or LIBOR Margins, as applicable, in each case beginning with the lowest rate so offered;
(D) any acceptance in part by the Borrower shall be in a minimum amount of $5,000,000 2,000,000 and integral multiples of $1,000,000 100,000 in excess thereof; and
(E) the Borrower may not accept any Bid Rate Quote that fails to comply with Section 2.18(c2.3(c) or otherwise fails to comply with the requirements of this Agreement.
(ii) If Bid Rate Quotes are made by two or more Revolving Lenders with the same Absolute Rates or LIBOR Margins, as applicable, for a greater aggregate principal amount than the amount in respect of which Bid Rate Quotes are permitted to be accepted for the related Interest Period, the principal amount of Bid Rate Loans in respect of which such Bid Rate Quotes are permitted to be accepted shall be allocated by the Administrative Agent among such Revolving Lenders in proportion to the aggregate principal amount of such Bid Rate Quotes. Determinations by the Administrative Agent of the amounts of Bid Rate Loans shall be conclusive in the absence of manifest error.
Appears in 2 contracts
Samples: Credit Agreement (Equity One, Inc.), Credit Agreement (Equity One, Inc.)
Acceptance by Borrower. (i) Not later than 12:00 p.m. (Central Time) noon (x) on the Business Day immediately preceding the proposed date of borrowing, in the case of an Absolute Rate Auction and (y) on the date three (3) Business Days prior to the proposed date of borrowing, in the case of a LIBOR Auction, the Borrower shall notify the Administrative Agent of its acceptance or nonacceptance of the Bid Rate Quotes so notified to it pursuant to Section 2.18(d2.2.(d) which notice shall be in the form of Exhibit O. J. In the case of acceptance, such notice shall specify the aggregate principal amount of Bid Rate Quotes for each Interest Period that are accepted. The failure of the Borrower to give such notice by such time shall constitute nonacceptance. The Agent shall promptly notify each affected Lender. The Borrower may accept any Bid Rate Quote in whole or in part; provided that:
(A) the aggregate principal amount of each Bid Rate Borrowing may not exceed the applicable amount set forth in the related Bid Rate Quote Request, but may be less;
(B) the aggregate principal amount of each Bid Rate Borrowing shall comply with the provisions of Section 2.18(b)(ii) 3.5., and together with all other Bid Rate Loans then outstanding accepted in such Auction shall not cause the limits specified in Section 2.1(a) 2.15. to be violated;
(C) acceptance of Bid Rate Quotes may be made only in ascending order of Absolute Rates or LIBOR Margins, as applicable, in each case beginning with the lowest rate so offered;
(D) any acceptance in part by the Borrower shall be in a minimum amount of $5,000,000 and integral multiples of $1,000,000 in excess thereof; and
(E) the Borrower may not accept any Bid Rate Quote that fails to comply with Section 2.18(c2.2.(c) or otherwise fails to comply with the requirements of this Agreement); and
(E) any acceptance in part shall be in a minimum amount of $1,000,000 and integral multiples of $500,000 in excess thereof.
(ii) If Bid Rate Quotes are made by two or more Revolving Lenders with the same Absolute Rates or LIBOR Margins, as applicable, for a greater aggregate principal amount than the amount in respect of which Bid Rate Quotes have been or are permitted to be accepted for the related Interest Period, the principal amount of Bid Rate Loans in respect of which such Bid Rate Quotes are accepted shall be allocated by the Administrative Agent among such Revolving Lenders in proportion to the aggregate principal amount of such Bid Rate Quotes. Determinations by the Administrative Agent of the amounts of Bid Rate Loans shall be conclusive in the absence of manifest error.
Appears in 2 contracts
Samples: Credit Agreement (Heritage Property Investment Trust Inc), Credit Agreement (Heritage Property Investment Trust Inc)
Acceptance by Borrower. (i) Not later than 12:00 p.m. (Central Time) 9:30 a.m. (x) on the Business Day immediately preceding the proposed date of borrowing, in the case of an Absolute Rate Auction Margin and (y) on the date three (3) Business Days prior to the proposed date of borrowing, in the case of a LIBOR Auction, the Borrower shall notify the Administrative Agent of its acceptance or nonacceptance of the Bid Rate Quotes offers so notified to it pursuant to Section 2.18(d2.4(d) which notice shall be in the form of Exhibit O. K-3. In the case of acceptance, such notice shall specify the aggregate principal amount of Bid Rate Quotes offers for each Interest Period that are accepted. The failure of the Borrower to give such notice by such time shall constitute nonacceptancenonacceptance of the relevant Bid Rate Quote. The Borrower may accept any Bid Rate Quote in whole or in part; provided provided, that:
(A) the aggregate principal amount of each Bid Rate Borrowing may not exceed the applicable amount set forth in the related Bid Rate Quote Request, but may be less;
(B) the aggregate principal amount of each Bid Rate Borrowing shall comply with the provisions of Section 2.18(b)(ii2.4(b)(ii) and together with all other Bid Rate Loans then outstanding but shall not cause the limits specified in Section 2.1(a) 2.13 to be violated;
(C) acceptance of Bid Rate Quotes offers may be made only in ascending order of Absolute Rates or LIBOR Margins, as applicable, in each case beginning with the lowest rate so offered;
(D) any acceptance in part by the Borrower shall be in a minimum amount of $5,000,000 2,000,000 and integral multiples of $1,000,000 500,000 in excess thereof; and
(E) the Borrower may not accept any Bid Rate Quote offer that fails to comply with Section 2.18(c2.4(c) or otherwise fails to comply with the requirements of this Agreement.
(ii) If Bid Rate Quotes offers are made by two or more Revolving Lenders with the same Absolute Rates or LIBOR Margins, as applicable, for a greater aggregate principal amount than the amount in respect of which Bid Rate Quotes offers are permitted to be accepted for the related Interest Period, the principal amount of Bid Rate Loans in respect of which such Bid Rate Quotes offers are accepted shall be allocated by the Administrative Agent among such Revolving Lenders in proportion to the aggregate principal amount of such Bid Rate Quotesoffers without regard to the provisions of subsection (e)(i)(D) above. Determinations by the Administrative Agent of the amounts of Bid Rate Loans shall be conclusive in the absence of manifest error.
Appears in 2 contracts
Samples: Credit Agreement (Equity One, Inc.), Credit Agreement (Equity One Inc)
Acceptance by Borrower. (i) Not later than 12:00 p.m. (Central Time) 10:30 a.m. Pacific time (x) on the Business Day immediately preceding the proposed date of borrowing, in the case of an Absolute Rate Auction and (y) on the date three (3) 3 Business Days prior to the proposed date of borrowing, in the case of a LIBOR Auction, the Borrower shall notify the Administrative Agent of its acceptance or nonacceptance of the Bid Rate Quotes so notified to it pursuant to Section 2.18(d) 2.3.(d). which notice shall be in the form of Exhibit O. P. In the case of acceptance, such notice shall specify the aggregate principal amount of Bid Rate Quotes for each Interest Period that are accepted. The failure of the Borrower to give such notice by such time shall constitute nonacceptance. The Borrower may accept any Bid Rate Quote in whole or in part; provided that:
(A) the aggregate principal amount of each Bid Rate Borrowing may not exceed the applicable amount set forth in the related Bid Rate Quote Request, but may be less;
(B) the aggregate principal amount of each Bid Rate Borrowing shall comply with the provisions of Section 2.18(b)(ii2.3.(b)(ii) and together with all other Bid Rate Loans then outstanding shall not cause the limits specified in Section 2.1(a) 2.16. to be violated;
(C) acceptance of Bid Rate Quotes may be made only in ascending order of Absolute Rates or LIBOR Margins, as applicable, in each case beginning with the lowest rate so offered;
(D) any acceptance in part by the Borrower shall be in a minimum amount of $5,000,000 1,000,000 and integral multiples of $1,000,000 500,000 in excess thereof; and
(E) the Borrower may not accept any Bid Rate Quote that fails to comply with Section 2.18(c2.3.(c) or otherwise fails to comply with the requirements of this Agreement.
(ii) If Bid Rate Quotes are made by two or more Revolving Lenders with the same Absolute Rates or LIBOR Margins, as applicable, for a greater aggregate principal amount than the amount in respect of which Bid Rate Quotes are permitted to be accepted for the related Interest Period, the principal amount of Bid Rate Loans in respect of which such Bid Rate Quotes are accepted shall be allocated by the Administrative Agent among such Revolving Lenders in proportion to the aggregate principal amount of such Bid Rate Quotes. Determinations by the Administrative Agent of the amounts of Bid Rate Loans shall be conclusive in the absence of manifest error.
Appears in 2 contracts
Samples: Credit Agreement (United Dominion Realty L P), Credit Agreement (United Dominion Realty L P)
Acceptance by Borrower. (i) Not later than 12:00 p.m. (Central Time) 11:30 a.m. Eastern time (x) on the Business Day immediately preceding the proposed date of borrowing, in the case of an Absolute Rate Auction and (y) on the date three (3) 3 Business Days prior to the proposed date of borrowing, in the case of a LIBOR Auction, the Borrower shall notify the Administrative Agent of its acceptance or nonacceptance of the Bid Rate Quotes so notified to it pursuant to Section 2.18(d) 2.2.(d). which notice shall be in the form of Exhibit O. N. In the case of acceptance, such notice shall specify the aggregate principal amount of Bid Rate Quotes for each Interest Period that are accepted. The failure of the Borrower to give such notice by such time shall constitute nonacceptance. The Borrower may accept any Bid Rate Quote in whole or in part; provided that:
(A) the aggregate principal amount of each Bid Rate Borrowing may not exceed the applicable amount set forth in the related Bid Rate Quote Request, but may be less;
(B) the aggregate principal amount of each Bid Rate Borrowing shall comply with the provisions of Section 2.18(b)(ii2.2.(b)(ii) and together with all other Bid Rate Loans then outstanding shall not cause the limits specified in Section 2.1(a) 2.16. to be violated;
(C) acceptance of Bid Rate Quotes may be made only in ascending order of Absolute Rates or LIBOR Margins, as applicable, in each case beginning with the lowest rate so offered;
(D) any acceptance in part by the Borrower shall be in a minimum amount of $5,000,000 and integral multiples of $1,000,000 in excess thereof; and
(E) the Borrower may not accept any Bid Rate Quote that fails to comply with Section 2.18(c2.2.(c) or otherwise fails to comply with the requirements of this Agreement.
(ii) If Bid Rate Quotes are made by two or more Revolving Lenders with the same Absolute Rates or LIBOR Margins, as applicable, for a greater aggregate principal amount than the amount in respect of which Bid Rate Quotes are permitted to be accepted for the related Interest Period, the principal amount of Bid Rate Loans in respect of which such Bid Rate Quotes are accepted shall be allocated by the Administrative Agent among such Revolving Lenders in proportion to the aggregate principal amount of such Bid Rate Quotes. Determinations by the Administrative Agent of the amounts of Bid Rate Loans shall be conclusive in the absence of manifest error.
Appears in 2 contracts
Samples: Credit Agreement (Washington Real Estate Investment Trust), Credit Agreement (Washington Real Estate Investment Trust)
Acceptance by Borrower. (i) Not later than 12:00 p.m. (Central Time) 11:00 a.m. (x) on the Business Day immediately preceding the proposed date of borrowing, in the case of an Absolute Rate Auction and (y) on the date three (3) Business Days prior to the proposed date of borrowing, in the case of a LIBOR Auction, the Borrower shall notify the Administrative Agent of its acceptance or nonacceptance of the Bid Rate Quotes offers so notified to it pursuant to Section 2.18(d2.2.(d) which notice shall be in the form of Exhibit O. J. In the case of acceptance, such notice shall specify the aggregate principal amount of Bid Rate Quotes offers for each Interest Period that are accepted. The failure of the Borrower to give such notice by such time shall constitute nonacceptance. The Agent shall promptly notify each affected Lender. The Borrower may accept any Bid Rate Quote in whole or in part; provided that:
(A) the aggregate principal amount of each Bid Rate Borrowing may not exceed the applicable amount set forth in the related Bid Rate Quote Request, but may be less;
(B) the aggregate principal amount of each Bid Rate Borrowing shall comply with the provisions of Section 2.18(b)(ii) 3.5., and together with all other Bid Rate Loans then outstanding accepted in such auction, shall not cause the limits specified in Section 2.1(a) 2.15. to be violated;
(C) acceptance of Bid Rate Quotes offers may be made only in ascending order of Absolute Rates or LIBOR Margins, as applicable, in each case beginning with the lowest rate so offered;
(D) any acceptance in part by the Borrower shall be in a minimum amount of $5,000,000 and integral multiples of $1,000,000 in excess thereof; and
(E) the Borrower may not accept any Bid Rate Quote that fails to comply with Section 2.18(c2.2.(c) or otherwise fails to comply with the requirements of this Agreement; and
(E) any acceptance in part shall be in a minimum amount of $1,000,000 and integral multiples of $500,000 in excess thereof.
