Submission and Contents of Competitive Bids. (i) Each Lender to which an Invitation for Competitive Bids is sent may submit a Competitive Bid containing an offer or offers to make Competitive Loans in response to such Invitation for Competitive Bids. Each Competitive Bid must comply with the requirements of this paragraph (d) and must be submitted to the Administrative Agent at its offices specified in Section 9.2 not later than (x) 9:30 A.M. (New York City time) on the third Business Day prior to the proposed Borrowing Date, in the case of a Borrowing of Eurodollar Competitive Loans or (y) 9:30 A.M. (New York City time) on the date of the proposed Borrowing, in the case of a Fixed Rate Borrowing; provided that any Competitive Bids submitted by the Administrative Agent in the capacity of a Lender may only be submitted if the Administrative Agent notifies the Borrower of the terms of the offer or offers contained therein not later than fifteen minutes prior to the deadline for the other Lenders. A Competitive Bid submitted by a Lender pursuant to this paragraph (d) shall be irrevocable. (ii) Each Competitive Bid shall be in substantially the form of Exhibit C-3 and shall specify: (A) the date of the proposed Borrowing and the Facility under which it is to be made, (B) the principal amount of the Competitive Loan for which each such offer is being made, which principal amount (w) may be greater than, equal to or less than the Commitment of the quoting Lender, (x) must be in a minimum principal amount of $5,000,000 or a multiple of $1,000,000 in excess thereof, (y) may not exceed the principal amount of Competitive Loans for which offers were requested and (z) may be subject to a limitation as to the maximum aggregate principal amount of Competitive Loans for which offers being made by such quoting Lender may be accepted, (C) in the case of a Borrowing of Eurodollar Competitive Loans, the Margin offered for each such Competitive Loan, expressed as a percentage (specified in increments of 1/10,000th of 1%) to be added to or subtracted from such base rate, (D) in the case of a Fixed Rate Borrowing, the rate of interest per annum (specified in increments of 1/10,000th of 1%) offered for each such Competitive Loan, and (E) the identity of the quoting Lender. A Competitive Bid may set forth up to five separate offers by the quoting Lender with respect to each Interest Period specified in the related Invitation for Competitive Bids. Any Competitive Bid shall be disregarded by the Administrative Agent if the Administrative Agent determines that it: (A) is not substantially in the form of Exhibit C-3 or does not specify all of the information required by Section 2.3(d)(ii); (B) contains qualifying, conditional or similar language (except for a limitation on the maximum principal amount which may be accepted); (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 Section 2.3(d)(i).
Appears in 3 contracts
Samples: Competitive Advance and Revolving Credit Agreement (Tegna Inc), Competitive Advance and Revolving Credit Agreement (Tegna Inc), Competitive Advance and Revolving Credit Agreement (Tegna Inc)
Submission and Contents of Competitive Bids. (i) Each Lender to which an Invitation for Competitive Bids is sent may submit a Competitive Bid containing an offer or offers to make Competitive Loans in response to such Invitation for Competitive Bids. Each Competitive Bid must comply with the requirements of this paragraph (d) and must be submitted to the Administrative Agent at its offices specified in Section 9.2 not later than (x) 9:30 A.M. (New York City Dallas, Texas time) on the third Business Day prior to the proposed Borrowing Date, in the case of a Borrowing of Eurodollar Competitive Loans or (y) 9:30 A.M. (New York City Dallas, Texas time) on the date of the proposed Borrowing, in the case of a Fixed Rate Borrowing; provided that any Competitive Bids submitted by the Administrative Agent in the capacity of a Lender may only be submitted if the Administrative Agent notifies the Borrower Gannett of the terms of the offer or offers contained therein not later than fifteen minutes prior to the deadline for the other Lenders. A Competitive Bid submitted by a Lender pursuant to this paragraph (d) shall be irrevocable.
(ii) Each Competitive Bid shall be in substantially the form of Exhibit C-3 and shall specify:
(A) the date of the proposed Borrowing and the Facility under which it is to be made,
(B) the principal amount of the Competitive Loan for which each such offer is being made, which principal amount (w) may be greater than, equal to or less than the Commitment of the quoting Lender, (x) must be in a minimum principal amount of $5,000,000 or a multiple of $1,000,000 in excess thereof, (y) may not exceed the principal amount of Competitive Loans for which offers were requested and (z) may be subject to a limitation as to the maximum aggregate principal amount of Competitive Loans for which offers being made by such quoting Lender may be accepted,
(C) in the case of a Borrowing of Eurodollar Competitive Loans, the Margin offered for each such Competitive Loan, expressed as a percentage (specified in increments of 1/10,000th of 1%) to be added to or subtracted from such base rate,
(D) in the case of a Fixed Rate Borrowing, the rate of interest per annum (specified in increments of 1/10,000th of 1%) offered for each such Competitive Loan, and
(E) the identity of the quoting Lender. A Competitive Bid may set forth up to five separate offers by the quoting Lender with respect to each Interest Period specified in the related Invitation for Competitive Bids. Any Competitive Bid shall be disregarded by the Administrative Agent if the Administrative Agent determines that it: (A) is not substantially in the form of Exhibit C-3 or does not specify all of the information required by Section 2.3(d)(ii); (B) contains qualifying, conditional or similar language (except for a limitation on the maximum principal amount which may be accepted); (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 Section 2.3(d)(i).
Appears in 3 contracts
Samples: Competitive Advance and Revolving Credit Agreement (Gannett Co Inc /De/), Competitive Advance and Revolving Credit Agreement (Gannett Co Inc /De/), Competitive Advance and Revolving Credit Agreement (Gannett Co Inc /De/)
Submission and Contents of Competitive Bids. (i) Each Lender to which an Invitation for Competitive Bids is sent Bank may submit a Competitive Bid Quote containing an offer or offers to make Competitive Loans Bid Advances in response to such Invitation any invitation for Competitive Bidsbids. Each Competitive Bid Quote must comply with the requirements of this paragraph subsection (d) and and, except in the case of Competitive Bid Quotes by Fleet National Bank, must be submitted to the Administrative Agent at its offices specified in Section 9.2 by telex or telecopier not later than (x) 9:30 9:15 A.M. (New York City Boston time) on the third Business Day prior requested Borrowing Date. Competitive Bid Quotes submitted by Fleet National Bank must be submitted directly to the proposed Borrowing Date, in the case of a Borrowing of Eurodollar Competitive Loans Company by telex or (y) 9:30 telecopier not later than 9:00 A.M. (New York City Boston time) on the date requested Borrowing Date. Any Competitive Bid Quote so made shall be irrevocable except with the written consent of the proposed Borrowing, in Agent given on the case of a Fixed Rate Borrowing; provided that any Competitive Bids submitted by the Administrative Agent in the capacity of a Lender may only be submitted if the Administrative Agent notifies the Borrower instructions of the terms of the offer or offers contained therein not later than fifteen minutes prior to the deadline for the other Lenders. A Competitive Bid submitted by a Lender pursuant to this paragraph (d) shall be irrevocableCompany.
(ii) Each Competitive Bid Quote shall be in substantially the form of Exhibit C-3 E hereto and shall in any case specify:
: (A) the date of the proposed Borrowing and the Facility under which it is to be made,
Date, (B) the principal amount of the Competitive Loan Advance for which each such offer is being made, which principal amount (wx) may be greater than, equal to or less than the Commitment of the quoting LenderBank but may not exceed the Maximum Commitment, (xy) must be in a minimum principal amount of $5,000,000 2,500,000 or a larger multiple of $1,000,000 in excess thereof, 1,000 and (yz) may not exceed the principal amount of Competitive Loans Bid Advances for which offers were requested and (z) may be subject to a limitation as to the maximum aggregate principal amount of Competitive Loans for which offers being made by such quoting Lender may be accepted,
requested, (C) in the case of a Borrowing of Eurodollar Competitive Loans, the Margin offered for each such Competitive Loan, expressed as a percentage (specified in increments of 1/10,000th of 1%) to be added to or subtracted from such base rate,
(D) in the case of a Fixed Rate Borrowing, the rate of interest per annum (specified in increments of rounded to the nearest 1/10,000th of 1%) (the "Competitive Bid Rate") offered for each such Competitive LoanBid Advance, and
(D) the proposed maturity date of the proposed Advance (which date must be no less than 7 days and no longer than 180 days from the Borrowing Date specified in subsection (A) above), and (E) the identity of the quoting Lender. A Competitive Bid may set forth up to five separate offers by the quoting Lender with respect to each Interest Period specified in the related Invitation for Competitive Bids. Bank.
(iii) Any Competitive Bid Quote for a Competitive Bid Advance shall be disregarded by the Administrative Agent if the Administrative Agent determines that it: (A) is not substantially in the form of Exhibit C-3 E hereto or does not specify all of the information required by Section 2.3(d)(iisubsection (d)(ii); (B) contains qualifying, conditional or similar language (except for a limitation on the maximum principal amount which may be accepted)language; (C) proposes terms other than or in addition to those set forth in the applicable Invitation invitation for Competitive Bids Bids; or (D) arrives after the time set forth in Section 2.3(d)(isubsection (d)(i).
Appears in 1 contract
Submission and Contents of Competitive Bids. (i) Each Lender to which an Invitation for Competitive Bids is sent Bank may submit a Competitive Bid containing an offer or offers to make Competitive Loans in response to such any Invitation for Competitive Bids. Each Competitive Bid must comply with the requirements of this paragraph subsection (d) and must be submitted to the Administrative Agent by telex or facsimile transmission at its offices specified in or pursuant to Section 9.2 not 10.01 no later than (x) 9:30 11:00 A.M. (New York City time) on the third fourth Business Day prior to the date of the Borrowing proposed Borrowing Datetherein, in the case of a Borrowing of Eurodollar LIBOR Auction or an Absolute Rate Auction for Competitive Loans or in any Foreign Currency, and (y) 9:30 10:00 A.M. (New York City time) on the date of the Borrowing proposed Borrowingtherein, in the case of a Fixed an Absolute Rate BorrowingAuction for Competitive Loans in Dollars (or, in any case, such other time or date as the Company and the Administrative Agent shall have mutually agreed and shall have notified the Banks not later than the date of the Competitive Bid Request for the first LIBOR Auction or Absolute Rate Auction for which such change is to be effective); provided that any Competitive Bids submitted by the Administrative Agent (or any affiliate of the Administrative Agent) in the capacity of a Lender Bank may be submitted, and may only be submitted submitted, if the Administrative Agent or such affiliate notifies the Borrower Company of the terms of the offer or offers contained therein not later than fifteen (x) one hour prior to the deadline for the other Banks, in the case of a LIBOR Auction or (y) 15 minutes prior to the deadline for the other LendersBanks, in the case of an Absolute Rate Auction. A Subject to Articles III and VI, any Competitive Bid submitted by a Lender pursuant to this paragraph (d) so made shall be irrevocableirrevocable except with the written consent of the Administrative Agent given on the instructions of the Company.
