Competitive Bid Procedures Sample Clauses
Competitive Bid Procedures. (a) Each Bank may, in its sole discretion, make one or more Competitive Bids to the Borrower responsive to a Notice of Competitive Bid Request. Each Competitive Bid by a Bank must be received by the Administrative Agent via telecopier, in the form of Exhibit A-4 hereto, (i) in the case of a proposed Competitive Bid Borrowing of Eurodollar Loans, not later than 10:00 a.m., New York time, three Business Days before a proposed Competitive Bid Borrowing and (ii) in the case of a proposed Competitive Bid Borrowing of Fixed Rate Loans, not later than 10:00 a.m., New York time, on the day of a proposed Competitive Bid Borrowing. Multiple bids will be accepted by the Administrative Agent. Competitive Bids that do not conform substantially to the format of Exhibit A-4 may be rejected by the Administrative Agent after conferring with, and upon the instruction of, the Borrower, and the Administrative Agent shall notify the Bank making such nonconforming bid of such rejection as soon as practicable. Each Competitive Bid shall refer to this Agreement and specify (x) the principal amount (which shall be in a minimum principal amount of $5,000,000 and in an integral multiple of $1,000,000 and which may equal the entire principal amount of the Competitive Bid Borrowing requested by the Borrower) of the Competitive Bid Loan or Competitive Bid Loans that the Bank is willing to make to the Borrower, (y) the Competitive Bid Rate or Competitive Bid Rates at which the Bank is prepared to make the Competitive Bid Loan or Competitive Bid Loans and (z) the respective Interest Period and the last day thereof. If any Bank shall elect not to make a Competitive Bid, such Bank shall so notify the Administrative Agent via telecopier (I) in the case of Eurodollar Loans, not later than 10:00 a.m., New York time, three Business Days before a proposed Competitive Bid Borrowing, and (II) in the case of Fixed Rate Loans, not later than 10:00 a.m., New York time, on the day of a proposed Competitive Bid Borrowing; provided, however, that failure by any Bank to give such notice shall not cause such Bank to be obligated to make any Competitive Bid Loan as part of such Competitive Bid Borrowing or to incur any liability as a result thereof. A Competitive Bid submitted by a Bank pursuant to this paragraph (a) shall be irrevocable.
(b) The Administrative Agent shall promptly notify the Borrower by telecopier of all the Competitive Bids made, the Competitive Bid Rate and the principal amount of each...
Competitive Bid Procedures. (a) Whenever either Borrower desires to solicit Competitive Bids, it shall give the Administrative Agent at least one Business Day's prior written notice with respect to each proposed Competitive Bid Borrowing of Fixed Rate Loans and at least four Business Days prior written notice of each proposed Competitive Bid Borrowing of Eurodollar Loans to be made hereunder; provided, that any such notice shall be deemed to have been given on a certain day only if given before 10:00 A.M. New York City time on such day. Each such notice (a "Notice of Competitive Bid Borrowing") shall be in the form of Exhibit J appropriately completed by the relevant Borrower to specify (i) the aggregate principal amount of the proposed Competitive Bid Loans to be made pursuant to such Competitive Bid Borrowing (which shall be in a minimum principal amount of $10,000,000 and in integral multiples of $1,000,000 in excess thereof), (ii) the date of such Competitive Bid Borrowing (which shall be a Business Day) and (iii) whether the Competitive Bid Loans proposed to be made pursuant to such Competitive Bid Borrowing are to be Fixed Rate Loans or Eurodollar Loans and (iv) the Interest Period relating thereto. The maturity date for repayment of each Competitive Bid Loan to be made as part of such Competitive Bid Borrowing shall be the earlier of (x) the last day of the Interest Period relating thereto and (y) the Revolving Termination Date. A
Competitive Bid Procedures. Subject to Bankruptcy Court approval, Seller agrees that in order for any Alternative Proposal to be approved by the Bankruptcy Court, such proposal must (i) be upon and subject to substantially the same or more favorable terms and conditions as are contained in this Agreement, in all material respects (as reasonably determined by Seller), except as to purchase price, and (ii) include (A) a cash purchase price having a value at least Three Hundred Seventy Five Thousand Dollars ($375,000) greater than the value of the Purchase Price provided in this Agreement, and (B) any subsequent increase thereof shall be at least Two Hundred Thousand Dollars ($200,000) (in cash) in excess of the prior cash offer (in any event, TransWestern shall have the right to match any competitive offers and any and all increases thereof) (collectively, the "Overbid Provisions").
Competitive Bid Procedures. Subject to Bankruptcy Court approval, Sellers agree that in order for any Alternative Proposal to be accepted by Sellers and submitted for approval by the Bankruptcy Court, such Alternative Proposal must be a Qualified Bid as defined in the Procedures Order.
Competitive Bid Procedures. Subject to Bankruptcy Court approval, the Sellers agree that in order for any Alternative Proposal to be approved by the Bankruptcy Court, such proposal must (i) be upon and subject to substantially the same or more favorable terms and conditions as are contained in this Agreement, in all material respects (as reasonably determined by the Debtors), except as to purchase price, and (ii) include (x) a purchase price having a value at least $750,000 greater than the value of the Purchase Price provided in this Agreement, (y) a cash component of the purchase price of at least $7,750,000 and (z) any subsequent increase thereof shall have a cash component of at least $200,000 in excess of the prior offer (in any event, the Buyer shall have the right to match any competitive offers and any and all increases thereof) (collectively, the "Overbid Provisions").
Competitive Bid Procedures. The Provisions Order shall provide for, among other things, that any Alternative Proposal is (i) upon and subject to substantially the same or more favorable terms and conditions as are contained in this Agreement, in all material respects, except as to purchase price, and (ii) includes a purchase price having a value at least $1,500,000 greater than the value of the Purchase Price provided in this Agreement (collectively, the "Overbid Provisions").
Competitive Bid Procedures