Procedures for Bid Borrowings. (a) The Company may request the Committed Lenders to submit offers to make Bid Loans by sending the Administrative Agent by facsimile a written notice substantially in the form of Exhibit D (a “Competitive Bid Request”) so as to be received no later than 10:00 A.M. (Chicago time) one Business Day prior to the date of a proposed Bid Borrowing, specifying: (i) the date of the proposed Bid Borrowing, which shall be a Business Day; (ii) the aggregate amount of such Bid Borrowing, which shall be a minimum amount of US$5,000,000 or a higher integral multiple of US$1,000,000; and (iii) the duration of the Interest Period applicable thereto The Company may not request the Administrative Agent to solicit offers for Competitive Bids for more than three Interest Periods in a single Competitive Bid Request and may not request Competitive Bids more than once in any period of five Business Days. (b) Upon receipt of a Competitive Bid Request, the Administrative Agent will promptly send to the Committed Lenders by facsimile transmission an Invitation for Competitive Bids, which shall constitute an invitation by the Company to each Committed Lender to submit Competitive Bids offering to make the Bid Loans to which such Competitive Bid Request relates in accordance with this Section 8.02. (i) Each Committed Lender may in its discretion submit a Competitive Bid containing an offer or offers to make Bid Loans in response to any Invitation for Competitive Bids. Each Competitive Bid must comply with the requirements of this subsection 8.02(c) and must be submitted to the Administrative Agent by facsimile transmission at its office specified pursuant to Section 16.01 not later than 8:45 A.M. (Chicago time) on the proposed Borrowing Date; provided that Competitive Bids submitted by the Administrative Agent (in its individual capacity) or any Affiliate thereof may only be submitted if such entity notifies the Company of the terms of the offer or offers contained therein not later than 8:30 A.M. (Chicago time) on the proposed Borrowing Date. (ii) Each Competitive Bid shall be in substantially the form of Exhibit F, specifying therein: (A) the proposed Borrowing Date; (B) the principal amount of each Bid Loan for which such Competitive Bid is being made, which principal amount (x) may be equal to, greater than or less than the Commitment of the quoting Committed Lender, (y) must be $5,000,000 or a higher integral multiple of $1,000,000 and (z) may not exceed the principal amount of Bid Loans for which Competitive Bids were requested; (C) the rate of interest per annum expressed in multiples of 1/100th of one basis point (the “Absolute Rate”) offered for each such Bid Loan and the Interest Period applicable thereto; and (D) the identity of the quoting Committed Lender. A Competitive Bid may contain up to three separate offers by the quoting Committed Lender with respect to each Interest Period specified in the related Invitation for Competitive Bids. (iii) Any Competitive Bid shall be disregarded if it: (A) is not substantially in conformity with Exhibit F or does not specify all of the information required by subsection 8.02(c)(ii); (B) contains qualifying, conditional or similar language; (C) proposes terms other than or in addition to those set forth in the applicable Invitation for Competitive Bids; or (D) arrives after the time set forth in subsection 8.02(c)(i). (d) Promptly on receipt and not later than 9:00 A.M. (Chicago time) on the proposed Borrowing Date, the Administrative Agent will notify the Company of the terms (i) of any Competitive Bid submitted by a Committed Lender that is in accordance with subsection 8.02(c) and (ii) of any Competitive Bid that amends, modifies or is otherwise inconsistent with a previous Competitive Bid submitted by such Committed Lender with respect to the same Competitive Bid Request. Any such subsequent Competitive Bid shall be disregarded by the Administrative Agent unless such subsequent Competitive Bid is submitted solely to correct a manifest error in such former Competitive Bid and only if received within the times set forth in subsection 8.02(c). The Administrative Agent’s notice to the Company shall specify (1) the aggregate principal amount of Bid Loans for which offers have been received for each Interest Period specified in the related Competitive Bid Request; (2) the respective principal amounts and Absolute Rates offered for each Interest Period and (3) any other information regarding such Competitive Bid reasonably requested by the Company. Subject only to the provisions of Article XI and the provisions of this subsection (d), any Competitive Bid shall be irrevocable except with the written consent of the Administrative Agent given on the written instructions of the Company. (e) Not later than 9:15 A.M. on the proposed Borrowing Date, the Company shall notify the Administrative Agent, in writing and in a form reasonably acceptable to the Administrative Agent, of its acceptance or non-acceptance of the offers notified to it pursuant to subsection 8.02(d). The Company shall be under no obligation to accept any offer and may choose to accept or reject some or all of such offers. In the case of acceptance, such notice shall specify the aggregate principal amount of offers for each Interest Period