Absolute Rate Bid definition
Examples of Absolute Rate Bid in a sentence
Each Competitive Bid must be submitted to the Borrower by facsimile before 10:00 a.m. (New York City time) (i) two Business Days prior to the proposed date of Borrowing, in the case of a request for LIBOR Bid Loans and (ii) on the proposed date of Borrowing, in the case of a request for Absolute Rate Bid Loans.
The following terms shall have the meanings set forth in this §l or elsewhere in the provisions of this Agreement referred to below: Absolute Rate Bid.
Each Competitive Bid must be submitted to the Borrower by facsimile before 10:00 a.m. (New York City time) (A) two Business Days prior to the proposed date of Borrowing, in the case of a request for LIBOR Bid Loans and (B) on the proposed date of Borrowing, in the case of a request for Absolute Rate Bid Loans.
Bid Loans shall accrue interest at the applicable Eurodollar Rate PLUS the Eurodollar Bid Margin, in the case of a Eurodollar Bid Loan, and at the Absolute Rate, in the case of any Absolute Rate Bid Loan, in each case as determined in accordance with SECTION 2.
This is an [Index Rate] [Absolute Rate] Bid Loan Request pursuant to subsection 2.2 of the Credit Agreement requesting quotes for the following Bid Loans: Aggregate Principal Amount $ $ $ Borrowing Date Interest Period Maturity Period Interest Payment Dates Interest Rate Basis 360 day year NOTE: THE AGGREGATE PRINCIPAL AMOUNTS APPEARING ABOVE MUST BE IN THE AGGREGATE AT LEAST EQUAL TO $25,000,000 AND IN A WHOLE MULTIPLE OF $5,000,000.
Not later than 12:30 p.m. (i) on the requested date of any Bid Borrowing that is to consist of Absolute Rate Bid Loans, and (ii) three Business Days prior to the requested date of any Bid Borrowing that is to consist of LIBOR Margin Bid Loans, Borrower shall notify Administrative Agent of its acceptance or rejection of the offers notified to it pursuant to Section 2.18.4. Borrower shall be under no obligation to accept any Competitive Bid and may choose to reject all Competitive Bids.
Such Competitive Bid must be delivered to Administrative Agent not later than 10:30 a.m. (i) on the requested date of any Bid Borrowing that is to consist of Absolute Rate Bid Loans.
Not later than 12:00 p.m. on the requested date of any Bid Borrowing that is to consist of Absolute Rate Bid Loans, or three Business Days prior to the requested date of any Bid Borrowing that is to consist of LIBOR Margin Bid Loans, Administrative Agent shall notify Borrower of the identity of each Lender that has submitted a Competitive Bid that complies with Section 2.18.3 and of the terms of the offers contained in each such Competitive Bid.
The Competitive Bid Request must be received by the Administrative Agent not later than 9:00 a.m., California local time, on a Banking Day that is at least one (1) Banking Day prior to the date of the proposed Competitive Advance if an Absolute Rate Bid is requested; if a Eurodollar Margin Bid is requested, it must be received by the Administrative Agent five (5) Banking Days prior to the date of the proposed Competitive Advance.
While any such suspension continues, all further Advances by such Lender shall be made as Prime Rate Advances, or, as to Bid Loans, as Absolute Rate Bid Loans.