Common use of Acceptance/Rejections of Competitive Bids Clause in Contracts

Acceptance/Rejections of Competitive Bids. The Agent shall promptly notify the Company by facsimile of the Competitive Bid Rate and the principal amount specified in each Competitive Bid and the identity of the Bank that shall have made such Competitive Bid. Subject only to the provisions of this paragraph, the Company may in its sole and absolute discretion accept or reject any Competitive Bid. The Company shall notify the Agent by telephone, confirmed by facsimile in a form approved by the Agent, whether and to what extent it has decided to accept or reject each Competitive Bid not later than 12:30 p.m., New York City time, on the proposed Borrowing Date of the Competitive Bid Borrowing; provided that (i) the failure of the Company to give such notice shall be deemed to be a rejection of each Competitive Bid, (ii) the Company shall not accept a Competitive Bid made at a particular Competitive Bid Rate if the Company rejects a Competitive Bid made at a lower Competitive Bid Rate, (iii) the aggregate amount of the Competitive Bids accepted by the Company 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 Company 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 Competitive Bid and (v) except pursuant to clause (iv) above, no Competitive Bid shall be accepted for a Competitive Bid Loan unless such Competitive Bid Loan is in the amount of $5,000,000 or in integral multiples of $1,000,000 in excess thereof; 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 an amount of $1,000,000 or any integral multiple in excess 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 a manner determined by the Company. A notice given by the Company pursuant to this paragraph shall be irrevocable.

Acceptance/Rejections of Competitive Bids. The Agent shall promptly notify the Company by facsimile of the Competitive Bid Rate Borrower may, in its sole and the principal amount specified in each Competitive Bid and the identity of the Bank that shall have made such Competitive Bid. Subject absolute discretion, subject only to the provisions of this paragraphsubsection (iv), the Company may in its sole and absolute discretion accept or reject any Competitive Bid. The Company Borrower shall notify the Administrative Agent by telephone, confirmed by facsimile in a form approved by the Agent, telephone whether and to what extent it has decided to accept or reject any or all of the Competitive Bids (specifying each Lender selected by it to make Competitive Advances, the principal amount of such Advances and the Competitive Bid Rate): (A) in the case of a Borrowing to consist of Eurodollar Competitive Advances, by not later than 12:30 p.m.10:30 A.M. (Charlotte, New York City North Carolina time) three Business Days before a proposed Competitive Borrowing (promptly confirmed by a Competitive Bid Acceptance in the form of Exhibit 3.3D-1 hereto, hand delivered, telexed or telecopied by the Borrower to the Administrative Agent), and (B) in the case of a Borrowing to consist of Fixed Rate Competitive Advances, not later than 10:30 A.M. (Charlotte, North Carolina time) on the day of a proposed Competitive Borrowing Date of the (promptly confirmed by a Competitive Bid BorrowingAcceptance in the form of Exhibit 3.3D-2 hereto, hand delivered, telexed or telecopied by the Borrower to the Administrative Agent); provided provided, however, that (i1) the failure of by the Company Borrower to give such notice shall be deemed to be a rejection of each Competitive Bidall the bids referred to in subsection (iii) above, (ii2) the Company Borrower shall not accept a Competitive Bid bid made at a particular Competitive Bid Rate if the Company rejects Borrower has decided to reject a Competitive Bid bid made at a lower Competitive Bid RateRate which lower Competitive Bid Rate is otherwise on comparable terms and conditions, (iii3) the aggregate amount of the Competitive Bids accepted by the Company Borrower shall not exceed the aggregate principal amount of the requested Competitive Bid Borrowing specified in the related Competitive Bid Request, (iv4) if the Borrower shall determine to the extent necessary to comply with clause (iii) above, the Company may accept Competitive Bids made at a particular Competitive Bid Rate but the same aggregate amount of all Competitive Bids made at such Competitive Bid Rate, when added to the aggregate amount of all Competitive Bids at lower Competitive Bid Rates, would cause the total amount of Competitive Bids to be accepted by the Borrower to exceed the principal amount specified in the Competitive Bid Request, then the Borrower shall accept all such Competitive Bids at such Competitive Bid Rate in partan aggregate amount reduced to eliminate such excess, which acceptance, in the case of multiple Competitive Bids at such Competitive Bid Rate, shall be made pro rata ratably in accordance with the amount of each such Competitive Bid and (v) except pursuant subject to clause (iv5) abovebelow), and (5) no Competitive Bid shall be accepted for a Competitive Bid Loan Advance unless such Competitive Bid Loan Advance is in the a minimum principal amount of $5,000,000 or in and an integral multiples multiple of $1,000,000 500,000 in excess thereof; providedprovided further, furtherhowever, that if a Competitive Bid Loan Advance must be in an amount of less than $5,000,000 because of the provisions of clause (iv4) above, such Competitive Bid Loan Advance may be for an amount a minimum of $1,000,000 or any integral multiple in excess thereof, and in calculating the pro rata allocation of acceptances of portions of multiple Competitive Bids bids at a particular Competitive Bid Rate pursuant to clause (iv4) above, the amounts shall be rounded to integral multiples of $1,000,000 100,000 in a manner determined by which shall be in the Companydiscretion of the Borrower. A notice Notice given by the Company Borrower pursuant to this paragraph subsection (iv) shall be irrevocable.