(ii) Each Competitive Bid shall must be in substantially a form approved by the form of Exhibit C-3 Administrative Agent and shall in any case specify:
(A) the proposed date of the proposed Borrowing and the Facility under which it is to be made,Borrowing;
(B) the principal amount of the Competitive Loan for which each such offer is being made, which principal amount (w) may be greater than, equal to than or less than the Commitment of the quoting LenderBank, (x) must be at least $5,000,000 (or, in the case of any Loans denominated in a minimum principal amount Foreign Currency, the Foreign Currency Equivalent of $5,000,000 or a multiple of $1,000,000 in excess thereofsuch amount), (y) may not exceed the principal amount of Competitive Loans for which offers were requested and (z) may be subject to a an aggregate limitation as to the maximum aggregate principal amount of Competitive Loans for which offers being made by such quoting Lender Bank may be accepted,;
(C) in the case of a Borrowing of Eurodollar Competitive LoansLIBOR Auction, the Margin margin above or below the London Interbank Offered Rate (the `Competitive Margin') for the applicable Currency and Interest Period offered for each such Competitive Loan, expressed as a percentage (specified in increments of to the nearest 1/10,000th of 1%) to be added to or subtracted from such base rate,;
(D) in the case of a Fixed an Absolute Rate BorrowingAuction, the rate of interest per annum (specified in increments of to the nearest 1/10,000th of 1%) (the `Competitive Absolute Rate') offered for each such Competitive Loan, and;
(E) the identity of the quoting LenderBank; and
(F) the Currency in which such Borrowing is to be denominated. A Competitive Bid may set forth up to five separate offers by the quoting Lender Bank with respect to each Interest Period specified in the related Invitation for Competitive Bids. .
(iii) Any Competitive Bid shall be disregarded if it:
(A) does not conform substantially to the form approved by the Administrative Agent if the Administrative Agent determines that it: (A) is not substantially in the form of Exhibit C-3 or does not specify all of the information required by Section 2.3(d)(iisubsection (d)(ii); ;
(B) contains qualifying, conditional or similar language (except for a limitation on the maximum principal amount which may be accepted); language;
(C) proposes terms other than or in addition to those set forth in the applicable Invitation for Competitive Bids or Bids; or
(D) arrives after the time set forth in Section 2.3(d)(isubsection (d)(i).
Appears in 1 contract
Samples: Credit Agreement (Honeywell Inc)
Submission and Contents of Competitive Bids. (i) Each Lender to which an Invitation for Competitive Bids is sent Bank may submit a Competitive Bid containing an offer or offers to make Competitive Bid Loans in response to such any Invitation for Competitive Bids. Each Competitive Bid must comply with the requirements of this paragraph subsection (d) and must be submitted to the Administrative Agent by facsimile transmission at its offices specified in or pursuant to Section 9.2 9.01 not later than (x) 9:30 2:00 P.M. (New York City time) on the fourth Euro-Dollar Business Day prior to the proposed date of Borrowing, in the case of a LIBOR Auction or (y) 10:00 A.M. (New York City time) on the third Business Day prior to the proposed Borrowing Date, in the case of a Borrowing of Eurodollar Competitive Loans or (y) 9:30 A.M. (New York City time) on the date of the proposed Borrowing, in the case of a Fixed an Absolute Rate BorrowingAuction (or, in either case, such other time or date as the Borrower and the Administrative Agent shall have mutually agreed and shall have notified to the Banks not later than the date of the Competitive Bid Request for the first LIBOR Auction or Absolute Rate Auction for which such change is to be effective); provided that any Competitive Bids submitted by the Administrative Agent (or any affiliate of the Administrative Agent) in the capacity of a Lender Bank may be submitted, and may only be submitted submitted, if the Administrative Agent or such affiliate notifies the Borrower of the terms of the offer or offers contained therein not later than fifteen (x) one hour prior to the deadline for the other Banks, in the case of a LIBOR Auction or (y) 15 minutes prior to the deadline for the other LendersBanks, in the case of an Absolute Rate Auction. A Subject to Articles 3 and 6, any Competitive Bid submitted by a Lender pursuant to this paragraph (d) so made shall be irrevocableirrevocable except with the written consent of the Administrative Agent given on the instructions of the Borrower.
(ii) Each Competitive Bid shall be in substantially the form of Exhibit C-3 E hereto and shall in any case specify:
(A) the proposed date of the proposed Borrowing and the Facility under which it is to be madeBorrowing,
(B) the principal amount of the Competitive Bid Loan for which each such offer is being made, which principal amount (w) may be greater than, equal to than or less than the Commitment of the quoting LenderBank, (x) must be in a minimum principal amount of $5,000,000 or a larger multiple of $1,000,000 in excess thereof1,000,000, (y) may not exceed the principal amount of Competitive Bid Loans for which offers were requested and (z) may be subject to a an aggregate limitation as to the maximum aggregate principal amount of Competitive Bid Loans for which offers being made by such quoting Lender Bank may be accepted,
(C) in the case of a Borrowing of Eurodollar Competitive Loans, the Margin offered for each such Competitive Loan, expressed as a percentage (specified in increments of 1/10,000th of 1%) to be added to or subtracted from such base rate,
(D) in the case of a Fixed Rate Borrowing, the rate of interest per annum (specified in increments of 1/10,000th of 1%) offered for each such Competitive Loan, and
(E) the identity of the quoting Lender. A Competitive Bid may set forth up to five separate offers by the quoting Lender with respect to each Interest Period specified in the related Invitation for Competitive Bids. Any Competitive Bid shall be disregarded by the Administrative Agent if the Administrative Agent determines that it: (A) is not substantially in the form of Exhibit C-3 or does not specify all of the information required by Section 2.3(d)(ii); (B) contains qualifying, conditional or similar language (except for a limitation on the maximum principal amount which may be accepted); (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 Section 2.3(d)(i).
Appears in 1 contract
Samples: Credit Agreement (Dean Foods Co)
Submission and Contents of Competitive Bids. (i) Each Lender to which an Invitation for Competitive Bids is sent may submit a Competitive Bid containing an offer or offers to make Competitive Loans in response to such Invitation for Competitive Bids. Each Competitive Bid must comply with the requirements of this paragraph (dSubsection 2.03(d) and must be submitted to the Administrative Agent at its offices specified in Section 9.2 the Administrative Agent’s Office not later than (x) 9:30 10:30 A.M. (New York City Boston time) on the third Business Day prior to the proposed Borrowing Datedate of Borrowing, in the case of a Borrowing of Eurodollar Competitive Loans Loans, or (y) 9:30 10:30 A.M. (New York City Boston time) on the date of the proposed Borrowing, in the case of a Fixed Rate Borrowing; provided that any Competitive Bids Bid submitted by the Administrative Agent in the capacity of a Lender may only be submitted if the Administrative Agent notifies the Borrower of the terms of the offer or offers contained therein submits such Competitive Bid not later than fifteen minutes prior to the deadline for the other Lenders. A Competitive Bid submitted by a Lender pursuant to this paragraph (dSubsection 2.03(d) shall be irrevocable.
(ii) Each Competitive Bid shall be in or substantially in the form of Exhibit C-3 D and shall specify:
(A) the date of the proposed Borrowing and the Facility under which it is to be madeBorrowing,
(B) the principal amount of the Competitive Loan for which each such offer is being made, which principal amount (w) may be greater than, equal to or less than the Commitment of the quoting Lender, (x) must be in a minimum principal amount of $5,000,000 or a multiple of $1,000,000 in excess thereof, (y) may not exceed the principal amount of Competitive Loans for which offers were requested requested, and (z) may be subject to a limitation as to the maximum aggregate principal amount of Competitive Loans for which offers being made by such quoting Lender may be accepted,
(C) in the case of a Borrowing of Eurodollar Competitive Loans, the Margin offered for each such Competitive Loan, expressed as a percentage (specified in increments of 1/10,000th of 1%) to be added to or subtracted from such base ratethe applicable Eurodollar Rate,
(D) in the case of a Fixed Rate Borrowing, the rate of interest per annum (specified in increments of 1/10,000th of 1%) offered for each such Competitive Loan, and
(E) the identity of the quoting Lender. .
(iii) A Competitive Bid may set forth up to five (5) separate offers by the quoting Lender with respect to each Interest Period specified in the related Invitation for Competitive Bids. Any Competitive Bid shall may be disregarded by the Administrative Agent if the Administrative Agent determines that it: (A1) is not substantially in the form of Exhibit C-3 D or does not specify all of the information required by Section 2.3(d)(iiSubsection 2.03(d)(ii); (B2) contains qualifying, conditional or similar language (except for a limitation on the maximum aggregate principal amount which may be accepted); (C3) proposes terms other than or in addition to those set forth in the applicable Invitation for Competitive Bids Bids, or (D4) arrives after the time set forth in Section 2.3(d)(iSubsection 2.03(d)(i).
Appears in 1 contract
Samples: Revolving Credit Agreement (Liberty Mutual Agency Corp)
Submission and Contents of Competitive Bids. (i) Each Lender to which an Invitation for Competitive Bids is sent may submit a Competitive Bid containing an offer or offers to make Competitive Bid Loans in response to such any Invitation for Competitive Bids. Each Competitive Bid must comply with the requirements of this paragraph (dSection 2.2(c) and must be submitted to the Administrative Agent Agent, by e-mail or facsimile transmission, at its offices specified in Section 9.2 on the signature page hereof or as otherwise directed by Agent not later than (x) 9:30 11:30 A.M. (New York City Eastern time) on the third Business Day prior to the proposed Borrowing Competitive Bid Auction Date, in the case of a Borrowing of Eurodollar Competitive Loans or (y) 9:30 A.M. (New York City time) on the date of the proposed Borrowing, in the case of a Fixed Rate Borrowing; provided that any Lender submitting a Competitive Bid after 11:00 A.M. (Eastern time) on such Competitive Bid Auction Date, shall confirm Agent's receipt of such Competitive Bid by telephone, and, provided further that Competitive Bids submitted by the Administrative Agent (or any affiliate of Agent) in the capacity of a Lender may be submitted, and may only be submitted submitted, if the Administrative Agent or such affiliate notifies the Borrower of the terms of the offer or offers contained therein not later than fifteen (15) minutes prior to the respective deadline for the other Lenders. A Any Competitive Bid submitted so made by a any Lender pursuant to under this paragraph (dSection 2.2(c) shall be irrevocable.
