Common use of Submission and Contents of Competitive Bid Quotes Clause in Contracts

Submission and Contents of Competitive Bid Quotes. (i) Each Lender may, in its sole discretion, submit a Competitive Bid Quote containing an offer or offers to make Competitive Bid Loans in response to any Invitation for Competitive Bid Quotes. Each Competitive Bid Quote must comply with the requirements of this Section 2.3.4 and must be submitted to the Administrative Agent by telecopy at its offices specified in or pursuant to Article XIII not later than (a) 9:00 a.m. at least three Business Days prior to the proposed Borrowing Date, in the case of a Eurodollar Auction, or (b) 9:00 a.m. on the proposed Borrowing Date, in the case of an Absolute Bid Rate Auction (or, in either case upon reasonable prior notice to the Lenders, such other time and date as the Borrower and the Administrative Agent may agree); provided that Competitive Bid Quotes submitted by a Lender that is, or is an Affiliate of, the Administrative Agent may only be submitted if the Administrative Agent or such Lender notifies the Borrower of the terms of the offer or offers contained therein not later than 15 minutes prior to the latest time at which the relevant Competitive Bid Quotes must be submitted by the other Lenders. Subject to Articles IV and VIII, any Competitive Bid Quote so made shall be irrevocable (but the Competitive Bid Loans made pursuant thereto shall be subject to Article IV), except with the written consent of the Administrative Agent given on the instructions of the Borrower.