Competitive Bid Borrowings. (a) The Competitive Bid Option. In addition to Committed Borrowings pursuant to Section 2.01, any Borrower may, as set forth in this Section, request the Banks during the Revolving Credit Period to make offers to make Competitive Bid Loans to such Borrower. The Banks may, but shall have no obligation to, make such offers and the Borrower may, but shall have no obligation to, accept any such offers in the manner set forth in this Section.
Competitive Bid Borrowings. (a) Whenever the Borrower desires to incur a Competitive Bid Borrowing, it shall deliver to the Payments Administrator at the Payments Administrator's Office, prior to 11:00 A.M. (New York time) (x) at least four Business Days prior to the date of such proposed Competitive Bid Borrowing, in the case of a Spread Borrowing, and (y) at least one Business Day prior to the date of such proposed Competitive Bid Borrowing, in the case of an Absolute Rate Borrowing, a written notice (a "Notice of Competitive Bid Borrowing"), which notice shall specify in each case (i) the date (which shall be a Business Day) and the aggregate amount of the proposed Competitive Bid Borrowing, (ii) the maturity date for repayment of each and every Competitive Bid Loan to be made as part of such Competitive Bid Borrowing (which maturity date may be (A) one, two, three or six months after the date of such Competitive Bid Borrowing in the case of a Spread Borrowing and (B) between 7 and 180 days, inclusive, after the date of such Competitive Bid Borrowing in the case of an Absolute Rate Borrowing, provided that in no event shall the maturity date of any Competitive Bid Borrowing be later than the third Business Day preceding the Commitment Expiry Date), (iii) the interest payment date or dates relating thereto, (iv) whether the proposed Competitive Bid Borrowing is to be an Absolute Rate Borrowing or a Spread Borrowing, and if a Spread Borrowing, the Interest Rate Basis, and (v) any other terms to be applicable to such Competitive Bid Borrowing. The Payments Administrator shall promptly notify each Bidder Bank of each such request for a Competitive Bid Borrowing received by it from the Borrower by telecopying to each such Bidder Bank a copy of the related Notice of Competitive Bid Borrowing.
(b) Each Bidder Bank shall, if, in its sole discretion, it elects to do so, irrevocably offer to make one or more Competitive Bid Loans to the Borrower as part of such proposed Competitive Bid Borrowing at a rate or rates of interest (which shall be a specified Spread over or under the Interest Rate Basis in the case of a Spread Borrowing or an Absolute Rate in the case of an Absolute Rate Borrowing) specified by such Bank in its sole discretion and determined by such Bank independently of each other Bank, by notifying the Payments Administrator (which shall give prompt notice thereof to the Borrower) before 10:00 A.M. (New York time) on the date (the "Reply Date") which is (x) in the case of an Ab...
Competitive Bid Borrowings. (a) Whenever any Borrower desires to incur a Competitive Bid Borrowing (excluding Existing Competitive Bid Loans continued hereunder on the Second Restatement Effective Date), it shall deliver to the Administrative Agent, prior to 11:00 A.M. (New York time) (x) at least four Business Days prior to the date of such proposed Competitive Bid Borrowing, in the case of a Spread Borrowing, and (y) at least one Business Day prior to the date of such proposed Competitive Bid Borrowing, in the case of an Absolute Rate Borrowing which is Dollar-denominated, and at least three Business Days prior to the date of such proposed Competitive Bid Borrowing, in the case of an Absolute Rate Borrowing which is an Alternate Currency Loan, a written notice substantially in the form of Exhibit A-2 hereto (a “Notice of Competitive Bid Borrowing”), which notice shall specify in each case (i) the identity of the applicable Borrower, (ii) the date (which shall be a Business Day) and the aggregate amount of the proposed Competitive Bid Borrowing, (iii) the maturity date for repayment of each and every Competitive Bid Loan to be made as part of such Competitive Bid Borrowing (which maturity date may be (A) up to six months after the date of such Competitive Bid Borrowing in the case of a Spread Borrowing and (B) no fewer than seven days and no more than 180 days after the date of such Competitive Bid Borrowing in the case of an Absolute Rate Borrowing, provided that in no event shall the maturity date of any Competitive Bid Borrowing be later than the third Business Day preceding the Final Maturity Date), (iv) the interest payment date or dates relating thereto, (v) whether the proposed Competitive Bid Borrowing is to be an Absolute Rate Borrowing or a Spread Borrowing, (vi) in the case of an Alternate Currency Loan, the Alternate Currency for such Competitive Bid Borrowing, and (vii) any other terms to be applicable to such Competitive Bid Borrowing. The Administrative Agent shall promptly notify each Bidder Lender by telephone or facsimile of each such request for a Competitive Bid Borrowing received by it from a Borrower and of the contents of the related Notice of Competitive Bid Borrowing.