that is accepted. The Company may accept any Competitive Bid in whole or in part; provided that: (i) the aggregate principal amount of each Bid Borrowing may not exceed the applicable amount set forth in the related Competitive Bid Request; (ii) the principal amount of each Bid Borrowing must be US$5,000,000 or a higher integral multiple of US$1,000,000; (iii) acceptance of offers may only be made on the basis of ascending Absolute Rates within each Interest Period; and (iv) the Company may not accept any offer that is described in subsection 8.02(c)(iii) or that otherwise fails to comply with the requirements of this Agreement. (f) If offers are made by two or more Committed Lenders with the same Absolute Rates for a greater aggregate principal amount than the amount in respect of which such offers are accepted for the related Interest Period, the principal amount of Bid Loans in respect of which such offers are accepted shall be allocated by the Administrative Agent among such Committed Lenders (in such multiples, not less than US$1,000,000, as the Administrative Agent may deem appropriate) as nearly as practicable in proportion to the aggregate principal amounts of such offers. Determination by the Administrative Agent of the amounts of Bid Loans shall be conclusive in the absence of demonstrable error. (i) The Administrative Agent will promptly notify each Committed Lender having submitted a Competitive Bid if its offer has been accepted and, if its offer has been accepted, of the amount of the Bid Loan or Bid Loans to be made by it on the date of the Bid Borrowing. (ii) Each Committed Lender which has received notice pursuant to subsection 8.02(g)(i) that its Competitive Bid has been accepted with respect to any Bid Loan shall make the amount of such Bid Loan available to the Administrative Agent in Same Day Funds for the account of the Company at the Administrative Agent’s Payment Office, by noon (Chicago time) on the applicable Borrowing Date. (iii) Promptly following each Bid Borrowing, the Administrative Agent shall notify each Committed Lender of the range of bids submitted and the highest and lowest bids accepted for each Interest Period requested by the Company and the aggregate amount borrowed pursuant to such Bid Borrowing.
Appears in 1 contract
Samples: Credit Agreement (Pentair Inc)
Procedures for Bid Borrowings. (a) The Company may request the Committed Lenders to submit offers to make Bid Loans by sending the Administrative Agent by facsimile a written notice substantially in the form of Exhibit D (a “"Competitive Bid Request”") so as to be received no later than 10:00 A.M. (Chicago time) one Business Day prior to the date of a proposed Bid Borrowing, specifying:
(i) the date of the proposed Bid Borrowing, which shall be a Business Day;
(ii) the aggregate amount of such Bid Borrowing, which shall be a minimum amount of US$5,000,000 or a higher integral multiple of US$1,000,000; and
(iii) the duration of the Interest Period applicable thereto The Company may not request the Administrative Agent to solicit offers for Competitive Bids for more than three Interest Periods in a single Competitive Bid Request and may not request Competitive Bids more than once in any period of five Business Days.
(b) Upon receipt of a Competitive Bid Request, the Administrative Agent will promptly send to the Committed Lenders by facsimile transmission an Invitation for Competitive Bids, which shall constitute an invitation by the Company to each Committed Lender to submit Competitive Bids offering to make the Bid Loans to which such Competitive Bid Request relates in accordance with this Section 8.02.
(i) Each Committed Lender may in its discretion submit a Competitive Bid containing an offer or offers to make Bid Loans in response to any Invitation for Competitive Bids. Each Competitive Bid must comply with the requirements of this subsection 8.02(c) and must be submitted to the Administrative Agent by facsimile transmission at its office specified pursuant to Section 16.01 not later than 8:45 A.M. (Chicago time) on the proposed Borrowing Date; provided that Competitive Bids submitted by the Administrative Agent (in its individual capacity) or any Affiliate thereof may only be submitted if such entity notifies the Company of the terms of the offer or offers contained therein not later than 8:30 A.M. (Chicago time) on the proposed Borrowing Date.
(ii) Each Competitive Bid shall be in substantially the form of Exhibit F, specifying therein:
(A) the proposed Borrowing Date;
(B) the principal amount of each Bid Loan for which such Competitive Bid is being made, which principal amount (x) may be equal to, greater than or less than the Commitment of the quoting Committed Lender, (y) must be $5,000,000 or a higher integral multiple of $1,000,000 and (z) may not exceed the principal amount of Bid Loans for which Competitive Bids were requested;
(C) the rate of interest per annum expressed in multiples of 1/100th of one basis point (the “"Absolute Rate”") offered for each such Bid Loan and the Interest Period applicable thereto; and
(D) the identity of the quoting Committed Lender. A Competitive Bid may contain up to three separate offers by the quoting Committed Lender with respect to each Interest Period specified in the related Invitation for Competitive Bids.
