Competitive Bid Request. In order to request Competitive Bids, the Borrower shall deliver to the Agent a duly completed Competitive Bid Request in the form of Exhibit A-1 hereto (a “Competitive Bid Request”) to be received by the Agent not later than 12:00 p.m. (i) five (5) Business Days before each proposed Eurodollar Competitive Bid Loan and (ii) two (2) Business Days before each proposed Fixed Rate Loan; provided that, the Borrower may not submit more than two (2) Competitive Bid Requests during any period of five (5) consecutive Business Days. Notwithstanding the foregoing, the Borrower may not submit more than six (6) Competitive Bid Requests during any calendar month. No Eurocurrency Loan or ABR Loan shall be requested in, or made pursuant to, a Competitive Bid Request. A Competitive Bid Request that does not conform substantially to the form of Exhibit A-1 may be rejected in the Agent’s sole discretion, and the Agent shall promptly notify the Borrower of such rejection by telephone promptly confirmed by telecopy. Such request shall in each case refer to this Agreement and specify (i) whether the borrowing then being requested is to be a Eurodollar Competitive Bid Loan or a Fixed Rate Loan, (ii) the date of such borrowing (which shall be a Business Day), (iii) the aggregate principal amount of such borrowing which shall be in a minimum principal amount of $1,000,000 or a whole multiple of $1,000,000 in excess thereof, and (iv) the Competitive Bid Interest Periods with respect to each Eurodollar Competitive Bid Loan and each Fixed Rate Loan which Competitive Bid Interest Periods may not expire on a date later than the first Business Day prior to the Revolving Maturity Date; provided, that the Borrower may not request bids for more than three (3) different durations of Competitive Bid Interest Periods in the same Competitive Bid Request. Promptly after its receipt of a Competitive Bid Request that is not rejected as aforesaid, the Agent shall invite by facsimile (in the form set forth in Exhibit A-2 hereto) the Lenders to bid, on the terms and conditions of this Agreement, to make Competitive Bid Loans pursuant to the Competitive Bid Request.
Appears in 2 contracts
Sources: Senior Unsecured Revolving Credit Agreement (Choice Hotels International Inc /De), Senior Unsecured Revolving Credit Agreement (Choice Hotels International Inc /De)
Competitive Bid Request. In order When the Borrower wishes to request offers to make Competitive BidsBid Loans under this SECTION 2.03, the Borrower it shall deliver transmit to the Administrative Agent by telephone call followed promptly by facsimile transmission (a duly completed Competitive Bid Request "COMPETITIVE BID REQUEST") substantially in the form of Exhibit A-1 EXHIBIT A-2 hereto (a “Competitive Bid Request”) so as to be received by the Administrative Agent at the Administrative Agent's Office not later than 12:00 p.m. Noon on (x) the fourth Business Day before the date of Borrowing proposed therein, in the case of a LIBOR Auction or (y) the Business Day next preceding the date of Borrowing proposed therein, in the case of an Absolute Rate Auction, 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. Each such Competitive Bid Request shall specify:
(i) five (5) Business Days before each the proposed Eurodollar Competitive Bid Loan and (ii) two (2) Business Days before each proposed Fixed Rate Loan; provided that, the Borrower may not submit more than two (2) Competitive Bid Requests during any period of five (5) consecutive Business Days. Notwithstanding the foregoing, the Borrower may not submit more than six (6) Competitive Bid Requests during any calendar month. No Eurocurrency Loan or ABR Loan shall be requested in, or made pursuant to, a Competitive Bid Request. A Competitive Bid Request that does not conform substantially to the form of Exhibit A-1 may be rejected in the Agent’s sole discretion, and the Agent shall promptly notify the Borrower of such rejection by telephone promptly confirmed by telecopy. Such request shall in each case refer to this Agreement and specify (i) whether the borrowing then being requested is to be a Eurodollar Competitive Bid Loan or a Fixed Rate Loan, (ii) the date of such borrowing (Borrowing, which shall be a Business Day;
(ii) the aggregate amount of such Borrowing, which shall be $5,000,000 in aggregate principal amount (or any larger multiple of $1,000,000), ;
(iii) the aggregate principal amount duration of such borrowing which shall be in a minimum principal amount the Interest Period applicable thereto, subject to the provisions of $1,000,000 or a whole multiple the definition of $1,000,000 in excess thereof, and Interest Period; and
(iv) whether the Competitive Bid Interest Periods with respect Borrowing quote requested (each, a "COMPETITIVE BID QUOTE") are to each Eurodollar Competitive Bid Loan and each Fixed Rate Loan which Competitive Bid Interest Periods may not expire on a date later than the first Business Day prior to the Revolving Maturity Date; provided, that the Borrower may not request bids for more than three (3) different durations of Competitive Bid Interest Periods in the same Competitive Bid Request. Promptly after its receipt of set forth a Competitive Bid Request that is not rejected as aforesaid, the Agent shall invite by facsimile (in the form set forth in Exhibit A-2 hereto) the Lenders to bid, on the terms and conditions of this Agreement, Margin or a Competitive Bid Absolute Rate. The Borrower may request offers to make Competitive Bid Loans pursuant to for more than one Interest Period in a single Competitive Bid Request. No more than two Competitive Bid Requests shall be given within five Business Days (or such other number of days as the Borrower and the Administrative Agent may agree) of any other Competitive Bid Request.