(ii) , except that such Competitive Bid may be revoked with the written consent of Agent. Each Competitive Bid shall be in substantially the form of Exhibit C-3 a Competitive Bid Notice and shall in each case specify:
(A) the proposed date of such proposed Competitive Bid Loan, and the proposed Borrowing and the Facility under which it is to be made,Competitive Bid Loan Maturity Date of such proposed Competitive Bid Loan;
(B) the principal amount of the Competitive Bid Loan for which each such offer is being made, which principal amount (w) may be greater than, equal to than or less than the Revolving Credit Commitment of the quoting Lender, (x) must be in a minimum principal an amount that shall be at least One Million Dollars ($1,000,000) and may be increased by increments of One Hundred Thousand Dollars ($5,000,000 or a multiple of $1,000,000 in excess thereof100,000), (y) may not exceed the principal amount of Competitive Bid Loans for which offers were requested and (z) may be subject to a an aggregate limitation for such quoting Lender as to the maximum aggregate principal amount of Competitive Bid Loans for which offers being made by such quoting Lender may be accepted,;
(C) in the case rate of a Borrowing of Eurodollar Competitive Loans, the Margin offered for each such Competitive Loan, interest per annum expressed as a percentage (specified in increments of 1/10,000th of 1%to the nearest four decimal places) to be added to or subtracted from such base rate,
(D) in the case of a Fixed Rate Borrowing, the rate of interest per annum (specified in increments of 1/10,000th of 1%"Competitive Bid Rate") offered for each such Competitive Bid Loan, ; and
(ED) the identity of the quoting Lender. A Competitive Bid may set forth up to five three separate offers by the quoting Lender with respect to each Interest Period specified in the related Invitation for Competitive BidsLender. Any Competitive Bid shall be disregarded by the Administrative Agent if the Administrative Agent determines that it: :
(A) is shall not be substantially in the form of Exhibit C-3 a Competitive Bid Notice or does not specify all of the information required by this Section 2.3(d)(ii2.2(c); ;
(B) except as permitted by subsection (v) below, contains qualifying, conditional or similar language (except for a limitation on the maximum principal amount which may be accepted); language;
(C) proposes terms other than or in addition to those set forth in the applicable Invitation for Competitive Bids or Bids; or
(D) arrives after the time set forth in the first paragraph of this Section 2.3(d)(i2.2(c)(iv).
Appears in 1 contract
Samples: Credit Agreement (Schulman a Inc)
Submission and Contents of Competitive Bids. (i) Each Lender to which an Invitation for Competitive Bids is sent may submit a Competitive Bid containing an offer or offers to make Competitive Loans in response to such Invitation for Competitive Bids. Each Competitive Bid must comply with the requirements of this paragraph (d) and must be submitted to the Administrative Agent at its offices specified in Section 9.2 not later than (x) 9:30 A.M. (New York City time) on the third Business Day prior to the proposed Borrowing Date, in the case of a Borrowing of Eurodollar Competitive Loans or (y) 9:30 A.M. (New York City time) on the date of the proposed Borrowing, in the case of a Fixed Rate Borrowing; provided that any Competitive Bids submitted by the Administrative Agent in the capacity of a Lender may only be submitted if the Administrative Agent notifies the Borrower Gannett of the terms of the offer or offers contained therein not later than fifteen minutes prior to the deadline for the other Lenders. A Competitive Bid submitted by a Lender pursuant to this paragraph (d) shall be irrevocable.
(ii) Each Competitive Bid shall be in substantially the form of Exhibit C-3 and shall specify:
(A) the date of the proposed Borrowing and the Facility under which it is to be made,
(B) the principal amount of the Competitive Loan for which each such offer is being made, which principal amount (w) may be greater than, equal to or less than the Commitment of the quoting Lender, (x) must be in a minimum principal amount of $5,000,000 or a multiple of $1,000,000 in excess thereof, (y) may not exceed the principal amount of Competitive Loans for which offers were requested and (z) may be subject to a limitation as to the maximum aggregate principal amount of Competitive Loans for which offers being made by such quoting Lender may be accepted,
(C) in the case of a Borrowing of Eurodollar Competitive Loans, the Margin offered for each such Competitive Loan, expressed as a percentage (specified in increments of 1/10,000th of 1%) to be added to or subtracted from such base rate,
(D) in the case of a Fixed Rate Borrowing, the rate of interest per annum (specified in increments of 1/10,000th of 1%) offered for each such Competitive Loan, and
(E) the identity of the quoting Lender. A Competitive Bid may set forth up to five separate offers by the quoting Lender with respect to each Interest Period specified in the related Invitation for Competitive Bids. Any Competitive Bid shall be disregarded by the Administrative Agent if the Administrative Agent determines that it: (A) is not substantially in the form of Exhibit C-3 or does not specify all of the information required by Section 2.3(d)(ii); (B) contains qualifying, conditional or similar language (except for a limitation on the maximum principal amount which may be accepted); (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 Section 2.3(d)(i).
Appears in 1 contract
Samples: Competitive Advance and Revolving Credit Agreement (Gannett Co Inc /De/)
Submission and Contents of Competitive Bids. (i) Each Lender to which an Invitation for Competitive Bids is sent may submit a Competitive Bid competitive bid (a "COMPETITIVE BID") containing an offer or offers to make Competitive Bid Loans in response to such Invitation any invitation for Competitive Bids. Each Competitive Bid must comply with the requirements of this paragraph (dSUBSECTION 2.03(d) and must be submitted to the Administrative Agent by telex or facsimile at its offices specified in Section 9.2 the Administrative Agent's office not later than (x) 9:30 10:00 A.M. (New York City time) on the third Business Day prior to before the proposed Borrowing Date, in the case of a Borrowing of Eurodollar Competitive Loans or (y) 9:30 A.M. (New York City time) on the date of the proposed Borrowing, in the case of a Fixed LIBOR Auction or (y) 10:00 A.M. on the proposed date of Borrowing, in the case of an Absolute Rate BorrowingAuction, or, in any such case, such other time or date as the Borrower and the Administrative Agent shall have mutually agreed and shall have notified to the Lenders not later than the date of the Competitive Bid Request for the first LIBOR Auction or Absolute Rate Auction for which such change is to be effective; provided PROVIDED, that any Competitive Bids submitted by the Administrative Agent (or any affiliate of the Administrative Agent) in the capacity of a Lender may be submitted, and may only be submitted submitted, if the Administrative Agent or such affiliate notifies the Borrower of the terms of the offer or offers contained therein not later than fifteen 30 minutes prior to before the deadline for the other Lenders. A Subject to ARTICLES III and IV, any Competitive Bid submitted by a Lender pursuant to this paragraph (d) so made shall not be irrevocablerevocable except with the written consent of the Administrative Agent given on the instructions of the Borrower.
(ii) Each Competitive Bid shall be substantially in substantially the form of Exhibit C-3 EXHIBIT A-3 hereto and shall in any case specify:
(A) the proposed date of the proposed Borrowing and the Facility under which it is to be made,Borrowing;
(B) the principal amount of the Competitive Bid Loan for which each such offer is being made, which principal amount (w) may be greater than, equal to than or less than the Commitment of the quoting Lender, (x) must be in a minimum the principal amount of $5,000,000 (or a any larger multiple of $1,000,000 in excess thereof1,000,000), (y) may not exceed the principal amount of Competitive Bid Loans for which offers were requested and (z) may be subject to a an aggregate limitation as to the maximum aggregate principal amount of Competitive Bid Loans for which offers being made by such quoting Lender may be accepted,;
(C) in the case of a Borrowing of Eurodollar Competitive LoansLIBOR Auction, the Margin margin above or below the Applicable Interbank Offered Rate (the "COMPETITIVE BID Margin") offered for each such Competitive Bid Loan, expressed as a percentage (specified in increments of 1/10,000th to the nearest 1/1,00th of 1%) to be added to or subtracted from such base rate,;
(D) in the case of a Fixed an Absolute Rate BorrowingAuction, the rate of interest per annum (specified in increments of 1/10,000th to the nearest 1/100th of 1%) (the "COMPETITIVE BID ABSOLUTE RATE") offered for each such Competitive Bid Loan, ; and
(E) the identity of the quoting Lender. A Competitive Bid may set forth up to five three separate offers by the quoting Lender with respect to each Interest Period specified in the related Invitation for Competitive Bids. .
(iii) Any Competitive Bid shall be disregarded by the Administrative Agent if the Administrative Agent determines that it: :
(A) is not substantially in the form of Exhibit C-3 conformity with EXHIBIT A-3 hereto or does not specify all of the information required by Section 2.3(d)(ii); SUBSECTION 2.03(d)(ii) above;
(B) contains qualifying, conditional or similar language (except for a limitation on the maximum principal amount which may be accepted); language;
(C) proposes terms other than or in addition to those set forth in the applicable Invitation for Competitive Bids or Bids; or
(D) arrives after the time set forth in Section 2.3(d)(iSUBSECTION 2.03(d)(i).
Appears in 1 contract
Samples: 364 Day Revolving Credit Agreement (Worthington Industries Inc)
Submission and Contents of Competitive Bids. (i) Each Lender to which an Invitation for Competitive Bids is sent may submit a competitive bid (a “Competitive Bid Bid”) containing an offer or offers to make Competitive Bid Loans in response to such Invitation any invitation for Competitive Bids. Each Competitive Bid must comply with the requirements of this paragraph (dsubsection 2.03(d) and must be submitted to the Administrative Agent by telex or facsimile at its offices specified in Section 9.2 the Administrative Agent’s office not later than (x) 9:30 10:00 A.M. (New York City time) on the third Business Day prior to before the proposed Borrowing Date, in the case of a Borrowing of Eurodollar Competitive Loans or (y) 9:30 A.M. (New York City time) on the date of the proposed Borrowing, in the case of a Fixed LIBOR Auction or (y) 10:00 A.M. on the proposed date of Borrowing, in the case of an Absolute Rate BorrowingAuction, or, in any such case, such other time or date as the Borrower and the Administrative Agent shall have mutually agreed and shall have notified to the Lenders not later than the date of the Competitive Bid Request for the first LIBOR Auction or Absolute Rate Auction for which such change is to be effective; provided that any Competitive Bids submitted by the Administrative Agent (or any affiliate of the Administrative Agent) in the capacity of a Lender may be submitted, and may only be submitted submitted, if the Administrative Agent or such affiliate notifies the Borrower of the terms of the offer or offers contained therein not later than fifteen 30 minutes prior to before the deadline for the other Lenders. A Subject to Articles III and IV, any Competitive Bid submitted by a Lender pursuant to this paragraph (d) so made shall not be irrevocablerevocable except with the written consent of the Administrative Agent given on the instructions of the Borrower.
