BID RATE FACILITY; OVERNIGHT FACILITY Sample Clauses
The 'Bid Rate Facility; Overnight Facility' clause defines the terms under which a borrower can request short-term loans, typically overnight, from a lender at a rate determined by a competitive bidding process. In practice, this clause allows the borrower to access funds for very short durations, often to manage daily liquidity needs, with the interest rate set based on bids submitted by participating lenders. This mechanism provides flexibility for the borrower to obtain funds quickly at potentially favorable rates, while also allowing lenders to compete, thereby ensuring efficient allocation of short-term credit and addressing immediate cash flow requirements.
BID RATE FACILITY; OVERNIGHT FACILITY. Year Facility Bid Rate Loans Subject to the terms and conditions of this Credit Agreement, including the procedures set forth in Article 3 hereof, each Syndication Party may in its sole discretion make Advances (each Advance made by a Syndication Party pursuant to this Section 3.1 a “Bid Advance” and the total of such Advances made by the Syndication Parties the “Bid Rate Loans”) to Borrower from time to time during the 5-Year Availability Period, provided that:
BID RATE FACILITY; OVERNIGHT FACILITY. 4.1 364-Day Facility Bid Rate Loans. Subject to the terms and conditions of this Agreement, including the procedures set forth in Article 4 hereof, and so long as no Event of Default or Potential Default has occurred (or if a Potential Default or an Event of Default has occurred, it has been waived in writing by the Administrative Agent in accordance with the provisions of Section 16.10 hereof), each Syndication Party may in its sole discretion make Advances (each Advance made by a Syndication Party pursuant to this Section a “364-Day Bid Advance” and the total of such Advances made by the Syndication Parties the “364-Day Bid Loans”) to Borrower from time to time during the 364-Day Availability Period, provided that:
BID RATE FACILITY; OVERNIGHT FACILITY. 3.1 364-Day Facility Bid Rate Loans. Subject to the terms and conditions of this Agreement, including the procedures set forth in Article 3 hereof, each Syndication Party may in its sole discretion make Advances (each Advance made by a Syndication Party pursuant to this Section a “Bid Advance” and the total of such Advances made by the Syndication Parties the “Bid Rate Loans”) to Borrower from time to time during the 364-Day Facility Availability Period, provided that:
BID RATE FACILITY; OVERNIGHT FACILITY