Appears in 2 contracts
Sources: 364 Day Revolving Credit Agreement (Worthington Industries Inc), Revolving Credit Agreement (Worthington Industries Inc)
Competitive Bid Request. In order A request by Borrower to request obtain Competitive Bids, the Bid Loans shall be made by Borrower shall deliver transmitting to the Agent by telex or facsimile transmission a duly completed Competitive Bid Request substantially in the form of Exhibit A-1 hereto (a “Competitive Bid Request”) C-1 hereto, so as to be received by (i) no later than 11:00 A.M. (Cleveland, Ohio time) on the fourth Business Day immediately prior to the date of the proposed borrowing, in the case of a LIBOR Auction or (ii) no later than 11:00 A.M. (Cleveland, Ohio time) on the Business Day immediately prior to the date of the proposed 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 12:00 p.m. the date of the Competitive Bid Request for the first LIBOR Auction or Absolute Rate Auction for which such change is to be effective) specifying:
(iA) five the proposed date of borrowing, which shall be a Business Day,
(5B) Business Days before each proposed Eurodollar the amount of the Loan requested and that the Loan requested is a Competitive Bid Loan,
(C) the duration of the Competitive Bid Interest Period applicable thereto, which shall not be later than the last day of the Commitment Period, and
(D) whether the Competitive Bids requested are to set forth a Competitive Bid Margin or a Competitive Bid Absolute Rate. Borrower may request offers to make a Competitive Bid Loan and (ii) two (2) Business Days before each proposed Fixed Rate Loan; provided that, the Borrower may not submit for no more than two (2) Competitive Bid Requests during Interest Periods in any period of Competitive Bid Request under this Agreement. No Competitive Bid Request shall be made within five (5) consecutive Business Days. Notwithstanding the foregoing, the Borrower may not submit more than six (6) Competitive Bid Requests during Days of any calendar month. No Eurocurrency Loan or ABR Loan shall be requested in, or made pursuant to, a Competitive Bid Request. A Competitive Bid Request that does not conform substantially to the form of Exhibit A-1 may be rejected in the Agent’s sole discretion, and the Agent shall promptly notify the Borrower of such rejection by telephone promptly confirmed by telecopy. Such request shall in each case refer to this Agreement and specify (i) whether the borrowing then being requested is to be a Eurodollar Competitive Bid Loan or a Fixed Rate Loan, (ii) the date of such borrowing (which shall be a Business Day), (iii) the aggregate principal amount of such borrowing which shall be in a minimum principal amount of $1,000,000 or a whole multiple of $1,000,000 in excess thereof, and (iv) the Competitive Bid Interest Periods with respect to each Eurodollar Competitive Bid Loan and each Fixed Rate Loan which Competitive Bid Interest Periods may not expire on a date later than the first Business Day prior to the Revolving Maturity Date; provided, that the Borrower may not request bids for more than three (3) different durations of Competitive Bid Interest Periods in the same Competitive Bid Request. Promptly after its receipt of a Competitive Bid Request that is not rejected as aforesaid, the Agent shall invite by facsimile (in the form set forth in Exhibit A-2 hereto) the Lenders to bid, on the terms and conditions of this Agreement, to make Competitive Bid Loans pursuant to the other Competitive Bid Request.
Appears in 2 contracts
Sources: Credit Agreement (Amcast Industrial Corp), Credit Agreement (Amcast Industrial Corp)
Competitive Bid Request. In order to request Competitive Bids, the Borrower shall deliver to the Administrative Agent a duly completed Competitive Bid Request in the form of Exhibit A-1 A-5 hereto (a “Competitive Bid Request”) to be received by the Administrative Agent not later than 12:00 p.m. (i) five (5) Business Days before each proposed Eurodollar Competitive Bid Loan and (ii) two (2) Business Days before each proposed Fixed Rate Loan; , provided that, that the Borrower may not submit more than two (2) Competitive Bid Requests during any period of five (5) consecutive Business Days. Notwithstanding the foregoing, the Borrower may not submit more than six (6) Competitive Bid Requests during any calendar month. No Eurocurrency Loan or ABR Loan shall be requested in, or made pursuant to, a Competitive Bid Request. A Competitive Bid Request that does not conform substantially to the form of Exhibit A-1 A-5 may be rejected in the Administrative Agent’s sole discretion, and the Administrative Agent shall promptly notify the Borrower of such rejection by telephone promptly confirmed by telecopy. Such request shall in each case refer to this Agreement and specify (i) whether the borrowing then being requested is to be a Eurodollar Competitive Bid Loan or a Fixed Rate Loan, (ii) the date of such borrowing (which shall be a Business Day), (iii) the aggregate principal amount of such borrowing which shall be in a minimum principal amount of $1,000,000 or a whole multiple of $1,000,000 in excess thereof, and (iv) the Competitive Bid Interest Periods with respect to each Eurodollar Competitive Bid Loan and each Fixed Rate Loan which Competitive Bid Interest Periods may not expire on a date later than the first Business Day prior to the Revolving Maturity Date; provided, provided that the Borrower may not request bids for more than three (3) different durations of Competitive Bid Interest Periods in the same Competitive Bid Request. Promptly after its receipt of a Competitive Bid Request that is not rejected as aforesaid, the Administrative Agent shall invite by facsimile (in the form set forth in Exhibit A-2 A-6 hereto) the Lenders to bid, on the terms and conditions of this Agreement, to make Competitive Bid Loans pursuant to the Competitive Bid Request.