(ii) Each Competitive Bid shall be substantially in substantially the form of Exhibit C-3 A-3 hereto and shall in any case specify:
(A) the proposed date of the proposed Borrowing and the Facility under which it is to be made,Borrowing;
(B) the principal amount of the Competitive Bid Loan for which each such offer is being made, which principal amount (w) may be greater than, equal to than or less than the Commitment of the quoting Lender, (x) must be in a minimum the principal amount of $5,000,000 (or a any larger multiple of $1,000,000 in excess thereof1,000,000), (y) may not exceed the principal amount of Competitive Bid Loans for which offers were requested and (z) may be subject to a an aggregate limitation as to the maximum aggregate principal amount of Competitive Bid Loans for which offers being made by such quoting Lender may be accepted,;
(C) in the case of a Borrowing of Eurodollar Competitive LoansLIBOR Auction, the Margin margin above or below the Applicable Interbank Offered Rate (the “Competitive Bid Margin”) offered for each such Competitive Bid Loan, expressed as a percentage (specified in increments of 1/10,000th to the nearest 1/1,00th of 1%) to be added to or subtracted from such base rate,;
(D) in the case of a Fixed an Absolute Rate BorrowingAuction, the rate of interest per annum (specified in increments of 1/10,000th to the nearest 1/100th of 1%) (the “Competitive Bid Absolute Rate”) offered for each such Competitive Bid Loan, ; and
(E) the identity of the quoting Lender. A Competitive Bid may set forth up to five three separate offers by the quoting Lender with respect to each Interest Period specified in the related Invitation for Competitive Bids. .
(iii) Any Competitive Bid shall be disregarded by the Administrative Agent if the Administrative Agent determines that it: :
(A) is not substantially in the form of conformity with Exhibit C-3 A-3 hereto or does not specify all of the information required by Section 2.3(d)(ii); subsection 2.03(d)(ii) above;
(B) contains qualifying, conditional or similar language (except for a limitation on the maximum principal amount which may be accepted); language;
(C) proposes terms other than or in addition to those set forth in the applicable Invitation for Competitive Bids or Bids; or
(D) arrives after the time set forth in Section 2.3(d)(isubsection 2.03(d)(i).
Appears in 1 contract
Samples: Revolving Credit Agreement (Worthington Industries Inc)
Submission and Contents of Competitive Bids. (i) Each Lender to which an Invitation for Competitive Bids is sent may submit a Competitive Bid containing an offer or offers to make Competitive Loans in response to such Invitation for Competitive Bids. Each Competitive Bid must comply with the requirements of this paragraph (d) and must be submitted to the Administrative Agent at its offices specified in Section subsection 9.2 not later than (x) 9:30 A.M. (New York City time) on the third Business Day prior to the proposed Borrowing Datedate of Borrowing, in the case of a Borrowing of Eurodollar Competitive Loans or (y) 9:30 A.M. (New York City time) on the date of the proposed Borrowing, in the case of a Fixed Rate Borrowing; provided that any Competitive Bids submitted by the Administrative Agent in the capacity of a Lender may only be submitted if the Administrative Agent notifies the Borrower of the terms of the offer or offers contained therein not later than fifteen minutes prior to the deadline for the other Lenders. A Competitive Bid submitted by a Lender pursuant to this paragraph (d) shall be irrevocable.
(ii) Each Competitive Bid shall be in substantially the form of Exhibit C-3 C and shall specify:
(A) the date of the proposed Borrowing and the Facility under which it is to be madeBorrowing,
(B) the principal amount of the Competitive Loan for which each such offer is being made, which principal amount (w) may be greater than, equal to or less than the Commitment of the quoting Lender, (x) must be in a minimum principal amount of $5,000,000 or a multiple of $1,000,000 in excess thereof, (y) may not exceed the principal amount of Competitive Loans for which offers were requested and (z) may be subject to a limitation as to the maximum aggregate principal amount of Competitive Loans for which offers being made by such quoting Lender may be accepted,
(C) in the case of a Borrowing of Eurodollar Competitive Loans, the Margin offered for each such Competitive Loan, expressed as a percentage (specified in increments of 1/10,000th of 1%) to be added to or subtracted from such base rate,
(D) in the case of a Fixed Rate Borrowing, the rate of interest per annum (specified in increments of 1/10,000th of 1%) offered for each such Competitive Loan, and
(E) the identity of the quoting Lender. A Competitive Bid may set forth up to five separate offers by the quoting Lender with respect to each Interest Period specified in the related Invitation for Competitive Bids. Any Competitive Bid shall be disregarded by the Administrative Agent if the Administrative Agent determines that it: (A) is not substantially in the form of Exhibit C-3 C or does not specify all of the information required by Section subsection 2.3(d)(ii); (B) contains qualifying, conditional or similar language (except for a limitation on the maximum principal amount which may be accepted); (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 Section subsection 2.3(d)(i).
Appears in 1 contract
Samples: 364 Day Competitive Advance and Revolving Credit Facility (Delphi Automotive Systems Corp)
Submission and Contents of Competitive Bids. (i) Each Lender to which an Invitation for Competitive Bids is sent may submit a Competitive Bid containing an offer or 509265-1918-Active.20125323.120125323.6 offers to make Competitive Loans in response to such Invitation for Competitive Bids. Each Competitive Bid must comply with the requirements of this paragraph (d) and must be submitted to the Administrative Agent at its offices specified in Section 9.2 not later than (x) 9:30 A.M. (New York City time) on the third Business Day prior to the proposed Borrowing Date, in the case of a Borrowing of Eurodollar Competitive Loans or (y) 9:30 A.M. (New York City time) on the date of the proposed Borrowing, in the case of a Fixed Rate Borrowing; provided that any Competitive Bids submitted by the Administrative Agent in the capacity of a Lender may only be submitted if the Administrative Agent notifies the Borrower of the terms of the offer or offers contained therein not later than fifteen minutes prior to the deadline for the other Lenders. A Competitive Bid submitted by a Lender pursuant to this paragraph (d) shall be irrevocable.
(ii) Each Competitive Bid shall be in substantially the form of Exhibit C-3 and shall specify:
(A) the date of the proposed Borrowing and the Facility under which it is to be made,
(B) the principal amount of the Competitive Loan for which each such offer is being made, which principal amount (w) may be greater than, equal to or less than the Commitment of the quoting Lender, (x) must be in a minimum principal amount of $5,000,000 or a multiple of $1,000,000 in excess thereof, (y) may not exceed the principal amount of Competitive Loans for which offers were requested and (z) may be subject to a limitation as to the maximum aggregate principal amount of Competitive Loans for which offers being made by such quoting Lender may be accepted,
(C) in the case of a Borrowing of Eurodollar Competitive Loans, the Margin offered for each such Competitive Loan, expressed as a percentage (specified in increments of 1/10,000th of 1%) to be added to or subtracted from such base rate,
(D) in the case of a Fixed Rate Borrowing, the rate of interest per annum (specified in increments of 1/10,000th of 1%) offered for each such Competitive Loan, and
(E) the identity of the quoting Lender. A Competitive Bid may set forth up to five separate offers by the quoting Lender with respect to each Interest Period specified in the related Invitation for Competitive Bids. Any Competitive Bid shall be disregarded by the Administrative Agent if the Administrative Agent determines that it: (A) is not substantially in the form of Exhibit C-3 or does not specify all of the information required by Section 2.3(d)(ii); (B) contains qualifying, conditional or similar language (except for a limitation on the maximum principal amount which may be accepted); (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 Section 2.3(d)(i).
Appears in 1 contract
Samples: Competitive Advance and Revolving Credit Agreement (Tegna Inc)
Submission and Contents of Competitive Bids. (i) Each Lender to which an Invitation for Competitive Bids is sent may submit a competitive bid (a “Competitive Bid Bid”) containing an offer or offers to make Competitive Bid Loans in response to such Invitation any invitation for Competitive Bids. Each Competitive Bid must comply with the requirements of this paragraph (dSection 2.03(d) and must be submitted to the Administrative Agent by facsimile at its offices specified in Section 9.2 the Administrative Agent’s office not later than (x) 9:30 10:30 A.M. (New York City time) on the third Business Day prior to the proposed Borrowing Date, in the case of a Borrowing of Eurodollar Competitive Loans or (y) 9:30 A.M. (New York City time) on the date of the proposed Borrowing, in the case of an Absolute Rate Auction, or on a Fixed Business Day five Business Days prior to the date of a requested Eurocurrency Rate BorrowingCompetitive Bid Loan to be made in an Available Alternative Currency, or on a Business Day four Business Days prior to the date of a requested Eurocurrency Rate Competitive Bid Loan consisting of Dollar Denominated Loans; provided that any Competitive Bids submitted by the Administrative Agent (or any Affiliate of the Administrative Agent) in the capacity of a Lender may be submitted, and may only be submitted submitted, if the Administrative Agent or such Affiliate notifies the Borrower Xxxxxxxxx of the terms of the offer or offers contained therein not later than fifteen 15 minutes prior to before the deadline for the other Lenders. A Lenders for a Competitive Bid submitted by a Lender pursuant Auction. Subject to this paragraph (d) Articles III and IV, any Competitive Bid so made shall not be irrevocablerevocable except with the written consent of the Administrative Agent given on the instructions of Xxxxxxxxx.
