Competitive Bid Facility. If the Trust achieves an Investment Grade Rating, then Lenders agree that, upon the written request of Borrowers to Administrative Agent, Borrowers and the Credit Parties shall enter into negotiations to amend this Agreement to provide for an uncommitted competitive advance facility pursuant to which Borrowers may obtain competitive advances from Lenders through an auction mechanism. The competitive advance facility shall include terms, conditions, and fees acceptable to Borrowers and the Credit Parties.
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Samples: Credit Agreement (Innkeepers Usa Trust/Fl), Credit Agreement (Innkeepers Usa Trust/Fl), Credit Agreement (Innkeepers Usa Trust/Fl)
Competitive Bid Facility. If the Trust achieves an Investment Grade Rating, then Lenders agree that, upon the written request of Borrowers to Administrative AgentAgents, Borrowers and the Credit Parties shall enter into negotiations to amend this Agreement to provide for an uncommitted competitive advance facility pursuant to which Borrowers may obtain competitive advances from Lenders through an auction mechanism. The competitive advance facility shall include terms, conditions, and fees acceptable to Borrowers and the Credit Parties.
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