Acceptance/Rejections of Competitive Bids. The Administrative Agent shall promptly notify the Company by facsimile of the Competitive Bid Rate and the principal amount specified in each Competitive Bid and the identity of the Bank Lender that shall have made such Competitive Bid. Subject only to the provisions of this paragraph, the Company may in its sole and absolute discretion accept or reject any Competitive Bid. The Company shall notify the Administrative Agent by telephone, confirmed by facsimile in a form approved by the Administrative Agent, whether and to what extent it has decided to accept or reject each Competitive Bid not later than 12:30 p.m., New York City time, on the proposed Borrowing Date of the Competitive Bid Borrowing; provided that (i) the failure of the Company to give such notice shall be deemed to be a rejection of each Competitive Bid, (ii) the Company shall not accept a Competitive Bid made at a particular Competitive Bid Rate if the Company rejects a Competitive Bid made at a lower Competitive Bid Rate, (iii) the aggregate amount of the Competitive Bids accepted by the Company 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 Company 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 Competitive Bid and (v) except pursuant to clause (iv) above, no Competitive Bid shall be accepted for a Competitive Bid Loan unless such Competitive Bid Loan is in the amount of $5,000,000 or in integral multiples of $1,000,000 in excess thereof; provided, further, provided 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 an amount of $1,000,000 or any integral multiple in excess 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 a manner determined by the Company. A notice given by the Company pursuant to this paragraph shall be irrevocable.

Acceptance/Rejections of Competitive Bids. The Agent shall promptly notify the Company by facsimile of the Competitive Bid Rate Borrower may, in its sole and the principal amount specified in each Competitive Bid and the identity of the Bank that shall have made such Competitive Bid. Subject absolute discretion, subject only to the provisions of this paragraphsubsection (iv), the Company may in its sole and absolute discretion accept or reject any Competitive Bid. The Company Borrower shall notify the Administrative Agent by telephone, confirmed by facsimile in a form approved by the Agent, telephone whether and to what extent it has decided to accept or reject any or all of the Competitive Bids (specifying each Lender selected by it to make Competitive Advances, the principal amount of such Advances and the Competitive Bid Rate): (A) in the case of a Borrowing to consist of Eurodollar Competitive Advances, by not later than 12:30 p.m.10:30 A.M. (Charlotte, New York City North Carolina time) three Business Days before a proposed Competitive Borrowing (promptly confirmed by a Competitive Bid Acceptance in the form of Exhibit 3.3D-1 hereto, hand delivered, telexed or telecopied by the Borrower to the Administrative Agent), and (B) in the case of a Borrowing to consist of Fixed Rate Competitive Advances, not later than 10:30 A.M. (Charlotte, North Carolina time) on the day of a proposed Competitive Borrowing Date of the (promptly confirmed by a Competitive Bid BorrowingAcceptance in the form of Exhibit 3.3D-2 hereto, hand delivered, telexed or telecopied by the Borrower to the Administrative Agent); provided provided, however, that (i1) the failure of by the Company Borrower to give such notice shall be deemed to be a rejection of each Competitive Bidall the bids referred to in subsection (iii) above, (ii2) the Company Borrower shall not accept a Competitive Bid bid made at a particular Competitive Bid Rate if the Company rejects Borrower has decided to reject a Competitive Bid bid made at a lower Competitive Bid RateRate which lower Competitive Bid Rate is otherwise on comparable terms and conditions, (iii3) the aggregate amount of the Competitive Bids accepted by the Company Borrower shall not exceed the aggregate principal amount of the requested Competitive Bid Borrowing specified in the related Competitive Bid Request, (iv4) if the Borrower shall determine to the extent necessary to comply with clause (iii) above, the Company may accept Competitive Bids made at a particular Competitive Bid Rate but the same aggregate amount of all Competitive Bids made at such Competitive Bid Rate, when added to the aggregate amount of all Competitive Bids at lower Competitive Bid Rates, would cause the total amount of Competitive Bids to be accepted by the Borrower to exceed the principal amount specified in the Competitive Bid Request, then the Borrower shall accept all such Competitive Bids at such Competitive Bid Rate in partan aggregate amount reduced to eliminate such excess, which acceptance, in the case of multiple Competitive Bids at such Competitive Bid Rate, shall be made pro rata ratably in accordance with the amount of each such Competitive Bid and (v) except pursuant subject to clause (iv5) abovebelow), and (5) no Competitive Bid shall be accepted for a Competitive Bid Loan Advance unless such Competitive Bid Loan Advance is in the a minimum principal amount of $5,000,000 or in and an integral multiples multiple of $1,000,000 500,000 in excess thereof; provided, 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 an amount of $1,000,000 or any integral multiple in excess 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 a manner determined by the Company. A notice given by the Company pursuant to this paragraph shall be irrevocable.,