The Competitive Bid Facility Sample Clauses
The competitive bid facility clause establishes a mechanism by which borrowers can request and obtain loans from a group of lenders through a bidding process. Under this clause, the borrower invites lenders to submit offers specifying the amount and interest rate at which they are willing to lend, and the borrower can then select the most favorable bids, often based on lowest interest rates or best terms. This process allows borrowers to potentially secure more competitive financing and gives lenders the opportunity to compete for lending opportunities, ultimately ensuring that loan terms reflect current market conditions and providing flexibility for both parties.
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The Competitive Bid Facility. Each Bank severally agrees, on the terms and conditions provided herein, to make available to the Borrower a competitive bid borrowing facility (the “Competitive Bid Borrowing Facility”) pursuant to which the Borrower may, from time to time on any Business Day during the period from the date hereof to the Termination Date and as otherwise set forth in this Article III, request all of the Banks or certain Banks specified by the Borrower to offer to make Competitive Bid Advances denominated in Agreed Currencies to the Borrower. Each Bank of which any such request shall be made may, but shall have no obligation to, make such offers and the Borrower may, but shall have no obligation to, accept any such offer in the manner set forth in this Article III. The Competitive Bid Borrowing Facility is an entirely separate facility from the Syndicated Borrowing Facility; provided that at no time shall the Facility Usage exceed the Aggregate Commitments at such time. Within the limits and on the conditions set forth in this Article III, the Borrower may from time to time borrow, repay and reborrow under this Article III.
The Competitive Bid Facility. Section 2.1. The Bid Loans. At any time before the Termination Date, the Company (on its own behalf or on behalf of PM, as appropriate) may request the Banks to offer to make uncommitted loans (each a "Bid Loan" and collectively the "Bid Loans") to it or to PM in the manner set
The Competitive Bid Facility. Section 2.1. The Bid Loans. At any time before the Revolving Credit Termination Date, the Company (acting on behalf of the applicable Borrower) may request the Banks to offer to make uncommitted loans denominated in U.S. Dollars or an Alternative Currency (each a "Bid Loan" and collectively the "Bid Loans") to the Company or any other Borrower in the manner set forth in this Section 2 and in amounts such that (i) the aggregate Original Dollar Amount of all Loans (whether Committed Loans, Bid Loans or Swing Line Loans) and L/C Obligations at any time outstanding hereunder shall not exceed the Revolving Credit Commitments then in effect and (ii) no Bid Loan shall be made if, at the time thereof or after giving effect thereto, the aggregate amount of Bid Loans would exceed the Bid Loan Limit then in effect. The Banks may, but shall have no obligation to, make such offers and the Company (acting on behalf of the applicable Borrower) may, but shall have no obligation to, accept any such offers in the manner set forth in this Section 2. Each Bank may offer to make Bid Loans in any amount (whether greater than, equal to, or less than its Revolving Credit Commitment), subject to (a) the limitations that (i) the aggregate Original Dollar Amount of all Loans and L/C Obligations outstanding at any time may not at any time exceed the Revolving Credit Commitments then in effect and (ii) no Bid Loan shall be made if, at the time thereof or after giving effect thereto, the aggregate amount of Bid Loans would exceed the Bid Loan Limit then in effect and (b) the other conditions of this Agreement. Bid Loans may bear interest either at a stated rate per annum ("Stated Rate Bid Loans") or at a margin above or below the applicable Adjusted LIBOR ("Eurocurrency Bid Loans"); provided that there may be no more than ten (10) different Interest Periods for both Stated Rate Bid Loans and Eurocurrency Bid Loans outstanding at the same time.
The Competitive Bid Facility