Common use of Submitting U.S. Competitive Bids Clause in Contracts

Submitting U.S. Competitive Bids. (i) The Administrative Agent shall promptly notify each Lender of each U.S. Bid Request received by it from the U.S. Borrower and the contents of such U.S. Bid Request. (ii) Each Lender may (but shall have no obligation to) submit a U.S. Competitive Bid containing an offer to make one or more U.S. Bid Loans in response to such U.S. Bid Request. Such U.S. Competitive Bid must be delivered to the Administrative Agent not later than 10:30 a.m. (A) on the requested date of any U.S. Bid Borrowing that is to consist of U.S. Absolute Rate Loans, and (B) three Business Days prior to the requested date of any U.S. Bid Borrowing that is to consist of U.S. Eurodollar Margin Bid Loans; provided, however, that any U.S. Competitive Bid submitted by Bank of America in its capacity as a Lender in response to any U.S. Bid Request must be submitted to the Administrative Agent not later than 10:15 a.m. on the date on which U.S. Competitive Bids are required to be delivered by the other Lenders in response to such U.S. Bid Request. Each U.S. Competitive Bid shall specify (A) the proposed date of the U.S. Bid Borrowing; (B) the principal amount of each U.S. Bid Loan for which such U.S. Competitive Bid is being made, which principal amount (x) may be equal to, greater than or less than the U.S. Commitment of the bidding Lender, (y) must be U.S. $5,000,000 or a whole multiple of U.S. $1,000,000 in excess thereof, and (z) may not exceed the principal amount of U.S. Bid Loans for which U.S. Competitive Bids were requested; (C) if the proposed U.S. Bid Borrowing is to consist of U.S. Absolute Rate Loans, the Absolute Rate offered for each such U.S. Bid Loan and the Interest Period applicable thereto; (D) if the proposed U.S. Bid Borrowing is to consist of U.S. Eurodollar Margin Bid Loans, the U.S. Eurodollar Bid Margin with respect to each such U.S. Eurodollar Margin Bid Loan and the Interest Period applicable thereto; and (E) the identity of the bidding Lender. (iii) Any U.S. Competitive Bid shall be disregarded if it (A) is received after the applicable time specified in clause (ii) above, (B) is not substantially in the form of a U.S. Competitive Bid as specified herein, (C) contains qualifying, conditional or similar language, (D) proposes terms other than or in addition to those set forth in the applicable U.S. Bid Request, or (E) is otherwise not responsive to such U.S. Bid Request. Any Lender may correct a U.S. Competitive Bid containing a manifest error by submitting a corrected U.S. Competitive Bid (identified as such) not later than the applicable time required for submission of U.S. Competitive Bids. Any such submission of a corrected U.S. Competitive Bid shall constitute a revocation of the U.S. Competitive Bid that contained the manifest error. The Administrative Agent may, but shall not be required to, notify any Lender of any manifest error it detects in such Lender’s U.S. Competitive Bid. (iv) Subject only to the provisions of Sections 5.02, 5.03 and 6.02 and clause (iii) above, each U.S. Competitive Bid shall be irrevocable.

Submitting U.S. Competitive Bids. (i) The Administrative Agent shall promptly notify each Lender of each U.S. US Bid Request received by it from the U.S. US Borrower and the contents of such U.S. US Bid Request. (ii) Each Lender may (but shall have no obligation to) submit a U.S. US Competitive Bid containing an offer to make one or more U.S. US Bid Loans in response to such U.S. US Bid Request. Such U.S. US Competitive Bid must be delivered to the Administrative Agent not later than 10:30 a.m. (A) on the requested date of any U.S. US Bid Borrowing that is to consist of U.S. US Absolute Rate Loans, and (B) three Business Days prior to the requested date of any U.S. US Bid Borrowing that is to consist of U.S. US Eurodollar Margin Bid Loans; provided, however, that any U.S. US Competitive Bid submitted by Bank of America in its capacity as a Lender in response to any U.S. US Bid Request must be submitted to the Administrative Agent not later than 10:15 a.m. on the date on which U.S. US Competitive Bids are required to be delivered by the other Lenders in response to such U.S. US Bid Request. Each U.S. US Competitive Bid shall specify (A) the proposed date of the U.S. US Bid Borrowing; (B) the principal amount of each U.S. US Bid Loan for which such U.S. US Competitive Bid is being made, which principal amount (x) may be equal to, greater than or less than the U.S. US Commitment of the bidding Lender, (y) must be U.S. US $5,000,000 or a whole multiple of U.S. US $1,000,000 in excess thereof, and (z) may not exceed the principal amount of U.S. US Bid Loans for which U.S. US Competitive Bids were requested; (C) if the proposed U.S. US Bid Borrowing is to consist of U.S. US Absolute Rate Loans, the Absolute Rate offered for each such U.S. US Bid Loan and the Interest Period applicable thereto; (D) if the proposed U.S. US Bid Borrowing is to consist of U.S. US Eurodollar Margin Bid Loans, the U.S. US Eurodollar Bid Margin with respect to each such U.S. US Eurodollar Margin Bid Loan and the Interest Period applicable thereto; and (E) the identity of the bidding Lender. (iii) Any U.S. US Competitive Bid shall be disregarded if it (A) is received after the applicable time specified in clause (ii) above, (B) is not substantially in the form of a U.S. US Competitive Bid as specified herein, (C) contains qualifying, conditional or similar language, (D) proposes terms other than or in addition to those set forth in the applicable U.S. US Bid Request, or (E) is otherwise not responsive to such U.S. US Bid Request. Any Lender may correct a U.S. US Competitive Bid containing a manifest error by submitting a corrected U.S. US Competitive Bid (identified as such) not later than the applicable time required for submission of U.S. US Competitive Bids. Any such submission of a corrected U.S. US Competitive Bid shall constitute a revocation of the U.S. US Competitive Bid that contained the manifest error. The Administrative Agent may, but shall not be required to, notify any Lender of any manifest error it detects in such Lender’s U.S. US Competitive Bid. (iv) Subject only to the provisions of Sections 5.02, 5.03 and 6.02 and clause (iii) above, each U.S. US Competitive Bid shall be irrevocable.