(ii) If Bid Rate Quotes offers are made by two or more Revolving Lenders with the same Absolute Rates or LIBOR Margins, as applicable, for a greater aggregate principal amount than the amount in respect of which Bid Rate Quotes offers are permitted to be accepted for the related Interest Period, the principal amount of Bid Rate Loans in respect of which such Bid Rate Quotes offers are accepted shall be allocated by the Administrative Agent among such Revolving Lenders in proportion to the aggregate principal amount of such Bid Rate Quotesoffers. Determinations by the Administrative Agent of the amounts of Bid Rate Loans shall be conclusive in the absence of manifest error.
Appears in 2 contracts
Samples: Credit Agreement (Federal Realty Investment Trust), Credit Agreement (Federal Realty Investment Trust)
Acceptance by Borrower. (i) Not later than 12:00 p.m. (Central Time) 9:30 a.m. Pacific time (x) on the Business Day immediately preceding the proposed date of borrowing, in the case of an Absolute Rate Auction and or (y) on the date three (3) Business Days prior to the proposed date of borrowing, in the case of a LIBOR Auction, the Borrower shall notify the Administrative Agent of its acceptance or nonacceptance of the Bid Rate Quotes so notified to it pursuant to Section 2.18(d) 2.2.(d). which notice shall be in the form of Exhibit O. J. In the case of acceptance, such notice shall specify the aggregate principal amount of Bid Rate Quotes for each Interest Period that are accepted. The failure of the Borrower to give such notice by such time shall constitute nonacceptance. The Borrower may accept any Bid Rate Quote in whole or in part; provided that:
(A) the aggregate principal amount of each Bid Rate Borrowing may not exceed the applicable amount set forth in the related Bid Rate Quote Request, but may be less;
(B) the aggregate principal amount of each Bid Rate Borrowing shall comply with the provisions of Section 2.18(b)(ii2.2.(b)(ii) and together with all other Bid Rate Loans then outstanding shall not cause the limits specified in Section 2.1(a) 2.16. to be violated;
(C) acceptance of Bid Rate Quotes may be made only in ascending order of Absolute Rates or LIBOR Margins, as applicable, in each case beginning with the lowest rate so offered;
(D) any acceptance in part by the Borrower shall be in a minimum amount of $5,000,000 and integral multiples of $1,000,000 100,000 in excess thereof; and
(E) the Borrower may not accept any Bid Rate Quote that fails to comply with Section 2.18(c2.2.(c) or otherwise fails to comply with the requirements of this Agreement.
(ii) If Bid Rate Quotes are made by two or more Revolving Lenders with the same Absolute Rates or LIBOR Margins, as applicable, for a greater aggregate principal amount than the amount in respect of which Bid Rate Quotes are permitted to be accepted for the related Interest Period, the principal amount of Bid Rate Loans in respect of which such Bid Rate Quotes are accepted shall be allocated by the Administrative Agent among such Revolving Lenders in proportion to the aggregate principal amount of such Bid Rate Quotes. Determinations by the Administrative Agent of the amounts of Bid Rate Loans shall be conclusive in the absence of manifest error.
Appears in 1 contract
Acceptance by Borrower. (i) Not later than 12:00 p.m. (Central Time) 9:30 a.m. San Francisco time (x) on the Business Day immediately preceding the proposed date of borrowing, in the case of an Absolute Rate Auction and or (y) on the date three (3) Business Days prior to the proposed date of borrowing, in the case of a LIBOR Auction, the Borrower shall notify the Administrative Agent of its acceptance or nonacceptance of the Bid Rate Quotes offers so notified to it pursuant to Section 2.18(d) 2.2.(d). which notice shall be in the form of Exhibit O. J. In the case of acceptance, such notice shall specify the aggregate principal amount of Bid Rate Quotes offers for each Interest Period that are accepted. The failure of the Borrower to give such notice by such time shall constitute nonacceptance. The Borrower may accept any Bid Rate Quote in whole or in part; provided that:
(A) the aggregate principal amount of each Bid Rate Borrowing may not exceed the applicable amount set forth in the related Bid Rate Quote Request, but may be less;
(B) the aggregate principal amount of each Bid Rate Borrowing shall comply with the provisions of Section 2.18(b)(ii2.2.(b)(ii) and together with all other Bid Rate Loans then outstanding but shall not cause the limits specified in Section 2.1(a) 2.14. to be violated;
(C) acceptance of Bid Rate Quotes offers may be made only in ascending order of Absolute Rates or LIBOR Margins, as applicable, in each case beginning with the lowest rate so offered;
(D) any acceptance in part by the Borrower shall be in a minimum amount of $5,000,000 and integral multiples of $1,000,000 100,000 in excess thereof; and
(E) the Borrower may not accept any Bid Rate Quote offer that fails to comply with Section 2.18(c2.2.(c) or otherwise fails to comply with the requirements of this Agreement.
(ii) If Bid Rate Quotes offers are made by two or more Revolving Lenders with the same Absolute Rates or LIBOR Margins, as applicable, for a greater aggregate principal amount than the amount in respect of which Bid Rate Quotes offers are permitted to be accepted accepted for the related Interest Period, the principal amount of Bid Rate Loans in respect of which such Bid Rate Quotes offers are accepted shall be allocated by the Administrative Agent among such Revolving Lenders in proportion to the aggregate principal amount of such Bid Rate Quotesoffers. Determinations by the Administrative Agent of the amounts of Bid Rate Loans shall be conclusive in the absence of manifest error.
Appears in 1 contract
Acceptance by Borrower. (i) Not later than 12:00 p.m. (Central Time) 11:00 a.m., New York City time, (x) on the Business Day immediately preceding the proposed date of borrowing, in the case of an Absolute Rate Auction and (y) on the date three (3) Business Days prior to the proposed date of borrowing, in the case of a LIBOR LIBO Auction, the Borrower shall notify the Administrative Agent of its acceptance or nonacceptance of the Bid Rate Quotes offers so notified to it pursuant to Section 2.18(d2.05 (d) which notice shall be in the form of Exhibit O. I. In the case of acceptance, such notice shall specify the aggregate principal amount of Bid Rate Quotes offers for each Interest Period that are accepted. The failure of the Borrower to give such notice by such time shall constitute nonacceptance. The Administrative Agent shall promptly notify each Lender which submitted an offer. The Borrower may accept any Bid Rate Quote in whole or in part; provided that:
(A) the aggregate principal amount of each Bid Rate Borrowing may not exceed the applicable amount set forth in the related Bid Rate Quote Request, but may be less;
(B) the aggregate principal amount of each such Bid Rate Borrowing shall comply with the provisions of Section 2.18(b)(ii) and together with all other Bid Rate Loans then outstanding shall not cause the limits specified in Section 2.1(a) to be violated2.05(b)(ii);
(C) acceptance of Bid Rate Quotes offers may be made only in ascending order of Absolute Rates or LIBOR LIBO Margins, as applicable, in each case beginning with the lowest rate so offered;
(D) any acceptance in part by the Borrower shall be in a minimum amount of $5,000,000 and integral multiples of $1,000,000 in excess thereof; and
(E) the Borrower may not accept any Bid Rate Quote that fails to comply with Section 2.18(c2.05(c) or otherwise fails to comply with the requirements of this Agreement; and
(E) any acceptance in part shall be in a minimum amount of $1,000,000 and integral multiples of $500,000 in excess thereof.
(ii) If Bid Rate Quotes offers are made by two or more Revolving Lenders with the same Absolute Rates or LIBOR LIBO Margins, as applicable, for a greater aggregate principal amount than the amount in respect of which Bid Rate Quotes offers are permitted to be accepted for the related Interest Period, the principal amount of Bid Rate Loans in respect of which such Bid Rate Quotes offers are accepted shall be allocated by the Administrative Agent among such Revolving Lenders in proportion to the aggregate principal amount of such Bid Rate Quotesoffers. Determinations by the Administrative Agent of the amounts of Bid Rate Loans shall be conclusive in the absence of manifest error.
Appears in 1 contract
Acceptance by Borrower. (i) Not later than 12:00 p.m. (Central Time) 11:00 a.m. (x) on the Business Day immediately preceding the proposed date of borrowing, in the case of an Absolute Rate Auction and (y) on the date three (3) Business Days prior to the proposed date of borrowing, in the case of a LIBOR Auction, the Borrower shall notify the Administrative Agent of its acceptance or nonacceptance of the Bid Rate Quotes so notified to it pursuant to Section 2.18(d2.2.(d) which notice shall be in the form of Exhibit O. J. In the case of acceptance, such notice shall specify the aggregate principal amount of Bid Rate Quotes for each Interest Period that are accepted. The failure of the Borrower to give such notice by such time shall constitute nonacceptance. The Agent shall promptly notify each affected Lender. The Borrower may accept any Bid Rate Quote in whole or in part; provided that:
(A) the aggregate principal amount of each Bid Rate Borrowing may not exceed the applicable amount set forth in the related Bid Rate Quote Request, but may be less;
(B) the aggregate principal amount of each Bid Rate Borrowing shall comply with the provisions of Section 2.18(b)(ii) 3.5., and together with all other Bid Rate Loans then outstanding accepted in such auction shall not cause the limits specified in Section 2.1(a) 2.15. to be violated;
(C) acceptance of Bid Rate Quotes may be made only in ascending order of Absolute Rates or LIBOR Margins, as applicable, in each case beginning with the lowest rate so offered;
(D) any acceptance in part by the Borrower shall be in a minimum amount of $5,000,000 and integral multiples of $1,000,000 in excess thereof; and
(E) the Borrower may not accept any Bid Rate Quote that fails to comply with Section 2.18(c2.2.(c) or otherwise fails to comply with the requirements of this Agreement; and
(E) any acceptance in part shall be in a minimum amount of $2,000,000 and integral multiples of $100,000 in excess thereof.
(ii) If Bid Rate Quotes are made by two or more Revolving Lenders with the same Absolute Rates or LIBOR Margins, as applicable, for a greater aggregate principal amount than the amount in respect of which Bid Rate Quotes are permitted to be accepted for the related Interest Period, the principal amount of Bid Rate Loans in respect of which such Bid Rate Quotes are accepted shall be allocated by the Administrative Agent among such Revolving Lenders in proportion to the aggregate principal amount of such Bid Rate Quotes. Determinations by the Administrative Agent of the amounts of Bid Rate Loans shall be conclusive in the absence of manifest error.
Appears in 1 contract
Samples: Credit Agreement (Piedmont Office Realty Trust, Inc.)
Acceptance by Borrower. (i) Not later than 12:00 p.m. (Central Time) 11:30 a.m. Eastern time (x) on the Business Day immediately preceding the proposed date of borrowing, in the case of an Absolute Rate Auction and (y) on the date three (3) 3 Business Days prior to the proposed date of borrowing, in the case of a LIBOR Auction, the Borrower shall notify the Administrative Agent of its acceptance or nonacceptance of the Bid Rate Quotes so notified to it pursuant to Section 2.18(d) 2.2.(d). which notice shall be in the form of Exhibit O. N. In the case of acceptance, such notice shall specify the aggregate principal amount of Bid Rate Quotes for each Interest Period that are accepted. The failure of the Borrower to give such notice by such time shall constitute nonacceptance. The Borrower may accept any Bid Rate Quote in whole or in part; provided that:
: (A) the aggregate principal amount of each Bid Rate Borrowing may not exceed the applicable amount set forth in the related Bid Rate Quote Request, but may be less;
; (B) the aggregate principal amount of each Bid Rate Borrowing shall comply with the provisions of Section 2.18(b)(ii2.2.(b)(ii) and together with all other Bid Rate Loans then outstanding shall not cause the limits specified in Section 2.1(a) 2.16. to be violated;
(C) acceptance of Bid Rate Quotes may be made only in ascending order of Absolute Rates or LIBOR Margins, as applicable, in each case beginning with the lowest rate so offered;
(D) any acceptance in part by the Borrower shall be in a minimum amount of $5,000,000 and integral multiples of $1,000,000 in excess thereof; and
(E) the Borrower may not accept any Bid Rate Quote that fails to comply with Section 2.18(c) or otherwise fails to comply with the requirements of this Agreement.
(ii) If Bid Rate Quotes are made by two or more Revolving Lenders with the same Absolute Rates or LIBOR Margins, as applicable, for a greater aggregate principal amount than the amount in respect of which Bid Rate Quotes are permitted to be accepted for the related Interest Period, the principal amount of Bid Rate Loans in respect of which such Bid Rate Quotes are accepted shall be allocated by the Administrative Agent among such Revolving Lenders in proportion to the aggregate principal amount of such Bid Rate Quotes. Determinations by the Administrative Agent of the amounts of Bid Rate Loans shall be conclusive in the absence of manifest error.