Appears in 2 contracts
Sources: Senior Unsecured Credit Agreement (Choice Hotels International Inc /De), Senior Unsecured Credit Agreement (Choice Hotels International Inc /De)
Competitive Bid Request. In order Subject to the terms and conditions set forth herein, from time to time prior to the Termination Date, the Borrower may request Competitive Bids and may (but shall not have any obligation to) accept Competitive Bids and borrow Competitive Loans, provided that (i) in no event may the aggregate principal balance of all outstanding Competitive Loans exceed $300,000,000 and (ii) in no event may the Aggregate Credit Exposure exceed the Aggregate Commitment. To request Competitive Bids, the Borrower shall deliver notify the Administrative Agent of such request by telephone not later than 10:00 a.m., Chicago time, one Business Day before the date of the proposed Competitive Loan; provided that the Borrower may submit up to (but not more than) three (3) Competitive Bid Requests on the same day, but a Competitive Bid Request shall not be made within five Business Days after the date of any previous Competitive Bid Request, unless any and all such previous Competitive Bid Requests shall have been withdrawn or all Competitive Bids received in response thereto rejected. Each such telephonic Competitive Bid Request shall be confirmed promptly by hand delivery or telecopy to the Administrative Agent of a duly completed written Competitive Bid Request in a form approved by the form of Exhibit A-1 hereto (a “Administrative Agent and signed by the Borrower. Each such telephonic and written Competitive Bid Request”) to be received by Request shall specify the Agent not later than 12:00 p.m. following information:
(i) five (5) Business Days before each proposed Eurodollar the aggregate amount of the requested Competitive Bid Loan and (ii) two (2) Business Days before each proposed Fixed Rate Loan; provided that, the Borrower may not submit more than two (2) Competitive Bid Requests during any period of five (5) consecutive Business Days. Notwithstanding the foregoing, the Borrower may not submit more than six (6) Competitive Bid Requests during any calendar month. No Eurocurrency Loan or ABR Loan shall be requested in, or made pursuant to, a Competitive Bid Request. A Competitive Bid Request that does not conform substantially to the form of Exhibit A-1 may be rejected in the Agent’s sole discretion, and the Agent shall promptly notify the Borrower of such rejection by telephone promptly confirmed by telecopy. Such request shall in each case refer to this Agreement and specify (i) whether the borrowing then being requested is to be a Eurodollar Competitive Bid Loan or a Fixed Rate Loan, ;
(ii) the date Borrowing Date of such borrowing (Competitive Loan, which shall be a Business Day), ;
(iii) the aggregate principal amount of Interest Period to be applicable to such borrowing Competitive Loan, which shall be in a minimum principal amount period contemplated by the definition of $1,000,000 or a whole multiple of $1,000,000 in excess thereof, and the term “Interest Period”; and
(iv) the Competitive Bid Interest Periods location and number of the Borrower’s account to which funds are to be disbursed, which shall comply with respect to each Eurodollar Competitive Bid Loan and each Fixed Rate Loan which Competitive Bid Interest Periods may not expire on a date later than the first Business Day prior to the Revolving Maturity Date; provided, that the Borrower may not request bids for more than three (3) different durations requirements of Competitive Bid Interest Periods in the same Competitive Bid RequestSection 2.05. Promptly after its following receipt of a Competitive Bid Request that is not rejected as aforesaidin accordance with this Section, the Administrative Agent shall invite notify the Lenders of the details thereof by facsimile (in the form set forth in Exhibit A-2 hereto) telecopy, inviting the Lenders to bid, on the terms and conditions of this Agreement, to make submit Competitive Bid Loans pursuant to the Competitive Bid RequestBids.
Appears in 1 contract
Sources: Credit Agreement (Lennar Corp /New/)
Competitive Bid Request. In order to To request Competitive Bids, the Borrower shall deliver to the Agent a duly completed Competitive Bid Request in the form of Exhibit A-1 C-1 hereto (a “"Competitive Bid Request”") to be received by the Agent (i) not later than 12:00 p.m. 11:00 a.m. (iCharlotte time) five (5) Business Days before each a proposed Eurodollar borrowing of LIBOR Competitive Bid Loan Loans and (ii) not later than 11:00 a.m. (Charlotte time) two (2) Business Days before each a proposed Fixed borrowing of Absolute Rate LoanLoans; provided that, that the Borrower may shall not submit more than two (2) a Competitive Bid Requests during any period of Request within five (5) consecutive Business Days. Notwithstanding Days after the foregoing, the Borrower may not submit more than six (6) Competitive Bid Requests during date of any calendar month. No Eurocurrency Loan or ABR Loan shall be requested in, or made pursuant to, a previous Competitive Bid Request. A Competitive Bid Request that does not conform substantially to the form of Exhibit A-1 C-1 may be rejected in the Agent’s 's sole discretion, and the Agent shall promptly notify the Borrower of such rejection by telephone promptly confirmed by telecopy. Such request shall in each case refer to this Agreement and specify (i) whether the borrowing then being requested is to be a Eurodollar LIBOR Competitive Bid Loan or a Fixed an Absolute Rate Loan, (ii) the date of such borrowing (which shall be a Business Day), (iii) the aggregate principal amount of such borrowing which shall be in a minimum principal amount of $1,000,000 10,000,000 or a whole multiple of $1,000,000 5,000,000 in excess thereof, thereof and (iv) the Competitive Bid Interest Periods Period with respect to each Eurodollar LIBOR Competitive Bid Loan and each Fixed Absolute Rate Loan Loan, which Competitive Bid Interest Periods may not expire on a date later than the first (1st) Business Day prior to the Revolving Maturity Termination Date; provided, provided that the Borrower may not request bids for more than three (3) different durations of Competitive Bid Interest Periods in the same Competitive Bid Request. Promptly after its receipt of a Competitive Bid Request that is not rejected as aforesaid, the Agent shall invite by facsimile telecopier (in the form set forth in Exhibit A-2 C-2 hereto) the Lenders to bid, on the terms and conditions of this Agreement, to make Competitive Bid Loans pursuant to the Competitive Bid Request.
