Common use of Bidding Clause in Contracts

Bidding. The Agent shall promptly after receipt by it of a Bid Loan Request pursuant to Section 2.08(a) notify the Banks of its receipt of such Bid Loan Request specifying (i) the identity of the applicable Borrower, (ii) the proposed Bid Loan Borrowing Date, (iii) whether the proposed Bid Loan shall be a Fixed Rate Bid Loan or a LIBOR Bid Loan, (iv) the Bid Loan Interest Period, (v) the principal amount of the proposed Bid Loan and (vi) the Approved Currency for such Bid Loan. Each Bank may submit a bid (a “Bid”) to the Agent by telephone (immediately confirmed in writing by letter, facsimile, email, or telex) not later than the following (each, as applicable, a “Bid Deadline”): 10:00 A.M. New York time two (2) Business Day before the proposed Bid Loan Borrowing Date if the applicable Borrower is requesting a Fixed Rate Bid Loan or 10:00 A.M. New York time three (3) Business Days before the proposed Bid Loan Borrowing Date if the applicable Borrower is requesting a LIBOR Bid Loan of one, two, three, or six months’ duration. Each Bid shall specify: (A) the principal amount of proposed Bid Loans offered by such Bank (the “Offered Amount”) which (i) may be less than, but shall not exceed, the Requested Amount, (ii) shall be at least $1,000,000 and shall be an integral multiple of $1,000,000 and (iii) may exceed such Bank’s Revolving Credit Commitment; and (B) the Fixed Rate which shall apply to such proposed Bid Loan if the applicable Borrower has requested a Fixed Rate Bid Loan or the LIBOR Bid Loan Spread which shall apply to such proposed Bid Loan if the applicable Borrower has requested a LIBOR Bid Loan and which may be a positive or negative number. If any Bid omits information required hereunder, the Agent may in its sole discretion attempt to notify the Bank submitting such Bid. If the Agent so notifies a Bank, such Bank may resubmit its Bid, provided that it does so prior to the applicable Bid Deadline. The Agent shall promptly notify the applicable Borrower of the Bids which it timely received from the Banks. If the Agent in its capacity as a Bank shall, in its sole discretion, make a Bid, it shall notify the Borrower of such Bid at least one-half hour before the applicable Bid Deadline.

Appears in 4 contracts

Samples: Credit Agreement (Assured Guaranty LTD), Credit Agreement (Assured Guaranty LTD), Credit Agreement (Assured Guaranty LTD)

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Bidding. The Agent shall promptly after receipt by it of a Bid Loan Request pursuant to Section 2.08(a) notify the Banks of its receipt of such Bid Loan Request specifying (i) the identity of the applicable Borrower, (ii) the proposed Bid Loan Borrowing Date, (iii) whether the proposed Bid Loan shall be a Fixed Rate Bid Loan or a LIBOR Bid Loan, (iv) the Bid Loan Interest Period, (v) the principal amount of the proposed Bid Loan and (vi) in the Approved case of an Alternate Currency Loan to be incurred by the UK Borrower, the Alternate Currency for such Bid Loan. Each Bank may submit a bid (a "Bid") to the Agent by telephone (immediately confirmed in writing by letter, facsimile, email, or telex) not later than the following (each, as applicable, a "Bid Deadline"): 10:00 A.M. New York time two (2) Business Day before the proposed Bid Loan Borrowing Date if the applicable Borrower is requesting a Fixed Rate Bid Loan or 10:00 A.M. New York time three (3) Business Days before the proposed Bid Loan Borrowing Date if the applicable Borrower is requesting a LIBOR Bid Loan of one, two, three, or six months' duration. Each Bid shall specify: (A) the principal amount of proposed Bid Loans offered by such Bank (the "Offered Amount") which (i) may be less than, but shall not exceed, the Requested Amount, (ii) shall be at least $1,000,000 2,000,000 and shall be an integral multiple of $1,000,000 and (iii) may exceed such Bank’s 's Revolving Credit Commitment; and (B) the Fixed Rate which shall apply to such proposed Bid Loan if the applicable Borrower has requested a Fixed Rate Bid Loan or the LIBOR Bid Loan Spread which shall apply to such proposed Bid Loan if the applicable Borrower has requested a LIBOR Bid Loan and which may be a positive or negative number. If any Bid omits information required hereunder, the Agent may in its sole discretion attempt to notify the Bank submitting such Bid. If the Agent so notifies a Bank, such Bank may resubmit its Bid, Bid provided that it does so prior to the applicable Bid Deadline. The Agent shall promptly notify the applicable Borrower of the Bids which it timely received from the Banks. If the Agent in its capacity as a Bank shall, in its sole discretion, make a Bid, it shall notify the Borrower of such Bid at least one-half hour before the applicable Bid Deadline.

