Bid Advances Sample Clauses

Bid Advances. Each Bid Advance shall bear interest on the ------------ outstanding principal amount thereof from the Borrowing date at a rate per annum equal to the Eurocurrency Rate plus (or minus) the Eurocurrency Rate Bid Margin, or at the Absolute Rate, as the case may be; provided, however, that during any -------- ------- period in which an Event of Default has occurred and is continuing (but only so long as such Event of Default is continuing), the Borrower shall pay interest on the unpaid principal amount of each such Bid Advance made to it, payable from the date such Event of Default occurs and upon written demand by the Lender of such Bid Advance, at the rate of 2% per annum above the rate otherwise applicable in effect at the time of the occurrence of such Event of Default, until the last day of the then current Interest Period for such Advance, and thereafter at the Default Rate in effect from time to time.
Sample 1
AutoNDA by SimpleDocs
Bid Advances. 3.4.1 Each Lender severally agrees that the Borrower may make Bid Borrowings under this Section 3.4 from time to time on any Business Day during the period from the Initial Funding Date until the date occurring one (1) month (or, in the case of Fixed Rate Advances, thirty (30) days) prior to the Revolving Loan Commitment Termination Date in the manner set forth below; provided that (i) no Bid Borrowing may be requested or made until such time as US$1,700,000,000 in original aggregate principal amount of Advances, US Term Loans and US Revolving Loans have been made under this Agreement and the US Credit Agreement and (ii) following the making of each Bid Borrowing, the Total Utilization of Revolving Loan Commitments (after giving effect to any Money Market Reduction) shall not exceed the aggregate Revolving Loan Commitments of all Lenders.
Sample 1
Bid Advances. Each Lender severally agrees that,
Sample 1
Bid Advances. 2.1.2.1.1. Each Lender severally agrees that, subject to the conditions that at the time of the Borrower's submission of the relevant Competitive Bid Request no Default or Event of Default has occurred and is continuing, the Borrower may, in accordance with this SECTION 2.1.2. and the other relevant provisions of the Loan Documents, from time to time request that the Lenders, at any time before the 32nd day prior to the Maturity Date, submit Competitive Bids to make Bid Advances to the Borrower; PROVIDED, HOWEVER, that (X) at no time shall the Commitment Usage of all Lenders at any time, in the aggregate, exceed the aggregate Commitments of all Lenders; (y) at no time shall the aggregate principal amount of all Bid Advances exceed the Bid Advance Limit; and (Z) at no time may the number of Fixed Rate Periods of then outstanding Fixed Rate Advances and Absolute Rate Bid Advances exceed eight, in each case giving effect to any Bid Advances then requested.
Sample 1
Bid Advances. 3.4.1 Each Lender severally agrees that the Borrower may make Bid Borrowings under this Section 3.4 from time to time on any Business Day during the period from the Initial Funding Date until the date occurring one (1) month (or, in the case of Fixed Rate Advances, thirty (30) days) prior to the Revolving Loan Commitment Termination Date in the manner set forth below; provided that (i) no Bid Borrowing may be requested or made until such time as US$1,700,000,000 in original aggregate principal amount of Advances, Canadian Term Loans and Canadian Revolving Loans have been made under this Agreement and the Canadian Credit Agreement and (ii) following the making of each Bid Borrowing, the Total Utilization of Revolving Loan Commitments (after giving effect to any Money Market Reduction) shall not exceed the aggregate Revolving Loan Commitments of all Lenders.
Sample 1
Bid Advances. (1) Each Lender severally agrees that, subject to the conditions that at the time of Borrower's submission of the relevant Competitive Bid Request, (a) Borrower's Long Term Unsecured Senior Debt Rating is equal to or higher than BBB-/Baa3 and (b) no Event of Default or Unmatured Event of Default has occurred and is continuing, Borrower may, in accordance with this Section 2.1(a)(ii) and the other relevant provisions of the Loan Documents, from time to time request that the Lenders, at any time before the 32nd day prior to the Maturity Date, submit Competitive Bids to make Bid Advances to Borrower, provided; provided, however, that (A) at no time shall the aggregate principal amount of all outstanding Bid Advances cause the aggregate principal amount of all outstanding Advances (taking into account any repayments of Advances with the proceeds thereof) to exceed the applicable dollar limitations of Sections 2.1(a)(i) above; (B) at no time shall the aggregate outstanding principal amount of all Bid Advances (taking into account any repayments of Advances with the proceeds thereof) exceed the Bid Advance Limit; (3) at no time may the number of Fixed Rate Periods of then outstanding Fixed Rate Advances and Absolute Rate Bid Advances exceed eight, in each case giving effect to any Bid Advances then requested; and (C) Borrower shall not issue a Competitive Bid Request for a Bid Advance having a term of other than 30, 60 or 90 days or a maturity date subsequent to the Maturity Date.
Sample 1

Related to Bid Advances

  • The Competitive Bid Advances (a) Each Lender severally agrees that the Borrower may make Competitive Bid Borrowings under this Section 2.03 from time to time on any Business Day during the period from the date hereof until the date occurring 30 days prior to the Termination Date in the manner set forth below; provided that, following the making of each Competitive Bid Borrowing, the aggregate amount of the Advances then outstanding shall not exceed the aggregate amount of the Commitments of the Lenders (computed without regard to any Competitive Bid Reduction).