Appears in 1 contract
Competitive Bid Request. In order When the Borrower wishes to request offers to make Competitive BidsBid Loans under this Section, the Borrower it shall deliver transmit to the Administrative Agent by facsimile transmission a duly completed Competitive Bid Request substantially in the form of Exhibit A-1 C hereto (a “Competitive Bid Request”) so as to be received by the Agent not later than 12:00 p.m. 11:00 A.M. (iNew York City time) five on (5) Business Days before each proposed Eurodollar Competitive Bid Loan and (ii) two (2) Business Days before each proposed Fixed Rate Loan; provided that, the Borrower may not submit more than two (2) Competitive Bid Requests during any period of five (5) consecutive Business Days. Notwithstanding the foregoing, the Borrower may not submit more than six (6) Competitive Bid Requests during any calendar month. No Eurocurrency Loan or ABR Loan shall be requested in, or made pursuant to, a Competitive Bid Request. A Competitive Bid Request that does not conform substantially to the form of Exhibit A-1 may be rejected in the Agent’s sole discretion, and the Agent shall promptly notify the Borrower of such rejection by telephone promptly confirmed by telecopy. Such request shall in each case refer to this Agreement and specify (i) whether the borrowing then being requested is to be a Eurodollar Competitive Bid Loan or a Fixed Rate Loan, (iix) the date of such borrowing (which shall be a Business Day), (iii) the aggregate principal amount of such borrowing which shall be in a minimum principal amount of $1,000,000 or a whole multiple of $1,000,000 in excess thereof, and (iv) the Competitive Bid Interest Periods with respect to each Eurodollar Competitive Bid Loan and each Fixed Rate Loan which Competitive Bid Interest Periods may not expire on a date later than the first fifth Euro-Dollar Business Day prior to the Revolving Maturity Date; provideddate of Borrowing proposed therein, that in the case of a LIBOR Auction or (y) the Domestic Business Day next preceding the date of Borrowing proposed therein, in the case of an Absolute Rate Auction (or, in either case, such other time or date as the Borrower may and the Administrative Agent shall have mutually agreed and shall have notified to the Banks not request bids for more later than three (3) different durations the date of the Competitive Bid Interest Periods Request for the first LIBOR Auction or Absolute Rate Auction for which such change is to be effective) specifying:
(i) the proposed date of Borrowing, which shall be a Euro-Dollar Business Day in the same case of a LIBOR Auction or a Domestic Business Day in the case of an Absolute Rate Auction,
(ii) the aggregate amount of such Borrowing, which shall be $10,000,000 or a larger multiple of $1,000,000,
(iii) the duration of the Interest Period applicable thereto, subject to the provisions of the definition of Interest Period, and
(iv) whether the Competitive Bid Request. Promptly after its receipt of Bids requested are to set forth a Competitive Bid Request that is not rejected as aforesaid, the Agent shall invite by facsimile (in the form set forth in Exhibit A-2 hereto) the Lenders to bid, on the terms and conditions of this Agreement, Margin or a Competitive Bid Absolute Rate. The Borrower may request offers to make Competitive Bid Loans pursuant to for more than one Interest Period in a single Competitive Bid Request. No Competitive Bid Request shall be given within five Euro-Dollar Business Days (or such other number of days as the Borrower and the Administrative Agent may agree) of any other Competitive Bid Request.
Appears in 1 contract
Sources: Credit Agreement (Dean Foods Co)
Competitive Bid Request. In order Subject to the terms and conditions set forth herein, from time to time prior to the Termination Date, the Borrower may request Competitive Bids and may (but shall not have any obligation to) accept Competitive Bids and borrow Competitive Loans, provided that (i) in no event may the aggregate principal balance of all outstanding Competitive Loans exceed $300,000,000 and (ii) in no event may the Aggregate Credit Exposure exceed the Aggregate Commitment. To request Competitive Bids, the Borrower shall deliver notify the Administrative Agent of such request by telephone not later than 11:00 a.m., New York time, one Business Day before the date of the proposed Competitive Loan; provided that the Borrower may submit up to (but not more than) three (3) Competitive Bid Requests on the same day, but a Competitive Bid Request shall not be made within five Business Days after the date of any previous Competitive Bid Request, unless any and all such previous Competitive Bid Requests shall have been withdrawn or all Competitive Bids received in response thereto rejected. Each such telephonic Competitive Bid Request shall be confirmed promptly by hand delivery or telecopy to the Administrative Agent of a duly completed written Competitive Bid Request in a form approved by the form of Exhibit A-1 hereto (a “Administrative Agent and signed by the Borrower. Each such telephonic and written Competitive Bid Request”) to be received by Request shall specify the Agent not later than 12:00 p.m. following information:
(i) five (5) Business Days before each proposed Eurodollar the aggregate amount of the requested Competitive Bid Loan and (ii) two (2) Business Days before each proposed Fixed Rate Loan; provided that, the Borrower may not submit more than two (2) Competitive Bid Requests during any period of five (5) consecutive Business Days. Notwithstanding the foregoing, the Borrower may not submit more than six (6) Competitive Bid Requests during any calendar month. No Eurocurrency Loan or ABR Loan shall be requested in, or made pursuant to, a Competitive Bid Request. A Competitive Bid Request that does not conform substantially to the form of Exhibit A-1 may be rejected in the Agent’s sole discretion, and the Agent shall promptly notify the Borrower of such rejection by telephone promptly confirmed by telecopy. Such request shall in each case refer to this Agreement and specify (i) whether the borrowing then being requested is to be a Eurodollar Competitive Bid Loan or a Fixed Rate Loan, ;