Appears in 2 contracts

Samples: Credit Agreement (Assured Guaranty LTD), Credit Agreement (Ace LTD)

Bidding. The Administrative Agent shall promptly after receipt by it of a Bid Loan Request pursuant to Section 2.08(a) 2.11.1 notify the Revolving Credit Banks of its receipt of such Bid Loan Request specifying (i) the identity of the applicable Borrowerproposed Borrowing Date, (ii) the proposed Bid Loan Borrowing Date, (iii) whether the proposed Bid Loan shall be a Fixed Rate Bid Loan or a LIBOR Bid Loan, (iv) the Bid Loan Interest Period, Period and (viii) the principal amount of the proposed Bid Loan and (vi) the Approved Currency for such Bid Loan. Each Revolving Credit Bank may submit a bid (a "Bid") in the form of EXHIBIT 2.11.2 to the Administrative Agent by telephone (immediately confirmed in writing by letter, facsimile, email, or telex) not later than the following (each, as applicable, a “Bid Deadline”): 10:00 A.M. New York Columbus time two one (21) Business Day before the proposed Bid Loan Borrowing Date if the applicable Borrower is requesting a Fixed Rate Bid Loan or 10:00 A.M. New York time three (3) Business Days before the proposed Bid Loan Borrowing Date if the applicable Borrower is requesting a LIBOR Bid Loan of one, two, three, or six months’ durationin writing by facsimile. Each Bid shall specify: (A) the principal amount of proposed Bid Loans offered by such Revolving Credit Bank (such Bid Loans may be funded by such Revolving Credit Bank's Designated Lender as provided in Section 2.11.4, however, such Revolving Credit Bank shall not be required to specify in its Bid whether such Bid Loans will be funded by such Designated Lender) (the "Offered Amount") which (i) may be less than, but shall not exceed, the Requested Amount, (ii) shall be at least $1,000,000 5,000,000 and shall be an integral multiple of $1,000,000 and (iii) may exceed such Revolving Credit Bank’s 's Revolving Credit Commitment; , and (B) the Fixed Rate which shall apply to such proposed Bid Loan if the applicable Borrower has requested a Fixed Rate Bid Loan or the LIBOR Bid Loan Spread which shall apply to such proposed Bid Loan if the applicable Borrower has requested a LIBOR Bid Loan and which may be a positive or negative numberLoan. If any Bid omits information required hereunder, the Administrative Agent may in its sole discretion attempt to notify the Revolving Credit Bank submitting such Bid. If the Administrative Agent so notifies a Revolving Credit Bank, such Revolving Credit Bank may resubmit its Bid, Bid provided that it does so prior to the applicable time set forth above in this Section 2.11 by which such Revolving Credit Bank is required to submit its Bid Deadlineto the Administrative Agent. The Administrative Agent shall promptly notify the applicable Borrower of the Bids which it timely received from the Revolving Credit Banks. If the Administrative Agent in its capacity as a Revolving Credit Bank shall, in its sole discretion, make a Bid, it shall notify the Borrower of such Bid at least one-half hour before 9:00 A.M., Columbus time, one (1) Business Day before the applicable Bid Deadlineproposed Borrowing Date.

