Bid Rate Option definition

Bid Rate Option means the interest rate option that may be agreed upon between the Borrower and one or more of the Lenders pursuant to Section 2.2 hereof.
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Examples of Bid Rate Option in a sentence

  • In selecting a Bid Rate Option from any Lender, such Lender may make an advance in excess of such Lender's Commitment.

  • Subject to the provisions of this Section 2.2, each Lender severally agrees that the Borrower may request Bid Rate Loans, in an aggregate amount at any one time outstanding not to exceed the lesser of (i) $50,000,000 and (ii) the sum of (a) the aggregate Long Term Revolving Credit Commitment minus (b) the aggregate principal amount of all Long Term Revolving Credit Loans then outstanding, which shall bear interest at the Bid Rate Option.

  • Competitive Bid Rate Option: The Borrowers may request (the "Bid Request") the Administrative Agent to solicit competitive bids from the 5 Year Facility Lenders at a margin over or under LIBOR or at an absolute rate.

  • If Borrower elects the Bid Rate Option, Borrower shall accept Facility A Bank Offers in a total amount equal to the Facility A Bank Portion and shall allocate its acceptance to the Facility A Banks in order of the Spreads which they offered (i.e., lowest offered spread first).

  • Subject to the provisions of this Section 2.2, each Lender severally agrees that the Borrower may request Bid Rate Loans, in an aggregate amount at any one time outstanding not to exceed the lesser of (i) $50,000,000 and (ii) the sum of (a) the aggregate Commitments minus (b) the aggregate principal amount of all Revolving Credit Loans and Swing Line Loans then outstanding, which shall bear interest at the Bid Rate Option.

  • The amount of the Spread which shall govern each Facility B Loan shall be determined under either the Requested Rate Option or the Bid Rate Option, at the option of Borrower as set forth in clauses (i) and (ii) below.

  • Subject to the provisions of this Section 2.5, each Bank agrees the Borrower may request from any Bank Bid Rate Loans, in an aggregate amount at any one time outstanding not to exceed $350,000,000, bearing interest at the Bid Rate Option.

  • In connection with the Bid Rate Option, any Lender with a Long Term Revolving Credit Commitment may make an advance in excess of such Lender's Long Term Revolving Credit Commitment.

  • In connection with the Bid Rate Option, any Lender may make an advance in excess of such Lender's Long Term Revolving Credit Commitment.

  • Subject to the provisions of this Section 2.2, each Lender severally agrees that the Borrower may request Bid Rate Loans, in an aggregate amount at any one time outstanding not to exceed $500,000,000 less the aggregate principal amount of all Revolving Credit Loans and Swingline Loans then outstanding, which shall bear interest at the Bid Rate Option.

Related to Bid Rate Option

  • LIBOR Rate Option means the option of the Borrower to have Loans bear interest at the rate and under the terms set forth in Section 4.1.1(a)(ii) [Revolving Credit LIBOR Rate Option].

  • Base Rate Option means the option of the Borrower to have Loans bear interest at the rate and under the terms set forth in Section 4.1.1(a)(i) [Revolving Credit Base Rate Option].

  • Floating Rate Option has the meaning given to it in the ISDA Definitions;

  • Rate Option means the Eurodollar Rate or the Floating Rate.

  • Interest Rate Option means any LIBOR Rate Option or Base Rate Option.

  • Notice of Competitive Bid Borrowing has the meaning specified in Section 2.03(a).

  • Competitive Bid Rate means, with respect to any Competitive Bid, the Margin or the Fixed Rate, as applicable, offered by the Lender making such Competitive Bid.

  • Competitive Bid Advance means an advance by a Lender to the Borrower as part of a Competitive Bid Borrowing resulting from the competitive bidding procedure described in Section 2.03 and refers to a Fixed Rate Advance or a LIBO Rate Advance.

  • Competitive Bid Borrowing means a borrowing consisting of simultaneous Competitive Bid Advances from each of the Lenders whose offer to make one or more Competitive Bid Advances as part of such borrowing has been accepted under the competitive bidding procedure described in Section 2.07.

  • Competitive Bid Loan means a Eurodollar Bid Rate Loan or an Absolute Rate Loan, or both, as the case may be.

  • Bid Rate Loan means a loan made by a Lender under Section 2.2.

  • Eurodollar Competitive Loan means any Competitive Loan bearing interest at a rate determined by reference to the LIBO Rate in accordance with the provisions of Article II.

  • Absolute Rate Loan means a Bid Rate Loan, the interest rate on which is determined on the basis of an Absolute Rate pursuant to an Absolute Rate Auction.

  • Bid Rate Quote means an offer in accordance with Section 2.2.(c) by a Lender to make a Bid Rate Loan with one single specified interest rate.

  • LIBOR Tranche means the collective reference to LIBOR Rate Loans whose Interest Periods begin and end on the same day.

  • LIBOR Rate Advance means an Advance which bears interest at a LIBOR Rate.

  • LIBO Rate Advances means a Competitive Bid Advance denominated in Dollars or in any Foreign Currency and bearing interest based on the LIBO Rate.

  • Absolute Rate means a fixed rate of interest expressed in multiples of 1/100th of one basis point.

  • Fixed Rate Advances has the meaning specified in Section 2.03(a)(i).

  • LIBO Rate Advance means a Pro Rata Advance that bears interest as provided in Section 2.04(a)(ii).

  • Competitive Borrowing means a Borrowing consisting of a Competitive Loan or concurrent Competitive Loans from the Lender or Lenders whose Competitive Bids for such Borrowing have been accepted by the Borrower under the bidding procedure described in Section 2.03.

  • Fixed Rate Advance means an Advance which bears interest at a Fixed Rate.

  • Base Rate Committed Loan means a Committed Loan that is a Base Rate Loan.

  • Eurodollar Rate Committed Loan means a Committed Loan that bears interest at a rate based on clause (a) of the definition of “Eurodollar Rate.”

  • LIBOR Option has the meaning specified therefor in Section 2.12(a) of the Agreement.

  • Competitive Bid Margin means the margin above or below the applicable Eurodollar Base Rate offered for a Eurodollar Bid Rate Loan, expressed as a percentage (rounded to the nearest 1/100 of 1%) to be added or subtracted from such Eurodollar Base Rate.