(ii) the date Borrowing Date of such borrowing (Competitive Loan, which shall be a Business Day), ;
(iii) the aggregate principal amount of Interest Period to be applicable to such borrowing Competitive Loan, which shall be in a minimum principal amount period contemplated by the definition of $1,000,000 or a whole multiple of $1,000,000 in excess thereof, and the term “Interest Period”; and
(iv) the Competitive Bid Interest Periods location and number of the Borrower’s account to which funds are to be disbursed, which shall comply with respect to each Eurodollar Competitive Bid Loan and each Fixed Rate Loan which Competitive Bid Interest Periods may not expire on a date later than the first Business Day prior to the Revolving Maturity Date; provided, that the Borrower may not request bids for more than three (3) different durations requirements of Competitive Bid Interest Periods in the same Competitive Bid RequestSection 2.05. Promptly after its following receipt of a Competitive Bid Request that is not rejected as aforesaidin accordance with this Section, the Administrative Agent shall invite notify the Lenders of the details thereof by facsimile (in the form set forth in Exhibit A-2 hereto) telecopy, inviting the Lenders to bid, on the terms and conditions of this Agreement, to make submit Competitive Bid Loans pursuant to the Competitive Bid RequestBids.
Appears in 1 contract
Sources: Credit Agreement (Lennar Corp /New/)
Competitive Bid Request. In order to request Competitive Bids, the Borrower shall deliver to the Administrative Agent a duly completed Competitive Bid Request in the form of Exhibit A-1 C-1 hereto (a “"Competitive Bid Request”") to be received by the Administrative Agent not later than 12:00 p.m. 11:00 a.m. (Charlotte time) (i) five (5) Business Days before each proposed Eurodollar LIBOR Competitive Bid Loan and (ii) two (2) Business Days before each proposed Fixed Absolute Rate Loan; provided that, the Borrower may not submit more than two three (23) Competitive Bid Requests during any period of five ten (510) consecutive Business Days. Notwithstanding the foregoing, and provided further, that the Borrower may shall not submit more than six three (63) Competitive Bid Requests during in any one (1) calendar month. No Eurocurrency Loan or ABR Loan shall be requested in, or made pursuant to, a Competitive Bid Request. A Competitive Bid Request that does not conform substantially to the form of Exhibit A-1 C-1 hereto may be rejected in the Administrative Agent’s 's sole discretion, and the Administrative Agent shall promptly notify the Borrower of such rejection by telephone promptly confirmed by telecopy. Such request shall in each case refer to this Agreement and specify (i) whether the borrowing then being requested is to be a Eurodollar LIBOR Competitive Bid Loan or a Fixed an Absolute Rate Loan, (ii) the date of such borrowing (which shall be a Business Day), (iii) the aggregate principal amount of such borrowing which shall be in a minimum principal amount of $1,000,000 5,000,000 or a whole multiple of $1,000,000 in excess thereof, thereof and (iv) the Competitive Bid Interest Periods with respect to each Eurodollar LIBOR Competitive Bid Loan and each Fixed Absolute Rate Loan which Competitive Bid Interest Periods may not expire on a date later than the first Business Day prior to the Revolving Maturity Credit Facility Termination Date; provided, that the Borrower may not request bids for more than three (3) different durations of Competitive Bid Interest Periods in the same Competitive Bid Request. Promptly after its receipt of a Competitive Bid Request that is not rejected as aforesaid, the Administrative Agent shall invite by facsimile (telecopier the Lenders to bid in the form set forth in Exhibit A-2 hereto) the Lenders to bidC-2 hereto (a "Competitive Bid Invitation"), on the terms and conditions of this Agreementagreement, to make Competitive Bid Loans pursuant to the Competitive Bid Request.
Appears in 1 contract
Competitive Bid Request. In order to request Competitive Bids, the Borrower shall deliver to the Administrative Agent a duly completed Competitive Bid Request in the form of Exhibit A-1 hereto (a “Competitive Bid Request”) to be received by the Administrative Agent not later than 12:00 p.m. (i) five (5) Business Days before each proposed Eurodollar Competitive Bid Loan and (ii) two (2) Business Days before each proposed Fixed Rate Loan; provided that, the Borrower may not submit more than two (2) Competitive Bid Requests during any period of five (5) consecutive Business Days. Notwithstanding the foregoing, the Borrower may not submit more than six (6) Competitive Bid Requests during any calendar month. No Eurocurrency Loan or ABR Loan shall be requested in, or made pursuant to, a Competitive Bid Request. A Competitive Bid Request that does not conform substantially to the form of Exhibit A-1 may be rejected in the Administrative Agent’s sole discretion, and the Administrative Agent shall promptly notify the Borrower of such rejection by telephone promptly confirmed by telecopy. Such request shall in each case refer to this Agreement and specify (i) whether the borrowing then being requested is to be a Eurodollar Competitive Bid Loan or a Fixed Rate Loan, (ii) the date of such borrowing (which shall be a Business Day), (iii) the aggregate principal amount of such borrowing which shall be in a minimum principal amount of $1,000,000 or a whole multiple of $1,000,000 in excess thereof, and (iv) the Competitive Bid Interest Periods with respect to each Eurodollar Competitive Bid Loan and each Fixed Rate Loan which Competitive Bid Interest Periods may not expire on a date later than the first Business Day prior to the Revolving Maturity Date; provided, that the Borrower may not request bids for more than three (3) different durations of Competitive Bid Interest Periods in the same Competitive Bid Request. Promptly after its receipt of a Competitive Bid Request that is not rejected as aforesaid, the Administrative Agent shall invite by facsimile (in the form set forth in Exhibit A-2 hereto) the Lenders to bid, on the terms and conditions of this Agreement, to make Competitive Bid Loans pursuant to the Competitive Bid Request.
