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

Acceptance/Rejections of Competitive Bids. The Borrower may, in its sole and absolute discretion, subject only to the provisions of this subsection (iv), accept or reject any Competitive Bid. The Borrower shall notify the Administrative Agent by 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 10:30 A.M. (Charlotte, 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 (promptly confirmed by a Competitive Bid Acceptance in the form of Exhibit 3.3D-2 hereto, hand delivered, telexed or telecopied by the Borrower to the Administrative Agent); provided, however, that (1) the failure by the Borrower to give such notice shall be deemed to be a rejection of all the bids referred to in subsection (iii) above, (2) the Borrower shall not accept a bid made at a particular Competitive Bid Rate if the Borrower has decided to reject a bid made at a lower Competitive Bid Rate which lower Competitive Bid Rate is otherwise on comparable terms and conditions, (3) the aggregate amount of the Competitive Bids accepted by the Borrower shall not exceed the principal amount specified in the Competitive Bid Request,

Acceptance/Rejections of Competitive Bids. The Borrower may, Agent shall promptly notify the Company by facsimile of the Competitive Bid Rate and the principal amount specified in its sole each Competitive Bid and absolute discretion, subject the identity of the Bank that shall have made such Competitive Bid. Subject only to the provisions of this subsection (iv)paragraph, the Company may in its sole and absolute discretion accept or reject any Competitive Bid. The Borrower Company shall notify the Administrative Agent by telephone telephone, confirmed by facsimile in a form approved by the Agent, whether and to what extent it has decided to accept or reject any or all each Competitive Bid not later than 12:30 p.m., New York City time, on the proposed Borrowing Date 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 10:30 A.M. (Charlotte, 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 (promptly confirmed by a Competitive Bid Acceptance in the form of Exhibit 3.3D-2 hereto, hand delivered, telexed or telecopied by the Borrower to the Administrative Agent)Borrowing; provided, however, provided that (1i) the failure by of the Borrower Company to give such notice shall be deemed to be a rejection of all the bids referred to in subsection (iii) aboveeach Competitive Bid, (2ii) the Borrower Company shall not accept a bid Competitive Bid made at a particular Competitive Bid Rate if the Borrower has decided to reject Company rejects a bid Competitive Bid made at a lower Competitive Bid Rate which lower Competitive Bid Rate is otherwise on comparable terms and conditionsRate, (3iii) the aggregate amount of the Competitive Bids accepted by the Borrower Company shall not exceed the principal 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 Borrower may, Administrative Agent shall promptly notify the Company by facsimile of the Competitive Bid Rate and the principal amount specified in its sole each Competitive Bid and absolute discretion, subject the identity of the Lender that shall have made such Competitive Bid. Subject only to the provisions of this subsection (iv)paragraph, the Company may in its sole and absolute discretion accept or reject any Competitive Bid. The Borrower Company shall notify the Administrative Agent by telephone telephone, confirmed by facsimile in a form approved by the Administrative Agent, whether and to what extent it has decided to accept or reject any or all each Competitive Bid not later than 12:30 p.m., New York City time, on the proposed Borrowing Date 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 10:30 A.M. (Charlotte, 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 (promptly confirmed by a Competitive Bid Acceptance in the form of Exhibit 3.3D-2 hereto, hand delivered, telexed or telecopied by the Borrower to the Administrative Agent)Borrowing; provided, however, provided that (1i) the failure by of the Borrower Company to give such notice shall be deemed to be a rejection of all the bids referred to in subsection (iii) aboveeach Competitive Bid, (2ii) the Borrower Company shall not accept a bid Competitive Bid made at a particular Competitive Bid Rate if the Borrower has decided to reject Company rejects a bid Competitive Bid made at a lower Competitive Bid Rate which lower Competitive Bid Rate is otherwise on comparable terms and conditionsRate, (3iii) the aggregate amount of the Competitive Bids accepted by the Borrower Company shall not exceed the principal 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 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.