Appears in 1 contract

Samples: Credit Agreement (Consolidated Stores Corp /De/)

Bidding. The Administrative Agent shall promptly after receipt by it of a Bid Loan Request pursuant to Section 2.08(a) 3.01 notify the Banks Lenders of its receipt of such Bid Loan Request specifying (i) the identity of the applicable Borrower, (ii) the proposed Bid Loan Borrowing Date, (iiiii) whether the proposed Bid Loan shall be a Fixed Rate Bid Loan or a LIBOR Euro-Rate Bid Loan, (iii) the Bid Loan Period, (iv) the Borrower which is to receive the proceeds of such Bid Loan Interest PeriodLoan, and (v) the principal amount of the proposed Bid Loan and (vi) the Approved Currency for such Bid Loan. Each Bank Lender may submit a bid (a "Bid") to the Administrative Agent substantially in the form attached to Exhibit 3.01 not later than 10:00 A.M. Eastern time on the proposed Bid Loan Borrowing Date specified in any Bid Loan Request by telephone (immediately confirmed in writing by letter, facsimile, email, facsimile or telex) not later than the following (each, as applicable, a “Bid Deadline”): 10:00 A.M. New York time two (2) Business Day before the proposed Bid Loan Borrowing Date if the applicable Borrower is requesting a Fixed Rate Bid Loan or 10:00 A.M. New York time three (3) Business Days before the proposed Bid Loan Borrowing Date if the applicable Borrower is requesting a LIBOR Bid Loan of one, two, three, or six months’ duration). Each Bid shall specify: (A) the principal amount of proposed Bid Loans Loan offered by such Bank Lender (the "Offered Amount") which (i) may be less than, but shall not exceed, the Requested Amount, (ii) shall be at least $1,000,000 5,000,000, and shall be an integral multiple of $1,000,000 and (iii) may exceed such Bank’s Revolving Credit Lender's Commitment; , and (B) the Fixed Rate which shall apply to such proposed Bid Loan if the applicable Borrower Company has requested a Fixed Rate Bid Loan or the LIBOR Euro- Rate Bid Loan Spread which shall apply to such proposed Bid Loan if the applicable Borrower Company has requested a LIBOR Euro-Rate Bid Loan. Interest on Bid Loans shall be quoted and computed on the basis of a year of 360 days and actual days elapsed. Any Bid Loan and which may be a positive or negative numberfunded by such Lender's Designated Lender as provided in Section 3.02(c)(i), however, such Lender shall not be required to specify in its Bid whether such Bid Loans will be funded by such Designated Lender. If any Bid omits information required hereunderhereunder or contains other conditions or unrelated incentives or information, the Administrative Agent shall reject such Bid and may in its sole discretion attempt to notify the Bank Lender submitting such Bid. If the Administrative Agent so notifies a BankLender, such Bank Lender may resubmit its Bid, provided that it does so prior to 10:00 A.M. Eastern time on the applicable Bid DeadlineLoan Borrowing Date. The Administrative Agent shall promptly notify the applicable Borrower Company of the Bids which it timely received receives from the BanksLenders at or before 11:00 A.M. Eastern time, on the Bid Loan Borrowing Date. If the Administrative Agent in its capacity as a Bank Lender shall, in its sole discretion, make a Bid, it shall notify the Borrower Company of such Bid at least one-half hour before 9:30 A.M. Eastern time on the proposed Bid Loan Borrowing Date if the Company is requesting a Fixed Rate Bid Loan or three (3) Business Days before the applicable proposed Bid DeadlineLoan Borrowing Date if the Company is requesting a Euro-Rate Bid Loan.

Appears in 1 contract

Samples: Credit Agreement (Borders Group Inc)