Appears in 1 contract
Sources: Senior Unsecured Revolving Credit Agreement (Choice Hotels International Inc /De)
Competitive Bid Request. In order When the Borrower wishes to request offers to make Competitive BidsBid Loans under this Section 2.03, the Borrower it shall deliver transmit to the Administrative Agent a duly completed Competitive Bid Request in the form of Exhibit A-1 hereto by telephone call followed promptly by facsimile transmission (a “Competitive Bid Request”) substantially in the form of Exhibit A-2 hereto so as to be received by the Administrative Agent at the Administrative Agent’s Office not later than 12:00 p.m. Noon on (x) the fourth Business Day before the date of Borrowing proposed therein, in the case of a LIBOR Auction or (y) the Business Day next preceding the date of Borrowing proposed therein, in the case of an Absolute Rate Auction, 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. Each such Competitive Bid Request shall specify:
(i) five (5) Business Days before each the proposed Eurodollar Competitive Bid Loan and (ii) two (2) Business Days before each proposed Fixed Rate Loan; provided that, the Borrower may not submit more than two (2) Competitive Bid Requests during any period of five (5) consecutive Business Days. Notwithstanding the foregoing, the Borrower may not submit more than six (6) Competitive Bid Requests during any calendar month. No Eurocurrency Loan or ABR Loan shall be requested in, or made pursuant to, a Competitive Bid Request. A Competitive Bid Request that does not conform substantially to the form of Exhibit A-1 may be rejected in the Agent’s sole discretion, and the Agent shall promptly notify the Borrower of such rejection by telephone promptly confirmed by telecopy. Such request shall in each case refer to this Agreement and specify (i) whether the borrowing then being requested is to be a Eurodollar Competitive Bid Loan or a Fixed Rate Loan, (ii) the date of such borrowing (Borrowing, which shall be a Business Day;
(ii) the aggregate amount of such Borrowing, which shall be $5,000,000 in aggregate principal amount (or any larger multiple of $1,000,000), ;
(iii) the aggregate principal amount duration of such borrowing which shall be in a minimum principal amount the Interest Period applicable thereto, subject to the provisions of $1,000,000 or a whole multiple the definition of $1,000,000 in excess thereof, and Interest Period; and
(iv) whether the Competitive Bid Interest Periods with respect to each Eurodollar Borrowing quote requested (each, a “Competitive Bid Loan and each Fixed Rate Loan which Competitive Bid Interest Periods may not expire on a date later than the first Business Day prior Quote”) are to the Revolving Maturity Date; provided, that the Borrower may not request bids for more than three (3) different durations of Competitive Bid Interest Periods in the same Competitive Bid Request. Promptly after its receipt of set forth a Competitive Bid Request that is not rejected as aforesaid, the Agent shall invite by facsimile (in the form set forth in Exhibit A-2 hereto) the Lenders to bid, on the terms and conditions of this Agreement, Margin or a Competitive Bid Absolute Rate. The Borrower may request offers to make Competitive Bid Loans pursuant to for more than one Interest Period in a single Competitive Bid Request. No more than two Competitive Bid Requests shall be given within five Business Days (or such other number of days as the Borrower and the Administrative Agent may agree) of any other Competitive Bid Request.
Appears in 1 contract
Sources: Revolving Credit Agreement (Worthington Industries Inc)
Competitive Bid Request. In order to request Competitive Bids, the Borrower shall deliver to the Administrative Agent a duly completed Competitive Bid Request in the form of Exhibit A-1 A-5 hereto (a “Competitive Bid Request”) to be received by the Administrative Agent not later than 12:00 p.m. (i) five (5) Business Days before each proposed Eurodollar Competitive Bid Loan and (ii) two (2) Business Days before each proposed Fixed Rate Loan; , provided that, that the Borrower may not submit more than two (2) Competitive Bid Requests during any period of five (5) consecutive Business Days. Notwithstanding the foregoing, the Borrower may not submit more than six (6) Competitive Bid Requests during any calendar month. No Eurocurrency Loan or ABR Loan shall be requested in, or made pursuant to, a Competitive Bid Request. A Competitive Bid Request that does not conform substantially to the form of Exhibit A-1 A-5 may be rejected in the Administrative Agent’s sole discretion, and the Administrative Agent shall promptly notify the Borrower of such rejection by telephone promptly confirmed by telecopy. Such request shall in each case refer to this Agreement and specify (i) whether the borrowing then being requested is to be a Eurodollar Competitive Bid Loan or a Fixed Rate Loan, (ii) the date of such borrowing (which shall be a Business Day), (iii) the aggregate principal amount of such borrowing which shall be in a minimum principal amount of $1,000,000 or a whole multiple of $1,000,000 in excess thereof, and (iv) the Competitive Bid Interest Periods with respect to each Eurodollar Competitive Bid Loan and each Fixed Rate Loan which Competitive Bid Interest Periods may not expire on a date later than the first Business Day prior to the Revolving Maturity Date; provided, provided that the Borrower may not request bids for more than three (3) different durations of Competitive Bid Interest Periods in the same Competitive Bid Request. Promptly after its receipt of a Competitive Bid Request that is not rejected as aforesaid, the Administrative Agent shall invite by facsimile (in the form set forth in Exhibit A-2 A-6 hereto) the Revolving Credit Lenders to bid, on the terms and conditions of this Agreement, to make Competitive Bid Loans pursuant to the Competitive Bid Request.