(b) Each Bidder Lender shall, if, in its sole discretion, it elects to do so, irrevocably offer to make one or more Competitive Bid Loans to the applicable Borrower as part of such proposed Competitive Bid Borrowing at a rate or rates of interest specified by such Bidder Lender in its sole disc...
Competitive Bid Borrowings. Each such Competitive Bid Quote Request shall be substantially in the form of Exhibit K and shall specify as to each Competitive Bid Borrowing:
Competitive Bid Borrowings. (a) THE COMPETITIVE BID OPTION. In addition to the Syndicated Loans permitted to be made hereunder pursuant to Section 2.1, the Borrower may, from time to time from the Closing Date until the Revolving Credit Loan Maturity Date pursuant to the terms of this Section 2.3, cause the Agent to request the Banks to make offers to fund Competitive Bid Loans to the Borrower. The Banks may, but shall have no obligation to, make such offers and the Borrower may, but shall have no obligation to, accept such offers in the manner set forth in this Section 2.3. Each Bank may make Competitive Bid Loans as provided in this Section 2.3.
Competitive Bid Borrowings. (a) The Competitive Bid Option. In addition to the Syndicated Loans permitted to be made hereunder pursuant to 2.1 hereof, the Company may, pursuant to the terms of this 2.5, cause the Agent to request the Banks to make offers to fund Competitive Bid Loans to the Company from time to time prior to the Final Maturity Date. The Banks may, but shall have no obligation to, make such offers and the Company may, but shall have no obligation to, accept such offers in the manner set forth in this 2.5. Notwithstanding any other provision herein to the contrary, at no time shall the Utilization exceed the Total Commitment;
Competitive Bid Borrowings. Subject to the terms and conditions of this Agreement, each Lender severally agrees that during any Rated Period, the Borrower may effect Competitive Bid Borrowings under this Section 2.4 from time to time on any Business Day during the Revolving Credit Period in the manner set forth below, provided, however, that the principal balance of all Competitive Bid Advances outstanding hereunder shall not at any time exceed the lesser of (x) the Competitive Bid Ceiling, and (y) the Total Commitment Amount less the outstanding principal balance of all Conventional Advances.
Competitive Bid Borrowings. (a) The Competitive Bid Option. In addition to the Syndicated Loans permitted to be made hereunder pursuant to sect.2.1 hereof, the Borrower may, from time to time from the Closing Date until the Revolving Credit Loan Maturity Date pursuant to the terms of this sect.2.3, cause the Agent to request the Banks to make offers to fund Competitive Bid Loans to the Borrower from time to time prior to the Revolving Credit Loan Maturity Date. The Banks may, but shall have no obligation to, make such offers and the Borrower may, but shall have no obligation to, accept such offers in the manner set forth in this sect.
Competitive Bid Borrowings. (a) Competitive Bid Advance Option. In addition to the Advances permitted pursuant to 2 hereof, the Company may, pursuant to the terms of this 3, cause the Agent to request that the Banks make offers to fund Advances to the Company from time to time prior to the Termination Date. The Banks may, but shall have no obligation to, make such offers and the Company may, but shall have no obligation to, accept such offers in the manner set forth in this 3. (
Competitive Bid Borrowings. (a) Competitive Bid Advance Option. In addition to the Advances permitted pursuant to 2 hereof, the Trust may, pursuant to the terms of this 3, cause the Agent to request that the Banks make offers to fund Advances to the Trust from time to time prior to the Termination Date. The Banks may, but shall have no obligation to, make such offers and the Trust may, but shall have no obligation to, accept such offers in the manner set forth in this 3.
(b) Competitive Bid Request. When the Trust wishes to request offers to make Competitive Bid Advances under this 3, it shall transmit to the Agent by telex or telecopier a bid request substantially in the form of Exhibit C hereto to be received no later than 10:00 A.M. on the first Business Day prior to the requested Borrowing date with respect to Absolute Rate Advances specifying (A) the requested Borrowing date (which must be a Business Day) and the amount of such Competitive Bid Advance (which must be a minimum of $2,500,000) and may not, together with the aggregate amount of all other Advances then Outstanding to the Trust, exceed the Available Commitment and (B) the Interest Period for such Advance. The Trust may request offers to make Advances for more than one Interest Period in a single bid request. The Trust may submit a request for offers to make Competitive Bid Advances that number of times in any period of 12 consecutive months which does not exceed the difference between forty (40) and the number of times the Company requests "Competitive Bid Advances" under and as defined in the Company Credit Agreement during the same 12 month period.
