Bid Rate Advances Clause Samples
Bid Rate Advances. (a) Subject to the terms and conditions set forth herein, each Bank agrees that the Borrower may from time to time request the Banks to submit offers to make Bid Rate Loans, in Dollars or in one or more Alternative Currencies, to the Borrower prior to the Maturity Date pursuant to this §2.9; provided, however, that after giving effect to any Bid Rate Advance, (i) the Outstanding Amount of all Loans and Letter of Credit Obligations shall not at any time exceed the Total Commitment and (ii) the aggregate amount of all Bid Rate Advances then outstanding (including the requested Bid Rate Advance) shall not exceed the Bid Rate Maximum Amount. There shall not be more than ten (10) different Interest Periods in effect with respect to Bid Rate Loans at any time.
(b) The Borrower may request the submission of Competitive Bids by delivering a notice, in the form attached hereto as Exhibit D-2 (a “Bid Rate Advance Borrowing Notice”) to the Agent not later than 12:00 noon (A) one (1) Business Day prior to the requested date of any Bid Rate Advance that is to consist of Absolute Rate Loans in Dollars, (B) four (4) Business Days prior to the requested date of any Bid Rate Advance that is to consist of Index Rate Loans in Dollars or Canadian Dollars, and (C) five (5) Business Days (or six (6) Business Days in the case of a Special Notice Currency) prior to the date of any proposed Bid Rate Advance that is to consist of Absolute Rate Loans or Indexed Rate Loans in an Alternative Currency other than Canadian Dollars. Each Bid Rate Advance Borrowing Notice shall specify (I) the requested date of the Bid Rate Advance (which shall be a Business Day), (II) the aggregate principal amount of Bid Rate Loans requested (which must be $5,000,000 or a whole multiple of $1,000,000 in excess thereof), (III) the Type of Bid Rate Loans requested, (IV) the duration of the Interest Period with respect thereto, and (V) whether such Bid Rate Advance is to be advanced in an Alternative Currency and, if so, which Alternative Currency, and shall be signed by a Authorized Officer of the Borrower. No Bid Rate Advance Borrowing Notice shall contain a request for (A) more than one Type of Bid Rate Loan or (B) Bid Rate Loans having more than three different Interest Periods.
(c) The procedures for the submission of Competitive Bids by the Banks are as follows:
(i) The Agent shall promptly notify each Bank of each Bid Rate Advance Borrowing Notice received by it from the Borrower and the contents of ...
Bid Rate Advances. Each Lender may, in its sole discretion and on the terms and conditions set forth in this Agreement, make Bid Rate Advances to the Borrower from time to time in an aggregate amount not in excess of the difference between (i) the Commitment minus (ii) the sum of (A) the aggregate outstanding principal amount of all Revolving Credit Advances, plus (B) the amount of all Reimbursement Obligations. Bid Rate Advances may either bear interest at the Absolute Bid Rate or the LIBOR Bid Rate. Each Absolute Bid Rate Advance shall be for a period of not less than 7 days and not more than 180 days. Each LIBOR Bid Rate Advance shall be for a period of one, two, three or six months. Bid Rate Advances may not be prepaid without the prior written consent of the Lender making such Bid Rate Advance. Each borrowing of a Bid Rate Advance shall be a principal amount which is at least $10,000,000 and which is an integral multiple of $1,000,000. No Lender shall have an obligation to make Bid Rate Advances, and the Borrower shall have no obligation to accept any offer for Bid Rate Advances.
Bid Rate Advances. Each Lender may, in its sole discretion and on the terms and conditions set forth in this Agreement, make Bid Rate Advances to the Borrower from time to time in an aggregate amount not in excess of the difference between (i) the Commitment minus (ii) the sum of (A) the aggregate outstanding principal amount for all Revolving Credit Advances, plus (B) the aggregate outstanding principal amount of all Bid Rate Advances, plus (C) the amount of all Reimbursement Obligations, plus (D) the principal amount of Indebtedness guaranteed by the Borrower pursuant to the NationsBank Guaranty. Notwithstanding anything in the preceding sentence to the contrary, Bid Rate Advances may not exceed $750,000,000 in the aggregate at any time. Each Bid Rate Advance shall be for a period for not less than 7 days and not more than 90 days. The Borrower may not request any Bid Rate Advances unless the Index Debt Rating is the following or better: BBB- from S&P or Baa3 from Mood▇'▇. ▇id Rate Advances may not be prepaid without the prior written consent of the Lender making such Bid Rate Advances.
Bid Rate Advances. (i) In the case of Bid Rate Advances, the Borrower, through an Authorized Signatory, shall give the Administrative Agent (which shall promptly notify the Lenders) prior to 12:00 noon, Dallas, Texas time, at least one Business Day prior to the proposed
Bid Rate Advances. In the case of Bid Rate Advances, the Borrower, through an Authorized Signatory, shall give the Administrative Lender (which shall promptly notify the Lenders) prior to 11:00 a.m., Dallas, Texas time, at least one Business Day prior to the proposed
Bid Rate Advances. Each Lender may, in its sole discretion and on the terms and conditions set forth in this Agreement and such other agreements that such Lender may enter into with the Borrower, make Bid Rate Advances to the Borrower from time to time in an aggregate amount not in excess of the difference between (i) the Commitment minus (ii) the sum of (A) the aggregate outstanding principal amount of all Revolving Credit Advances, plus (B) the aggregate outstanding principal amount of all Bid Rate Advances, plus (C) the amount of all Reimbursement Obligations plus (D) the aggregate outstanding principal amount of all Swing Line Advances. Each Bid Rate Advance shall be for a period of not less than 7 days and not more than 90 days. The Lenders shall have no obligation hereunder to offer any Bid Rate Advances and the Borrower may not request any Bid Rate Advances unless the Index Debt Rating is the same as or better than any two of the following: BBB- by S&P , BBB- by ARA or Baa3 by ▇▇▇▇▇'▇. Bid Rate Advances may not be prepaid without the prior written consent of the Lender making such Bid Rate Advance.
Bid Rate Advances. (i) In the case of Bid Rate Advances, the Borrower, through an Authorized Signatory, shall give the Administrative Lender (which shall promptly notify the Lenders) prior to 12:00 noon, Dallas, Texas time, at least one Business Day prior to the proposed borrowing, irrevocable written notice of its intention to borrow a Bid Rate Advance. Each Bid Rate Advance request shall be subject to a non- refundable $500.00 processing fee payable to the Administrative Lender by the Borrower regardless of whether such Bid Rate Advance is funded. Such notice of borrowing shall specify (i) the requested funding date, which shall be a Business Day, (ii) the aggregate amount of the proposed Bid Rate Advances, (iii) the Interest Period selected by the Borrower, provided that no Interest Period shall extend past the Maturity Date and (iv) any other terms applicable thereto.
(ii) Each Lender may, if, in its sole discretion, it elects to do so, irrevocably offer to make one or more Bid Rate Advances to the Borrower as part of such proposed borrowing at a rate or rates of interest specified by such Lender in its sole discretion, by making a written quote to the Administrative Lender (which shall give prompt notice
Bid Rate Advances. Each Lender may, in its sole discretion and on the terms and conditions set forth in this Agreement and such other agreements that such Lender may enter into with the Borrower, make Bid Rate Advances to the Borrower from time to time in an
Bid Rate Advances. (i) In the case of Bid Rate Advances, the Borrower, through an Authorized Signatory, shall give the Administrative Agent (which shall promptly notify the Lenders) prior to 12:00 noon, Dallas, Texas time, at least one Business Day prior to the proposed