Bidding. The Administrative Agent shall promptly after receipt by it of a Bid Loan Request pursuant to Section 2.08(a) 2.9.1 notify the Revolving Credit Banks of its receipt of such Bid Loan Request specifying (i) the identity of the applicable Borrower, (ii) the proposed Bid Loan Borrowing Date, (iiiii) whether the proposed Bid Loan shall be a Fixed Rate Bid Loan or a LIBOR Euro-Rate Bid Loan, (iviii) the Bid Loan Interest Period, Period and (viv) the principal amount of the proposed Bid Loan and (vi) the Approved Currency for such Bid Loan. Each Revolving Credit Bank may submit a bid (a "Bid") to the Administrative Agent by telephone (immediately confirmed in writing by letter, facsimile, email, or telex) not later than the following (each10:00 a.m., as applicablePittsburgh time, a “Bid Deadline”): 10:00 A.M. New York time two (2) Business Day before on the proposed Bid Loan Borrowing Date if the applicable Borrower is requesting a Fixed Rate Bid Loan or 10:00 A.M. New York time three (3) Business Days before the proposed Bid Loan Borrowing Date if the applicable Borrower is requesting a LIBOR Euro-Rate Bid Loan of oneby telephone (immediately confirmed in writing by letter, two, three, facsimile or six months’ durationtelex). Each Bid shall specify: (A) the principal amount of proposed Bid Loans offered by such Revolving Credit Bank (the "Offered Amount") (such Bid Loans may be funded by such Revolving Credit Bank's Designated Lender as provided in Section 2.9.4; however, such Revolving Credit Bank shall not be required to specify in its Bid whether such Bid Loans will be funded by such Designated Lender) which (i) may be less than, but shall not exceed, the Requested Amount, (ii) shall be at least $1,000,000 5,000,000 and shall be an integral multiple of $1,000,000 and (iii) may exceed such Revolving Credit Bank’s 's Revolving Credit Commitment; , and (B) the Fixed Rate which shall apply to such proposed Bid Loan if the applicable Borrower has requested a Fixed Rate Bid Loan or the LIBOR Euro-Rate Bid Loan Spread which shall apply to such proposed Bid Loan if the applicable Borrower has requested a LIBOR Euro-Rate Bid Loan and which may be a positive or negative numberLoan. If any Bid omits information required hereunder, the Administrative Agent may in its sole discretion attempt to notify the Revolving Credit Bank submitting such Bid. If the Administrative Agent so notifies a Revolving Credit Bank, such Revolving Credit Bank may resubmit its Bid, Bid provided that it does so prior to time set forth in this Section 2.9.2 above by which such Revolving Credit Bank is required to submit its Bid to the applicable Bid DeadlineAdministrative Agent. The Administrative Agent shall promptly notify the applicable Borrower of the Bids which it timely received from the Revolving Credit Banks. If the Administrative Agent in its capacity as a Revolving Credit Bank shall, in its sole discretion, make a Bid, it shall notify the Borrower of such Bid at least one-half hour before 9:00 a.m., Pittsburgh time, on the proposed Bid Loan Borrowing Date if Borrower is requesting a Fixed Rate Bid Loan on three (3) Business Days before the applicable proposed Borrowing Date if Borrower is requesting a Euro-Rate Bid DeadlineLoan.

Appears in 1 contract

Samples: Credit Agreement (Arch Coal Inc)

Bidding. The Administrative Agent shall promptly after receipt by it of a Bid Loan Request pursuant to Section 2.08(a) 2.12.1. notify the Banks of its ------ receipt of such Bid Loan Request specifying (i) the identity of the applicable Borrower, (ii) the proposed Bid Loan Borrowing Date, (iiiii) whether the proposed Bid Loan shall be a Fixed Rate Bid Loan or a LIBOR Euro-Rate Bid Loan, (iviii) the Bid Loan Interest Period, Period and (viv) the principal amount of the proposed Bid Loan and (vi) the Approved Currency for such Bid Loan. Each Bank may submit a bid (a "Bid") to the Administrative Agent by telephone (immediately confirmed in writing by letter, facsimile, email, or telex) not later than the following 10:00 A.M., Pittsburgh time, one (each, as applicable, a “Bid Deadline”): 10:00 A.M. New York time two (21) Business Day before the proposed Bid Loan Borrowing Date if the applicable Borrower is requesting a Fixed Rate Bid Loan or 10:00 A.M. New York time three (3) Business Days before the proposed Bid Loan Borrowing Date if the applicable Borrower is requesting a LIBOR Euro-Rate Bid Loan of oneby telephone (immediately confirmed in writing by letter, two, three, facsimile or six months’ durationtelex). Each Bid shall specify: (A) the principal amount of proposed Bid Loans offered by such Bank (the "Offered Amount") which (i) may be less than, but shall not exceed, the Requested Amount, (ii) shall be at least $1,000,000 5,000,000 and shall be an integral multiple of $1,000,000 1,000,000, and (iii) may exceed such Bank’s 's Revolving Credit Commitment; , and (B) the Fixed Rate which shall apply to such proposed Bid Loan if the applicable Borrower has requested a Fixed Rate Bid Loan or the LIBOR Euro-Rate Bid Loan Spread which shall apply to such proposed Bid Loan if the applicable Borrower has requested a LIBOR Euro-Rate Bid Loan and which may be a positive or negative numberLoan. If any Bid omits information required hereunder, the Administrative Agent may in its sole discretion attempt to notify the Bank submitting such Bid. If the Administrative Agent so notifies a Bank, such Bank may resubmit its Bid, Bid provided that it does so prior to time set forth in this Section 2.12.2 above by which such Bank is required to submit its Bid to the applicable Bid DeadlineAdministrative Agent. The Administrative Agent shall promptly notify the applicable Borrower of the Bids which it timely received from the Banks. If the Administrative Agent in its capacity as a Bank shall, in its sole discretion, make a Bid, it shall notify the Borrower of such Bid at least one-half hour before 9:00 A.M., Pittsburgh time, one (1) Business Day before the applicable proposed Bid DeadlineLoan Borrowing Date if Borrower is requesting a Fixed Rate Bid Loan on three (3) Business Days before the proposed Borrowing Date if Borrower is requesting a Euro-Rate Bid Loan.