Appears in 1 contract
Sources: Senior Secured Credit Agreement (Choice Hotels International Inc /De)
Competitive Bid Request. In order to request Competitive Bids, the Borrower shall deliver to the Administrative Agent a duly completed Competitive Bid Request in the form of Exhibit A-1 C-1 hereto (a “"Competitive Bid Request”") to be received by the Administrative Agent not later than 12:00 p.m. 11:00 a.m. (Charlotte time) (i) five (5) Business Days before each proposed Eurodollar LIBOR Competitive Bid Loan and (ii) two (2) Business Days before each proposed Fixed Absolute Rate Loan; provided that, the Borrower may not submit more than two (2) Competitive Bid Requests during any period of five (5) consecutive Business Days. Notwithstanding the foregoing, the Borrower may not submit more than six (6) Competitive Bid Requests during any calendar month. No Eurocurrency Loan or ABR Loan shall be requested in, or made pursuant to, a Competitive Bid Request. A Competitive Bid Request that does not conform substantially to the form of Exhibit A-1 C-1 may be rejected in the Administrative Agent’s 's sole discretion, and the Administrative Agent shall promptly notify the Borrower of such rejection by telephone promptly confirmed by telecopy. Such request shall in each case refer to this Agreement and specify (i) whether the borrowing then being requested is to be a Eurodollar LIBOR Competitive Bid Loan or a Fixed an Absolute Rate Loan, (ii) the date of such borrowing (which shall be a Business Day), (iii) the aggregate principal amount of such borrowing which shall be in a minimum principal amount of $1,000,000 3,000,000 or a whole multiple of $1,000,000 in excess thereof, thereof and (iv) the Competitive Bid Interest Periods with respect to each Eurodollar LIBOR Competitive Bid Loan and each Fixed Absolute Rate Loan which Competitive Bid Interest Periods may not expire on a date later than the first Business Day prior to the Revolving Maturity Date; provided, that the Borrower may not request bids for more than three (3) different durations of Competitive Bid Interest Periods in the same Competitive Bid Request. Promptly after its receipt of a Competitive Bid Request that is not rejected as aforesaid, the Administrative Agent shall invite by facsimile telecopier (in the form set forth in Exhibit A-2 C-2 hereto) the Lenders to bid, on the terms and conditions of this Agreement, to make Competitive Bid Loans pursuant to the Competitive Bid Request.
Appears in 1 contract
Competitive Bid Request. In order to request Competitive Bids, the Borrower shall deliver to the Administrative Agent a duly completed Competitive Bid Request in the form of Exhibit A-1 A-5 hereto (a “Competitive Bid Request”) to be received by the Administrative Agent not later than 12:00 p.m. (i) five (5) Business Days before each proposed Eurodollar Competitive Bid Loan and (ii) two (2) Business Days before each proposed Fixed Rate Loan; , provided that, that the Borrower may not submit more than two (2) Competitive Bid Requests during any period of five (5) consecutive Business Days. Notwithstanding the foregoing, the Borrower may not submit more than six (6) Competitive Bid Requests during any calendar month. No Eurocurrency Loan, RFR Loan denominated in Sterling or ABR Loan shall be requested in, or made pursuant to, a Competitive Bid Request. A Competitive Bid Request that does not conform substantially to the form of Exhibit A-1 A-5 may be rejected in the Administrative Agent’s sole discretion, and the Administrative Agent shall promptly notify the Borrower of such rejection by telephone promptly confirmed by telecopy. Such request shall in each case refer to this Agreement and specify (i) whether the borrowing then being requested is to be a Eurodollar Competitive Bid Loan or a Fixed Rate Loan, (ii) the date of such borrowing (which shall be a Business Day), (iii) the aggregate principal amount of such borrowing which shall be in a minimum principal amount of $1,000,000 or a whole multiple of $1,000,000 in excess thereof, and (iv) the Competitive Bid Interest Periods with respect to each Eurodollar Competitive Bid Loan and each Fixed Rate Loan which Competitive Bid Interest Periods may not expire on a date later than the first Business Day prior to the Revolving Maturity Date; provided, provided that the Borrower may not request bids for more than three (3) different durations of Competitive Bid Interest Periods in the same Competitive Bid Request. Promptly after its receipt of a Competitive Bid Request that is not rejected as aforesaid, the Administrative Agent shall invite by facsimile (in the form set forth in Exhibit A-2 A-6 hereto) the Lenders to bid, on the terms and conditions of this Agreement, to make Competitive Bid Loans pursuant to the Competitive Bid Request.