Appears in 1 contract
Samples: Credit Agreement (Washington Real Estate Investment Trust)
Acceptance by Borrower. (i) Not later than 12:00 12:30 p.m. (Central Time) (x) on the Business Day immediately preceding the proposed date of borrowing, in the case of an Absolute Rate Auction and (y) on the date three (3) Business Days prior to the proposed date of borrowing, in the case of a LIBOR Auction, the Borrower shall notify the Administrative Agent of its the Borrower’s acceptance or nonacceptance of the Bid Rate Quotes so notified to it pursuant to Section 2.18(d) 2.3.(d), which notice shall be in the form of Exhibit O. P. In the case of acceptance, such notice shall specify the aggregate principal amount of Bid Rate Quotes for each Interest Period that are accepted. The failure of the Borrower to give such notice by such time shall constitute nonacceptance. The Borrower may accept any Bid Rate Quote in whole or in part; provided that:
(A) the aggregate principal amount of each Bid Rate Borrowing may not exceed the applicable amount set forth in the related Bid Rate Quote Request, but may be less;
(B) the aggregate principal amount of each Bid Rate Borrowing shall comply with the provisions of Section 2.18(b)(ii2.3.(b)(ii) and together with all other Bid Rate Loans then outstanding shall not cause the limits specified in Section 2.1(a) 2.16. to be violated;
(C) acceptance of Bid Rate Quotes may be made only in ascending order of Absolute Rates or LIBOR Margins, as applicable, in each case beginning with the lowest rate so offered;
(D) any acceptance in part by the Borrower shall be in a minimum amount of $5,000,000 and integral multiples of $1,000,000 in excess thereof; and
(E) the Borrower may not accept any Bid Rate Quote that fails to comply with Section 2.18(c2.3.(c) or otherwise fails to comply with the requirements of this Agreement.
(ii) If Bid Rate Quotes are made by two or more Revolving Lenders with the same Absolute Rates or LIBOR Margins, as applicable, for a greater aggregate principal amount than the amount in respect of which Bid Rate Quotes are permitted to be accepted for the related Interest Period, the principal amount of Bid Rate Loans in respect of which such Bid Rate Quotes are accepted shall be allocated by the Administrative Agent among such Revolving Lenders in proportion to the aggregate principal amount of such Bid Rate Quotes. Determinations by the Administrative Agent of the amounts of Bid Rate Loans shall be conclusive in the absence of manifest error.
Appears in 1 contract
Acceptance by Borrower. (i) Not later than 12:00 p.m. (Central Time) 10:30 a.m. Pacific time (x) on the Business Day immediately preceding the proposed date of borrowing, in the case of an Absolute Rate Auction and (y) on the date three (3) 3 Business Days prior to the proposed date of borrowing, in the case of a LIBOR SOFR Auction, the Borrower shall notify the Administrative Agent of its acceptance or nonacceptance of the Bid Rate Quotes so notified to it pursuant to Section 2.18(d) 2.3.(d). which notice shall be in the form of Exhibit O. R. In the case of acceptance, such notice shall specify the aggregate principal amount of Bid Rate Quotes for each Interest Period that are accepted. The failure of the Borrower to give such notice by such time shall constitute nonacceptance. The Borrower may accept any Bid Rate Quote in whole or in part; provided that:
(A) the aggregate principal amount of each Bid Rate Borrowing may not exceed the applicable amount set forth in the related Bid Rate Quote Request, but may be less;
(B) the aggregate principal amount of each Bid Rate Borrowing shall comply with the provisions of Section 2.18(b)(ii2.3.(b)(ii) and together with all other Bid Rate Loans then outstanding shall not cause the limits specified in Section 2.1(a) 2.16. to be violated;
(C) acceptance of Bid Rate Quotes may be made only in ascending order of Absolute Rates or LIBOR SOFR Margins, as applicable, in each case beginning with the lowest rate so offered;
(D) any acceptance in part by the Borrower shall be in a minimum amount of $5,000,000 and integral multiples of $1,000,000 100,000 in excess thereof; and
(E) the Borrower may not accept any Bid Rate Quote that fails to comply with Section 2.18(c2.3.(c) or otherwise fails to comply with the requirements of this Agreement.
(ii) If Bid Rate Quotes are made by two or more Tranche 1 Revolving Lenders with the same Absolute Rates or LIBOR SOFR Margins, as applicable, for a greater aggregate principal amount than the amount in respect of which Bid Rate Quotes are permitted to be accepted for the related Interest Period, the principal amount of Bid Rate Loans in respect of which such Bid Rate Quotes are accepted shall be allocated by the Administrative Agent among such Tranche 1 Revolving Lenders in proportion to the aggregate principal amount of such Bid Rate Quotes. Determinations by the Administrative Agent of the amounts of Bid Rate Loans shall be conclusive in the absence of manifest error.
Appears in 1 contract
Acceptance by Borrower. (i) Not later than 12:00 12:30 p.m. (Central TimeChicago time) (xA) on the Business Day immediately preceding the proposed date of borrowing, in the case of an Absolute Rate Auction and (yB) on the date three (3) Business Days prior to the proposed date of borrowing, in the case of a LIBOR Eurodollar Auction, the Borrower shall notify the Administrative Agent of its acceptance or nonacceptance of the Bid Rate Quotes so notified to it pursuant to Section 2.18(d) 2.25(d), which notice shall be in the form of Exhibit O. I-3. In the case of acceptance, such notice shall specify the aggregate principal amount of Bid Rate Quotes for each Interest Period that are accepted. The failure of the Borrower to give such notice by such time shall constitute nonacceptance. The Borrower may accept any Bid Rate Quote in whole or in part; provided that:
(A) the aggregate principal amount of each Bid Rate Borrowing may not exceed the applicable amount set forth in the related Bid Rate Quote Request, but may be less;
(B) the aggregate principal amount of each Bid Rate Borrowing shall comply with the provisions of Section 2.18(b)(ii2.25(b)(B) and together with all other Bid Rate Loans then outstanding shall not cause the limits outstanding principal amount of all Bid Rate Loans, after giving effect to the application of the proceeds of the such Bid Rate Borrowing, to exceed the limit specified in Section 2.1(a) to be violated2.25(a);
(C) acceptance of Bid Rate Quotes may be made only in ascending order of Absolute Rates or LIBOR Eurodollar Margins, as applicable, in each case beginning with the lowest rate so offered;
(D) any acceptance in part by the Borrower shall be in a minimum amount of $5,000,000 1,000,000 and integral multiples of $1,000,000 500,000 in excess thereofthereof for the applicable Bid Rate Borrowing; and
(E) the Borrower may not accept any Bid Rate Quote that fails to comply with Section 2.18(c2.25(c) or otherwise fails to comply with the requirements of this Agreement.
(ii) If Bid Rate Quotes are made by two or more Revolving Lenders with the same Absolute Rates or LIBOR Eurodollar Margins, as applicable, for a greater aggregate principal amount than the amount in respect of which Bid Rate Quotes are permitted to be accepted for the related Interest Period, the principal amount of Bid Rate Loans in respect of which such Bid Rate Quotes are accepted shall be allocated by the Administrative Agent among such Revolving Lenders in proportion to the aggregate principal amount of such Bid Rate Quotes. Determinations by the Administrative Agent of the amounts of Bid Rate Loans shall be conclusive in the absence of manifest error.
Appears in 1 contract
Acceptance by Borrower. (i) Not later than 12:00 12:30 p.m. (Central Time) (x) on the Business Day immediately preceding the proposed date of borrowing, in the case of an Absolute Rate Auction and (y) on the date three (3) Business Days prior to the proposed date of borrowing, in the case of a LIBOR Term SOFR Auction, the Borrower shall notify the Administrative Agent of its the Borrower’s acceptance or nonacceptance of the Bid Rate Quotes so notified to it pursuant to Section 2.18(d) 2.3.(d), which notice shall be in the form of Exhibit O. P. In the case of acceptance, such notice shall specify the aggregate principal amount of Bid Rate Quotes for each Interest Period that are accepted. The failure of the Borrower to give such notice by such time shall constitute nonacceptance. The Borrower may accept any Bid Rate Quote in whole or in part; provided that:
(A) the aggregate principal amount of each Bid Rate Borrowing may not exceed the applicable amount set forth in the related Bid Rate Quote Request, but may be less;
(B) the aggregate principal amount of each Bid Rate Borrowing shall comply with the provisions of Section 2.18(b)(ii2.3.(b)(ii) and together with all other Bid Rate Loans then outstanding shall not cause the limits specified in Section 2.1(a) 2.16. to be violated;
(C) acceptance of Bid Rate Quotes may be made only in ascending order of Absolute Rates or LIBOR Term SOFR Margins, as applicable, in each case beginning with the lowest rate so offered;
(D) any acceptance in part by the Borrower shall be in a minimum amount of $5,000,000 and integral multiples of $1,000,000 in excess thereof; and
(E) the Borrower may not accept any Bid Rate Quote that fails to comply with Section 2.18(c2.3.(c) or otherwise fails to comply with the requirements of this Agreement.
(ii) If Bid Rate Quotes are made by two or more Revolving Lenders with the same Absolute Rates or LIBOR Term SOFR Margins, as applicable, for a greater aggregate principal amount than the amount in respect of which Bid Rate Quotes are permitted to be accepted for the related Interest Period, the principal amount of Bid Rate Loans in respect of which such Bid Rate Quotes are accepted shall be allocated by the Administrative Agent among such Revolving Lenders in proportion to the aggregate principal amount of such Bid Rate Quotes. Determinations by the Administrative Agent of the amounts of Bid Rate Loans shall be conclusive in the absence of manifest error.
Appears in 1 contract
Acceptance by Borrower. (i) Not later than 12:00 p.m. (Central Time) 10:30 a.m. (x) on the Business Day immediately preceding the proposed date of borrowing, in the case of an Absolute Rate Auction and (y) on the date three (3) Business Days prior to the proposed date of borrowing, in the case of a LIBOR Auction, the Borrower shall notify the Administrative Agent of its acceptance or nonacceptance of the Bid Rate Quotes so notified to it pursuant to Section 2.18(d) 2.3.(d). which notice shall be in the form of Exhibit O. P. In the case of acceptance, such notice shall specify the aggregate principal amount of Bid Rate Quotes for each Interest Period that are accepted. The failure of the Borrower to give such notice by such time shall constitute nonacceptance. The Borrower may accept any Bid Rate Quote in whole or in part; provided that:
(A) the aggregate principal amount of each Bid Rate Borrowing may not exceed the applicable amount set forth in the related Bid Rate Quote Request, but may be less;
(B) the aggregate principal amount of each Bid Rate Borrowing shall comply with the provisions of Section 2.18(b)(ii2.3.(b)(ii) and together with all other Bid Rate Loans then outstanding shall not cause the limits specified in Section 2.1(a) 2.16. to be violated;
(C) acceptance of Bid Rate Quotes may be made only in ascending order of Absolute Rates or LIBOR Margins, as applicable, in each case beginning with the lowest rate so offered;
(D) any acceptance in part by the Borrower shall be in a minimum amount of $5,000,000 and integral multiples of $1,000,000 in excess thereof; and
(E) the Borrower may not accept any Bid Rate Quote that fails to comply with Section 2.18(c2.3.(c) or otherwise fails to comply with the requirements of this Agreement.
(ii) If Bid Rate Quotes are made by two or more Revolving Lenders with the same Absolute Rates or LIBOR Margins, as applicable, for a greater aggregate principal amount than the amount in respect of which Bid Rate Quotes are permitted to be accepted for the related Interest Period, the principal amount of Bid Rate Loans in respect of which such Bid Rate Quotes are accepted shall be allocated by the Administrative Agent among such Revolving Lenders in proportion to the aggregate principal amount of such Bid Rate Quotes. Determinations by the Administrative Agent of the amounts of Bid Rate Loans shall be conclusive in the absence of manifest error.
Appears in 1 contract
Samples: Credit Agreement (Corporate Office Properties, L.P.)
Acceptance by Borrower. (i) Not later than 12:00 p.m. (Central Time) 10:30 a.m. (x) on the Business Day immediately preceding the proposed date of borrowing, in the case of an Absolute Rate Auction and (y) on the date three (3) Business Days prior to the proposed date of borrowing, in the case of a LIBOR Auction, the Borrower shall notify the Administrative Agent of its acceptance or nonacceptance of the Bid Rate Quotes so notified to it pursuant to Section 2.18(d) 2.2.(d). which notice shall be in the form of Exhibit O. P. In the case of acceptance, such notice shall specify the aggregate principal amount of Bid Rate Quotes for each Interest Period that are accepted. The failure of the Borrower to give such notice by such time shall constitute nonacceptance. The Borrower may accept any Bid Rate Quote in whole or in part; provided that:
(A) the aggregate principal amount of each Bid Rate Borrowing may not exceed the applicable amount set forth in the related Bid Rate Quote Request, but may be less;
(B) the aggregate principal amount of each Bid Rate Borrowing shall comply with the provisions of Section 2.18(b)(ii2.2.(b)(ii) and together with all other Bid Rate Loans then outstanding shall not cause the limits specified in Section 2.1(a) 2.15. to be violated;
(C) acceptance of Bid Rate Quotes may be made only in ascending order of Absolute Rates or LIBOR Margins, as applicable, in each case beginning with the lowest rate so offered;
(D) any acceptance in part by the Borrower shall be in a minimum amount of $5,000,000 and integral multiples of $1,000,000 in excess thereof; and
(E) the Borrower may not accept any Bid Rate Quote that fails to comply with Section 2.18(c2.2.(c) or otherwise fails to comply with the requirements of this Agreement.