  • Bid Loans The Company shall repay each Bid Loan on the last day of the Interest Period in respect thereof.

  • Bid Rate Loans The Borrower shall repay the entire outstanding principal amount of, and all accrued but unpaid interest on, each Bid Rate Loan on the last day of the Interest Period of such Bid Rate Loan.

  • Competitive Loans Notwithstanding the foregoing provisions of this Section, a Lender shall not be entitled to compensation pursuant to this Section in respect of any Competitive Loan if the Change in Law that would otherwise entitle it to such compensation shall have been publicly announced prior to submission of the Competitive Bid pursuant to which such Loan was made.

  • Competitive Bid Loans Subject to the terms and conditions set forth herein, a Borrower may, from time to time, during the period from the Closing Date until the date occurring seven days prior to the Maturity Date, request and each Lender may, in its sole discretion, agree to make Competitive Bid Loans to such Borrower; provided, however, that (A) the sum of the aggregate amount of Revolving Loans outstanding plus the aggregate amount of Competitive Bid Loans outstanding to the Borrowers on any day shall not exceed the Revolving Loan Commitment and (B) if a Lender makes a Competitive Bid Loan, such Lender’s obligation to make its pro rata share of any Revolving Loan shall not be reduced thereby.

  • Revolving Credit Advances The Borrower shall repay to the Administrative Agent for the ratable account of the Lenders on the Termination Date the aggregate outstanding principal amount of the Revolving Credit Advances then outstanding.

  • LIBOR Advances The interest rate applicable to each LIBOR Advance shall be determined in accordance with Section 3.6(a) hereunder. Subject to Sections 3.6 and 3.7, such rate shall apply during the entire Interest Period applicable to such LIBOR Advance, and interest calculated thereon shall be payable on the Interest Payment Date applicable to such LIBOR Advance.

  • The Revolving Credit Advances Each Lender severally agrees, on the terms and conditions hereinafter set forth, to make Revolving Credit Advances to the Borrower from time to time on any Business Day during the period from the Effective Date until the Termination Date in an aggregate amount (based in respect of any Revolving Credit Advances to be denominated in a Committed Currency by reference to the Equivalent thereof in Dollars determined on the date of delivery of the applicable Notice of Revolving Credit Borrowing) not to exceed at any time outstanding the Dollar amount set forth opposite such Lender’s name on Schedule I hereto, if such Lender has entered into any Assignment and Acceptance, set forth for such Lender in the Register maintained by the Agent pursuant to Section 8.07(c), as such amount may be reduced pursuant to Section 2.05 (such Lender’s “Commitment”), provided that the aggregate amount of the Commitments of the Lenders shall be deemed used from time to time to the extent of the aggregate amount (based in respect of any Competitive Bid Advance denominated in a Foreign Currency by reference to the Equivalent thereof in Dollars at such time) of the Competitive Bid Advances then outstanding and such deemed use of the aggregate amount of the Commitments shall be allocated among the Lenders ratably according to their respective Commitments (such deemed use of the aggregate amount of the Commitments being a “Competitive Bid Reduction”). Each Revolving Credit Borrowing shall be in an amount not less than the Revolving Credit Borrowing Minimum or the Revolving Credit Borrowing Multiple in excess thereof (or, if less, an amount equal to the remaining aggregate amount of unused Commitments or equal to the amount by which the aggregate amount of a proposed Competitive Bid Borrowing requested by the Borrower exceeds the aggregate amount of Competitive Bid Advances offered to be made by the Lenders and accepted by the Borrower in respect of such Competitive Bid Borrowing, if such Competitive Bid Borrowing is made on the same date as such Revolving Credit Borrowing) and shall consist of Revolving Credit Advances of the same Type and in the same currency made on the same day by the Lenders ratably according to their respective Commitments. Within the limits of each Lender’s Commitment, the Borrower may borrow under this Section 2.01, prepay pursuant to Section 2.10 and, unless the Borrower has delivered a request pursuant to the provisions of Section 2.16(b), reborrow under this Section 2.01.

