Competitive Borrowings. (a) The Competitive Bid Option. In addition to the U.S. Revolving Credit Loans which may be made available pursuant to subsection 2.1, the Borrower may, as set forth in this subsection 2.3, request the U.S. Lenders to make offers to make Competitive Loans to the Borrower during the Commitment Period. The U.S. Lenders 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 subsection 2.3.
Competitive Borrowings. 37 2.6 Money Market Advances........................................... 40 2.7 Termination or Reduction of Commitments......................... 41 2.8 Prepayments..................................................... 42 2.9 Conversion and Continuation Options............................. 43 2.10 Minimum Amounts of Eurodollar Borrowings........................ 43 2.11 Repayment of Loans; Evidence of Debt............................ 44 2.12 Interest Rates and Payment Dates for Non-Extended Loans......... 45 2.13
Competitive Borrowings. 7 Section 2.4 Termination or Reduction of Commitments 9 Section 2.5
Competitive Borrowings. (a) The Competitive Bid Option. In addition to the Non-Extended Loans which may be made available by the Non-Extending Lenders pursuant to subsection 2.1, GM may, as set forth in this subsection 2.5, request the Non-Extending Lenders to make offers to make Competitive Loans to GM during the relevant Commitment Period. The Non-Extending Lenders may, but shall have no obligation to, make such offers, and GM may, but shall have no obligation to, accept any such offers in the manner set forth in this subsection 2.5. Competitive Loans shall be denominated in Dollars.
Competitive Borrowings. (a) The Borrower may, from time ---------------------- to time, request the Auction Agent to deliver to the Banks a request for Competitive Bids, to which any one or more of the Banks may, but are not obligated to, respond. To request a Competitive Bid, the Borrower shall hand deliver, telex or telecopy to the Auction Agent a duly completed request for Competitive Bid in the form of Exhibit 2.10(a) (a "Competitive Bid Request"), to --------------- ----------------------- be received by the Auction Agent (i) in the case of: a Euro-Dollar Competitive Loan, not later than 9:00 a.m. (Houston time), four Euro-Dollar Business Days before the Borrowing Date specified for a proposed Competitive Borrowing and (ii) in the case of an Alternate Competitive Loan, not later than 9:00 a.m. (Houston time), one Domestic Business Day before the Borrowing Date specified for a proposed Competitive Borrowing. A Competitive Bid Request that does not conform substantially to the format of Exhibit 2.10(a) may be rejected in the --------------- Auction Agent's sole discretion, and the Auction Agent shall promptly notify the Borrower of such rejection by telex or telecopier. Each Competitive Bid Request shall in each case refer to this Agreement and specify (i) whether the Competitive Loans then being requested are to be Euro-Dollar Competitive Loans or Alternate Competitive Loans, (ii) the Borrowing Date of such Competitive Loans and the aggregate principal amount thereof which shall not be less than $5,000,000 or greater than the unused Committed Amount on such Borrowing Date and shall be in integral multiples of $1,000,000), (iii) the Interest Period with respect thereto and (iv) the total Borrowings
Competitive Borrowings. 30 2.4 Fees . . . . . . . . . . . . . . . . . . . . . . . 33 2.5 Evidence of Loans; Repayment . . . . . . . . . . . 33 2.6 Termination or Reduction of Revolving Credit Commitments . . . . . . . . . . . . . . . . . . . . 33 2.7
Competitive Borrowings. (a) The Competitive Bid Option. In addition to Committed Borrowings pursuant to Section 2.01, the Company may, on its own behalf and on behalf of any other Borrower, as set forth in this Section, request the Banks make offers to make Competitive Loans to the Company or to any other Borrower in any Currency from time to time prior to the date seven days prior to the Termination Date for any Bank that is not a Withdrawing Bank. The Banks may, but shall have no obligation to, make such offers and the Company may (on its own behalf or on behalf of any other Borrower), but shall have no obligation to, accept any such offers in the manner set forth in this Section; provided that, no more than twenty (20) separate Interest Periods for both Euro-Currency Loans and Competitive Loans may be outstanding at the same time (for which purpose Interest Periods described in different lettered clauses of the definition of the term `Interest Period', and Interest periods for Loans in different Currencies, shall be deemed to be different Interest Periods even if they are coterminous).
Competitive Borrowings. 24 2.4 Fees.......................................... 27 2.5 Evidence of Loans; Repayment.................. 27 2.6 Termination or Reduction of Revolving Credit Commitments................................... 27 2.7
Competitive Borrowings. 15 Section 2.4 Termination or Reduction of Commitments...............................................18 Section 2.5
Competitive Borrowings. (a) The Competitive Bid Option. In addition to the Revolving Loans which may be made available pursuant to Section 2.1, the Borrower may, as set forth in this Section 2.3, request the Competitive Bid Lenders to make offers to make Competitive Loans in Dollars to the Borrower during the Commitment Period; PROVIDED, HOWEVER, that at no time shall the aggregate amount of Competitive Loans exceed 50% of the Aggregate Revolving Commitments; PROVIDED, FURTHER, that at no time shall the aggregate Exposure Amount exceed the Aggregate Revolving Commitments then in effect. The Lenders 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 2.3. Upon the request of any Competitive Bid Lender, the Borrower shall execute and deliver a promissory note with respect to Competitive Loans to be made by such Lender, substantially in the form of EXHIBIT 2.3(a) with appropriate insertions as - 30 - to payee and date (a "Competitive Bid Note") payable to the order of such Lender and in a principal amount equal to the aggregate unpaid principal amount of all Competitive Loans, if any, made by such Lender.