(ii) If Bid Rate Quotes are made by two or more Revolving Lenders with the same Absolute Rates or LIBOR Margins, as applicable, for a greater aggregate principal amount than the amount in respect of which Bid Rate Quotes are permitted to be accepted for the related Interest Period, the principal amount of Bid Rate Loans in respect of which such Bid Rate Quotes are accepted shall be allocated by the Administrative Agent among such Revolving Lenders in proportion to the aggregate principal amount of such Bid Rate Quotes. Determinations by the Administrative Agent of the amounts of Bid Rate Loans shall be conclusive in the absence of manifest error.
Appears in 1 contract
Samples: Credit Agreement (Corporate Office Properties Trust)
Acceptance by Borrower. (i) Not later than 12:00 p.m. (Central Time) 10:30 a.m. Pacific time (x) on the Business Day immediately preceding the proposed date of borrowing, in the case of an Absolute Rate Auction and (y) on the date three (3) 3 Business Days prior to the proposed date of borrowing, in the case of a LIBOR Auction, the Borrower shall notify the Administrative Agent of its acceptance or nonacceptance of the Bid Rate Quotes so notified to it pursuant to Section 2.18(d) 2.3.(d). which notice shall be in the form of Exhibit O. R. In the case of acceptance, such notice shall specify the aggregate principal amount of Bid Rate Quotes for each Interest Period that are accepted. The failure of the Borrower to give such notice by such time shall constitute nonacceptance. The Borrower may accept any Bid Rate Quote in whole or in part; provided that:
(A) the aggregate principal amount of each Bid Rate Borrowing may not exceed the applicable amount set forth in the related Bid Rate Quote Request, but may be less;
(B) the aggregate principal amount of each Bid Rate Borrowing shall comply with the provisions of Section 2.18(b)(ii2.3.(b)(ii) and together with all other Bid Rate Loans then outstanding shall not cause the limits specified in Section 2.1(a) 2.16. to be violated;
(C) acceptance of Bid Rate Quotes may be made only in ascending order of Absolute Rates or LIBOR Margins, as applicable, in each case beginning with the lowest rate so offered;
(D) any acceptance in part by the Borrower shall be in a minimum amount of $5,000,000 and integral multiples of $1,000,000 100,000 in excess thereof; and
(E) the Borrower may not accept any Bid Rate Quote that fails to comply with Section 2.18(c2.3.(c) or otherwise fails to comply with the requirements of this Agreement.
(ii) If Bid Rate Quotes are made by two or more Revolving Lenders with the same Absolute Rates or LIBOR Margins, as applicable, for a greater aggregate principal amount than the amount in respect of which Bid Rate Quotes are permitted to be accepted for the related Interest Period, the principal amount of Bid Rate Loans in respect of which such Bid Rate Quotes are accepted shall be allocated by the Administrative Agent among such Revolving Lenders in proportion to the aggregate principal amount of such Bid Rate Quotes. Determinations by the Administrative Agent of the amounts of Bid Rate Loans shall be conclusive in the absence of manifest error.
Appears in 1 contract
Acceptance by Borrower. (i) Not later than 12:00 p.m. (Central Time) 11:30 a.m. Eastern time (x) on the Business Day immediately preceding the proposed date of borrowing, in the case of an Absolute Rate Auction and (y) on the date three (3) Business Days prior to the proposed date of borrowing, in the case of a LIBOR Auction, the Borrower shall notify the Administrative Agent of its acceptance or nonacceptance of the Bid Rate Quotes so notified to it pursuant to Section 2.18(d) 2.2.(d). which notice shall be in the form of Exhibit O. M. In the case of acceptance, such notice shall specify the aggregate principal amount of Bid Rate Quotes offers for each Interest Period that are accepted. The failure of the Borrower to give such notice by such time shall constitute nonacceptance. The Borrower may accept any Bid Rate Quote in whole or in part; provided that:
(A) the aggregate principal amount of each Bid Rate Borrowing may not exceed the applicable amount set forth in the related Bid Rate Quote Request, but may be less;
(B) the aggregate principal amount of each Bid Rate Borrowing shall comply with the provisions of Section 2.18(b)(ii2.2. (b)(ii) and together with all other Bid Rate Loans then outstanding shall not cause the limits specified in Section 2.1(a) 2.16. to be violated;
(C) acceptance of Bid Rate Quotes may be made only in ascending order of Absolute Rates or LIBOR Margins, as applicable, in each case beginning with the lowest rate so offered;
(D) any acceptance in part by the Borrower shall be in a minimum amount of $5,000,000 and integral multiples of $1,000,000 in excess thereof; and
(E) the Borrower may not accept any Bid Rate Quote that fails to comply with Section 2.18(c2.2.(c) or otherwise fails to comply with the requirements of this Agreement.
(ii) If Bid Rate Quotes are made by two or more Revolving Lenders with the same Absolute Rates or LIBOR Margins, as applicable, for a greater aggregate principal amount than the amount in respect of which Bid Rate Quotes are permitted to be accepted ac-cepted for the related Interest Period, the principal amount of Bid Rate Loans in respect of which such Bid Rate Quotes are accepted shall be allocated by the Administrative Agent among such Revolving Lenders in proportion to the aggregate principal amount of such Bid Rate Quotes. Determinations by the Administrative Agent of the amounts of Bid Rate Loans shall be conclusive in the absence of manifest error.
Appears in 1 contract
Samples: Credit Agreement (Washington Real Estate Investment Trust)
Acceptance by Borrower. (ix) Not later than 12:00 p.m. (Central Time) (x) on the Business Day immediately preceding the proposed date of borrowing, in the case of an Absolute Rate Auction and (y) on the date three (3) Business Days prior to the proposed date of borrowing, in the case of a LIBOR LIBORTerm SOFR Auction, the Borrower shall notify the Administrative Agent of its acceptance or nonacceptance of the Bid Rate Quotes so notified to it pursuant to Section 2.18(d) which notice shall be in the form of Exhibit O. In the case of acceptance, such notice shall specify the aggregate principal amount of Bid Rate Quotes for each Interest Period that are accepted. The failure of the Borrower to give such notice by such time shall constitute nonacceptance. The Borrower may accept any Bid Rate Quote in whole or in part; provided that:
(A) the aggregate principal amount of each Bid Rate Borrowing may not exceed the applicable amount set forth in the related Bid Rate Quote Request, but may be less;
(B) the aggregate principal amount of each Bid Rate Borrowing shall comply with the provisions of Section 2.18(b)(ii) and together with all other Bid Rate Loans then outstanding shall not cause the limits specified in Section 2.1(a) to be violated;
(C) acceptance of Bid Rate Quotes may be made only in ascending order of Absolute Rates or LIBOR LIBORTerm SOFR Margins, as applicable, in each case beginning with the lowest rate so offered;
(D) any acceptance in part by the Borrower shall be in a minimum amount of $5,000,000 and integral multiples of $1,000,000 in excess thereof; and
(E) the Borrower may not accept any Bid Rate Quote that fails to comply with Section 2.18(c) or otherwise fails to comply with the requirements of this Agreement.
(ii) If Bid Rate Quotes are made by two or more Revolving Lenders with the same Absolute Rates or LIBOR LIBORTerm SOFR Margins, as applicable, for a greater aggregate principal amount than the amount in respect of which Bid Rate Quotes are permitted to be accepted for the related Interest Period, the principal amount of Bid Rate Loans in respect of which such Bid Rate Quotes are accepted shall be allocated by the Administrative Agent among such Revolving Lenders in proportion to the aggregate principal amount of such Bid Rate Quotes. Determinations by the Administrative Agent of the amounts of Bid Rate Loans shall be conclusive in the absence of manifest error.
Appears in 1 contract
Samples: Unsecured Revolving Credit Agreement (First Industrial Lp)
Acceptance by Borrower. (i) Not later than 12:00 p.m. (Central Time) 9:30 a.m. (x) on the Business Day immediately preceding the proposed date of borrowing, in the case of an Absolute Rate Auction Margin and (y) on the date three (3) Business Days prior to the proposed date of borrowing, in the case of a LIBOR Auction, the Borrower shall notify the Administrative Agent of its acceptance or nonacceptance of the Bid Rate Quotes offers so notified to it pursuant to Section 2.18(d2.2.
(d) which notice shall be in the form of Exhibit O. K. In the case of acceptance, such notice shall specify the aggregate principal amount of Bid Rate Quotes offers for each Interest Period that are accepted. The failure of the Borrower to give such notice by such time shall constitute nonacceptance. The Borrower may accept any Bid Rate Quote in whole or in part; provided that:
(A) the aggregate principal amount of each Bid Rate Borrowing may not exceed the applicable amount set forth in the related Bid Rate Quote Request, but may be less;
(B) the aggregate principal amount of each Bid Rate Borrowing shall comply with the provisions of Section 2.18(b)(ii2.2.(b)(ii) and together with all other Bid Rate Loans then outstanding but shall not cause the limits specified in Section 2.1(a) 2.14. to be violated;
(C) acceptance of Bid Rate Quotes offers may be made only in ascending order of Absolute Rates or LIBOR Margins, as applicable, in each case beginning with the lowest rate so offered;
(D) any acceptance in part by the Borrower shall be in a minimum amount of $5,000,000 and integral multiples of $1,000,000 in excess thereof; and
(E) the Borrower may not accept any Bid Rate Quote offer that fails to comply with Section 2.18(c2.2.(c) or otherwise fails to comply with the requirements of this Agreement.
(ii) If Bid Rate Quotes offers are made by two or more Revolving Lenders with the same Absolute Rates or LIBOR Margins, as applicable, for a greater aggregate principal amount than the amount in respect of which Bid Rate Quotes offers are permitted to be accepted for the related Interest Period, the principal amount of Bid Rate Loans in respect of which such Bid Rate Quotes offers are accepted shall be allocated by the Administrative Agent among such Revolving Lenders in proportion to the aggregate principal amount of such Bid Rate Quotesoffers. Determinations by the Administrative Agent of the amounts of Bid Rate Loans shall be conclusive in the absence of manifest error.
Appears in 1 contract
Acceptance by Borrower. (i) Not later than 12:00 p.m. (Central Time) 10:30 a.m. (x) on the Business Day immediately preceding the proposed date of borrowing, in the case of an Absolute Rate Auction and (y) on the date three (3) Business Days prior to the proposed date of borrowing, in the case of a LIBOR Auction, the Borrower shall notify the Administrative Agent of its acceptance or nonacceptance non-acceptance of the Bid Rate Quotes so notified to it pursuant to Section 2.18(d2.3(d) which notice by Borrower shall be in the form of Exhibit O. E. In the case of acceptance, such notice shall specify the aggregate principal amount of Bid Rate Quotes for each Interest Period that are accepted. The failure of the Borrower to give such notice by such time shall constitute nonacceptancenon-acceptance. The Borrower may accept any Bid Rate Quote in whole or in part; provided that:
(A) the aggregate principal amount of each Bid Rate Borrowing may not exceed the applicable amount set forth in the related Bid Rate Quote Request, but may be less;
(B) the aggregate principal amount of each Bid Rate Borrowing shall comply with the provisions of Section 2.18(b)(ii) 2.3(b)(ii), and together with all other Bid Rate Loans then outstanding shall not cause the limits specified in Section 2.1(a) 2.17 to be violated;
(C) acceptance of Bid Rate Quotes may be made only in ascending order of Absolute Rates or LIBOR Margins, as applicable, in each case beginning with the lowest rate so offered;
(D) any acceptance in part by the Borrower shall be in a minimum amount of $5,000,000 2,000,000 and integral multiples of $1,000,000 500,000 in excess thereof; and
(E) the Borrower may not accept any Bid Rate Quote that fails to comply with Section 2.18(c2.3(c) or otherwise fails to comply with the requirements of this Agreement.
(ii) If Bid Rate Quotes are made by two or more Revolving Lenders with the same Absolute Rates or LIBOR Margins, as applicable, for a greater aggregate principal amount than the amount in respect of which Bid Rate Quotes are permitted to be accepted for the related Interest Period, the principal amount of Bid Rate Loans in respect of which such Bid Rate Quotes are permitted to be accepted shall be allocated by the Administrative Agent among such Revolving Lenders in proportion to the aggregate principal amount of such Bid Rate Quotes. Determinations by the Administrative Agent of the amounts of Bid Rate Loans shall be conclusive in the absence of manifest error.
Appears in 1 contract
Samples: Credit Agreement (Equity One, Inc.)