  • Swingline Advances In addition to the other options available to Borrower hereunder, the Swingline Commitment shall be available for Swingline Advances subject to the following terms and conditions. Swingline Advances shall be made available for same day borrowings provided that notice is given in accordance with Section 2.9 hereof. All Swingline Advances shall bear interest at the Base Rate. In no event shall the Swingline Lender be required to fund a Swingline Advance if it would increase the total aggregate outstanding Revolving Loans by Swingline Lender hereunder plus its Revolving Percentage of Facility Letter of Credit Obligations to an amount in excess of the Swingline Lender’s Revolving Commitment. No Swingline Advance may be made to repay a Swingline Advance, but Borrower may repay Swingline Advances from subsequent pro rata Advances hereunder. On the fifth (5th) day after such a Swingline Advance was made, if such Swingline Advance has not been repaid by Borrower, each Revolving Lender irrevocably agrees to purchase its Revolving Percentage of any Swingline Advance made by the Swingline Lender regardless of whether the conditions for disbursement are satisfied at the time of such purchase, including the existence of an Unmatured Default or Default hereunder provided that Swingline Lender did not have actual knowledge of such Unmatured Default or Default at the time the Swingline Advance was made and provided further that no Lender shall be required to have total outstanding Revolving Loans plus its Revolving Percentage of Facility Letters of Credit exceed its Revolving Commitment. Such purchase shall take place on the date of the request by Swingline Lender so long as such request is made by noon (Cleveland time), and otherwise on the Business Day following such request. All requests for purchase shall be in writing. From and after the date it is so purchased, each such Swingline Advance shall, to the extent purchased, (i) be treated as a Revolving Loan made by the purchasing Revolving Lenders and not by the selling Revolving Lender for all purposes under this Agreement and the payment of the purchase price by a Lender shall be deemed to be the making of a Revolving Loan by such Revolving Lender and shall constitute outstanding principal under such Revolving Lender’s Note, and (ii) shall no longer be considered a Swingline Advance except that all interest accruing on or attributable to such Swingline Advance for the period prior to the date of such purchase shall be paid when due by Borrower to the Administrative Agent for the benefit of the Swingline Lender and all such amounts accruing on or attributable to such Revolving Loans for the period from and after the date of such purchase shall be paid when due by Borrower to the Administrative Agent for the benefit of the purchasing Revolving Lenders. If prior to purchasing its Revolving Percentage of a Swingline Advance one of the events described in Section 7.7 shall have occurred and such event prevents the consummation of the purchase contemplated by preceding provisions, each Lender will purchase an undivided participating interest in the outstanding Swingline Advance in an amount equal to its Revolving Percentage of such Swingline Advance. From and after the date of each Revolving Lender’s purchase of its participating interest in a Swingline Advance, if the Swingline Lender receives any payment on account thereof, the Swingline Lender will distribute to such Revolving Lender its participating interest in such amount (appropriately adjusted, in the case of interest payments, to reflect the period of time during which such Revolving Lender’s participating interest was outstanding and funded); provided, however, that in the event that such payment was received by the Swingline Lender and is required to be returned to Borrower, each Revolving Lender will return to the Swingline Lender any portion thereof previously distributed by the Swingline Lender to it. If any Revolving Lender fails to so purchase its Revolving Percentage of any Swingline Advance, such Revolving Lender shall be deemed to be a Defaulting Lender hereunder. Notwithstanding anything to the contrary contained in this Section 2.16, the Swingline Lender shall not be obligated to make any Swingline Loan at a time when any other Lender is a Defaulting Lender, unless the Swingline Lender is satisfied that the participation therein will otherwise be fully allocated to the Lenders that are Non-Defaulting Lenders consistent with Section 10.14 and the Defaulting Lender shall not participate therein, except to the extent the Swingline Lender has entered into arrangements with the Borrower or such Defaulting Lender that are satisfactory to the Swingline Lender in its good faith determination to eliminate the Swingline Lender’s Fronting Exposure with respect to any such Defaulting Lender, including the delivery of cash collateral.

  • Committed Loans Subject to the terms and conditions set forth herein, each Lender severally agrees to make loans (each such loan, a “Committed Loan”) to the Borrower from time to time, on any Business Day during the Availability Period, in an aggregate amount not to exceed at any time outstanding the amount of such Lender’s Commitment; provided, however, that after giving effect to any Committed Borrowing, (i) the Total Outstandings shall not exceed the Aggregate Commitments, and (ii) the aggregate Outstanding Amount of the Committed Loans of any Lender, plus such Lender’s Applicable Percentage of the Outstanding Amount of all L/C Obligations, plus such Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans shall not exceed such Lender’s Commitment. Within the limits of each Lender’s Commitment, and subject to the other terms and conditions hereof, the Borrower may borrow under this Section 2.01, prepay under Section 2.05, and reborrow under this Section 2.01. Committed Loans may be Base Rate Loans or Eurodollar Rate Loans, as further provided herein.

Time is Money Join Law Insider Premium to draft better contracts faster.