Appears in 1 contract
Sources: Senior Unsecured Credit Agreement (Choice Hotels International Inc /De)
Competitive Bid Request. In order to request Competitive Bids, the Borrower Company shall deliver to the Administrative Agent a duly completed Competitive Bid Request in the form of Exhibit A-1 C-1 hereto (a “Competitive Bid Request”) to be received by the Administrative Agent not later than 12:00 p.m. 11:00 a.m. (Chicago time) (i) five (5) Business Days before each proposed Eurodollar LIBOR Competitive Bid Loan and (ii) two (2) Business Days before each proposed Fixed Absolute Rate Loan; provided that, the Borrower Company may not submit more than two (2) Competitive Bid Requests during any period of five (5) consecutive Business Days. Notwithstanding the foregoing, the Borrower Company may not submit more than six (6) Competitive Bid Requests during any calendar month. No Eurocurrency Loan or ABR Loan shall be requested in, or made pursuant to, a Competitive Bid Request. A Competitive Bid Request that does not conform substantially to the form of Exhibit A-1 C-1 may be rejected in the Administrative Agent’s sole discretion, and the Administrative Agent shall promptly notify the Borrower Company of such rejection by telephone promptly confirmed by telecopy. Such request shall in each case refer to this Agreement and specify (i) whether the borrowing then being requested is to be a Eurodollar LIBOR Competitive Bid Loan or a Fixed an Absolute Rate Loan, (ii) the date of such borrowing (which shall be a Business Day), (iii) the aggregate principal amount of such borrowing which shall be in Dollars in a minimum principal amount of $1,000,000 2,000,000 or a whole multiple of $1,000,000 500,000 in excess thereof, thereof and (iv) the Competitive Bid Interest Periods with respect to each Eurodollar LIBOR Competitive Bid Loan and each Fixed Absolute Rate Loan which Competitive Bid Interest Periods may not expire on a date later than the first Business Day prior to the Revolving Maturity Credit Termination Date; provided, that the Borrower Company may not request bids for more than three (3) different durations of Competitive Bid Interest Periods in the same Competitive Bid Request. Promptly after its receipt of a Competitive Bid Request that is not rejected as aforesaid, the Administrative Agent shall invite by facsimile telecopier (in the form set forth in Exhibit A-2 C-2 hereto) the Lenders to bid, on the terms and conditions of this Agreement, to make Competitive Bid Loans pursuant to the Competitive Bid Request.
Appears in 1 contract
Sources: Credit Agreement (Grainger W W Inc)
Competitive Bid Request. In order When the Borrowers wish to request offers to make Competitive BidsBid Loans under this Section 2.4, the Borrower Company, on behalf of the Borrowers, shall deliver transmit to the Administrative Agent a duly completed Competitive Bid Request in the form of Exhibit A-1 hereto by telephone call followed promptly by facsimile or electronic mail transmission (a “Competitive Bid Request”) substantially in the form of Exhibit B-2 hereto so as to be received by the Administrative Agent at the Administrative Agent’s Office not later than 12:00 p.m. 11:00 a.m. (ix) five at least four (54) Business Days before each the date of borrowing proposed Eurodollar Competitive Bid Loan and therein, in the case of a LIBOR Auction or (iiy) two one (21) Business Days before each Day prior to the date of borrowing proposed Fixed therein, in the case of an Absolute Rate Loan; provided thatAuction, or, in any such case, such other time or date as the Borrower may Borrowers and the Administrative Agent shall have mutually agreed and shall have notified to the Lenders not submit more later than two (2) Competitive Bid Requests during any period the date of five (5) consecutive Business Days. Notwithstanding the foregoing, the Borrower may not submit more than six (6) Competitive Bid Requests during any calendar month. No Eurocurrency Loan or ABR Loan shall be requested in, or made pursuant to, a Competitive Bid Request. A Competitive Bid Request that does not conform substantially for the first LIBOR Auction or Absolute Rate Auction for which such change is to the form of Exhibit A-1 may be rejected in the Agent’s sole discretion, and the Agent effective. Each such Competitive Bid Request shall promptly notify the Borrower of such rejection by telephone promptly confirmed by telecopy. Such request shall in each case refer to this Agreement and specify specify:
(i) whether the borrowing then being requested is to be a Eurodollar Competitive Bid Loan or a Fixed Rate Loan, (ii) the proposed date of such borrowing (borrowing, which shall be a Business Day), ;
(iiiii) the aggregate principal amount of such borrowing borrowing, which shall be in a minimum principal amount of $1,000,000 3,000,000 or a whole multiple of $1,000,000 in excess thereofthereof or, and if less, the aggregate amount of the unused Aggregate Commitment;
(iii) the duration of the Interest Period applicable thereto; and
(iv) whether the Competitive Bid Interest Periods with respect Loan requested is to each Eurodollar Competitive Bid Loan and each Fixed Rate Loan which Competitive Bid Interest Periods may not expire on a date later than the first Business Day prior to the Revolving Maturity Date; provided, that the Borrower may not request bids for more than three (3) different durations of Competitive Bid Interest Periods in the same Competitive Bid Request. Promptly after its receipt of be a Competitive Bid Request that is not rejected as aforesaid, the Agent shall invite by facsimile (in the form set forth in Exhibit A-2 hereto) the Lenders to bid, on the terms and conditions of this Agreement, LIBOR Loan or a Competitive Bid Absolute Rate Loan. The Borrowers may request offers to make Competitive Bid Loans pursuant to for more than one Interest Period in a single Competitive Bid Request. No more than two Competitive Bid Requests shall be given within five (5) Business Days (or such other number of days as the Borrowers and the Administrative Agent may agree) of any other Competitive Bid Request.
Appears in 1 contract