(iii) Any Competitive Bid shall be disregarded if it:
(A) is not substantially in conformity with Exhibit F or does not specify all of the information required by subsection 8.02(c)(ii);
(B) contains qualifying, conditional or similar language;
(C) proposes terms other than or in addition to those set forth in the applicable Invitation for Competitive Bids; or
(D) arrives after the time set forth in subsection 8.02(c)(i).
(d) Promptly on receipt and not later than 9:00 A.M. (Chicago time) on the proposed Borrowing Date, the Administrative Agent will notify the Company of the terms (i) of any Competitive Bid submitted by a Committed Lender that is in accordance with subsection 8.02(c) and (ii) of any Competitive Bid that amends, modifies or is otherwise inconsistent with a previous Competitive Bid submitted by such Committed Lender with respect to the same Competitive Bid Request. Any such subsequent Competitive Bid shall be disregarded by the Administrative Agent unless such subsequent Competitive Bid is submitted solely to correct a manifest error in such former Competitive Bid and only if received within the times set forth in subsection 8.02(c). The Administrative Agent’s notice to the Company shall specify (1) the aggregate principal amount of Bid Loans for which offers have been received for each Interest Period specified in the related Competitive Bid Request; (2) the respective principal amounts and Absolute Rates offered for each Interest Period and (3) any other information regarding such Competitive Bid reasonably requested by the Company. Subject only to the provisions of Article XI and the provisions of this subsection (d), any Competitive Bid shall be irrevocable except with the written consent of the Administrative Agent given on the written instructions of the Company.
(e) Not later than 9:15 A.M. on the proposed Borrowing Date, the Company shall notify the Administrative Agent, in writing and in a form reasonably acceptable to the Administrative Agent, of its acceptance or non-acceptance of the offers notified to it pursuant to subsection 8.02(d). The Company shall be under no obligation to accept any offer and may choose to accept or reject some or all of such offers. In the case of acceptance, such notice shall specify the aggregate principal amount of offers for each Interest Period that is accepted. The Company may accept any Competitive Bid in whole or in part; provided that:
(i) the aggregate principal amount of each Bid Borrowing may not exceed the applicable amount set forth in the related Competitive Bid Request;
(ii) the principal amount of each Bid Borrowing must be US$5,000,000 or a higher integral multiple of US$1,000,000;
(iii) acceptance of offers may only be made on the basis of ascending Absolute Rates within each Interest Period; and
(iv) the Company may not accept any offer that is described in subsection 8.02(c)(iii) or that otherwise fails to comply with the requirements of this Agreement.
(f) If offers are made by two or more Committed Lenders with the same Absolute Rates for a greater aggregate principal amount than the amount in respect of which such offers are accepted for the related Interest Period, the principal amount of Bid Loans in respect of which such offers are accepted shall be allocated by the Administrative Agent among such Committed Lenders (in such multiples, not less than US$1,000,000, as the Administrative Agent may deem appropriate) as nearly as practicable in proportion to the aggregate principal amounts of such offers. Determination by the Administrative Agent of the amounts of Bid Loans shall be conclusive in the absence of demonstrable error.
(i) The Administrative Agent will promptly notify each Committed Lender having submitted a Competitive Bid if its offer has been accepted and, if its offer has been accepted, of the amount of the Bid Loan or Bid Loans to be made by it on the date of the Bid Borrowing.
(ii) Each Committed Lender which has received notice pursuant to subsection 8.02(g)(i) that its Competitive Bid has been accepted with respect to any Bid Loan shall make the amount of such Bid Loan available to the Administrative Agent in Same Day Funds for the account of the Company at the Administrative Agent’s Payment Office, by noon (Chicago time) on the applicable Borrowing Date.
