Common use of Bid Loan Procedures Clause in Contracts

Bid Loan Procedures. (A) When Borrower wishes to request offers to make Bid Loans, it shall provide telephonic or electronic notice to the Agent (who shall promptly notify the Revolving Credit Lenders) followed promptly by written notice substantially in the form of Exhibit M-1 (each, a “Bid Loan Quote Request”) duly completed and executed by a duly authorized executive officer of Borrower, so as to be received no later than 10:00 a.m. (Cleveland time) on the second Business Day before the proposed Drawdown Date (or such other time and date as Borrower and Agent, with the consent of the Majority Revolving Credit Lenders, may agree). Each Bid Loan Quote Request shall specify the relevant date, amount and maturity for the proposed Bid Loan, and shall state whether a Bid Loan Quote is requested on the basis of a fixed interest rate (an “Absolute Rate Bid”) or on the basis of a margin over or under LIBOR (a “LIBOR Margin Bid”), shall state whether or not the requested Bid Loan is open to prepayment, and which shall be accompanied by payment of a nonrefundable $2,500 competitive bid request fee for the account of the Agent. No Bid Loan Quote Request shall be made for a Bid Loan with a maturity of less than seven (7) days or more than one hundred eighty (180) days or with a maturity date subsequent to the Revolving Credit Maturity Date. If a LIBOR Margin Bid is requested, the maturity date shall be one of the Interest Periods, and any such advance shall be a LIBOR Rate Loan. The proposed funding date shall be a Business Day. The Agent shall incur no liability whatsoever hereunder in acting upon any Bid Loan Quote Request purportedly made by an Authorized Officer of Borrower, which hereby agrees to indemnify the Agent from any loss, cost, expense or liability as a result of so acting. Subject to the definition of “Interest Period”, Borrower may request offers for up to three (3) different Bid Loan Borrowings in a single Bid Loan Quote Request, in which case such Bid Loan Quote Request shall be deemed a separate Bid Loan Quote Request for each such borrowing. Except as otherwise provided in this Section, no Bid Loan Quote Request shall be given within five (5) Business Days (or such other number of days as Borrower and Agent, with the consent of the Majority Revolving Credit Lenders, may agree) of any other Bid Loan Quote Request. Each Bid Loan Quote Request shall also contain the statements and certifications required by §2.7(i) and (ii).

Bid Loan Procedures. (A1) When Borrower wishes to request offers to make Bid Loans, it shall provide telephonic or electronic notice to the Agent (who shall promptly notify the U.S. Dollar Revolving Credit Lenders) followed promptly by written notice substantially in the form of Exhibit M-1 (each, a “Bid Loan Quote Request”) duly completed and executed by a duly authorized executive officer of Borroweran Authorized Officer, so as to be received no later than 10:00 a.m. (Cleveland time) on the second Business Day before the proposed Drawdown Date (or such other time and date as Borrower and Agent, with the consent of the Majority U.S. Dollar Revolving Credit Lenders, may agree). Each Bid Loan Quote Request shall specify the relevant date, amount and maturity for the proposed Bid Loan, and shall state whether a Bid Loan Quote is requested on the basis of a fixed interest rate (an “Absolute Rate Bid”) or on the basis of a margin over or under LIBOR (a “LIBOR Margin Bid”), shall state whether or not the requested Bid Loan is open to prepayment, and which shall be accompanied by payment of a nonrefundable $2,500 competitive bid request fee for the account of the Agent. No Bid Loan Quote Request shall be made for a Bid Loan with a maturity of less than seven (7) days or more than one hundred eighty (180) days or with a maturity date subsequent to the Revolving Credit Maturity Date. If a LIBOR Margin Bid is requested, the maturity date shall be one of the Interest Periods, and any such advance shall be a LIBOR Rate Loan. The proposed funding date shall be a Business Day. The Agent shall incur no liability whatsoever hereunder in acting upon any Bid Loan Quote Request purportedly made by an Authorized Officer of Borrower, which hereby agrees to indemnify the Agent from any loss, cost, expense or liability as a result of so acting. Subject to the definition of “Interest Period”, Borrower may request offers for up to three (3) different Bid Loan Borrowings in a single Bid Loan Quote Request, in which case such Bid Loan Quote Request shall be deemed a separate Bid Loan Quote Request for each such borrowing. Except as otherwise provided in this Section, no Bid Loan Quote Request shall be given within five (5) Business Days (or such other number of days as Borrower and Agent, with the consent of the Majority U.S. Dollar Revolving Credit Lenders, may agree) of any other Bid Loan Quote Request. Each Bid Loan Quote Request shall also contain the statements and certifications required by §2.7(i) and (ii).

Bid Loan Procedures. (A1) When Borrower wishes to request offers to make Bid Loans, it shall provide telephonic or electronic notice to the Agent (who shall promptly notify the Revolving Credit Lenders) followed promptly by written notice substantially in the form of Exhibit M-1 (each, a “"Bid Loan Quote Request”") duly completed and executed by a duly authorized executive officer of Borroweran Authorized Officer, so as to be received no later than 10:00 a.m. (Cleveland time) on the second Business Day before the proposed Drawdown Date (or such other time and date as Borrower and Agent, with the consent of the Majority Revolving Credit Lenders, may agree). Each Bid Loan Quote Request shall specify the relevant date, amount and maturity for the proposed Bid Loan, and shall state whether a Bid Loan Quote is requested on the basis of a fixed interest rate (an “"Absolute Rate Bid”") or on the basis of a margin over or under LIBOR (a “"LIBOR Margin Bid”"), shall state whether or not the requested Bid Loan is open to prepayment, and which shall be accompanied by payment of a nonrefundable $2,500 competitive bid request fee for the account of the Agent. No Bid Loan Quote Request shall be made for a Bid Loan with a maturity of less than seven (7) days or more than one hundred eighty (180) days or with a maturity date subsequent to the Revolving Credit Maturity Date. If a LIBOR Margin Bid is requested, the maturity date shall be one of the Interest Periods, and any such advance shall be a LIBOR Rate Loan. The proposed funding date shall be a Business Day. The Agent shall incur no liability whatsoever hereunder in acting upon any Bid Loan Quote Request purportedly made by an Authorized Officer of Borrower, which hereby agrees to indemnify the Agent from any loss, cost, expense or liability as a result of so acting. Subject to the definition of “"Interest Period”", Borrower may request offers for up to three (3) different Bid Loan Borrowings in a single Bid Loan Quote Request, in which case such Bid Loan Quote Request shall be deemed a separate Bid Loan Quote Request for each such borrowing. Except as otherwise provided in this Section, no Bid Loan Quote Request shall be given within five (5) Business Days (or such other number of days as Borrower and Agent, with the consent of the Majority Revolving Credit Lenders, may agree) of any other Bid Loan Quote Request. Each Bid Loan Quote Request shall also contain the statements and certifications required by §2.7(i) and (ii).