(iii) Each Competitive Bid shall be substantially in substantially the form of Exhibit C-3 A–3 hereto and shall in any case specify:
(A) the proposed date of the proposed Borrowing and the Facility under which it is to be made,Borrowing;
(B) the principal amount (in the relevant currency) of the Competitive Bid Loan for which each such offer is being made, which principal amount (w) may be greater than, equal to than or less than the Commitment of the quoting Lender, (x) must be in a minimum principal amount the Dollar Amount of $5,000,000 2,000,000 (or a any larger multiple of $1,000,000 in excess thereof1,000,000), (y) may not exceed the principal amount of Competitive Bid Loans for which offers were requested and (z) may be subject to a an aggregate limitation as to the maximum aggregate principal amount of Competitive Bid Loans for which offers being made by such quoting Lender may be accepted,;
(C) in the case of a Borrowing of Eurodollar Competitive Loans, the Margin offered for each such Competitive Loan, expressed as a percentage (specified in increments of 1/10,000th of 1%) to be added to or subtracted from such base rate,
(D) in the case of a Fixed if an Absolute Rate BorrowingAuction, the rate of interest per annum (specified in increments of 1/10,000th to the nearest 1/1,000th of 1%) (the “Competitive Bid Absolute Rate”) offered for each such Absolute Rate Competitive Bid Loan;
(D) if an Eurocurrency Rate Auction, the Eurocurrency Bid Margin with respect to such Eurocurrency Rate Competitive Bid Loan and the Interest Period applicable thereto; and
(E) the identity of the quoting Lender. A Competitive Bid may set forth up to five three separate offers by the quoting Lender with respect to each Interest Period specified in the related Invitation invitation for Competitive Bids. .
(ii) Any Competitive Bid shall be disregarded by the Administrative Agent if the Administrative Agent determines that it: :
(A) is not substantially in the form of conformity with Exhibit C-3 A–3 hereto or does not specify all of the information required by Section 2.3(d)(ii); 2.03(d)(i) above;
(B) contains qualifying, conditional or similar language (except for a limitation on the maximum principal amount which may be accepted); language;
(C) proposes terms other than or in addition to those set forth in the applicable Invitation invitation for Competitive Bids or Bids; or
(D) arrives after the time set forth in Section 2.3(d)(i2.03(d)(i).
Appears in 1 contract
Samples: Revolving Credit Agreement (Carpenter Technology Corp)
Submission and Contents of Competitive Bids. (i) Each Lender to which an Invitation for Competitive Bids is sent Bank may submit a Competitive Bid Quote containing an offer or offers to make Competitive Loans Bid Advances in response to such Invitation any invitation for Competitive Bidsbids. Each Competitive Bid Quote must comply with the requirements of this paragraph subsection (d) and and, except in the case of Competitive Bid Quotes by Fleet National Bank, must be submitted to the Administrative Agent at its offices specified in Section 9.2 by telex or telecopier not later than (x) 9:30 9:15 A.M. (New York City Boston time) on the third Business Day prior requested Borrowing Date. Competitive Bid Quotes submitted by Fleet National Bank must be submitted directly to the proposed Borrowing Date, in the case of a Borrowing of Eurodollar Competitive Loans Trust by telex or (y) 9:30 telecopier not later than 9:00 A.M. (New York City Boston time) on the date requested Borrowing Date. Any Competitive Bid Quote so made shall be irrevocable except with the written consent of the proposed Borrowing, in Agent given on the case of a Fixed Rate Borrowing; provided that any Competitive Bids submitted by the Administrative Agent in the capacity of a Lender may only be submitted if the Administrative Agent notifies the Borrower instructions of the terms of the offer or offers contained therein not later than fifteen minutes prior to the deadline for the other Lenders. A Competitive Bid submitted by a Lender pursuant to this paragraph (d) shall be irrevocableTrust.
(ii) Each Competitive Bid Quote shall be in substantially the form of Exhibit C-3 E hereto and shall in any case specify:
: (A) the date of the proposed Borrowing and the Facility under which it is to be made,
Date, (B) the principal amount of the Competitive Loan Advance for which each such offer is being made, which principal amount (wx) may be greater than, equal to or less than the Commitment of the quoting LenderBank but may not exceed the Maximum Commitment, (xy) must be in a minimum principal amount of $5,000,000 2,500,000 or a larger multiple of $1,000,000 in excess thereof, 1,000 and (yz) may not exceed the principal amount of Competitive Loans Bid Advances for which offers were requested and (z) may be subject to a limitation as to the maximum aggregate principal amount of Competitive Loans for which offers being made by such quoting Lender may be accepted,
requested, (C) in the case of a Borrowing of Eurodollar Competitive Loans, the Margin offered for each such Competitive Loan, expressed as a percentage (specified in increments of 1/10,000th of 1%) to be added to or subtracted from such base rate,
(D) in the case of a Fixed Rate Borrowing, the rate of interest per annum (specified in increments of rounded to the nearest 1/10,000th of 1%) (the "Competitive Bid Rate") offered for each such Competitive LoanBid Advance, and
(D) the proposed maturity date of the proposed Advance (which date must be no less than 7 days and no longer than 180 days from the Borrowing Date specified in subsection (A) above), and (E) the identity of the quoting Lender. A Competitive Bid may set forth up to five separate offers by the quoting Lender with respect to each Interest Period specified in the related Invitation for Competitive Bids. Bank.
(iii) Any Competitive Bid Quote for a Competitive Bid Advance shall be disregarded by the Administrative Agent if the Administrative Agent determines that it: (A) is not substantially in the form of Exhibit C-3 E hereto or does not specify all of the information required by Section 2.3(d)(iisubsection (d)(ii); (B) contains qualifying, conditional or similar language (except for a limitation on the maximum principal amount which may be accepted)language; (C) proposes terms other than or in addition to those set forth in the applicable Invitation invitation for Competitive Bids Bids; or (D) arrives after the time set forth in Section 2.3(d)(isubsection (d)(i).
Appears in 1 contract
Submission and Contents of Competitive Bids. (i) Each Lender to which an Invitation for Competitive Bids is sent Bank may submit a Competitive Bid containing an offer or offers to make Competitive Bid Loans in response to such any Invitation for Competitive Bids. Each Competitive Bid must comply with the requirements of this paragraph (d) Section 2.1C and must be submitted to the Administrative Agent by telex or facsimile transmission at its offices specified in Section 9.2 on the signature page hereof or as otherwise directed by Agent not later than (xi) 9:30 A.M. (New York City Cleveland, Ohio time) on the third Business Day prior to the proposed Borrowing Datedate of borrowing, in the case of a Borrowing of Eurodollar Competitive Loans LIBOR Auction or (yii) 9:30 A.M. (New York City Cleveland, Ohio time) on the proposed date of borrowing, in the case of an Absolute Rate Auction (or, in either case, such other time or date as Borrower and Agent shall have mutually agreed and shall have notified the Banks not later than the date of the Competitive Bid Request for the first LIBOR Auction or Absolute Rate Auction for which such change is to be effective); provided that any Bank submitting a Competitive Bid (A) after 9:00 A.M. (Cleveland, Ohio time) on such third Business Day prior to the proposed Borrowingdate of borrowing, in the case of a Fixed LIBOR Auction or (B) 9:00 A.M. (Cleveland, Ohio time) on the proposed date of borrowing, in the case of an Absolute Rate Borrowing; Auction, shall confirm Agent's receipt of such Competitive Bid by telephone, and provided further that any Competitive Bids submitted by the Administrative Agent (or any affiliate of Agent) in the capacity of a Lender Bank may be submitted, and may only be submitted submitted, if the Administrative Agent or such affiliate notifies the Borrower of the terms of the offer or offers contained therein not later than fifteen (15) minutes prior to the respective deadline for the other Lenders. A Competitive Bid submitted by a Lender pursuant to this paragraph (d) shall be irrevocable.
(ii) Each Competitive Bid shall be in substantially the form of Exhibit C-3 and shall specify:
(A) the date of the proposed Borrowing and the Facility under which it is to be made,
(B) the principal amount of the Competitive Loan for which each such offer is being madeBanks, which principal amount (w) may be greater than, equal to or less than the Commitment of the quoting Lender, (x) must be in a minimum principal amount of $5,000,000 or a multiple of $1,000,000 in excess thereof, (y) may not exceed the principal amount of Competitive Loans for which offers were requested and (z) may be subject to a limitation as to the maximum aggregate principal amount of Competitive Loans for which offers being made by such quoting Lender may be accepted,
(C) in the case of either a Borrowing of Eurodollar Competitive Loans, the Margin offered for each such Competitive Loan, expressed as a percentage (specified in increments of 1/10,000th of 1%) to be added to LIBOR Auction or subtracted from such base rate,
(D) in the case of a Fixed an Absolute Rate Borrowing, the rate of interest per annum (specified in increments of 1/10,000th of 1%) offered for each such Competitive Loan, and
(E) the identity of the quoting Lender. A Competitive Bid may set forth up to five separate offers by the quoting Lender with respect to each Interest Period specified in the related Invitation for Competitive BidsAuction. Any Competitive Bid so made shall be disregarded by irrevocable except with the Administrative Agent if the Administrative Agent determines that it: (A) is not substantially in the form written consent of Exhibit C-3 or does not specify all of the information required by Section 2.3(d)(ii); (B) contains qualifying, conditional or similar language (except for a limitation on the maximum principal amount which may be accepted); (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 Section 2.3(d)(i)Agent.
Appears in 1 contract
Submission and Contents of Competitive Bids. (i) Each Lender to which an Invitation for Competitive Bids is sent may submit a competitive bid (a “Competitive Bid Bid”) containing an offer or offers to make Competitive Bid Loans in response to such Invitation for any Competitive BidsBid Request. Each Competitive Bid must comply with the requirements of this paragraph (d) and must should be submitted to the Administrative Agent by facsimile at its offices specified in Section 9.2 the Administrative Agent’s Office not later than 10:00 a.m. (x) 9:30 A.M. at least three (New York City time3) on the third Business Day prior to Days before the proposed Borrowing Datedate of borrowing, in the case of a Borrowing of Eurodollar Competitive Loans LIBOR Auction or (y) 9:30 A.M. (New York City time) on the proposed date of the proposed Borrowingborrowing, in the case of a Fixed an Absolute Rate BorrowingAuction, or, in any such case, such other time or date as the Borrowers and the Administrative Agent shall have mutually agreed and shall have notified to the Lenders not later than the date of the Competitive Bid Request for the first LIBOR Auction or Absolute Rate Auction for which such change is to be effective; provided provided, that any Competitive Bids submitted by the Administrative Agent (or any Affiliate of the Administrative Agent) in the capacity of a Lender may be submitted, and may only be submitted submitted, if the Administrative Agent or such Affiliate notifies the Borrower Borrowers of the terms of the offer or offers contained therein not later than fifteen 30 minutes prior to before the deadline for the other Lenders. A Subject to Sections 4.8 and Article V, any Competitive Bid submitted by a Lender pursuant to this paragraph (d) so made shall not be irrevocablerevocable except with the written consent of the Administrative Agent given on the instructions of the Borrowers.