Appears in 1 contract

Samples: Credit Agreement (KPMG Consulting Inc)

Bidding. The Administrative Agent shall promptly after receipt by it of a Bid Loan Request pursuant to Section 2.08(a) 2.9.1 [Bid Loan Requests] notify the Banks of its receipt of such Bid Loan Request specifying (i) the identity of the applicable Borrower, (ii) the proposed Bid Loan Borrowing Date, (iiiii) whether the proposed Bid Loan shall be a Fixed Rate Bid Loan or a LIBOR Euro-Rate Bid Loan, (iviii) the Bid Loan Interest Period, Period and (viv) the principal amount of the proposed Bid Loan and (vi) the Approved Currency for such Bid Loan. Each Bank may submit a bid (a "Bid") to the Administrative Agent by telephone (immediately confirmed in writing by letter, facsimile, email, or telex) not later than the following (each10:00 a.m., as applicableColumbus time, a “Bid Deadline”): 10:00 A.M. New York time two (2) Business Day before the proposed Bid Loan Borrowing Date if the applicable Borrower is requesting a Fixed Rate Bid Loan or 10:00 A.M. New York time three (3) Business Days before the proposed Bid Loan Borrowing Date if the applicable Borrower is requesting a LIBOR Fixed Rate Bid Loan of oneor four (4) Business Days before the proposed Bid Loan Borrowing Date if Borrower is requesting a Euro-Rate Bid Loan by telephone (immediately confirmed in writing by letter, two, three, facsimile or six months’ durationtelex). Each Bid shall specify: (A) the principal amount of proposed Bid Loans offered by such Bank (the "Offered Amount") which (i) may be less than, but shall not exceed, the Requested Amount, (ii) shall be at least Ten Million and 00/100 Dollars ($1,000,000 10,000,000.00) and shall be an integral multiple of Five Million and 00/100 Dollars ($1,000,000 5,000,000.00) and (iii) may exceed such Bank’s 's Revolving Credit Commitment; , and (B) the Fixed Rate which shall apply to such proposed Bid Loan if the applicable Borrower has requested a Fixed Rate Bid Loan or the LIBOR Euro-Rate Bid Loan Spread which shall apply to such proposed Bid Loan if the applicable Borrower has requested a LIBOR Euro-Rate Bid Loan and which may be a positive or negative numberLoan. If any Bid omits information required hereunder, the Administrative Agent may in its sole discretion attempt to notify the Bank submitting such Bid. If the Administrative Agent so notifies a Bank, such Bank may resubmit its Bid, Bid provided that it does so prior to the applicable time set forth in this Section 2.9.2 [Bidding] above by which such Bank is required to submit its Bid Deadlineto the Administrative Agent. The Not later than 11:00 a.m., Columbus time, on such day, the Administrative Agent shall promptly notify the applicable Borrower of the Bids which it timely received from the Banks. If the Administrative Agent in its capacity as a Bank shall, in its sole discretion, make a Bid, it shall notify the Borrower of such Bid at least one-half hour before 9:00 a.m., Columbus time, three (3) Business Days before the applicable proposed Bid DeadlineLoan Borrowing Date if Borrower is requesting a Fixed Rate Bid Loan or four (4) Business Days before the proposed Borrowing Date if Borrower is requesting a Euro-Rate Bid Loan.