Acceptance by Borrower. (i) Not later than 12:00 12:30 p.m. (Central Time) time (x) on the Business Day immediately preceding the proposed date of borrowing, in the case of an Absolute Rate Auction and (y) on the date three (3) 3 Business Days prior to the proposed date of borrowing, in the case of a LIBOR Auction, the Borrower shall notify the Administrative Agent of its acceptance or nonacceptance of the Bid Rate Quotes so notified to it pursuant to Section 2.18(d) 2.2.(d). which notice shall be in the form of Exhibit O. P. In the case of acceptance, such notice shall specify the aggregate principal amount of Bid Rate Quotes for each Interest Period that are accepted. The failure of the Borrower to give such notice by such time shall constitute nonacceptance. The Borrower may accept any Bid Rate Quote in whole or in part; provided that:
(A) the aggregate principal amount of each Bid Rate Borrowing may not exceed the applicable amount set forth in the related Bid Rate Quote Request, but may be less;
(B) the aggregate principal amount of each Bid Rate Borrowing shall comply with the provisions of Section 2.18(b)(ii2.2.(b)(ii) and together with all other Bid Rate Loans then outstanding shall not cause the limits specified in Section 2.1(a) 2.15. to be violated;
(C) acceptance of Bid Rate Quotes may be made only in ascending order of Absolute Rates or LIBOR Margins, as applicable, in each case beginning with the lowest rate so offered;
(D) any acceptance in part by the Borrower shall be in a minimum amount of $5,000,000 and integral multiples of $1,000,000 in excess thereof; and
(E) the Borrower may not accept any Bid Rate Quote that fails to comply with Section 2.18(c2.2.(c) or otherwise fails to comply with the requirements of this Agreement.
(ii) If Bid Rate Quotes are made by two or more Revolving Lenders with the same Absolute Rates or LIBOR Margins, as applicable, for a greater aggregate principal amount than the amount in respect of which Bid Rate Quotes are permitted to be accepted ac-cepted for the related Interest Period, the principal amount of Bid Rate Loans in respect of which such Bid Rate Quotes are accepted shall be allocated by the Administrative Agent among such Revolving Lenders in proportion to the aggregate principal amount of such Bid Rate Quotes. Determinations by the Administrative Agent of the amounts of Bid Rate Loans shall be conclusive in the absence of manifest error.
Appears in 1 contract
Samples: Credit Agreement (Colonial Realty Limited Partnership)
Acceptance by Borrower. (i) Not later than 12:00 p.m. (Central Time) (x) on the Business Day immediately preceding the proposed date of borrowing, in the case of an Absolute Rate Auction and (y) on the date three (3) Business Days prior Subject only to the proposed date provisions of borrowingthis paragraph, the Borrower may accept or reject any Competitive Bid. The Borrower shall notify the Administrative Agent by telephone, confirmed by telecopy in a form approved by the Administrative Agent, whether and to what extent it has decided to accept or reject each Competitive Bid, in the case of a LIBOR AuctionEurodollar Competitive Bid Borrowing, not later than 12:30 p.m. three Business Days before the Borrower shall notify the Administrative Agent of its acceptance or nonacceptance date of the proposed Competitive Bid Rate Quotes so notified to it pursuant to Section 2.18(d) which notice shall be Borrowing, and in the form of Exhibit O. In the case of acceptancea Fixed Rate Borrowing, such notice shall specify not later than 11:00 a.m. on the aggregate principal amount proposed date of the Competitive Bid Rate Quotes for each Interest Period Borrowing; provided, that are accepted. The (i) the failure of the Borrower to -------- give such notice by such time shall constitute nonacceptance. The be deemed to be a rejection of each Competitive Bid, (ii) the Borrower may shall not accept any a Competitive Bid made at a particular Competitive Bid Rate Quote in whole or in part; provided that:
if the Borrower rejects a Competitive Bid made at a lower Competitive Bid Rate, (Aiii) the aggregate principal amount of each Bid Rate Borrowing may not exceed the applicable amount set forth in the related Bid Rate Quote Request, but may be less;
(B) the aggregate principal amount of each Bid Rate Borrowing shall comply with the provisions of Section 2.18(b)(ii) and together with all other Bid Rate Loans then outstanding shall not cause the limits specified in Section 2.1(a) to be violated;
(C) acceptance of Bid Rate Quotes may be made only in ascending order of Absolute Rates or LIBOR Margins, as applicable, in each case beginning with the lowest rate so offered;
(D) any acceptance in part Competitive Bids accepted by the Borrower shall not exceed the aggregate amount of the requested Competitive Bid Borrowing specified in the related Competitive Bid Request, (iv) to the extent necessary to comply with clause (iii) above, the Borrower may accept Competitive Bids at the same Competitive Bid Rate in part, which acceptance, in the case of multiple Competitive Bids at such Competitive Bid Rate, shall be made pro rata in accordance with the amount of each such Competitive Bid, and (v) except pursuant to clause (iv) above, no Competitive Bid shall be accepted for a Competitive Bid Loan unless such Competitive Loan is in a minimum principal amount of $5,000,000 and an integral multiple of $1,000,000; provided, further, -------- ------- that if a Competitive Bid Loan must be in an amount less than $5,000,000 because of the provisions of clause (iv) above, such Competitive Bid Loan may be for a minimum of $1,000,000 or any integral multiple thereof, and in calculating the pro rata allocation of acceptances of portions of multiple Competitive Bids at a particular Competitive Bid Rate pursuant to clause (iv) the amounts shall be rounded to integral multiples of $1,000,000 in excess thereof; and
(E) a manner determined by the Borrower. A notice given by the Borrower may not accept any Bid Rate Quote that fails pursuant to comply with Section 2.18(c) or otherwise fails to comply with the requirements of this Agreement.
(ii) If Bid Rate Quotes are made by two or more Revolving Lenders with the same Absolute Rates or LIBOR Margins, as applicable, for a greater aggregate principal amount than the amount in respect of which Bid Rate Quotes are permitted to be accepted for the related Interest Period, the principal amount of Bid Rate Loans in respect of which such Bid Rate Quotes are accepted paragraph shall be allocated by the Administrative Agent among such Revolving Lenders in proportion to the aggregate principal amount of such Bid Rate Quotes. Determinations by the Administrative Agent of the amounts of Bid Rate Loans shall be conclusive in the absence of manifest errorirrevocable.
Appears in 1 contract
Acceptance by Borrower. (i) Not later than 12:00 p.m. (Central Time) 11:00 a.m. (x) on the Business Day immediately preceding the proposed date of borrowing, in the case of an Absolute Rate Auction and (y) on the date three (3) Business Days prior to the proposed date of borrowing, in the case of a LIBOR Auction, the Borrower shall notify the Administrative Agent of its acceptance or nonacceptance of the Bid Rate Quotes so notified to it pursuant to Section 2.18(d2.2.(d) which notice shall be in the form of Exhibit O. J. In the case of acceptance, such notice shall specify the aggregate principal amount of Bid Rate Quotes for each Interest Period that are accepted. The failure of the Borrower to give such notice by such time shall constitute nonacceptance. The Agent shall promptly notify each affected Lender. The Borrower may accept any Bid Rate Quote in whole or in part; provided that:
(A) the aggregate principal amount of each Bid Rate Borrowing may not exceed the applicable amount set forth in the related Bid Rate Quote Request, but may be less;
(B) the aggregate principal amount of each Bid Rate Borrowing shall comply with the provisions of Section 2.18(b)(ii) and together with all other Bid Rate Loans then outstanding 3.5. but shall not cause the limits specified in Section 2.1(a) 2.14. to be violated;
(C) acceptance of Bid Rate Quotes may be made only in ascending order of Absolute Rates or LIBOR Margins, as applicable, in each case beginning with the lowest rate so offered;
(D) any acceptance in part by the Borrower shall be in a minimum amount of $5,000,000 and integral multiples of $1,000,000 in excess thereof; and
(E) the Borrower may not accept any Bid Rate Quote that fails to comply with Section 2.18(c2.2.(c) or otherwise fails to comply with the requirements of this Agreement); and
(E) any acceptance in part shall be in a minimum amount of $1,000,000 and integral multiples of $500,000 in excess thereof.
(ii) If Bid Rate Quotes are made by two or more Revolving Lenders with the same Absolute Rates or LIBOR Margins, as applicable, for a greater aggregate principal amount than the amount in respect of which Bid Rate Quotes are permitted to be accepted for the related Interest Period, the principal amount of Bid Rate Loans in respect of which such Bid Rate Quotes are accepted shall be allocated by the Administrative Agent among such Revolving Lenders in proportion to the aggregate principal amount of such Bid Rate Quotes. Determinations by the Administrative Agent of the amounts of Bid Rate Loans shall be conclusive in the absence of manifest error.
Appears in 1 contract
Samples: Credit Agreement (UDR, Inc.)
Acceptance by Borrower. (i) Not later than 12:00 p.m. (Central Time) 11:00 a.m. (x) on the Business Day immediately preceding the proposed date of borrowing, in the case of an Absolute Rate Auction and (y) on the date three (3) Business Days prior to the proposed date of borrowing, in the case of a (a) LIBOR Auction, the Borrower shall notify the Administrative Agent of its acceptance or nonacceptance of the Bid Rate Quotes so notified to it pursuant to Section 2.18(d) 2.2.(d). which notice shall be in the form of Exhibit O. N (a “Bid Rate Quote Acceptance”). In the case of acceptance, such notice shall specify the aggregate principal amount of Bid Rate Quotes for each Interest Period that are accepted. The failure of the Borrower to give such notice by such time shall constitute nonacceptance. The Borrower may accept any Bid Rate Quote in whole or in part; provided that:
(A) the aggregate principal amount of each Bid Rate Borrowing may not exceed the applicable amount set forth in the related Bid Rate Quote Request, but may be less;
(B) the aggregate principal amount of each Bid Rate Borrowing shall comply with the provisions of Section 2.18(b)(ii2.2.(b)(ii) and together with all other Bid Rate Loans then outstanding shall not cause the limits specified in Section 2.1(a) 2.15. to be violated;
(C) acceptance of Bid Rate Quotes may be made only in ascending order of Absolute Rates or LIBOR Margins, as applicable, in each case beginning with the lowest rate so offered;
(D) any acceptance in part by the Borrower shall be in a minimum amount of $5,000,000 3,000,000 and integral multiples of $1,000,000 in excess thereof; and
(E) the Borrower may not accept any Bid Rate Quote Quotes that fails to comply with Section 2.18(c2.2.(c) or otherwise fails to comply with the requirements of this Agreement.
(ii) If Bid Rate Quotes are made by two or more Revolving Lenders with the same Absolute Rates or LIBOR Margins, as applicable, for a greater aggregate principal amount than the amount in respect of which Bid Rate Quotes are permitted to be accepted for the related Interest Period, the principal amount of Bid Rate Loans in respect of which such Bid Rate Quotes are accepted shall be allocated by the Administrative Agent among such Revolving Lenders in proportion to the aggregate principal amount of such Bid Rate Quotes. Determinations by the Administrative Agent of the amounts of Bid Rate Loans shall be conclusive in the absence of manifest error.
Appears in 1 contract
Acceptance by Borrower. (i) Not later than 12:00 p.m. (Central Time) 9:30 a.m. Pacific time (x) on the Business Day immediately preceding the proposed date of borrowing, in the case of an Absolute Rate Auction and or (y) on the date three (3) Business Days prior to the proposed date of borrowing, in the case of a LIBOR Auction, the Borrower shall notify the Administrative Agent of its acceptance or nonacceptance of the Bid Rate Quotes so notified to it pursuant to Section 2.18(d) 2.2.(d). which notice shall be in the form of Exhibit O. J. In the case of acceptance, such notice shall specify the aggregate principal amount of Bid Rate Quotes for each Interest Period that are accepted. The failure of the Borrower to give such notice by such time shall constitute nonacceptance. The Borrower may accept any Bid Rate Quote in whole or in part; provided that:
(A) the aggregate principal amount of each Bid Rate Borrowing may not exceed the applicable amount set forth in the related Bid Rate Quote Request, but may be less;
(B) the aggregate principal amount of each Bid Rate Borrowing shall comply with the provisions of Section 2.18(b)(ii2.2.(b)(ii) and together with all other Bid Rate Loans then outstanding shall not cause the limits specified in Section 2.1(a) 2.16. to be violated;
(C) acceptance of Bid Rate Quotes may be made only in ascending order of Absolute Rates or LIBOR Margins, as applicable, in each case beginning with the lowest rate so offered;
(D) any acceptance in part by the Borrower shall be in a minimum amount of $5,000,000 and integral multiples of $1,000,000 100,000 in excess thereof; and
(E) the Borrower may not accept any Bid Rate Quote that fails to comply with Section 2.18(c2.2.(c) or otherwise fails to comply with the requirements of this Agreement.