(ii) Each Competitive Bid shall be substantially in substantially the form of Exhibit C-3 B-3 hereto and shall specify:
in any case specify (A) the proposed date of the proposed Borrowing and the Facility under which it is to be made,
borrowing; (B) the principal amount of the Competitive Bid Loan for which each such offer is being made, which principal amount (w) may be greater than, equal to than or less than the Revolving Credit Commitment of the quoting Lender, (x) must be in a minimum the principal amount of $5,000,000 3,000,000 or a whole multiple of $1,000,000 in excess thereofthereof or, if less, the aggregate amount of the unused Aggregate Commitment, (y) may not exceed the principal amount of Competitive Bid Loans for which offers were requested and (z) may be subject to a an aggregate limitation as to the maximum aggregate principal amount of Competitive Bid Loans for which offers being made by such quoting Lender may be accepted,
; (C) in the case of a Borrowing of Eurodollar Competitive LoansLIBOR Rate Auction, the Margin margin above or below the LIBOR Rate (the “Competitive Bid Margin”) offered for each such Competitive Bid Loan, expressed as a percentage (specified in increments of 1/10,000th to the nearest 1/100th of 1%) to be added to or subtracted from such base rate,
the LIBOR Rate and the Interest Period applicable thereto; (D) in the case of a Fixed an Absolute Rate BorrowingAuction, the rate of interest per annum (specified in increments of 1/10,000th to the nearest 1/100th of 1%) (the “Competitive Bid Absolute Rate”) offered for each such Competitive Loan, and
Bid Loan and the Interest Period applicable thereto; and (E) the identity of the quoting Lender. A Competitive Bid may set forth up to five three separate offers by the quoting Lender with respect to each Interest Period specified in the related Invitation for Competitive Bids. Bid Request.
(iii) Any Competitive Bid shall be disregarded by the Administrative Agent if the Administrative Agent determines that it: it (A) is not substantially in the form of conformity with Exhibit C-3 B-3 hereto or does not specify all of the information required by Section 2.3(d)(ii)2.4(d)(ii) above; (B) contains qualifying, conditional or similar language (except for a limitation on the maximum principal amount which may be accepted)language; (C) proposes terms other than or in addition to those set forth in the applicable Invitation for Competitive Bids Bid Request; or (D) arrives after the time set forth in Section 2.3(d)(i2.4(d)(i).
Appears in 1 contract
Submission and Contents of Competitive Bids. (i) Each U.S. Lender to which an Invitation for Competitive Bids is sent may submit a Competitive Bid containing an offer or offers to make Competitive Loans in response to such Invitation for Competitive Bids. Each Competitive Bid must comply with the requirements of this paragraph (d) and must be submitted to the Administrative Agent at its offices specified in Section 9.2 subsection 10.2 not later than (x) 9:30 A.M. a.m. (New York City time) on the third Business Day prior to the proposed Borrowing Datedate of Borrowing, in the case of a Borrowing of Eurodollar Rate Competitive Loans or (y) 9:30 A.M. a.m. (New York City time) on the date of the proposed Borrowing, in the case of a Fixed Rate Borrowing; provided that any Competitive Bids submitted by the Administrative Agent in the capacity of a U.S. Lender may only be submitted if the Administrative Agent notifies the Borrower of the terms of the offer or offers contained therein not later than fifteen minutes prior to the deadline for the other U.S. Lenders. A Competitive Bid submitted by a U.S. Lender pursuant to this paragraph (d) shall be irrevocable.
(ii) Each Competitive Bid shall be in substantially the form of Exhibit C-3 C and shall specify:
(A) the date of the proposed Borrowing and the Facility under which it is to be madeBorrowing,
(B) the principal amount of the Competitive Loan for which each such offer is being made, which principal amount (w) may be greater than, equal to or less than the U.S. Commitment of the quoting U.S. Lender, (x) must be in a minimum principal amount of $5,000,000 or a multiple of $1,000,000 in excess thereof, (y) may not exceed the principal amount of Competitive Loans for which offers were requested and (z) may be subject to a limitation as to the maximum aggregate principal amount of Competitive Loans for which offers being made by such quoting U.S. Lender may be accepted,
(C) in the case of a Borrowing of Eurodollar Rate Competitive Loans, the Margin offered for each such Competitive Loan, expressed as a percentage (specified in increments of 1/10,000th of 1%) to be added to or subtracted from such base rate,
(D) in the case of a Fixed Rate Borrowing, the rate of interest per annum (specified in increments of 1/10,000th of 1%) offered for each such Competitive Loan, and
(E) the identity of the quoting U.S. Lender. A Competitive Bid may set forth up to five separate offers by the quoting U.S. Lender with respect to each Interest Period specified in the related Invitation for Competitive Bids. Any Competitive Bid shall be disregarded by the Administrative Agent if the Administrative Agent determines that it: (A) is not substantially in the form of Exhibit C-3 C or does not specify all of the information required by Section subsection 2.3(d)(ii); (B) contains qualifying, conditional or similar language (except for a limitation on the maximum principal amount which may be accepted); (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 Section subsection 2.3(d)(i).
Appears in 1 contract
Samples: Competitive Advance and Revolving Credit Facility (Delphi Automotive Systems Corp)
Submission and Contents of Competitive Bids. (i) Each Lender to which an Invitation for Competitive Bids is sent may submit a Competitive Bid competitive bid (a "COMPETITIVE BID") containing an offer or offers to make Competitive Bid Loans in response to such Invitation any invitation for Competitive Bids. Each Competitive Bid must comply with the requirements of this paragraph (dSUBSECTION 2.03(d) and must be submitted to the Administrative Agent by telex or facsimile at its offices specified in Section 9.2 the Administrative Agent's office not later than (x) 9:30 10:00 A.M. (New York City time) on the third Business Day prior to before the proposed Borrowing Date, in the case of a Borrowing of Eurodollar Competitive Loans or (y) 9:30 A.M. (New York City time) on the date of the proposed Borrowing, in the case of a Fixed LIBOR Auction or (y) 10:00 A.M. on the proposed date of Borrowing, in the case of an Absolute Rate BorrowingAuction, or, in any such case, such other time or date as the Borrower and the Administrative Agent shall have mutually agreed and shall have notified to the Lenders not later than the date of the Competitive Bid Request for the first LIBOR Auction or Absolute Rate Auction for which such change is to be effective; provided PROVIDED, that any Competitive Bids submitted by the Administrative Agent (or any affiliate of the Administrative Agent) in the capacity of a Lender may be submitted, and may only be submitted submitted, if the Administrative Agent or such affiliate notifies the Borrower of the terms of the offer or offers contained therein not later than fifteen 30 minutes prior to before the deadline for the other Lenders. A Subject to ARTICLES III and IV, any Competitive Bid submitted by a Lender pursuant to this paragraph (d) so made shall not be irrevocablerevocable except with the written consent of the Administrative Agent given on the instructions of the Borrower.
(ii) Each Competitive Bid shall be substantially in substantially the form of Exhibit C-3 EXHIBIT A-3 hereto and shall in any case specify:
(A) the proposed date of the proposed Borrowing and the Facility under which it is to be made,Borrowing;
(B) the principal amount of the Competitive Bid Loan for which each such offer is being made, which principal amount (w) may be greater than, equal to than or less than the Commitment of the quoting Lender, (x) must be in a minimum the principal amount of $5,000,000 (or a any larger multiple of $1,000,000 in excess thereof1,000,000), (y) may not exceed the principal amount of Competitive Bid Loans for which offers were requested and (z) may be subject to a an aggregate limitation as to the maximum aggregate principal amount of Competitive Bid Loans for which offers being made by such quoting Lender may be accepted,;
(C) in the case of a Borrowing of Eurodollar Competitive LoansLIBOR Auction, the Margin margin above or below the Applicable Interbank Offered Rate (the "COMPETITIVE BID MARGIN") offered for each such Competitive Bid Loan, expressed as a percentage (specified in increments of 1/10,000th to the nearest 1/1,00(th) of 1%) to be added to or subtracted from such base rate,;
(D) in the case of a Fixed an Absolute Rate BorrowingAuction, the rate of interest per annum (specified in increments of 1/10,000th to the nearest 1/100(th) of 1%) (the "COMPETITIVE BID ABSOLUTE RATE") offered for each such Competitive Bid Loan, ; and
(E) the identity of the quoting Lender. A Competitive Bid may set forth up to five three separate offers by the quoting Lender with respect to each Interest Period specified in the related Invitation for Competitive Bids. .
(iii) Any Competitive Bid shall be disregarded by the Administrative Agent if the Administrative Agent determines that it: :
(A) is not substantially in the form of Exhibit C-3 conformity with EXHIBIT A-3 hereto or does not specify all of the information required by Section 2.3(d)(ii); SUBSECTION 2.03(d)(ii) above;
(B) contains qualifying, conditional or similar language (except for a limitation on the maximum principal amount which may be accepted); language;
(C) proposes terms other than or in addition to those set forth in the applicable Invitation for Competitive Bids or Bids; or
(D) arrives after the time set forth in Section 2.3(d)(iSUBSECTION 2.03(d)(i).
Appears in 1 contract
Samples: Revolving Credit Agreement (Worthington Industries Inc)
Submission and Contents of Competitive Bids. (i) Each Lender In response to which an any Invitation for Competitive Bids is sent Bids, each Lender may (but shall not be required to) submit to the Administrative Agent a Competitive Bid Quote containing an offer or offers to make Competitive Loans in response to such Invitation for Competitive BidsBid Loans. Each Competitive Bid Quote must comply with the requirements of this paragraph (dSection 2.8(d) and must be submitted to the Administrative Agent at its offices specified in Section 9.2 by telecopy or telex not later than 9:30 a.m. (x) 9:30 A.M. (New York City Boston time) on the third Business Day prior to the proposed Borrowing Date, in the case of a Borrowing of Eurodollar Competitive Loans or (y) 9:30 A.M. (New York City time) on the requested effective date of the proposed BorrowingCompetitive Bid Loan, as set forth in the case of a Fixed Rate Borrowing; Invitation for Competitive Bids, provided that any Competitive Bids Bid Quotes submitted by the Administrative Agent (or any Affiliate of the Administrative Agent) in the its capacity of as a Lender may be submitted, and may only be submitted submitted, if the Administrative Agent or such Affiliate notifies the Borrower of the terms of the offer or offers contained therein not later than fifteen minutes prior to 9:15 a.m. (Boston time) on the deadline for requested effective date of the other Lenders. A Competitive Bid submitted by a Lender pursuant to this paragraph (d) Loan. Any Competitive Bid Quote so made shall be irrevocableirrevocable except with the written consent of the Administrative Agent given on the instructions of the Borrower.
