Bid Rate Loans Sample Clauses
The 'Bid Rate Loans' clause defines the terms under which a borrower may request, and lenders may offer, loans at interest rates determined through a competitive bidding process rather than a standard benchmark rate. In practice, the borrower submits a request for a loan specifying the amount and duration, and participating lenders respond with the interest rates at which they are willing to lend; the borrower then selects the most favorable offers. This mechanism allows for potentially lower borrowing costs and greater flexibility, as it enables the borrower to take advantage of market competition among lenders.
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.
Bid Rate Loans. In the event the Company desires a Bid Rate Loan, it shall notify each of the Banks of such fact by 11:00 a.m. Eastern time on the date such Loan is proposed to be made. Such notice shall be in the form of Exhibit A or by telephone confirmed in writing in the form of Exhibit A and shall specify the amount of the Loan and the proposed maturity date for such Loan, which maturity date shall not in any event exceed the date which is two hundred seventy (270) days from the date of the making of such Bid Rate Loan (the "Bid Rate Maturity Date"). If the Company desires more than one Bid Rate Loan with different Bid Rate Maturity Dates, it may so request in its notice. However, the maximum number of amounts and Bid Rate Maturities for which bids may be sought on any day may not exceed five and the Company may not solicit bids from the Banks for Bid Rate Loans more than three times per week. In the event a Bank, in its sole discretion in each instance, desires to bid on one or more of the Bid Rate Loans or on a part of one or more of such Loans, it shall, on or before 11:45 a.m. Eastern time on the day that a Bid Rate Loan is to be made notify the Company of such fact in the form attached hereto as Exhibit B or by telephone confirmed in writing in the form of Exhibit B. No Bank may bid more than three times per week. With respect to Bid Rate Loans, no Bank may bid an amount which exceeds the projected aggregate Unused Commitments of all of the Banks, calculated as provided in Section 2.01. The Company shall disregard any quote which is received late. If the Company desires to accept one or more of the bids, it shall furnish notice of such fact to the Bank or Banks that made the bids that were accepted by the Company by 12:30 p.m. Eastern time on the day the bids were made. Such notice shall be in the form of Exhibit C hereto or by telephone confirmed in writing in the form of Exhibit C, and a copy thereof shall be provided to the Administrative Agent provided that the copy submitted to the Administrative Agent shall not include bid rates or loan pricing information. The Interest Period may, at the Company's option, extend beyond the Termination Date provided that (i) no Bank is thereby required to extend the Termination Date or renew this Agreement and (ii) if any Bank does not, in its sole discretion, extend, renew, or otherwise continue its commitment on or before the Termination Date then the balance of all Bid Rate Loans made by the terminating Bank will be due...
Bid Rate Loans. At any time during the period from the Effective Date to but excluding the Revolving Termination Date, and so long as the Borrower continues to maintain an Investment Grade Rating, the Borrower may, as set forth in this Section, request the Lenders to make offers to make Bid Rate Loans to the Borrower in Dollars. The Lenders may, but shall have no obligation to, make such offers and the Borrower may, but shall have no obligation to, accept any such offers in the manner set forth in this Section.
Bid Rate Loans. (a) Bid Rate Loans. So long as the Borrower maintains an Investment Grade Rating, in addition to borrowings of Revolving Loans, at any time during the period from the Effective Date to but excluding the Termination Date the Borrower may, as set forth in this Section, request the Lenders to make offers to make Bid Rate Loans to the Borrower in Dollars. The Lenders may, but shall have no obligation to, make such offers and the Borrower may, but shall have no obligation to, accept any such offers in the manner set forth in this Section.
Bid Rate Loans. In addition to borrowings of Revolving Loans, at any time during the period from the Effective Date to but excluding the Termination Date, and so long as the Borrower continues to maintain an Investment Grade Rating from any two of S&P, ▇▇▇▇▇’▇ and Fitch, the Borrower may, as set forth in this Section, request the Lenders to make offers to make Bid Rate Loans to the Borrower in Dollars. The Lenders may, but shall have no obligation to, make such offers and the Borrower may, but shall have no obligation to, accept any such offers in the manner set forth in this Section.
Bid Rate Loans. (a) Bid Rate Loans. In addition to borrowings of Revolving Loans, at any time during the period from the Effective Date to but excluding the Termination Date, and so long as the Borrower continues to maintain an Investment Grade Rating from any two of S&P, ▇▇▇▇▇’▇ and Fitch, the Borrower may, as set forth in this Section, request the Lenders to make offers to make Bid Rate Loans to the Borrower in Dollars. The Lenders may, but shall have no obligation to, make such offers and the Borrower may, but shall have no obligation to, accept any such offers in the manner set forth in this Section.
Bid Rate Loans. The Company shall repay the entire outstanding principal amount of, and all accrued interest on, each Bid Rate Loan on the last day of the Interest Period of such Bid Rate Loan in Dollars (or such earlier date on which such Bid Rate Loan becomes due or is declared due in accordance with this Agreement); it being acknowledged that the Company may repay any Bid Rate Loans with the proceeds of Revolving Credit Loans or Swingline Loans.
Bid Rate Loans. In addition to borrowings of Tranche 1 Revolving Loans, at any time during the period from the Effective Date to but excluding the Revolving Termination Date, and so long as the Borrower continues to maintain an Investment Grade Rating from any two Ratings Agencies, the Borrower may, as set forth in this Section, request the Tranche 1 Revolving Lenders to make offers to make Bid Rate Loans to the Borrower in Dollars. The Tranche 1 Revolving Lenders may, but shall have no obligation to, make such offers and the Borrower may, but shall have no obligation to, accept any such offers in the manner set forth in this Section.
Bid Rate Loans. (a) Bid Rate Loans. So long as the Parent maintains an Investment Grade Rating, in addition to borrowings of Revolving Loans, at any time during the period from the Effective Date to but excluding the Termination Date, the Borrower may request the Lenders to make offers to make Bid Rate Loans to the Borrower in Dollars. The Lenders may, but shall have no obligation to, make such offers and the Borrower may, but shall have no obligation to, accept any such offers in the manner set forth in this Section.
Bid Rate Loans. From and after the Effective Date and to but excluding the Revolving Loan Termination Date, the Borrower may, as set forth in this Section, request the Revolving Lenders to make offers to make Bid Rate Loans to the Borrower in Dollars. The aggregate principal amount of Bid Rate Loans outstanding at any time, shall not exceed the lesser of (i) one-half of the Aggregate Revolving Commitments and (ii) the Aggregate Revolving Commitments minus Aggregate Outstanding Revolving Credit Exposure (determined without giving effect to outstanding Bid Rate Loans). The Revolving Lenders may, but shall have no obligation to, make such offers and the Borrower may, but shall have no obligation to, accept any such offers in the manner set forth in this Section.