(ii) If Bid Rate Quotes are made by two or more Revolving Lenders with the same Absolute Rates or LIBOR Margins, as applicable, for a greater aggregate principal amount than the amount in respect of which Bid Rate Quotes are permitted to be accepted accepted for the related Interest Period, the principal amount of Bid Rate Loans in respect of which such Bid Rate Quotes are accepted shall be allocated by the Administrative Agent among such Revolving Lenders in proportion to the aggregate principal amount of such Bid Rate Quotes. Determinations by the Administrative Agent of the amounts of Bid Rate Loans shall be conclusive in the absence of manifest error.
Appears in 1 contract
Acceptance by Borrower. (i) Not later than 12:00 p.m. (Central Time) (x) on the Business Day immediately preceding the proposed date of borrowing, in the case of an Absolute Rate Auction and (y) on the date three (3) Business Days prior Subject only to the proposed date provisions of borrowingthis paragraph, the Borrower (for itself or on behalf of any Designated Borrower) may accept or reject any Competitive Bid. The Borrower (for itself or on behalf of any Designated Borrower) shall notify the Administrative Agent by telephone, confirmed by telecopy in a form approved by the Administrative Agent, whether and to what extent it has decided to accept or reject each Competitive Bid, in the case of a LIBOR AuctionEurocurrency Competitive Bid Borrowing, not later than 12:30 p.m. three Business Days before the Borrower shall notify the Administrative Agent of its acceptance or nonacceptance date of the proposed Competitive Bid Rate Quotes so notified to it pursuant to Section 2.18(d) which notice shall be Borrowing, and in the form of Exhibit O. In the case of acceptancea Fixed Rate Borrowing, such notice shall specify not later than 11:00 a.m. on the aggregate principal amount proposed date of the Competitive Bid Rate Quotes for each Interest Period Borrowing; provided, that are accepted. The (i) the failure of the Borrower to give such notice by such time shall constitute nonacceptance. The be deemed to be a rejection of each Competitive Bid, (ii) the Borrower may (for itself or on behalf of any Designated Borrower) shall not accept any a Competitive Bid made at a particular Competitive Bid Rate Quote in whole or in part; provided that:
if the Borrower rejects a Competitive Bid made at a lower Competitive Bid Rate, (Aiii) the aggregate principal amount of the Competitive Bids accepted by the Borrower (for itself or on behalf of any Designated Borrower) shall not exceed the aggregate amount of the requested Competitive Bid Borrowing specified in the related Competitive Bid Request, (iv) to the extent necessary to comply with clause (iii) above, the Borrower (for itself or on behalf of any Designated Borrower) may accept Competitive Bids at the same Competitive Bid Rate in part, which acceptance, in the case of multiple Competitive Bids at such Competitive Bid Rate, shall be made pro rata in accordance with the amount of each such Competitive Bid, and (v) except pursuant to clause (iv) above, no Competitive Bid Rate Borrowing may not exceed the applicable amount set forth in the related Bid Rate Quote Request, but may be less;
(B) the aggregate principal amount of each Bid Rate Borrowing shall comply with the provisions of Section 2.18(b)(ii) and together with all other Bid Rate Loans then outstanding shall not cause the limits specified in Section 2.1(a) to be violated;
(C) acceptance of Bid Rate Quotes may be made only in ascending order of Absolute Rates or LIBOR Margins, as applicable, in each case beginning with the lowest rate so offered;
(D) any acceptance in part by the Borrower shall be accepted for a Competitive Bid Loan unless such Competitive Loan is in a minimum principal amount of $5,000,000 (or the Dollar Equivalent thereof in the Foreign Currency in which such Competitive Bid Loan is denominated) and an integral multiple of $1,000,000 (or the Dollar Equivalent thereof in the Foreign Currency in which such Competitive Bid Loan is denominated); provided, further, that if a Competitive Bid Loan must be in an amount less than $5,000,000 (or the Dollar Equivalent thereof in the Foreign Currency in which such Competitive Bid Loan is denominated) because of the provisions of clause (iv) above, such Competitive Bid Loan may be for a minimum of $1,000,000 (or the Dollar Equivalent thereof in the Foreign Currency in which such Competitive Bid Loan is denominated) or any integral multiple thereof, and in calculating the pro rata allocation of acceptances of portions of multiple Competitive Bids at a particular Competitive Bid Rate pursuant to clause (iv) the amounts shall be rounded to integral multiples of $1,000,000 (or the Dollar Equivalent thereof in excess thereof; and
(Ethe Foreign Currency in which such Competitive Bid Loan is denominated) in a manner determined by the Borrower. A notice given by the Borrower may not accept (whether for itself or on behalf of any Bid Rate Quote that fails Designated Borrower) pursuant to comply with Section 2.18(c) or otherwise fails to comply with the requirements of this Agreement.
(ii) If Bid Rate Quotes are made by two or more Revolving Lenders with the same Absolute Rates or LIBOR Margins, as applicable, for a greater aggregate principal amount than the amount in respect of which Bid Rate Quotes are permitted to be accepted for the related Interest Period, the principal amount of Bid Rate Loans in respect of which such Bid Rate Quotes are accepted paragraph shall be allocated by the Administrative Agent among such Revolving Lenders in proportion to the aggregate principal amount of such Bid Rate Quotes. Determinations by the Administrative Agent of the amounts of Bid Rate Loans shall be conclusive in the absence of manifest errorirrevocable.
Appears in 1 contract
Acceptance by Borrower. (i) Not later than 12:00 p.m. (Central Time) 10:30 a.m. Pacific time (x) on the Business Day immediately preceding the proposed date of borrowing, in the case of an Absolute Rate Auction and (y) on the date three (3) 3 Business Days prior to the proposed date of borrowing, in the case of a LIBOR Auction, the Borrower shall notify the Administrative Agent of its acceptance or nonacceptance of the Bid Rate Quotes so notified to it pursuant to Section 2.18(d) 2.3.(d). which notice shall be in the form of Exhibit O. Q. In the case of acceptance, such notice shall specify the aggregate principal amount of Bid Rate Quotes for each Interest Period that are accepted. The failure of the Borrower to give such notice by such time shall constitute nonacceptance. The Borrower may accept any Bid Rate Quote in whole or in part; provided that:
(A) the aggregate principal amount of each Bid Rate Borrowing may not exceed the applicable amount set forth in the related Bid Rate Quote Request, but may be less;
(B) the aggregate principal amount of each Bid Rate Borrowing shall comply with the provisions of Section 2.18(b)(ii2.3.(b)(ii) and together with all other Bid Rate Loans then outstanding shall not cause the limits specified in Section 2.1(a) 2.16. to be violated;
(C) acceptance of Bid Rate Quotes may be made only in ascending order of Absolute Rates or LIBOR Margins, as applicable, in each case beginning with the lowest rate so offered;
(D) any acceptance in part by the Borrower shall be in a minimum amount of $5,000,000 and integral multiples of $1,000,000 100,000 in excess thereof; and
(E) the Borrower may not accept any Bid Rate Quote that fails to comply with Section 2.18(c2.3.(c) or otherwise fails to comply with the requirements of this Agreement.
(ii) If Bid Rate Quotes are made by two or more Revolving Lenders with the same Absolute Rates or LIBOR Margins, as applicable, for a greater aggregate principal amount than the amount in respect of which Bid Rate Quotes are permitted to be accepted for the related Interest Period, the principal amount of Bid Rate Loans in respect of which such Bid Rate Quotes are accepted shall be allocated by the Administrative Agent among such Revolving Lenders in proportion to the aggregate principal amount of such Bid Rate Quotes. Determinations by the Administrative Agent of the amounts of Bid Rate Loans shall be conclusive in the absence of manifest error.
Appears in 1 contract
Acceptance by Borrower. (i) Not later than 12:00 p.m. (Central Time) 11:30 a.m. Eastern time (x) on the Business Day immediately preceding the proposed date of borrowing, in the case of an Absolute Rate Auction and (y) on the date three (3) Business Days prior to the proposed date of borrowing, in the case of a LIBOR Auction, the Borrower shall notify the Administrative Agent of its acceptance or nonacceptance of the Bid Rate Quotes so notified to it pursuant to Section 2.18(d) 2.2.(d). which notice shall be in the form of Exhibit O. M. In the case of acceptance, such notice shall specify the aggregate principal amount of Bid Rate Quotes offers for each Interest Period that are accepted. The failure of the Borrower to give such notice by such time shall constitute nonacceptance. The Borrower may accept any Bid Rate Quote in whole or in part; provided that:
(A) the aggregate principal amount of each Bid Rate Borrowing may not exceed the applicable amount set forth in the related Bid Rate Quote Request, but may be less;
(B) the aggregate principal amount of each Bid Rate Borrowing shall comply with the provisions of Section 2.18(b)(ii2.2. (b)(ii) and together with all other Bid Rate Loans then outstanding shall not cause the limits specified in Section 2.1(a) 2.16. to be violated;
(C) acceptance of Bid Rate Quotes may be made only in ascending order of Absolute Rates or LIBOR Margins, as applicable, in each case beginning with the lowest rate so offered;
(D) any acceptance in part by the Borrower shall be in a minimum amount of $5,000,000 and integral multiples of $1,000,000 in excess thereof; and
(E) the Borrower may not accept any Bid Rate Quote that fails to comply with Section 2.18(c2.2.(c) or otherwise fails to comply with the requirements of this Agreement.
(ii) If Bid Rate Quotes are made by two or more Revolving Lenders with the same Absolute Rates or LIBOR Margins, as applicable, for a greater aggregate principal amount than the amount in respect of which Bid Rate Quotes are permitted to be accepted for the related Interest Period, the principal amount of Bid Rate Loans in respect of which such Bid Rate Quotes are accepted shall be allocated by the Administrative Agent among such Revolving Lenders in proportion to the aggregate principal amount of such Bid Rate Quotes. Determinations by the Administrative Agent of the amounts of Bid Rate Loans shall be conclusive in the absence of manifest error.
Appears in 1 contract
Samples: Credit Agreement (Washington Real Estate Investment Trust)
Acceptance by Borrower. (i) Not later than 12:00 p.m. (Central Time) 11:00 a.m. (x) on the Business Day immediately preceding the proposed date of borrowing, in the case of an Absolute Rate Auction and (y) on the date three (3) Business Days prior to the proposed date of borrowing, in the case of a LIBOR Auction, the Borrower shall notify the Administrative Agent of its acceptance or nonacceptance of the Bid Rate Quotes offers so notified to it pursuant to Section 2.18(d2.2.(d) which notice shall be in the form of Exhibit O. J. In the case of acceptance, such notice shall specify the aggregate principal amount of Bid Rate Quotes offers for each Interest Period that are accepted. The failure of the Borrower to give such notice by such time shall constitute nonacceptance. The Agent shall promptly notify each affected Lender. The Borrower may accept any Bid Rate Quote in whole or in part; provided that:
(A) the aggregate principal amount of each Bid Rate Borrowing may not exceed the applicable amount set forth in the related Bid Rate Quote Request, but may be less;
(B) the aggregate principal amount of each Bid Rate Borrowing shall comply with the provisions of Section 2.18(b)(ii) and together with all other Bid Rate Loans then outstanding 3.5. but shall not cause the limits specified in Section 2.1(a) 2.15. to be violated;
(C) acceptance of Bid Rate Quotes offers may be made only in ascending order of Absolute Rates or LIBOR Margins, as applicable, in each case beginning with the lowest rate so offered;
(D) any acceptance in part by the Borrower shall be in a minimum amount of $5,000,000 and integral multiples of $1,000,000 in excess thereof; and
(E) the Borrower may not accept any Bid Rate Quote that fails to comply with Section 2.18(c2.2.(c) or otherwise fails to comply with the requirements of this Agreement); and
(E) any acceptance in part shall be in a minimum amount of $1,000,000 and integral multiples of $500,000 in excess thereof.
(ii) If Bid Rate Quotes offers are made by two or more Revolving Lenders with the same Absolute Rates or LIBOR Margins, as applicable, for a greater aggregate principal amount than the amount in respect of which Bid Rate Quotes offers are permitted to be accepted for the related Interest Period, the principal amount of Bid Rate Loans in respect of which such Bid Rate Quotes offers are accepted shall be allocated by the Administrative Agent among such Revolving Lenders in proportion to the aggregate principal amount of such Bid Rate Quotesoffers. Determinations by the Administrative Agent of the amounts of Bid Rate Loans shall be conclusive in the absence of manifest error.