(ii) Each Competitive Bid Quote shall be substantially in substantially the form of Exhibit C-3 J hereto and shall in any case specify:
(A) the proposed effective date of the proposed Borrowing and the Facility under which it is to be made,Competitive Bid Loan;
(B) the principal amount of the proposed Competitive Bid Loan for which each such offer is being made, which principal amount (wx) may be greater than, equal to or less than the Commitment of the quoting Lender's Commitment at the time but may not exceed the Commitment Amount, (xy) must be in a minimum principal amount of $5,000,000 1,000,000 or a an integral multiple of $1,000,000 in excess thereof, and (yz) may not exceed the principal amount of the Competitive Loans Bid Loan for which offers were requested and (z) may be subject to a limitation as to the maximum aggregate principal amount of Competitive Loans for which offers being made by such quoting Lender may be accepted,
(C) in the case of a Borrowing of Eurodollar Competitive Loans, the Margin offered for each such Competitive Loan, expressed as a percentage (specified in increments of 1/10,000th of 1%) to be added to or subtracted from such base rate,
(D) in the case of a Fixed Rate Borrowing, the rate of interest per annum (specified in increments of 1/10,000th of 1%) offered for each such Competitive Loan, and
(E) the identity of the quoting Lender. A Competitive Bid may set forth up to five separate offers by the quoting Lender with respect to each Interest Period specified in the related Invitation for Competitive Bids. Any Competitive Bid shall be disregarded by the Administrative Agent if the Administrative Agent determines that it: (A) is not substantially in the form of Exhibit C-3 or does not specify all of the information required by Section 2.3(d)(ii); (B) contains qualifying, conditional or similar language (except for a limitation on the maximum principal amount which may be accepted); (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 Section 2.3(d)(i).requested;
Appears in 1 contract
Samples: Credit Agreement (Ust Inc)
Submission and Contents of Competitive Bids. (i) Each Lender to which an Invitation for Competitive Bids is sent Bank may submit a Competitive Bid containing an offer or offers to make Competitive Bid Loans in response to such any Invitation for Competitive Bids. Each Competitive Bid must comply with the requirements of this paragraph (d) Section 2.1B and must be submitted to the Administrative Agent Agent, by e-mail or facsimile transmission, at its offices specified in Section 9.2 on the signature page hereof or as otherwise directed by Agent not later than (x) 9:30 11:30 A.M. (New York City Cleveland, Ohio time) on the third Business Day prior to the proposed Borrowing Competitive Bid Auction Date, in the case of a Borrowing of Eurodollar Competitive Loans or (y) 9:30 A.M. (New York City time) on the date of the proposed Borrowing, in the case of a Fixed Rate Borrowing; provided that any Bank submitting a Competitive Bid after 11:00 A.M. (Cleveland, Ohio time) on such Competitive Bid Auction Date, shall confirm Agent's receipt of such Competitive Bid by telephone, and, provided further that Competitive Bids submitted by the Administrative Agent (or any affiliate of Agent) in the capacity of a Lender Bank may be submitted, and may only be submitted submitted, if the Administrative Agent or such affiliate notifies the Borrower ASI of the terms of the offer or offers contained therein not later than fifteen (15) minutes prior to the respective deadline for the other LendersBanks. A Any Competitive Bid submitted so made by a Lender pursuant to any Bank under this paragraph (dSection 2.1B(d) shall be irrevocable.
(ii) , except that such Competitive Bid may be revoked with the written consent of Agent. Each Competitive Bid shall be in substantially the form of Exhibit C-3 a Competitive Bid Notice and shall in each case specify:
(Ai) the proposed date of borrowing, and the proposed Borrowing and the Facility under which it is to be made,duration of such borrowing;
(Bii) the principal amount of the Competitive Bid Loan for which each such offer is being made, which principal amount (w) may be greater than, equal to than or less than the Revolving Credit Commitment of the quoting LenderBank, (x) must be in a minimum principal an amount that shall be at least One Million Dollars ($1,000,000) and may be increased by increments of One Hundred Thousand Dollars ($5,000,000 or a multiple of $1,000,000 in excess thereof100,000), (y) may not exceed the principal amount of Competitive Bid Loans for which offers were requested and (z) may be subject to a an aggregate limitation for such quoting Bank as to the maximum aggregate principal amount of Competitive Bid Loans for which offers being made by such quoting Lender Bank may be accepted,;
(Ciii) in the case rate of a Borrowing of Eurodollar Competitive Loans, the Margin offered for each such Competitive Loan, interest per annum expressed as a percentage (specified in increments of 1/10,000th of 1%to the nearest four decimal places) to be added to or subtracted from such base rate,
(D) in the case of a Fixed Rate Borrowing, the rate of interest per annum (specified in increments of 1/10,000th of 1%"Competitive Bid Rate") offered for each such Competitive Bid Loan, ; and
(Eiv) the identity of the quoting LenderBank. A Competitive Bid may set forth up to five three separate offers by the quoting Lender with respect to each Interest Period specified in the related Invitation for Competitive BidsBank. Any Competitive Bid shall be disregarded by the Administrative Agent if the Administrative Agent determines that it: :
(A) is shall not be substantially in the form of Exhibit C-3 a Competitive Bid Notice or does not specify all of the information required by this Section 2.3(d)(ii); 2.1B;
(B) except as permitted by Section 2.1B(e), contains qualifying, conditional or similar language (except for a limitation on the maximum principal amount which may be accepted); language;
(C) proposes terms other than or in addition to those set forth in the applicable Invitation for Competitive Bids or Bids; or
(D) arrives after the time set forth in the first paragraph of this Section 2.3(d)(i2.1B(d).
Appears in 1 contract
Samples: Credit Agreement (Schulman a Inc)
Submission and Contents of Competitive Bids. (i) Each Lender In response to which an any Invitation for Competitive Bids is sent Bids, each Lender may (but shall not be required to) submit to the Administrative Agent a Competitive Bid Quote containing an offer or offers to make Competitive Loans in response to such Invitation for Competitive BidsBid Loans. Each Competitive Bid B Quote must comply with the requirements of this paragraph (dSection 2.8(d) and must be submitted to the Administrative Agent at its offices specified in Section 9.2 by telecopy or telex not later than 9:30 a.m. (x) 9:30 A.M. (New York City Boston time) on the third Business Day prior to the proposed Borrowing Date, in the case of a Borrowing of Eurodollar Competitive Loans or (y) 9:30 A.M. (New York City time) on the requested effective date of the proposed BorrowingCompetitive Bid Loan, as set forth in the case of a Fixed Rate Borrowing; Invitation for Competitive Bids, provided that any Competitive Bids Bid Quotes submitted by the Administrative Agent (or any Affiliate of the Administrative Agent) in the its capacity of as a Lender may be submitted, and may only be submitted submitted, if the Administrative Agent or such Affiliate notifies the Borrower of the terms of the offer or offers contained therein not later than fifteen minutes prior to 9:15 a.m. (Boston time) on the deadline for requested effective date of the other Lenders. A Competitive Bid submitted by a Lender pursuant to this paragraph (d) Loan. Any Competitive Bid Quote so made shall be irrevocableirrevocable except with the written consent of the Administrative Agent given on the instructions of the Borrower.
(ii) Each Competitive Bid Quote shall be substantially in substantially the form of Exhibit C-3 J hereto and shall in any case specify:
(A) the proposed effective date of the proposed Borrowing and the Facility under which it is to be made,Competitive Bid Loan;
(B) the principal amount of the proposed Competitive Bid Loan for which each such offer is being made, which principal amount (wx) may be greater than, equal to or less than the Commitment of the quoting Lender's Commitment at the time but may not exceed the Commitment Amount, (xy) must be in a minimum principal amount of $5,000,000 1,000,000 or a an integral multiple of $1,000,000 in excess thereof, and (yz) may not exceed the principal amount of the Competitive Loans Bid Loan for which offers were requested and (z) may be subject to a limitation as to the maximum aggregate principal amount of Competitive Loans for which offers being made by such quoting Lender may be accepted,requested;
(C) in the case of a Borrowing of Eurodollar Competitive Loans, the Margin offered for each such Competitive Loan, expressed as a percentage (specified in increments of 1/10,000th of 1%) to be added to or subtracted from such base rate,
(D) in the case of a Fixed Rate Borrowing, the rate of interest per annum (specified in increments of rounded to the nearest 1/10,000th of 1%) (the "Competitive Bid Rate") offered for each such Competitive Bid Loan, ;
(D) the proposed Interest Period for the proposed Competitive Bid Loan; and
(E) the identity of the quoting Lender. A Competitive Bid may set forth up to five separate offers by the quoting Lender with respect to each Interest Period specified in the related Invitation for Competitive Bids. .
(iii) Any Competitive Bid Quote shall be disregarded by the Administrative Agent if the Administrative Agent determines that it: :
(A) is not substantially in the form of Exhibit C-3 J hereto or does not specify all of the information required by Section 2.3(d)(ii2.8(d)(ii); ;
(B) contains qualifying, conditional or similar language (except for that it may, in the case of a limitation on quote relating to more than one Interest Period, contain the maximum principal amount which may be acceptedcondition that the Lender will fund any one, but not more, of the Competitive Bid Loans offered in such Competitive Bid Quote); ;
(C) proposes terms (including, without limitation, an Interest Period) other than or in addition to those set forth in the applicable Invitation for Competitive Bids or Bids; or
(D) arrives after the time set forth in Section 2.3(d)(i2.8(d)(i).
