Bid Loan Requests Clause Samples
The 'Bid Loan Requests' clause defines the process by which parties can submit offers to provide loans in response to a formal request. Typically, this clause outlines the requirements for submitting a bid, such as the necessary documentation, deadlines, and evaluation criteria. For example, it may specify that bids must include proposed interest rates, repayment terms, and evidence of financial capability. The core function of this clause is to ensure a transparent and competitive process for selecting lenders, thereby helping the requesting party secure the most favorable loan terms available.
Bid Loan Requests. Except as otherwise provided herein, any Borrower may from time to time prior to the Expiration Date request that the Banks make Bid Loans by delivery to the Agent not later than 10:00 A.M. New York time of a duly completed request therefor substantially in the form of Exhibit 2.08(a) hereto or a request by telephone immediately confirmed in writing by letter, facsimile, email, or telex (each, a "Bid Loan Request") at least three (3) Business Days prior to the proposed Bid Loan Borrowing Date if the applicable Borrower is requesting Fixed Rate Bid Loans and four (4) Business Days prior to the proposed Bid Loan Borrowing Date if the applicable Borrower is requesting Euro-Rate Bid Loans of one, two, three, or six months' duration. Each Bid Loan Request shall be irrevocable and shall specify (i) the identity of the applicable Borrower; (ii) the respective Approved Currency for such Loan; (iii) the proposed Bid Loan Borrowing Date; (iv) whether the applicable Borrower is electing the Bid Loan Fixed Rate Option or the Bid Loan LIBOR Option; (v) the term of the proposed Bid Loan (the "Bid Loan Interest Period"), which may be no less than seven (7) day(s) and no longer than one hundred eighty (180) days if the applicable Borrower is requesting a Fixed Rate Bid Loan and one, two, three, or six months if the applicable Borrower is requesting a LIBOR Bid Loan; and (vi) the maximum principal amount (the "Requested Amount") of such Bid Loan, which shall be not less than $10,000,000 and shall be an integral multiple of $1,000,000. After giving effect to such Bid Loan and any other Loan made on or before the Bid Loan Borrowing Date, the aggregate Principal Amount of all Revolving Credit Loans and Bid Loans outstanding shall not exceed the aggregate amount of the Revolving Credit Commitments of the Banks. In addition, after giving effect to any such Bid Loan incurred by the UK Borrower and any other Loan made on or before the Bid Loan Borrowing Date, the aggregate Principal Amount of all Bid Loans and Revolving Credit Loans incurred by the UK Borrower shall not exceed $12,500,000 in Principal Amount outstanding. Notwithstanding any provision hereof to the contrary, no Bid Loan may be requested for a period that would end beyond the Expiration Date.
Bid Loan Requests. Except as otherwise provided herein, the Borrower may from time to time prior to the Expiration Date request that the Revolving Credit Banks make Bid Loans by delivery to the 11 13 FORM 10Q EXHIBIT 10 Administrative Agent not later than 2:00 P.M. Columbus time of a duly completed request therefor substantially in the form of EXHIBIT 2.11.1 or a request by telephone immediately confirmed in writing by letter, facsimile or telex (each, a "Bid Loan Request") at least three (3) Business Days prior to the proposed Borrowing Date. The Administrative Agent may rely on the authority of any individual making a telephonic request referred to in the preceding sentence without the necessity of receipt of written confirmation. Each Bid Loan Request shall be irrevocable and shall specify (i) the proposed Borrowing Date, (ii) the term of the proposed Bid Loan (the "Bid Loan Interest Period") which may be no less than seven (7) days and no longer than thirty (30) days, and (iii) the maximum principal amount (the "Requested Amount") of such Bid Loan, which shall be not less than $5,000,000 and shall be an integral multiple of $1,000,000. After giving effect to such Bid Loan and any other Loan made on or before the Borrowing Date, (i) the Revolving Facility Usage shall not exceed an amount equal to the Revolving Credit Commitments less the face amount of commercial paper issued by the Borrower and its Subsidiaries and (ii) there may not exist more than one (1) Borrowing Tranche of Bid Loans outstanding.
Bid Loan Requests. Except as otherwise provided herein, the Borrower may from time to time prior to the Expiration Date request that the Banks bid to make loans (collectively "Bid Loans" and singularly a "Bid Loan") by telephonic inquiry to the Banks not later than 11:00 A.M. Pittsburgh time on the proposed Bid Loan Borrowing Date (each, a "Bid Loan Request"), it being understood that the Banks may rely on the authority of any individual making such a telephonic request without the necessity of receipt of any written confirmation. Each Bid Loan Request shall specify the proposed Bid Loan Borrowing Date, the term of the proposed Bid Loan (the "Bid Loan Period") which may be no less than 1 day and no longer than 90 days and the maximum principal amount (the "Requested Amount") of such Bid Loan, which shall be not less than $50,000 and shall be an integral multiple of $50,000. After giving effect to such Bid Loan and any other Bid Loan made on or before the Bid Loan Borrowing Date, the aggregate amount of the Bid loans of all Banks outstanding shall not exceed $20,000,000 (the "Bid Loan Aggregate Limit").
Bid Loan Requests. Except as otherwise provided herein, the Borrower may from time to time prior to the Expiration Date request that the Revolving Credit Banks make Bid Loans by delivery to the Administrative Agent not later than 2:00 P.M., Columbus time of a duly completed request therefor substantially in the form of EXHIBIT 2.11.1 or a request by telephone immediately confirmed in writing by letter, facsimile or telex (each, a "Bid Loan Request") at least three (3) Business