(iii) Promptly following each Bid Borrowing, the Administrative Agent shall notify each Committed Lender of the range of bids submitted and the highest and lowest bids accepted for each Interest Period requested by the Company and the aggregate amount borrowed pursuant to such Bid Borrowing.8.02
Appears in 1 contract
Samples: Credit Agreement (Pentair Inc)
Procedures for Bid Borrowings. (a) The Company may request the Committed Lenders to submit offers to make Bid Loans by sending the Administrative Agent by facsimile a written notice substantially in the form of Exhibit D (a “"Competitive Bid Request”") so as to be received no later than 10:00 A.M. (Chicago time) one Business Day prior to the date of a proposed Bid Borrowing, specifying:
(i) the date of the proposed Bid Borrowing, which shall be a Business Day;
(ii) the aggregate amount of such Bid Borrowing, which shall be a minimum amount of US$5,000,000 or a higher integral multiple of US$1,000,000; and
(iii) the duration of the Interest Period applicable thereto The Company may not request the Administrative Agent to solicit offers for Competitive Bids for more than three Interest Periods in a single Competitive Bid Request and may not request Competitive Bids more than once in any period of five Business Days.
(b) Upon receipt of a Competitive Bid Request, the Administrative Agent will promptly send to the Committed Lenders by facsimile transmission an Invitation for Competitive Bids, which shall constitute an invitation by the Company to each Committed Lender to submit Competitive Bids offering to make the Bid Loans to which such Competitive Bid Request relates in accordance with this Section 8.02.
(i) Each Committed Lender may in its discretion submit a Competitive Bid containing an offer or offers to make Bid Loans in response to any Invitation for Competitive Bids. Each Competitive Bid must comply with the requirements of this subsection 8.02(c) and must be submitted to the Administrative Agent by facsimile transmission at its office specified pursuant to Section 16.01 not later than 8:45 A.M. (Chicago time) on the proposed Borrowing Date; provided that Competitive Bids submitted by the Administrative Agent (in its individual capacity) or any Affiliate thereof may only be submitted if such entity notifies the Company of the terms of the offer or offers contained therein not later than 8:30 A.M. (Chicago time) on the proposed Borrowing Date.
(ii) Each Competitive Bid shall be in substantially the form of Exhibit F, specifying therein:
(A) the proposed Borrowing Date;
(B) the principal amount of each Bid Loan for which such Competitive Bid is being made, which principal amount (x) may be equal to, greater than or less than the Commitment of the quoting Committed Lender, (y) must be $5,000,000 or a higher integral multiple of $1,000,000 and (z) may not exceed the principal amount of Bid Loans for which Competitive Bids were requested;
(C) the rate of interest per annum expressed in multiples of 1/100th of one basis point (the “"Absolute Rate”") offered for each such Bid Loan and the Interest Period applicable thereto; and
(D) the identity of the quoting Committed Lender. A Competitive Bid may contain up to three separate offers by the quoting Committed Lender with respect to each Interest Period specified in the related Invitation for Competitive Bids.
(iii) Any Competitive Bid shall be disregarded if it:
(A) is not substantially in conformity with Exhibit F or does not specify all of the information required by subsection 8.02(c)(ii);
(B) contains qualifying, conditional or similar language;
(C) proposes terms other than or in addition to those set forth in the applicable Invitation for Competitive Bids; or
(D) arrives after the time set forth in subsection 8.02(c)(i).
(d) Promptly on receipt and not later than 9:00 A.M. (Chicago time) on the proposed Borrowing Date, the Administrative Agent will notify the Company of the terms (i) of any Competitive Bid submitted by a Committed Lender that is in accordance with subsection 8.02(c) and (ii) of any Competitive Bid that amends, modifies or is otherwise inconsistent with a previous Competitive Bid submitted by such Committed Lender with respect to the same Competitive Bid Request. Any such subsequent Competitive Bid shall be disregarded by the Administrative Agent unless such subsequent Competitive Bid is submitted solely to correct a manifest error in such former Competitive Bid and only if received within the times set forth in subsection 8.02(c). 8.02
(c) The Administrative Agent’s 's notice to the Company shall specify (1) the aggregate principal amount of Bid Loans for which offers have been received for each Interest Period specified in the related Competitive Bid Request; (2) the respective principal amounts and Absolute Rates offered for each Interest Period and (3) any other information regarding such Competitive Bid reasonably requested by the Company. Subject only to the provisions of Article XI and the provisions of this subsection (d), any Competitive Bid shall be irrevocable except with the written consent of the Administrative Agent given on the written instructions of the Company.