Appears in 1 contract

Samples: Credit Agreement (Big Lots Inc)

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Bidding. The Agent shall promptly after receipt by it of a Bid Loan Request pursuant to Section 2.08(a) 2.5.1 notify the Banks of its receipt of such Bid Loan Request specifying (i) the identity of the applicable Borrower, (ii) the proposed Bid Loan Borrowing Date, (iiiii) whether the proposed Bid Loan shall be a Fixed Rate Bid Loan or a LIBOR Euro-Rate Bid Loan, (iviii) the Bid Loan Interest Period, Period and (viv) the principal amount of the proposed Bid Loan and (vi) the Approved Currency for such Bid Loan. Each Bank may submit a bid (a "Bid") to the Agent by telephone (immediately confirmed in writing by letter, facsimile, email, or telex) not later than the following 11:00 A.M. Pittsburgh time one (each, as applicable, a “Bid Deadline”): 10:00 A.M. New York time two (21) Business Day before the proposed Bid Loan Borrowing Date if the applicable Borrower is requesting a Fixed Rate Bid Loan or 10:00 A.M. New York time three (3) Business Days before the proposed Bid Loan Borrowing Date if the applicable Borrower is requesting a LIBOR Euro-Rate Bid Loan of oneby telephone (immediately confirmed in writing by letter, two, three, facsimile or six months’ durationtelex). Each Bid shall specify: (A) the principal amount of proposed Bid Loans offered by such Bank (the "Offered Amount") which (i) may be less than, but shall not exceed, the Requested Amount, (ii) shall be at least $1,000,000 2,500,000 and shall be an integral multiple of $1,000,000 500,000 and (iii) may exceed such Bank’s 's Revolving Credit Commitment; , and (B) the Fixed Rate which shall apply to such proposed Bid Loan if the applicable Borrower has requested a Fixed Rate Bid Loan or the LIBOR Euro-Rate Bid Loan Spread which shall apply to such proposed Bid Loan if the applicable Borrower has requested a LIBOR Euro-Rate Bid Loan and which may be a positive or negative numberLoan. If any Bid omits information required hereunder, the Agent may in its sole discretion attempt to notify the Bank submitting such Bid. If the Agent so notifies a Bank, such Bank may resubmit its Bid, Bid provided that it does so prior to time set forth in this Section 2.5.2 above by which such Bank is required to submit its Bid to the applicable Bid DeadlineAgent. The Agent shall promptly notify the applicable Borrower of the Bids which it timely received from the Banks. If the Agent in its capacity as a Bank shall, in its sole discretion, make a Bid, it shall notify the Borrower of such Bid at least one-half hour before 10:00 A.M. Pittsburgh time one (1) Business Day before the applicable proposed Bid DeadlineLoan Borrowing Date if Borrower is requesting a Fixed Rate Bid Loan or three (3) Business Days before the proposed Bid Loan Borrowing Date if Borrower is requesting a Euro-Rate Bid Loan.

