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. (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.
(b) Competitive Bid Request. When GM wishes to request offers to make Competitive Loans under this subsection 2.5, GM shall transmit to the Agent a Competitive Bid Request to be received no later than 12:00 Noon, New York City time, on (x) the fourth Business Day prior to the date of Borrowing proposed therein, in the case of a Borrowing of Eurodollar Competitive Loans or (y) the Business Day immediately preceding the date of Borrowing proposed therein, in the case of a Fixed Rate Borrowing, specifying:
(i) the proposed date of Borrowing, which shall be a Business Day,
(ii) the aggregate principal amount of such Borrowing, which shall be $50,000,000 or a multiple of $5,000,000 in excess thereof,
(iii) the duration of the Interest Period applicable thereto, subject to the provisions of the definition of Interest Period contained in subsection 1.1, and
(iv) whether the Borrowing then being requested is to be of Eurodollar Competitive Loans or Fixed Rate Loans. A Competitive Bid Request that does not conform substantially to the format of Exhibit A may be rejected by the Agent in its sole discretion, and the Agent shall promptly notify GM of such rejection. GM may request offers to make Competitive Loans for more than one Interest Period in a single Competitive Bid Request. No Competitive Bid Request shall be given within three Business Days of any other Competitive Bid Request pursuant to which GM has made a Competitive Borrowing.
Competitive Borrowings. 7 Section 2.4 Termination or Reduction of Commitments 9 Section 2.5
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.
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. 30 2.4 Fees . . . . . . . . . . . . . . . . . . . . . . . 33 2.5 Evidence of Loans; Repayment . . . . . . . .
Competitive Borrowings. 14 2.4 Termination or Reduction of Commitments ..................................... 18 2.5 Prepayments ................................................................. 18 2.6 Conversion and Continuation Options ......................................... 18 2.7 Minimum Amounts of Eurodollar Borrowings ....................................
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.............................
Competitive Borrowings