Appears in 1 contract
Samples: Credit Agreement (United Dominion Realty Trust Inc)
Acceptance by Borrower. (i) Not later than 12:00 p.m. (Central Time) 11:00 a.m. (x) on the Business Day immediately preceding the proposed date of borrowing, in the case of an Absolute Rate Auction and (y) on the date three (3) Business Days prior to the proposed date of borrowing, in the case of a LIBOR Auction, the Borrower shall notify the Administrative Agent of its acceptance or nonacceptance of the Bid Rate Quotes so notified to it pursuant to Section 2.18(d2.3.(d) which notice shall be in the form of Exhibit O. N. In the case of acceptance, such notice shall specify the aggregate principal amount of Bid Rate Quotes for each Interest Period that are accepted. The failure of the Borrower to give such notice by such time shall constitute nonacceptance. The Agent shall promptly notify each affected Lender. The Borrower may accept any Bid Rate Quote in whole or in part; provided that:
(A) the aggregate principal amount of each Bid Rate Borrowing may not exceed the applicable amount set forth in the related Bid Rate Quote Request, but may be less;
(B) the aggregate principal amount of each Bid Rate Borrowing shall comply with the provisions of Section 2.18(b)(ii) 3.5., and together with all other Bid Rate Loans then outstanding accepted in such auction shall not cause the limits specified in Section 2.1(a) 2.16. to be violated;
(C) acceptance of Bid Rate Quotes may be made only in ascending order of Absolute Rates or LIBOR Margins, as applicable, in each case beginning with the lowest rate so offered;
(D) any acceptance in part by the Borrower shall be in a minimum amount of $5,000,000 and integral multiples of $1,000,000 in excess thereof; and
(E) the Borrower may not accept any Bid Rate Quote that fails to comply with Section 2.18(c2.3.(c) or otherwise fails to comply with the requirements of this Agreement; and
(E) any acceptance in part shall be in a minimum amount of $1,000,000 and integral multiples of $500,000 in excess thereof.
(ii) If Bid Rate Quotes are made by two or more Revolving Lenders with the same Absolute Rates or LIBOR Margins, as applicable, for a greater aggregate principal amount than the amount in respect of which Bid Rate Quotes are permitted to be accepted for the related Interest Period, the principal amount of Bid Rate Loans in respect of which such Bid Rate Quotes are accepted shall be allocated by the Administrative Agent among such Revolving Lenders in proportion to the aggregate principal amount of such Bid Rate Quotes. Determinations by the Administrative Agent of the amounts of Bid Rate Loans shall be conclusive in the absence of manifest error.
Appears in 1 contract
Samples: Credit Agreement (U-Store-It Trust)
Acceptance by Borrower. (i) Not later than 12:00 p.m. (Central Time) 10:30 a.m. (x) on the Business Day immediately preceding the proposed date of borrowing, in the case of an Absolute Rate Auction and (y) on the date three (3) Business Days prior to the proposed date of borrowing, in the case of a LIBOR Auction, the Borrower shall notify the Administrative Agent of its acceptance or nonacceptance of the Bid Rate Quotes so notified to it pursuant to Section 2.18(d) 2.3.(d). which notice shall be in the form of Exhibit O. P. In the case of acceptance, such notice shall specify the aggregate principal amount of Bid Rate Quotes for each Interest Period that are accepted. The failure of the Borrower to give such notice by such time shall constitute nonacceptance. The Borrower may accept any Bid Rate Quote in whole or in part; provided that:
(A) the aggregate principal amount of each Bid Rate Borrowing may not exceed the applicable amount set forth in the related Bid Rate Quote Request, but may be less;
(B) the aggregate principal amount of each Bid Rate Borrowing shall comply with the provisions of Section 2.18(b)(ii2.3.(b)(ii) and together with all other Bid Rate 38 Loans then outstanding shall not cause the limits specified in Section 2.1(a) 2.16. to be violated;
(C) acceptance of Bid Rate Quotes may be made only in ascending order of Absolute Rates or LIBOR Margins, as applicable, in each case beginning with the lowest rate so offered;
(D) any acceptance in part by the Borrower shall be in a minimum amount of $5,000,000 and integral multiples of $1,000,000 in excess thereof; and
(E) the Borrower may not accept any Bid Rate Quote that fails to comply with Section 2.18(c2.3.(c) or otherwise fails to comply with the requirements of this Agreement.
(ii) If Bid Rate Quotes are made by two or more Revolving Lenders with the same Absolute Rates or LIBOR Margins, as applicable, for a greater aggregate principal amount than the amount in respect of which Bid Rate Quotes are permitted to be accepted for the related Interest Period, the principal amount of Bid Rate Loans in respect of which such Bid Rate Quotes are accepted shall be allocated by the Administrative Agent among such Revolving Lenders in proportion to the aggregate principal amount of such Bid Rate Quotes. Determinations by the Administrative Agent of the amounts of Bid Rate Loans shall be conclusive in the absence of manifest error.
Appears in 1 contract
Samples: Credit Agreement (Corporate Office Properties, L.P.)
Acceptance by Borrower. (i) Not later than 12:00 12:30 p.m. (Central Time) time (x) on the Business Day immediately preceding the proposed date of borrowing, in the case of an Absolute Rate Auction and (y) on the date three (3) Business Days prior to the proposed date of borrowing, in the case of a LIBOR Auction, the Borrower shall notify the Administrative Agent of its acceptance or nonacceptance of the Bid Rate Quotes so notified to it pursuant to Section 2.18(d2.3(d) which notice shall be in the form of Exhibit O. P. In the case of acceptance, such notice shall specify the aggregate principal amount of Bid Rate Quotes for each Interest Period that are accepted. The failure of the Borrower to give such notice by such time shall constitute nonacceptance. The Borrower may accept any Bid Rate Quote in whole or in part; provided that:
(A) the aggregate principal amount of each Bid Rate Borrowing may not exceed the applicable amount set forth in the related Bid Rate Quote Request, but may be less;
(B) the aggregate principal amount of each Bid Rate Borrowing shall comply with the provisions of Section 2.18(b)(ii2.3(b)(ii) and together with all other Bid Rate Loans then outstanding shall not cause the limits specified in Section 2.1(a) 2.16 to be violated;
(C) acceptance of Bid Rate Quotes may be made only in ascending order of Absolute Rates or LIBOR Margins, as applicable, in each case beginning with the lowest rate so offered;
(D) any acceptance in part by the Borrower shall be in a minimum amount of $5,000,000 and integral multiples of $1,000,000 in excess thereof; and
(E) the Borrower may not accept any Bid Rate Quote that fails to comply with Section 2.18(c2.3(c) or otherwise fails to comply with the requirements of this Agreement.
(ii) If Bid Rate Quotes are made by two or more Dollar Tranche Revolving Lenders with the same Absolute Rates or LIBOR Margins, as applicable, for a greater aggregate principal amount than the amount in respect of which Bid Rate Quotes are permitted to be accepted for the related Interest Period, the principal amount of Bid Rate Loans in respect of which such Bid Rate Quotes are accepted shall be allocated by the Administrative Agent among such Dollar Tranche Revolving Lenders in proportion to the aggregate principal amount of such Bid Rate Quotes. Determinations by the Administrative Agent of the amounts of Bid Rate Loans shall be conclusive in the absence of manifest error.
Appears in 1 contract
Samples: Credit Agreement (American Realty Capital Properties, Inc.)
Acceptance by Borrower. (i) Not later than 12:00 p.m. (Central Time) (x) 11:00 a.m. on the Business Day immediately preceding the proposed date of borrowing, in the case of an Absolute Rate Auction and (y) on the date three (3) Business Days prior to the proposed date of borrowing, in the case of a LIBOR Auction, the Borrower shall notify the Administrative Agent of its acceptance or nonacceptance of the Bid Rate Quotes so notified to it pursuant to Section 2.18(d2.2.(d) which notice shall be in the form of Exhibit O. J. In the case of acceptance, such notice shall specify the aggregate principal amount of Bid Rate Quotes for each Interest Period that are accepted. The failure of the Borrower to give such notice by such time shall constitute nonacceptance. The Agent shall promptly notify each affected Lender. The Borrower may accept any Bid Rate Quote in whole or in part; provided that:
(A) the aggregate principal amount of each Bid Rate Borrowing may not exceed the applicable amount set forth in the related Bid Rate Quote Request, but may be less;
(B) the aggregate principal amount of each Bid Rate Borrowing shall comply with the provisions of Section 2.18(b)(ii) 3.5. and together with all other Bid Rate Loans then outstanding accepted in connection with such Bid Rate Quote Request shall not cause the limits specified in Section 2.1(a) 2.15. to be violated;
(C) acceptance of Bid Rate Quotes may be made only in ascending order of Absolute Bid Rates or LIBOR Margins, as applicable, in each case beginning with the lowest rate so offered;
(D) any acceptance in part by the Borrower shall be in a minimum amount of $5,000,000 and integral multiples of $1,000,000 in excess thereof; and
(E) the Borrower may not accept any Bid Rate Quote that fails to comply with Section 2.18(c2.2.(c) or otherwise fails to comply with the requirements of this Agreement); and
(E) any acceptance in part shall be in a minimum amount of $3,000,000 and integral multiples of $1,000,000 in excess thereof.
(ii) If Bid Rate Quotes are made by two or more Revolving Lenders with the same Absolute Bid Rates or LIBOR Margins, as applicable, for a greater aggregate principal amount than the amount in respect of which Bid Rate Quotes are permitted to be accepted for the related Interest Period, the principal amount of Bid Rate Loans in respect of which such Bid Rate Quotes are accepted shall be allocated by the Administrative Agent among such Revolving Lenders in proportion to the aggregate principal amount of such Bid Rate Quotes. Determinations by the Administrative Agent of the amounts of Bid Rate Loans shall be conclusive in the absence of manifest error.
Appears in 1 contract
Acceptance by Borrower. (i) Not later than 12:00 p.m. (Central Time) 9:30 a.m. (x) on the Business Day immediately preceding the proposed date of borrowing, in the case of an Absolute Rate Auction Margin and (y) on the date three (3) Business Days prior to the proposed date of borrowing, in the case of a LIBOR Auction, the Borrower shall notify the Administrative Agent of its acceptance or nonacceptance of the Bid Rate Quotes offers so notified to it pursuant to Section 2.18(d2.4(d) which notice shall be in the form of Exhibit O. K-3. In the case of acceptance, such notice shall specify the aggregate principal amount of Bid Rate Quotes offers for each Interest Period that are accepted. The failure of the Borrower to give such notice by such time shall constitute nonacceptancenonacceptance of the relevant Bid Rate Quote. The Borrower may accept any Bid Rate Quote in whole or in part; provided provided, that:
(A) : the aggregate principal amount of each Bid Rate Borrowing may not exceed the applicable amount set forth in the related Bid Rate Quote Request, but may be less;
(B) ; the aggregate principal amount of each Bid Rate Borrowing shall comply with the provisions of Section 2.18(b)(ii2.4(b)(ii) and together with all other Bid Rate Loans then outstanding but shall not cause the limits specified in Section 2.1(a) 2.13 to be violated;
(C) ; acceptance of Bid Rate Quotes offers may be made only in ascending order of Absolute Rates or LIBOR Margins, as applicable, in each case beginning with the lowest rate so offered;
(D) ; any acceptance in part by the Borrower shall be in a minimum amount of $5,000,000 and integral multiples of $1,000,000 in excess thereof; and
(E) and the Borrower may not accept any Bid Rate Quote offer that fails to comply with Section 2.18(c2.4(c) or otherwise fails to comply with the requirements of this Agreement.
(ii) . If Bid Rate Quotes offers are made by two or more Revolving Lenders with the same Absolute Rates or LIBOR Margins, as applicable, for a greater aggregate principal amount than the amount in respect of which Bid Rate Quotes offers are permitted to be accepted for the related Interest Period, the principal amount of Bid Rate Loans in respect of which such Bid Rate Quotes offers are accepted shall be allocated by the Administrative Agent among such Revolving Lenders in proportion to the aggregate principal amount of such Bid Rate Quotesoffers. Determinations by the Administrative Agent of the amounts of Bid Rate Loans shall be conclusive in the absence of manifest error.
Appears in 1 contract
Samples: Credit Agreement (Equity One Inc)
Acceptance by Borrower. (i) Not later than 12:00 p.m. (Central Time) 11:30 a.m. Eastern time (x) on the Business Day immediately preceding the proposed date of borrowing, in the case of an Absolute Rate Auction and (y) on the date three (3) Business Days prior to the proposed date of borrowing, in the case of a LIBOR Auction, the Borrower shall notify the Administrative Agent of its acceptance or nonacceptance of the Bid Rate Quotes offers so notified to it pursuant to Section 2.18(d) 2.2.(d). which notice shall be in the form of Exhibit O. N. In the case of acceptance, such notice shall specify the aggregate principal amount of Bid Rate Quotes offers for each Interest Period that are accepted. The failure of the Borrower to give such notice by such time shall constitute nonacceptance. The Borrower may accept any Bid Rate Quote in whole or in part; provided that:
(A) the aggregate principal amount of each Bid Rate Borrowing may not exceed the applicable amount set forth in the related Bid Rate Quote Request, but may be less;
(B) the aggregate principal amount of each Bid Rate Borrowing shall comply with the provisions of Section 2.18(b)(ii2.2. (b)(ii) and together with all other Bid Rate Loans then outstanding but shall not cause the limits specified in Section 2.1(a) 2.16. to be violated;
(C) acceptance of Bid Rate Quotes offers may be made only in ascending order of Absolute Rates or LIBOR Margins, as applicable, in each case beginning with the lowest rate so offered;
(D) any acceptance in part by the Borrower shall be in a minimum amount of $5,000,000 and integral multiples of $1,000,000 in excess thereof; and
(E) the Borrower may not accept any Bid Rate Quote offer that fails to comply with Section 2.18(c2.2.(c) or otherwise fails to comply with the requirements of this Agreement.