Appears in 1 contract

Samples: Credit Agreement (Roundys Inc)

Bidding. The Agent shall promptly after receipt by it of a Bid Loan Request pursuant to Section 2.08(a) notify the Banks of its receipt of such Bid Loan Request specifying (i) the identity of the applicable Borrower, (ii) the proposed Bid Loan Borrowing Date, (iiiii) whether the proposed Bid Loan shall be a Fixed Rate Bid Loan or a LIBOR Euro-Rate Bid Loan, (iviii) the Bid Loan Interest Period, Period and (viv) the principal amount of the proposed Bid Loan and (vi) the Approved Currency for such Bid Loan. Each Bank may submit a bid (a "Bid") to the Agent by telephone (immediately confirmed in writing by letter, facsimile, email, or telex) not later than the following (each, as applicable, a "Bid Deadline"): 10:00 A.M. New York time two (2) Business Day before the proposed Bid Loan Borrowing Date if the applicable Borrower is requesting a Fixed Rate Bid Loan or 10:00 A.M. New York time three (3) Business Days before the proposed Bid Loan Borrowing Date if the applicable Borrower is requesting a LIBOR Euro-Rate Bid Loan of one, two, three, or six months' duration. Each Bid shall specify: (A) the principal amount of proposed Bid Loans offered by such Bank (the "Offered Amount") which (i) may be less than, but shall not exceed, the Requested Amount, (ii) shall be at least $1,000,000 2,000,000 and shall be an integral multiple of $1,000,000 and (iii) may exceed such Bank’s 's Revolving Credit Commitment; and (B) the Fixed Rate which shall apply to such proposed Bid Loan if the applicable Borrower has requested a Fixed Rate Bid Loan or the LIBOR Euro-Rate Bid Loan Spread which shall apply to such proposed Bid Loan if the applicable Borrower has requested a LIBOR Euro-Rate Bid Loan and which may be a positive or negative number. If any Bid omits information required hereunder, the Agent may in its sole discretion attempt to notify the Bank submitting such Bid. If the Agent so notifies a Bank, such Bank may resubmit its Bid, Bid provided that it does so prior to the applicable Bid Deadline. The Agent shall promptly notify the applicable Borrower of the Bids which it timely received from the Banks. If the Agent in its capacity as a Bank shall, in its sole discretion, make a Bid, it shall notify the Borrower of such Bid at least one-half hour before the applicable Bid Deadline.

Appears in 1 contract

Samples: Credit Agreement (Ace LTD)

Bidding. The Administrative Agent shall promptly after receipt by it of a Bid Loan Request pursuant to Section 2.08(a) 2.11.1 notify the Revolving Credit Banks of its receipt of such Bid Loan Request specifying (i) the identity of the applicable Borrowerproposed Borrowing Date, (ii) the proposed Bid Loan Borrowing Date, (iii) whether the proposed Bid Loan shall be a Fixed Rate Bid Loan or a LIBOR Bid Loan, (iv) the Bid Loan Interest Period, Period and (viii) the principal amount of the proposed Bid Loan and (vi) the Approved Currency for such Bid Loan. Each Revolving Credit Bank may submit a bid (a "Bid") in the form of EXHIBIT 2.11.2 to the Administrative Agent by telephone (immediately confirmed in writing by letter, facsimile, email, or telex) not later than the following (each, as applicable, a “Bid Deadline”): 10:00 A.M. New York Columbus time two one (21) Business Day before the proposed Bid Loan Borrowing Date if the applicable Borrower is requesting a Fixed Rate Bid Loan or 10:00 A.M. New York time three (3) Business Days before the proposed Bid Loan Borrowing Date if the applicable Borrower is requesting a LIBOR Bid Loan of one, two, three, or six months’ durationin writing by facsimile. Each Bid shall specify: (A) the principal amount of proposed Bid Loans offered by such Revolving Credit Bank (such Bid Loans may be funded by such Revolving Credit Bank's Designated Lender as provided in Section 2.11.4, however, such Revolving Credit Bank shall not be required to specify in its Bid whether such Bid Loans will be funded by such Designated Lender) (the "Offered Amount") which (i) may be less than, but shall not exceed, the Requested Amount, (ii) shall be at least $1,000,000 5,000,000 and shall be an integral multiple of $1,000,000 and (iii) may exceed such Revolving Credit Bank’s 's Revolving Credit Commitment; , and (B) the Fixed Rate which shall apply to such proposed Bid Loan if the applicable Borrower has requested a Fixed Rate Bid Loan or the LIBOR Bid Loan Spread which shall apply to such proposed Bid Loan if the applicable Borrower has requested a LIBOR Bid Loan and which may be a positive or negative numberLoan. If any Bid omits information required hereunder, the Administrative Agent may in its sole discretion attempt to notify the Revolving Credit Bank submitting such Bid. If the Administrative Agent so notifies a Revolving Credit Bank, such Revolving Credit Bank may resubmit its Bid, Bid provided that it does so prior to the applicable time set forth above in this Section 2.11 by which such Revolving Credit Bank is required to submit its Bid Deadlineto the Administrative Agent. The Administrative Agent shall promptly notify the applicable Borrower of the Bids which it timely received from the Revolving Credit Banks. If the Administrative Agent in its capacity as a Revolving Credit Bank shall, in its sole discretion, make a Bid, it shall notify the Borrower of such Bid at least one-half hour before 9:00 A.M. Columbus time one (1) Business Day before the applicable Bid Deadlineproposed Borrowing Date.

