Competitive Advances Sample Clauses
The Competitive Advances clause defines how parties address situations where one party gains a competitive advantage, often through new technology, business practices, or market developments. Typically, this clause outlines the obligations of the advantaged party to disclose such advances or to offer similar terms or benefits to the other party, ensuring a level playing field. Its core function is to prevent one party from unfairly benefiting at the expense of the other, thereby maintaining fairness and balance in the contractual relationship.
Competitive Advances. (a) In addition to Contractual Advances and Swingline Advances, a Borrower may request the Funding Agent to obtain Competitive Bids under this Section for Competitive Advances (to be made in Dollars or any Alternative Currency as such Borrower elects pursuant to Section 2.03(b)).
(b) In order to request Competitive Bids, a Borrower shall deliver, by hand, telex or facsimile, to the Funding Agent a duly completed Competitive Bid Request in substantially the form of Exhibit B-4 hereto, to be received by the Funding Agent:
(i) at its Chicago Office not later than 10:00 a.m. (Chicago time) (x) five Business Days before a proposed Competitive Borrowing, in the case of LIBOR Competitive Advances in an Alternative Currency, (y) four Business Days before a proposed Competitive Borrowing, in the case of LIBOR Competitive Advances in Dollars and (z) one Business Day before a proposed Competitive Borrowing, in the case of Fixed Rate Competitive Advances in Dollars, or
(ii) at its London Office, not later than 10:00 a.m. (London time) one Business Day before a proposed Competitive Borrowing in the case of Fixed Rate Competitive Advances in an Alternative Currency. A Competitive Bid Request that does not conform substantially to the format of Exhibit B-4 shall be rejected, and the Funding Agent shall promptly notify the Borrower of such rejection by telex or facsimile. Such request shall in each case refer to this Agreement and specify (w) whether the Advances then being requested are to be LIBOR Competitive Advances or Fixed Rate Competitive Advances, (x) the date of such Advances (which shall be a Business Day), (y) the proposed currency and aggregate principal amount thereof (which shall be an integral multiple of 1,000,000 units of the relevant currency and shall not be less than $25,000,000 in Dollar Amount), and (z) the Interest Period with respect thereto (which may not end after the Termination Date). Promptly after its receipt of a Competitive Bid Request that is not rejected as aforesaid, the Funding Agent shall invite by telex or facsimile (substantially in the form set forth in Exhibit C hereto) the Lenders to bid, on the terms and conditions of this Agreement, to make Competitive Advances pursuant to such Competitive Bid Request.
(c) Each Lender may, in its sole discretion, make one or more Competitive Bids to the Funding Agent in response to a Borrower's Competitive Bid Request. Each Competitive Bid by a Lender must be received by the Funding Agent via te...
Competitive Advances. If such Advance is a Competitive Advance, a rate per annum equal at all times from the date of such Advance until the maturity thereof to the rate of interest for such Competitive Advance specified by the Participating Bank making such Competitive Advance in its Competitive Bid with respect thereto delivered pursuant to Section 2.03(a)(ii) above, payable on the proposed maturity date specified by the Borrower for such Competitive Advance in the related Notice of Competitive Borrowing delivered pursuant to Section 2.03(a)(i) above; provided that in the case of Advances with maturities of greater than three months, interest shall be payable at the end of each three-month period for such Advance.
Competitive Advances. Each Competitive Borrowing shall consist of Competitive Advances of the same Type and Interest Period made by the Lenders in accordance with this Section 3.03 and shall be in a minimum aggregate principal amount of $10,000,000 or an integral multiple of $1,000,000 in excess thereof, except as otherwise provided pursuant to Section 3.03(b)(iv) hereof. Competitive Advances shall be made in the amounts accepted by the Borrower requesting such Competitive Advance in accordance with Section 3.03(b)(iv). Each Competitive Advance, regardless of which Lender makes such Advance, will reduce the Available Commitments of all Lenders pro rata as provided in the definition of "Available Commitments" in Section 1.01 hereof. Promptly after each Competitive Borrowing, the Administrative Agent will notify each Lender of the amount of the Competitive Borrowing, the amount by which such Lender's Available Commitment has been reduced, the date of the Competitive Borrowing and the Interest Period with respect thereto.
Competitive Advances. A rate per annum equal at all times during the Interest Period for such Competitive Advance to the Competitive Bid Rate for such Competitive Advance.
Competitive Advances. The Borrower shall repay to the Administrative Agent for the account of each Bank which has made a Competitive Advance to the Borrower on the maturity date of each Competitive Advance (such maturity date being that specified by the Borrower for repayment of such Competitive Advance in the related Notice of Acceptance/Rejection delivered pursuant to Section 2.03 above) the then unpaid principal amount of such Competitive Advance.
Competitive Advances. 33 2.5 Letters of Credit.....................................36 2.6 Increase in the Commitment............................40 2.7 Voluntary Reduction of Commitment.....................41 2.8 Optional Termination of Commitment....................41 2.9 Extension of the Maturity Date........................42 2.10 Administrative Agent's Right to Assume Funds Available for Advances...............................42 2.11 Swing Line............................................43
Competitive Advances. Except as provided in Sections 2.11(d) and 2.16
Competitive Advances. 42 2.6 Swing Line. . . . . . . . . . . . . . . . . . . . 46 2.7
Competitive Advances. 36 2.6 Swing Line...................................................................................... 39 2.7 Co-Borrowers.................................................................................... 40 2.8 Mandatory Reductions of the Term Commitment..................................................... 41 2.9 Voluntary Reduction of the Commitments.......................................................... 41 2.10 Optional Termination of Commitments............................................................. 41
Competitive Advances. Subject to subsection (e) below, the Borrower shall repay to the Administrative Agent for the account of the Lenders that have made a Competitive Advance the outstanding principal amount of each Competitive Advance made to it hereunder on the last day of the Interest Period for such Advance, which last day shall be the maturity date for such Advance.