(e) Not later than 9:15 A.M. on the proposed Borrowing Date, the Company shall notify the Administrative Agent, in writing and in a form reasonably acceptable to the Administrative Agent, of its acceptance or non-acceptance of the offers notified to it pursuant to subsection 8.02(d). The Company shall be under no obligation to accept any offer and may choose to accept or reject some or all of such offers. In the case of acceptance, such notice shall specify the aggregate principal amount of offers for each Interest Period that is accepted. The Company may accept any Competitive Bid in whole or in part; provided that:
(i) the aggregate principal amount of each Bid Borrowing may not exceed the applicable amount set forth in the related Competitive Bid Request;
(ii) the principal amount of each Bid Borrowing must be US$5,000,000 or a higher integral multiple of US$1,000,000;
(iii) acceptance of offers may only be made on the basis of ascending Absolute Rates within each Interest Period; and
(iv) the Company may not accept any offer that is described in subsection 8.02(c)(iii) or that otherwise fails to comply with the requirements of this Agreement.
(f) If offers are made by two or more Committed Lenders with the same Absolute Rates for a greater aggregate principal amount than the amount in respect of which such offers are accepted for the related Interest Period, the principal amount of Bid Loans in respect of which such offers are accepted shall be allocated by the Administrative Agent among such Committed Lenders (in such multiples, not less than US$1,000,000, as the Administrative Agent may deem appropriate) as nearly as practicable in proportion to the aggregate principal amounts of such offers. Determination by the Administrative Agent of the amounts of Bid Loans shall be conclusive in the absence of demonstrable error.
(i) The Administrative Agent will promptly notify each Committed Lender having submitted a Competitive Bid if its offer has been accepted and, if its offer has been accepted, of the amount of the Bid Loan or Bid Loans to be made by it on the date of the Bid Borrowing.
(ii) Each Committed Lender which has received notice pursuant to subsection 8.02(g)(i) that its Competitive Bid has been accepted with respect to any Bid Loan shall make the amount of such Bid Loan available to the Administrative Agent in Same Day Funds for the account of the Company at the Administrative Agent’s Payment Office, by noon (Chicago time) on the applicable Borrowing Date.
(iii) Promptly following each Bid Borrowing, the Administrative Agent shall notify each Committed Lender of the range of bids submitted and the highest and lowest bids accepted for each Interest Period requested by the Company and the aggregate amount borrowed pursuant to such Bid Borrowing.
Appears in 1 contract
Procedures for Bid Borrowings. (a) The Company may request the Committed Lenders to submit offers to make Bid Loans by sending the Administrative Agent by facsimile a written notice substantially in the form of Exhibit D (a “"Competitive Bid Request”") so as to be received no later than 10:00 A.M. (Chicago time) one Business Day prior to the date of a proposed Bid Borrowing, specifying:
(i) the date of the proposed Bid Borrowing, which shall be a Business Day;
(ii) the aggregate amount of such Bid Borrowing, which shall be a minimum amount of US$5,000,000 or a higher integral multiple of US$1,000,000; and
(iii) the duration of the Interest Period applicable thereto The Company may not request the Administrative Agent to solicit offers for Competitive Bids for more than three Interest Periods in a single Competitive Bid Request and may not request Competitive Bids more than once in any period of five Business Days.
(b) Upon receipt of a Competitive Bid Request, the Administrative Agent will promptly send to the Committed Lenders by facsimile transmission an Invitation for Competitive Bids, which shall constitute an invitation by the Company to each Committed Lender to submit Competitive Bids offering to make the Bid Loans to which such Competitive Bid Request relates in accordance with this Section 8.023.02.
(i) Each Committed Lender may in its discretion submit a Competitive Bid containing an offer or offers to make Bid Loans in response to any Invitation for Competitive Bids. Each Competitive Bid must comply with the requirements of this subsection 8.02(c3.02(c) and must be submitted to the Administrative Agent by facsimile transmission at its office specified pursuant to Section 16.01 11.01 not later than 8:45 A.M. (Chicago time) on the proposed Borrowing Date; provided that Competitive Bids submitted by the Administrative Agent (in its individual capacity) or any Affiliate thereof may only be submitted if such entity notifies the Company of the terms of the offer or offers contained therein not later than 8:30 A.M. (Chicago time) on the proposed Borrowing Date.