Appears in 1 contract

Samples: Credit Agreement (Consolidated Stores Corp /De/)

Bidding. The Administrative Agent shall promptly after receipt by it of a Bid Loan Request pursuant to Section 2.08(a) 2.9.1 notify the Banks of its receipt of such Bid Loan Request specifying (i) the identity of the applicable Borrower, (ii) the proposed Bid Loan Borrowing Date, (iiiii) whether the proposed Bid Loan shall be a Fixed Rate Bid Loan or a LIBOR Euro-Rate Bid Loan, (iviii) the Bid Loan Interest Period, Period and (viv) the principal amount of the proposed Bid Loan and (vi) the Approved Currency for such Bid Loan. Each Bank may submit a bid (a "Bid") to the Administrative Agent by telephone (immediately confirmed in writing by letter, facsimile, email, or telex) not later than the following (each10:00 a.m., as applicablePittsburgh time, a “Bid Deadline”): 10:00 A.M. New York time two (2) Business Day before on the proposed Bid Loan Borrowing Date if the applicable Borrower is requesting a Fixed Rate Bid Loan or 10:00 A.M. New York time three (3) Business Days before the proposed Bid Loan Borrowing Date if the applicable Borrower is requesting a LIBOR Euro-Rate Bid Loan of oneby telephone (immediately confirmed in writing by letter, two, three, facsimile or six months’ durationtelex). Each Bid shall specify: (A) the principal amount of proposed Bid Loans offered by such Bank (the "Offered Amount") (such Bid Loans may be funded by such Bank's Designated Lender as provided in Section 2.9.4; however, such Bank shall not be required to specify in its Bid whether such Bid Loans will be funded by such Designated Lender) which (i) may be less than, but shall not exceed, the Requested Amount, (ii) shall be at least $1,000,000 10,000,000 and shall be an integral multiple of $1,000,000 5,000,000 and (iii) may exceed such Bank’s 's Revolving Credit Commitment; , and (B) the Fixed Rate which shall apply to such proposed Bid Loan if the applicable Borrower has requested a Fixed Rate Bid Loan or the LIBOR Euro-Rate Bid Loan Spread which shall apply to such proposed Bid Loan if the applicable Borrower has requested a LIBOR Euro-Rate Bid Loan and which may be a positive or negative numberLoan. If any Bid omits information required hereunder, the Administrative Agent may in its sole discretion attempt to notify the Bank submitting such Bid. If the Administrative Agent so notifies a Bank, such Bank may resubmit its Bid, Bid provided that it does so prior to time set forth in this Section 2.9.2 above by which such Bank is required to submit its Bid to the applicable Bid DeadlineAdministrative Agent. The Administrative Agent shall promptly notify the applicable Borrower of the Bids which it timely received from the Banks. If the Administrative Agent in its capacity as a Bank shall, in its sole discretion, make a Bid, it shall notify the Borrower of such Bid at least one-half hour before 9:00 a.m., Pittsburgh time, on the proposed Bid Loan Borrowing Date if Borrower is requesting a Fixed Rate Bid Loan and three (3) Business Days before the applicable proposed Borrowing Date if Borrower is requesting a Euro-Rate Bid DeadlineLoan.

Appears in 1 contract

Samples: Credit Agreement (Arch Coal Inc)

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