(ii) If Bid Rate Quotes offers are made by two or more Revolving Lenders with the same Absolute Rates or LIBOR Margins, as applicable, for a greater aggregate principal amount than the amount in respect of which Bid Rate Quotes offers are permitted to be accepted for the related Interest Period, the principal amount of Bid Rate Loans in respect of which such Bid Rate Quotes offers are accepted shall be allocated by the Administrative Agent among such Revolving Lenders in proportion to the aggregate principal amount of such Bid Rate Quotesoffers. Determinations by the Administrative Agent of the amounts of Bid Rate Loans shall be conclusive in the absence of manifest error.
Appears in 1 contract
Samples: Credit Agreement (Washington Real Estate Investment Trust)
Acceptance by Borrower. (i) Not later than 12:00 p.m. (Central Time) 11:00 a.m. (x) on the Business Day immediately preceding the proposed date of borrowing, in the case of an Absolute Rate Auction and (y) on the date three (3) Business Days prior to the proposed date of borrowing, in the case of a LIBOR Auction, the Borrower shall notify the Administrative Agent of its acceptance or nonacceptance of the Bid Rate Quotes so notified to it pursuant to Section 2.18(d2.2.(d) which notice shall be in the form of Exhibit O. J. In the case of acceptance, such notice shall specify the aggregate principal amount of Bid Rate Quotes for each Interest Period that are accepted. The failure of the Borrower to give such notice by such time shall constitute nonacceptance. The Agent shall promptly notify each affected Lender. The Borrower may accept any Bid Rate Quote in whole or in part; provided that:
(A) the aggregate principal amount of each Bid Rate Borrowing may not exceed the applicable amount set forth in the related Bid Rate Quote Request, but may be less;
(B) the aggregate principal amount of each Bid Rate Borrowing shall comply with the provisions of Section 2.18(b)(ii) and together with all other Bid Rate Loans then outstanding 3.5. but shall not cause the limits specified in Section 2.1(a) 2.15. to be violated;
(C) acceptance of Bid Rate Quotes may be made only in ascending order of Absolute Rates or LIBOR Margins, as applicable, in each case beginning with the lowest rate so offered;
(D) any acceptance in part by the Borrower shall be in a minimum amount of $5,000,000 and integral multiples of $1,000,000 in excess thereof; and
(E) the Borrower may not accept any Bid Rate Quote that fails to comply with Section 2.18(c2.2.(c) or otherwise fails to comply with the requirements of this Agreement); and
(E) any acceptance in part shall be in a minimum amount of $1,000,000 and integral multiples of $500,000 in excess thereof.
(ii) If Bid Rate Quotes are made by two or more Revolving Lenders with the same Absolute Rates or LIBOR Margins, as applicable, for a greater aggregate principal amount than the amount in respect of which Bid Rate Quotes are permitted to be accepted for the related Interest Period, the principal amount of Bid Rate Loans in respect of which such Bid Rate Quotes are accepted shall be allocated by the Administrative Agent among such Revolving Lenders in proportion to the aggregate principal amount of such Bid Rate Quotes. Determinations by the Administrative Agent of the amounts of Bid Rate Loans shall be conclusive in the absence of manifest error.
Appears in 1 contract
Samples: Credit Agreement (United Dominion Realty Trust Inc)
Acceptance by Borrower. (i) Not later than 12:00 p.m. (Central Time) 9:30 a.m. San Francisco time (x) on the Business Day immediately preceding the proposed date of borrowing, in the case of an Absolute Rate Auction and or (y) on the date three (3) Business Days prior to the proposed date of borrowing, in the case of a LIBOR Auction, the Borrower shall notify the Administrative Agent of its acceptance or nonacceptance of the Bid Rate Quotes offers so notified to it pursuant to Section 2.18(d) 2.2.(d). which notice shall be in the form of Exhibit O. J. In the case of acceptance, such notice shall specify the aggregate principal amount of Bid Rate Quotes offers for each Interest Period that are accepted. The failure of the Borrower to give such notice by such time shall constitute nonacceptance. The Borrower may accept any Bid Rate Quote in whole or in part; provided that:
(A) the aggregate principal amount of each Bid Rate Borrowing may not exceed the applicable amount set forth in the related Bid Rate Quote Request, but may be less;
(B) the aggregate principal amount of each Bid Rate Borrowing shall comply with the provisions of Section 2.18(b)(ii2.2.(b)(ii) and together with all other Bid Rate Loans then outstanding but shall not cause the limits specified in Section 2.1(a) 2.14. to be violated;
(C) acceptance of Bid Rate Quotes offers may be made only in ascending order of Absolute Rates or LIBOR Margins, as applicable, in each case beginning with the lowest rate so offered;
(D) any acceptance in part by the Borrower shall be in a minimum amount of $5,000,000 and integral multiples of $1,000,000 100,000 in excess thereof; and
(E) the Borrower may not accept any Bid Rate Quote offer that fails to comply with Section 2.18(c2.2.(c) or otherwise fails to comply with the requirements of this Agreement.
(ii) If Bid Rate Quotes offers are made by two or more Revolving Lenders with the same Absolute Rates or LIBOR Margins, as applicable, for a greater aggregate principal amount than the amount in respect of which Bid Rate Quotes offers are permitted to be accepted for the related Interest Period, the principal amount of Bid Rate Loans in respect of which such Bid Rate Quotes offers are accepted shall be allocated by the Administrative Agent among such Revolving Lenders in proportion to the aggregate principal amount of such Bid Rate Quotesoffers. Determinations by the Administrative Agent of the amounts of Bid Rate Loans shall be conclusive in the absence of manifest error.
Appears in 1 contract
Acceptance by Borrower. (i) Not later than 12:00 p.m. (Central Time) (x) on the Business Day immediately preceding the proposed date of borrowing, in the case of an Absolute Rate Auction and (y) on the date three (3) Business Days prior Subject only to the proposed date provisions of borrowingthis paragraph, the Borrower (for itself or on behalf of any Designated Borrower) may accept or reject any Competitive Bid. The Borrower (for itself or on behalf of any Designated Borrower) shall notify the Administrative Agent by telephone, confirmed by telecopy in a form approved by the Administrative Agent, whether and to what extent it has decided to accept or reject each Competitive Bid, in the case of a LIBOR AuctionEurocurrency Competitive Bid Borrowing, not later than 12:30 p.m. three Business Days before the Borrower shall notify the Administrative Agent of its acceptance or nonacceptance date of the proposed Competitive Bid Rate Quotes so notified to it pursuant to Section 2.18(d) which notice shall be Borrowing, and in the form of Exhibit O. In the case of acceptancea Fixed Rate Borrowing, such notice shall specify not later than 11:00 a.m. on the aggregate principal amount proposed date of the Competitive Bid Rate Quotes for each Interest Period Borrowing; provided, that are accepted. The (i) the failure -------- of the Borrower to give such notice by such time shall constitute nonacceptance. The be deemed to be a rejection of each Competitive Bid, (ii) the Borrower may (for itself or on behalf of any Designated Borrower) shall not accept any a Competitive Bid made at a particular Competitive Bid Rate Quote in whole or in part; provided that:
if the Borrower rejects a Competitive Bid made at a lower Competitive Bid Rate, (Aiii) the aggregate principal amount of the Competitive Bids accepted by the Borrower (for itself or on behalf of any Designated Borrower) shall not exceed the aggregate amount of the requested Competitive Bid Borrowing specified in the related Competitive Bid Request, (iv) to the extent necessary to comply with clause (iii) above, the Borrower (for itself or on behalf of any Designated Borrower) may accept Competitive Bids at the same Competitive Bid Rate in part, which acceptance, in the case of multiple Competitive Bids at such Competitive Bid Rate, shall be made pro rata in accordance with the amount of each such Competitive Bid, and (v) except pursuant to clause (iv) above, no Competitive Bid Rate Borrowing may not exceed the applicable amount set forth in the related Bid Rate Quote Request, but may be less;
(B) the aggregate principal amount of each Bid Rate Borrowing shall comply with the provisions of Section 2.18(b)(ii) and together with all other Bid Rate Loans then outstanding shall not cause the limits specified in Section 2.1(a) to be violated;
(C) acceptance of Bid Rate Quotes may be made only in ascending order of Absolute Rates or LIBOR Margins, as applicable, in each case beginning with the lowest rate so offered;
(D) any acceptance in part by the Borrower shall be accepted for a Competitive Bid Loan unless such Competitive Loan is in a minimum principal amount of $5,000,000 (or the Dollar Equivalent thereof in the Foreign Currency in which such Competitive Bid Loan is denominated) and an integral multiple of $1,000,000 (or the Dollar Equivalent thereof in the Foreign Currency in which such Competitive Bid Loan is denominated); provided, further, -------- ------- that if a Competitive Bid Loan must be in an amount less than $5,000,000 (or the Dollar Equivalent thereof in the Foreign Currency in which such Competitive Bid Loan is denominated) because of the provisions of clause (iv) above, such Competitive Bid Loan may be for a minimum of $1,000,000 (or the Dollar Equivalent thereof in the Foreign Currency in which such Competitive Bid Loan is denominated) or any integral multiple thereof, and in calculating the pro rata allocation of acceptances of portions of multiple Competitive Bids at a particular Competitive Bid Rate pursuant to clause (iv) the amounts shall be rounded to integral multiples of $1,000,000 (or the Dollar Equivalent thereof in excess thereof; and
(Ethe Foreign Currency in which such Competitive Bid Loan is denominated) in a manner determined by the Borrower. A notice given by the Borrower may not accept (whether for itself or on behalf of any Bid Rate Quote that fails Designated Borrower) pursuant to comply with Section 2.18(c) or otherwise fails to comply with the requirements of this Agreement.
(ii) If Bid Rate Quotes are made by two or more Revolving Lenders with the same Absolute Rates or LIBOR Margins, as applicable, for a greater aggregate principal amount than the amount in respect of which Bid Rate Quotes are permitted to be accepted for the related Interest Period, the principal amount of Bid Rate Loans in respect of which such Bid Rate Quotes are accepted paragraph shall be allocated by the Administrative Agent among such Revolving Lenders in proportion to the aggregate principal amount of such Bid Rate Quotes. Determinations by the Administrative Agent of the amounts of Bid Rate Loans shall be conclusive in the absence of manifest errorirrevocable.
Appears in 1 contract
Acceptance by Borrower. (i) Not later than 12:00 p.m. (Central Time) 11:30 a.m. Eastern time (x) on the Business Day immediately preceding the proposed date of borrowing, in the case of an Absolute Rate Auction and (y) on the date three (3) 3 Business Days prior to the proposed date of borrowing, in the case of a LIBOR Auction, the Borrower shall notify the Administrative Agent of its acceptance or nonacceptance of the Bid Rate Quotes so notified to it pursuant to Section 2.18(d) 2.2.(d). which notice shall be in the form of Exhibit O. N. In the case of acceptance, such notice shall specify the aggregate principal amount of Bid Rate Quotes for each Interest Period that are accepted. The failure of the Borrower to give such notice by such time shall constitute nonacceptance. The Borrower may accept any Bid Rate Quote in whole or in part; provided that:
(A) the aggregate principal amount of each Bid Rate Borrowing may not exceed the applicable amount set forth in the related Bid Rate Quote Request, but may be less;
(B) the aggregate principal amount of each Bid Rate Borrowing shall comply with the provisions of Section 2.18(b)(ii2.2.(b)(ii) and together with all other Bid Rate Loans then outstanding shall not cause the limits specified in Section 2.1(a) 2.16. to be violated;
(C) acceptance of Bid Rate Quotes may be made only in ascending order of Absolute Rates or LIBOR Margins, as applicable, in each case beginning with the lowest rate so offered;
(D) any acceptance in part by the Borrower shall be in a minimum amount of $5,000,000 and integral multiples of $1,000,000 in excess thereof; and
(E) the Borrower may not accept any Bid Rate Quote that fails to comply with Section 2.18(c2.2.(c) or otherwise fails to comply with the requirements of this Agreement.
(ii) If Bid Rate Quotes are made by two or more Revolving Lenders with the same Absolute Rates or LIBOR Margins, as applicable, for a greater aggregate principal amount than the amount in respect of which Bid Rate Quotes are permitted to be accepted for the related Interest Period, the principal amount of Bid Rate Loans in respect of which such Bid Rate Quotes are accepted shall be allocated by the Administrative Agent among such Revolving Lenders in proportion to the aggregate principal amount of such Bid Rate Quotes. Determinations by the Administrative Agent of the amounts of Bid Rate Loans shall be conclusive in the absence of manifest error.
Appears in 1 contract
Samples: Credit Agreement (Washington Real Estate Investment Trust)