Appears in 1 contract
Samples: Credit Agreement (Ust Inc)
Submission and Contents of Competitive Bids. (i) Each Lender to which an Invitation for Competitive Bids is sent Bank may submit a Competitive Bid containing an offer or offers to make Competitive Bid Loans in response to such any Invitation for Competitive Bids. Each Competitive Bid must comply with the requirements of this paragraph (d) Section 2.1C and must be submitted to the Administrative Agent by telex or facsimile transmission at its offices specified in Section 9.2 on the signature page hereof or as otherwise directed by Agent not later than (xi) 9:30 A.M. (New York City Cleveland, Ohio time) on the third Business Day prior to the proposed Borrowing Datedate of borrowing, in the case of a Borrowing of Eurodollar Competitive Loans LIBOR Auction or (yii) 9:30 A.M. (New York City Cleveland, Ohio time) on the proposed date of borrowing, in the case of an Absolute Rate Auction (or, in either case, such other time or date as Borrower and Agent shall have mutually agreed and shall have notified the Banks not later than the date of the Competitive Bid Request for the first LIBOR Auction or Absolute Rate Auction for which such change is to be effective); provided that any Bank submitting a Competitive Bid (A) after 9:00 A.M. (Cleveland, Ohio time) on such third Business Day prior to the proposed Borrowingdate of borrowing, in the case of a Fixed LIBOR Auction or (B) 9:00 A.M. (Cleveland, Ohio time) on the proposed date of borrowing, in the case of an Absolute Rate Borrowing; Auction, shall confirm Agent's receipt of such Competitive Bid by telephone, and provided further that any Competitive Bids submitted by the Administrative Agent (or any affiliate of Agent) in the capacity of a Lender Bank may be submitted, and may only be submitted submitted, if the Administrative Agent or such affiliate notifies the Borrower of the terms of the offer or offers contained therein not later than fifteen (15) minutes prior to the respective deadline for the other LendersBanks, in the case of either a LIBOR Auction or an Absolute Rate Auction. A Any Competitive Bid submitted by a Lender pursuant to this paragraph (d) so made shall be irrevocable.
(ii) irrevocable except with the written consent of Agent. Each Competitive Bid shall be in substantially the form of Exhibit C-3 hereto and shall in any case specify:
(A1) the proposed date of the proposed Borrowing borrowing, and the Facility under which it is duration of each relevant Competitive Bid Interest Period to be made,applicable thereto;
(B2) the principal amount of the Competitive Bid Loan for which each such offer is being made, which principal amount (w) may be greater than, equal to than or less than the Revolving Credit Commitment of the quoting LenderBank, (x) must be in a minimum principal amount Five Million Dollars ($5,000,000), increased by increments of One Million Dollars ($5,000,000 or a multiple of $1,000,000 in excess thereof1,000,000), (y) may not exceed the principal amount of Competitive Bid Loans for which offers were requested and (z) may be subject to a an aggregate limitation as to the maximum aggregate principal amount of Competitive Bid Loans for which offers being made by such quoting Lender Bank may be accepted,;
(C3) in the case of a Borrowing of Eurodollar Competitive LoansLIBOR Auction, the Margin margin above or below the applicable LIBOR (the "Competitive Bid Margin") offered for each such Competitive Bid Loan, expressed as a percentage (specified in increments of 1/10,000th of 1%to the nearest six (6) decimal places) to be added to or subtracted from such base rate,the applicable LIBOR;
(D4) in the case of a Fixed an Absolute Rate BorrowingAuction, the rate of interest per annum annum, expressed as a percentage (specified in increments of 1/10,000th of 1%to the nearest six (6) decimal places) (the "Competitive Bid Absolute Rate") offered for each such Competitive Bid Loan, ; and
(E5) the identity of the quoting LenderBank. A Competitive Bid may set forth up to five two (2) separate offers by the quoting Lender Bank with respect to each Competitive Bid Interest Period specified in the related Invitation for Competitive Bids. Any Competitive Bid shall be disregarded by the Administrative Agent if the Administrative Agent determines that it: (A) is not substantially in the form of Exhibit C-3 or does not specify all of the information required by Section 2.3(d)(ii); (B) contains qualifying, conditional or similar language (except for a limitation on the maximum principal amount which may be accepted); (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 Section 2.3(d)(i).:
Appears in 1 contract
Submission and Contents of Competitive Bids. (i) Each Lender to which an Invitation for Competitive Bids is sent may submit a Competitive Bid containing an offer or offers to make Competitive Loans in response to such Invitation for Competitive Bids. Each Competitive Bid must comply with the requirements of this paragraph (d) and must be submitted to the Administrative Agent at its offices specified in Section 9.2 not later than (x) 9:30 A.M. (New York City time) on the third Business Day prior to the proposed Borrowing Date, in the case of a Borrowing of Eurodollar Competitive Loans or (y) 9:30 A.M. (New York City time) on the date of the proposed Borrowing, in the case of a Fixed Rate Borrowing; provided that any Competitive Bids submitted by the Administrative Agent in the capacity of a Lender may only be submitted if the Administrative Agent notifies the Borrower of the terms of the offer or offers contained therein not later than fifteen minutes prior to the deadline for the other Lenders. A Competitive Bid submitted by a Lender pursuant to this paragraph (d) shall be irrevocable.
(ii) Each Competitive Bid shall be in substantially the form of Exhibit C-3 and shall specify:
(A) the date of the proposed Borrowing and the Facility under which it is to be made,
(B) the principal amount of the Competitive Loan for which each such offer is being made, which principal amount (w) may be greater than, equal to or less than the Commitment of the quoting Lender, (x) must be in a minimum principal amount of $5,000,000 or a multiple of $1,000,000 in excess thereof, (y) may not exceed the principal amount of Competitive Loans for which offers were requested and (z) may be subject to a limitation as to the maximum aggregate principal amount of Competitive Loans for which offers being made by such quoting Lender may be accepted,
(C) in the case of a Borrowing of Eurodollar Competitive Loans, the Margin offered for each such Competitive Loan, expressed as a percentage (specified in increments of 1/10,000th of 1%) to be added to or subtracted from such base rate,
(D) in the case of a Fixed Rate Borrowing, the rate of interest per annum (specified in increments of 1/10,000th of 1%) offered for each such Competitive Loan, and
(E) the identity of the quoting Lender. A Competitive Bid may set forth up to five separate offers by the quoting Lender with respect to each Interest Period specified in the related Invitation for Competitive Bids. Any Competitive Bid shall be disregarded by the Administrative Agent if the Administrative Agent determines that it: (A) 509265-1918-Active.17170865.29 is not substantially in the form of Exhibit C-3 or does not specify all of the information required by Section 2.3(d)(ii); (B) contains qualifying, conditional or similar language (except for a limitation on the maximum principal amount which may be accepted); (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 Section 2.3(d)(i).
Appears in 1 contract
Samples: Competitive Advance and Revolving Credit Agreement (Tegna Inc)
Submission and Contents of Competitive Bids. (i) Each Lender to which an Invitation for Competitive Bids is sent may submit a competitive bid (a "Competitive Bid Bid") containing an offer or offers to make Competitive Bid Loans in response to such Invitation any invitation for Competitive Bids. Each Competitive Bid must comply with the requirements of this paragraph (dsubsection 2.03(d) and must be submitted to the Administrative Agent by facsimile at its offices specified in Section 9.2 the Administrative Agent's office not later than (x) 9:30 10:30 A.M. (New York City time) on the third Business Day prior to the proposed Borrowing Date, in the case of a Borrowing of Eurodollar Competitive Loans or (y) 9:30 A.M. (New York City time) on the date of the proposed Borrowing, in the case of a Fixed an Absolute Rate BorrowingAuction, or such other time or date as Caxxxxxxx xnd the Administrative Agent shall have mutually agreed and shall have notified to the Lenders not later than the date of the Competitive Bid Quote Request for the first Absolute Rate Auction for which such change is to be effective; provided that any Competitive Bids submitted by the Administrative Agent (or any affiliate of the Administrative Agent) in the capacity of a Lender may be submitted, and may only be submitted submitted, if the Administrative Agent or such affiliate notifies the Borrower of Caxxxxxxx xf the terms of the offer or offers contained therein not later than fifteen 15 minutes prior to before the deadline for the other LendersLenders for an Absolute Rate Auction. A Subject to Articles III and IV, any Competitive Bid submitted by a Lender pursuant to this paragraph (d) so made shall not be irrevocable.
(ii) revocable except with the written consent of the Administrative Agent given on the instructions of Caxxxxxxx. Each Competitive Bid shall be substantially in substantially the form of Exhibit C-3 A-3 hereto and shall in any case specify:
(A) : the proposed date of the proposed Borrowing and the Facility under which it is to be made,
(B) Borrowing; the principal amount (in the relevant currency) of the Competitive Bid Loan for which each such offer is being made, which principal amount (w) may be greater than, equal to than or less than the Commitment of the quoting Lender, (x) must be in a minimum principal amount the Dollar Amount of $5,000,000 2,000,000 (or a any larger multiple of $1,000,000 in excess thereof1,000,000), (y) may not exceed the principal amount of Competitive Bid Loans for which offers were requested and (z) may be subject to a an aggregate limitation as to the maximum aggregate principal amount of Competitive Bid Loans for which offers being made by such quoting Lender may be accepted,
(C) in the case of a Borrowing of Eurodollar Competitive Loans, the Margin offered for each such Competitive Loan, expressed as a percentage (specified in increments of 1/10,000th of 1%) to be added to or subtracted from such base rate,
(D) in the case of a Fixed Rate Borrowing, ; the rate of interest per annum (specified in increments of 1/10,000th to the nearest 1/1,000th of 1%) (the "Competitive Bid Absolute Rate") offered for each such Competitive Bid Loan, and
(E) ; and the identity of the quoting Lender. A Competitive Bid may set forth up to five three separate offers by the quoting Lender with respect to each Interest Period specified in the related Invitation invitation for Competitive Bids. Any Competitive Bid shall be disregarded by the Administrative Agent if the Administrative Agent determines that it: (A) is not substantially in the form of conformity with Exhibit C-3 A-3 hereto or does not specify all of the information required by Section 2.3(d)(ii)subsection 2.03(d)(ii) above; (B) contains qualifying, conditional or similar language (except for a limitation on the maximum principal amount which may be accepted)language; (C) proposes terms other than or in addition to those set forth in the applicable Invitation invitation for Competitive Bids Bids; or (D) arrives after the time set forth in Section 2.3(d)(isubsection 2.03(d)(i).
Appears in 1 contract
Samples: Revolving Credit Agreement (Carpenter Technology Corp)