Competitive Advances. (a) For so long as Parkway Properties maintains a Credit Rating of BBB- or better from S&P and Baa3 or better from Xxxxx'x, subject to the terms and conditions hereof, at any time and from time to time from the Effective Date to but excluding the Revolving Loan Termination Date, and provided that no Default or Event of Default shall have occurred and be continuing, Borrower may request and each Revolving Loan Lender may in its sole and absolute discretion make Competitive Advances to Borrower in such principal amounts as Borrower may request pursuant to a Competitive Bid Request that do not result in (i) the aggregate principal amount outstanding under the Competitive Advance Notes (after giving effect to all amounts requested thereunder) being in excess of an amount equal to fifty percent (50%) of the aggregate amount of the Revolving Loan Commitments, and (ii) the aggregate principal amount outstanding under the Notes (other than the Term Notes) (after giving effect to all amounts requested thereunder) plus the Letter of Credit Liabilities being in excess of the aggregate amount of the Revolving Loan Commitments.
(b) Borrower shall request Competitive Advances by submitting a duly completed Competitive Bid Request to the Agent, which Competitive Bid Request shall specify the relevant date, amount and maturity for the proposed Competitive Advance. Each request shall be for an advance on the basis of a margin over the Adjusted Eurodollar Rate and shall have a maturity date equal to one of the Interest Periods (subject to the limitations therein.) Any Competitive Bid Requests shall be accompanied by payment of a nonrefundable $1,000 competitive bid request fee for the account of the Agent. Any Competitive Advance shall be a LIBOR Loan. The proposed funding date shall be a Business Day. The Agent shall incur no liability whatsoever hereunder in acting upon any Competitive Bid Request purportedly made by a Responsible Officer of Borrower, which hereby agrees to indemnify the Agent from any loss, cost, expense or liability as a result of so acting. The Competitive Bid Request must be received by the Agent not later than 10:00 a.m. on a Business Day that is at least four (4) Business Days prior to the date of the proposed Competitive Advance.
(c) Each Competitive Bid Request must be made for a Competitive Advance of at least $3,000,000 and shall be in an integral multiple of $1,000,000.
(d) No Competitive Bid Request shall be made for a Competitive Advance with...
Competitive Advances. (a) For so long as the Parent maintains a Credit Rating of BBB- or better from S&P or Baa3 or better from Xxxxx'x, subject to the terms and conditions hereof, at any time and from time to time from the Effective Date to but excluding the Termination Date, and provided that no Default or Event of Default shall have occurred and be continuing, Borrowers may request and each Lender may in its sole and absolute discretion make Competitive Advances to Borrowers in such principal amounts as Borrowers may request pursuant to a Competitive Bid Request that do not result in (i) the aggregate principal amount outstanding under the Competitive Advance Notes (after giving effect to all amounts requested thereunder) being in excess of an amount equal to 50% of the aggregate amount of the Commitments, and (ii) the aggregate principal amount outstanding under the Notes (after giving effect to all amounts requested thereunder) plus the Letter of Credit Liabilities being in excess of the aggregate amount of the Commitments.
(b) Borrowers shall request Competitive Advances by submitting a duly completed Competitive Bid Request to the Agent, which Competitive Bid Request shall specify the relevant date, amount and maturity for the proposed Competitive Advance. Each request shall be for an advance on the basis of a margin over the Adjusted Eurodollar Rate and shall have a maturity date equal to one of the Interest Periods (subject to the limitations therein.) In the event that the Borrowers shall have submitted two (2) Competitive Bid Requests in any calendar month, any additional Competitive Bid Requests during such month shall be accompanied by payment of a nonrefundable $2500 competitive bid request fee for the account of the Agent. Any Competitive Advance shall be a LIBOR Loan. The proposed funding date shall be a Business Day. The Agent shall incur no liability whatsoever hereunder in acting upon any Competitive Bid Request purportedly made by a Responsible Officer of Borrowers, which hereby agree to indemnify the Agent from any loss, cost, expense or liability as a result of so acting. The Competitive Bid Request must be received by the Agent not later than 10:00 a.m. on a Business Day that is at least four (4) Business Days prior to the date of the proposed Competitive Advance.
(c) Each Competitive Bid Request must be made for a Competitive Advance of at least $3,000,000 and shall be in an integral multiple of $1,000,000.
(d) No Competitive Bid Request shall be made fo...
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. Except as provided in Sections 2.11(d) and 2.16
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.
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. 42 2.6 Swing Line. . . . . . . . . . . . . . . . . . . . 46 2.7
