Competitive Bid Advances. Each Borrower shall repay to the Administrative Agent, for the account of each Lender that has made a Competitive Bid Advance, the aggregate outstanding principal amount of each Competitive Bid Advance made to such Borrower and owing to such Lender on the earlier of (i) the maturity date therefor, specified in the related Notice of Competitive Bid Borrowing delivered pursuant to Section 2.03(a)(i) and (ii) the Termination Date.
Competitive Bid Advances. Subject to the terms and conditions hereof and in reliance upon the representations and warranties set forth herein, each Revolving Credit Lender severally agrees that the Borrower may, to the extent the Borrower or the Parent, as applicable, maintains an Investment Grade Rating and the Borrower has made a Ratings Grid Election, make Competitive Bid Borrowings under Section 2.02(b) from time to time on any Business Day during the period from the date hereof until the date occurring 30 days prior to the RC Maturity Date in the manner set forth below, provided that, following the making of each Competitive Bid Borrowing, (i) the aggregate amount of the Competitive Bid Advances of all Revolving Credit Lenders then outstanding shall not at any time exceed an amount equal to 50% of the Revolving Credit Commitments at such time and (ii) with regard to the Revolving Credit Lenders collectively, the principal amount of the applicable Competitive Bid Advance shall not exceed the aggregate Unused Revolving Credit Commitments. Each Competitive Bid Advance shall be in a minimum principal amount of $5,000,000 and integral multiples of $1,000,000 in excess thereof.
Competitive Bid Advances. Each Competitive Bid Advance shall mature and be due and payable in full on the earlier of (i) (A) the last day of the Interest Period applicable thereto in the case of Competitive Bid Advances that are Floating Rate Advances and (B) the maturity date set forth in the Notice of Competitive Bid Borrowing with respect to Competitive Bid Advances that are Fixed Rate Advances and (ii) the Termination Date.
Competitive Bid Advances. (a) In addition to borrowings pursuant to Section 2.1(a) or Section 2.4, Borrower may request each Lender severally to submit offers (herein called a "Competitive Bid Offer") to make advances to Borrower on any Business Day during the Loan Commitment Period as provided in this Section (herein called "Competitive Bid Advances"); provided, however, that each Lender may in its sole discretion, but shall have no obligation whatsoever to submit such offers, and Borrower may, but shall have no obligation to, accept any such offers.
Competitive Bid Advances. Subject to Section 5.01, if such Advance is a Competitive Bid Advance, a rate per annum equal (i) in the case of an Absolute Rate Advance, to the Absolute Rate that shall have been offered by such Bank pursuant to Section 3.04 in its Competitive Bid Quote related thereto and accepted by the Borrower pursuant to Section 3.06 in its Notice of Competitive Bid Borrowing related thereto, (ii) in the case of a Eurocurrency Bid Rate Advance, to the Eurocurrency Bid Rate calculated on the basis of the Competitive Bid Margin that shall have been offered by such Bank pursuant to Section 3.04 in its Competitive Bid Quote related thereto and accepted by the Borrower pursuant to Section 3.06 in its Notice of Competitive Bid Borrowing related thereto, and (iii) in the case of a EURIBOR Bid Rate Advance, to the EURIBOR Bid Rate calculated on the basis of the Competitive Bid Margin that shall have been offered by such Bank pursuant to Section 3.04 in its Competitive Bid Quote related thereto and accepted by the Borrower pursuant to Section 3.06 in its Notice of Competitive Bid Borrowing related thereto, in each case payable on the last day of the applicable Interest Period and, if such Interest Period has a duration of more than 90 days or three months, as the case may be, on each day which occurs during such Interest Period every 90 days or three months, as the case may be, from the first day of such Interest Period.
Competitive Bid Advances. Each Borrower shall repay any Competitive Bid Advance made to such Borrower in accordance with Section 2.04(d).
Competitive Bid Advances. (i) The Borrower may request a Competitive Bid Borrowing by delivering to the Administrative Agent, by telecopier or telex, confirmed immediately in writing, a notice of a Competitive Bid Borrowing (a "Notice of Competitive Bid Borrowing"), in substantially the form of Exhibit C-2 hereto, specifying therein (A) the date of such proposed Competitive Bid Borrowing, (B) the aggregate amount of such proposed Competitive Bid Borrowing, (C) the maturity date for repayment of each Competitive Bid Advance to be made as part of such Competitive Bid Borrowing (which maturity date may not be earlier than the date occurring seven days after the date of such Competitive Bid Borrowing or later than the Revolving Credit Termination Date), (D) the interest payment date or dates relating thereto and (E) any other terms to be applicable to such Competitive Bid Borrowing, not later than 11:00 A.M. (New York City time) (x) at least one Business Day prior to the date of the proposed Competitive Bid Borrowing, if the Borrower shall specify in the Notice of Competitive Bid Borrowing that the rates of interest to be offered by the Lenders shall be fixed rates per annum (the Competitive Bid Advances comprising any such Competitive Bid Borrowing being referred to herein as "Fixed Rate Advances") and (y) at least four Business Days prior to the date of the proposed Competitive Bid Borrowing, if the Borrower shall instead specify in the Notice of Competitive Bid Borrowing the basis to be used by the Lenders in determining the rates of interest to be offered by them (the Competitive Bid Advances comprising any such Competitive Bid Borrowing being referred to herein as "LIBO CB Advances"). The Administrative Agent shall in turn promptly notify each Lender of each request for a Competitive Bid Borrowing received by it from the Borrower by sending such Lender a copy of the related Notice of Competitive Bid Borrowing.
Competitive Bid Advances. Each Lender severally agrees that the Borrower may make Competitive Bid Borrowings under this Section 2.2(b) from time to time on any Business Day during the period from the Agreement Date through the date which is thirty (30) days prior to the Maturity Date in the manner set forth below; provided that, following the making of each Competitive Bid Borrowing, the aggregate amount of all Facility A Loans, Letter of Credit Obligations and Competitive Bid Loans then outstanding shall not exceed the Facility A Commitment on such date.
Competitive Bid Advances. The Borrower shall pay interest on the unpaid principal amount of each Competitive Bid Advance from the date of such Competitive Bid Advance to the date the principal amount of such Competitive Bid Advance is repaid in full, at the rate of interest for such Competitive Bid Advance specified by the Bidder making such Competitive Bid Advance in its notice with respect thereto, payable on the interest payment date or dates specified by the Borrower for such Competitive Bid Advance in the related Notice of Competitive Bid Borrowing, as provided in the Competitive Bid Note evidencing such Competitive Bid Advance.
Competitive Bid Advances. In addition to Advances pursuant to Sections 2.1 and 2.2, but subject to all of the terms and conditions of this Agreement (including, without limitation, the limitation set forth in Section 2.1 as to the maximum aggregate principal amount of all outstanding Advances under the Credit Facility), so long as the Applicable Debt Rating is not less than BBB-/Baa3, Borrower may, in accordance with this Section 2.3, prior to the Termination Date from time to time, request the Lenders to make offers to make Competitive Bid Advances to Borrower. Each Lender may, but shall have no obligation to, make such offers and Borrower may, but shall have no obligation to, accept any such offers in the manner set forth in this Section 2.3. Competitive Bid Advances shall be evidenced by the Competitive Bid Notes. In no event shall the aggregate amount of Competitive Bid Loans outstanding at any time exceed an amount equal to fifty percent (50%) of the Total Commitment.