(ii) Each Competitive Bid shall be in substantially the form of Exhibit F, specifying therein:
(A) the proposed Borrowing Date;
(B) the principal amount of each Bid Loan for which such Competitive Bid is being made, which principal amount (x) may be equal to, greater than or less than the Commitment of the quoting Committed Lender, (y) must be $5,000,000 or a higher integral multiple of $1,000,000 and (z) may not exceed the principal amount of Bid Loans for which Competitive Bids were requested;
(C) the rate of interest per annum expressed in multiples of 1/100th of one basis point (the “"Absolute Rate”") offered for each such Bid Loan and the Interest Period applicable thereto; and
(D) the identity of the quoting Committed Lender. A Competitive Bid may contain up to three separate offers by the quoting Committed Lender with respect to each Interest Period specified in the related Invitation for Competitive Bids.
(iii) Any Competitive Bid shall be disregarded if it:
(A) is not substantially in conformity with Exhibit F or does not specify all of the information required by subsection 8.02(c)(ii3.02(c)(ii);
(B) contains qualifying, conditional or similar language;
(C) proposes terms other than or in addition to those set forth in the applicable Invitation for Competitive Bids; or
(D) arrives after the time set forth in subsection 8.02(c)(i3.02(c)(i).
(d) Promptly on receipt and not later than 9:00 A.M. (Chicago time) on the proposed Borrowing Date, the Administrative Agent will notify the Company of the terms (i) of any Competitive Bid submitted by a Committed Lender that is in accordance with subsection 8.02(c3.02(c) and (ii) of any Competitive Bid that amends, modifies or is otherwise inconsistent with a previous Competitive Bid submitted by such Committed Lender with respect to the same Competitive Bid Request. Any such subsequent Competitive Bid shall be disregarded by the Administrative Agent unless such subsequent Competitive Bid is submitted solely to correct a manifest error in such former Competitive Bid and only if received within the times set forth in subsection 8.02(c). The Administrative Agent’s notice to the Company shall specify (1) the aggregate principal amount of Bid Loans for which offers have been received for each Interest Period specified in the related Competitive Bid Request; (2) the respective principal amounts and Absolute Rates offered for each Interest Period and (3) any other information regarding such Competitive Bid reasonably requested by the Company. Subject only to the provisions of Article XI and the provisions of this subsection (d), any Competitive Bid shall be irrevocable except with the written consent of the Administrative Agent given on the written instructions of the Company.
(e) Not later than 9:15 A.M. on the proposed Borrowing Date, the Company shall notify the Administrative Agent, in writing and in a form reasonably acceptable to the Administrative Agent, of its acceptance or non-acceptance of the offers notified to it pursuant to subsection 8.02(d). The Company shall be under no obligation to accept any offer and may choose to accept or reject some or all of such offers. In the case of acceptance, such notice shall specify the aggregate principal amount of offers for each Interest Period that is accepted. The Company may accept any Competitive Bid in whole or in part; provided that:
(i) the aggregate principal amount of each Bid Borrowing may not exceed the applicable amount set forth in the related Competitive Bid Request;
(ii) the principal amount of each Bid Borrowing must be US$5,000,000 or a higher integral multiple of US$1,000,000;
(iii) acceptance of offers may only be made on the basis of ascending Absolute Rates within each Interest Period; and
(iv) the Company may not accept any offer that is described in subsection 8.02(c)(iii) or that otherwise fails to comply with the requirements of this Agreement.
(f) If offers are made by two or more Committed Lenders with the same Absolute Rates for a greater aggregate principal amount than the amount in respect of which such offers are accepted for the related Interest Period, the principal amount of Bid Loans in respect of which such offers are accepted shall be allocated by the Administrative Agent among such Committed Lenders (in such multiples, not less than US$1,000,000, as the Administrative Agent may deem appropriate) as nearly as practicable in proportion to the aggregate principal amounts of such offers. Determination by the Administrative Agent of the amounts of Bid Loans shall be conclusive in the absence of demonstrable error.
(i) The Administrative Agent will promptly notify each Committed Lender having submitted a Competitive Bid if its offer has been accepted and, if its offer has been accepted, of the amount of the Bid Loan or Bid Loans to be made by it on the date of the Bid Borrowing.
(ii) Each Committed Lender which has received notice pursuant to subsection 8.02(g)(i) that its Competitive Bid has been accepted with respect to any Bid Loan shall make the amount of such Bid Loan available to the Administrative Agent in Same Day Funds for the account of the Company at the Administrative Agent’s Payment Office, by noon (Chicago time) on the applicable Borrowing Date.
(iii) Promptly following each Bid Borrowing, the Administrative Agent shall notify each Committed Lender of the range of bids submitted and the highest and lowest bids accepted for each Interest Period requested by the Company and the aggregate amount borrowed pursuant to such Bid Borrowing.3.02
Appears in 1 contract
