Common use of Requesting Competitive Bids Clause in Contracts

Requesting Competitive Bids. As long as the Borrower maintains a Debt Rating of not less than Baa3 from Xxxxx’x and BBB- from S&P, the Borrower may request the submission of Competitive Bids by delivering a Bid Request and an auction fee of $2,500 to the Administrative Agent not later than 1 p.m. (i) one Business Day prior to the requested date of any Bid Borrowing that is to consist of Absolute Rate Loans, or (ii) four Business Days prior to the requested date of any Bid Borrowing that is to consist of Eurodollar Margin Bid Loans. Each Bid Request shall specify (i) the requested date of the Bid Borrowing (which shall be a Business Day), (ii) the aggregate principal amount of Bid Loans requested (which must be $3,000,000 or a whole multiple of $1,000,000 in excess thereof), (iii) the Type of Bid Loans requested, and (iv) the duration of the Interest Period with respect thereto, and shall be signed by a Responsible Officer of the Borrower. No Bid Request shall contain a request for (i) more than one Type of Bid Loan, or (ii) Bid Loans having more than three different Interest Periods. Unless the Administrative Agent otherwise agrees in its sole and absolute discretion, the Borrower may not submit a Bid Request if it has submitted another Bid Request within the prior five Business Days.

Requesting Competitive Bids. As long as the Borrower maintains a Debt Rating of not less than Baa3 Baa2 from Xxxxx’x Xxxxx'x and BBB- BBB from S&P, the Borrower may request the submission of Competitive Bids by delivering a Bid Request and an auction fee of $2,500 to the Administrative Agent not later than 1 p.m. 10 a.m. (i) one Business Day prior to the requested date of any Bid Borrowing that is to consist of Absolute Rate Loans, or (ii) four five Business Days prior to the requested date of any Bid Borrowing that is to consist of Eurodollar Margin Bid Loans. Each Bid Request shall specify (i) the requested date of the Bid Borrowing (which shall be a Business Day), (ii) the aggregate principal amount of Bid Loans requested (which must be $3,000,000 10,000,000 or a whole multiple of $1,000,000 in excess thereof), (iii) the Type of Bid Loans requested, and (iv) the duration of the Interest Period with respect thereto, and shall be signed by a Responsible Officer of the Borrower. No Bid Request shall contain a request for (i) more than one Type of Bid Loan, or (ii) Bid Loans having more than three different Interest Periods. Unless the Administrative Agent otherwise agrees in its sole and absolute discretion, the Borrower may not submit a Bid Request if it has submitted another Bid Request within the prior five Business Days.

Requesting Competitive Bids. As long as the Borrower maintains a Debt Rating of not less than Baa3 from Xxxxx’x and BBB- from S&P, the The Borrower may request the submission of Competitive Bids by delivering a Bid Request and an auction fee of $2,500 to the Administrative Agent not later than 1 p.m. 11:00 a.m. (i) one Business Day prior to the requested date of any Bid Borrowing that is to consist of Absolute Rate Loans, or (ii) four Business Days prior to the requested date of any Bid Borrowing that is to consist of Eurodollar Eurocurrency Margin Bid Loans. Each Bid Request shall specify (i) the requested date of the Bid Borrowing (which shall be a Business Day), (ii) the aggregate principal amount of Bid Loans requested (which must be $3,000,000 5,000,000 or a whole multiple of $1,000,000 in excess thereof), (iii) the Type of Bid Loans requested, and (iv) the duration of the Interest Period with respect theretothereto (which for Eurocurrency Rate Loans shall be for maturities of one, two, three or six months, and for Base Rate Loans shall be a period of 14 to 180 days), and shall be signed by a Responsible Officer of the Borrower. No Bid Request shall contain a request for (i) more than one Type of Bid Loan, Loan or (ii) Bid Loans having more than three different Interest Periods. Unless the Administrative Agent otherwise agrees in its sole and absolute discretion, the Borrower may not submit a Bid Request if it has submitted another Bid Request within the prior five Business Days.Interest

Requesting Competitive Bids. As long as the Borrower maintains a Debt Rating of not less than Baa3 from Xxxxx’x and BBB- from S&P, the Borrower may request the submission of Competitive Bids by delivering a Bid Request and an auction fee of $2,500 to the Administrative Agent not later than 1 p.m. 1:00 p.m., (ia) one Business Day prior to the requested date of any Bid Borrowing that is to consist of Absolute Rate Bid Loans or SOFR Margin Bid Loans that are Daily Simple SOFR Rate Loans, or (iib) four Business Days prior to the requested date of any Bid Borrowing that is to consist of Eurodollar SOFR Margin Bid Loans that are Term SOFR Rate Loans. Each Bid Request shall specify (i) the requested date of the Bid Borrowing (which shall be a Business Day), (ii) the aggregate principal amount of Bid Loans requested (which must be $3,000,000 10,000,000 or a whole multiple of $1,000,000 in excess thereof), (iii) the Type of Bid Loans requested, and (iv) if applicable, the duration of the Interest Period with respect theretothereto (which may be one, three or six months), and shall be signed by a Responsible Officer of the Borrower. No Bid Request shall contain a request for (iA) more than one Type of Bid Loan, Loan or (iiB) Bid Loans having more than three different Interest Periods. Unless the Administrative Agent otherwise agrees in its sole and absolute discretion, the Borrower Xxxxxxxx may not submit a Bid Request if it has submitted another Bid Request within the prior five Business Days.