Competitive Borrowing definition

Competitive Borrowing means a Borrowing consisting of a Competitive Loan or concurrent Competitive Loans from the Lender or Lenders whose Competitive Bids for such Borrowing have been accepted under the bidding procedure described in Section 2.03.

Competitive Borrowing means a Borrowing comprised of Competitive Loans.

Competitive Borrowing means a borrowing consisting of a Competitive Loan or concurrent Competitive Loans of the same Type, as to which a single Interest Period is in effect and made on the same date by the Lender or Lenders whose Competitive Bid(s) as all or as a part of such borrowing, as the case may be, has (or have) been accepted by the Company under the bidding procedure described in Section 2.04.

Examples of Competitive Borrowing in a sentence

• If any Competitive Borrowing is to consist of Term SOFR Margin Bid Loans, the Administrative Agent shall determine Term SOFR for the relevant Interest Period, and promptly after making such determination, shall notify the Borrower and the Revolving Lenders that will be participating in such Competitive Borrowing of such interest rate.

• Each Revolving Lender that has received notice pursuant to Section 2.03(g) that all or a portion of its Competitive Bid has been accepted by the Borrower shall make the amount of its Competitive Loan(s) available to the Administrative Agent in immediately available funds at the Administrative Agent’s Office not later than 1:00 p.m. on the date of the requested Competitive Borrowing.

• Not later than 11:30 a.m. (i) on the requested date of any Competitive Borrowing that is to consist of Absolute Rate Loans and (ii) three Business Days prior to the requested date of any Competitive Borrowing that is to consist of Term SOFR Margin Bid Loans, the Borrower shall notify the Administrative Agent of its acceptance or rejection of the Competitive Bids notified to it pursuant to Section 2.03(d).

• The Administrative Agent shall promptly notify each Revolving Lender having submitted a Competitive Bid whether or not its Competitive Bid has been accepted and, if its Competitive Bid has been accepted, of the amount of the Competitive Loan or Competitive Loans to be made by it on the date of the applicable Competitive Borrowing.

• Each Competitive Bid Request shall specify (i) the requested date of the Competitive Borrowing (which shall be a Business Day), (ii) the aggregate principal amount of Competitive Loans requested (which must be $5,000,000 or a whole multiple of $1,000,000 in excess thereof), (iii) the Type of Competitive Loans requested, and (iv) the duration of the Interest Period with respect thereto, and shall be signed by a Responsible Officer of the Borrower.

More Definitions of Competitive Borrowing

Competitive Borrowing means a borrowing consisting of a Competitive Loan or concurrent Competitive Loans from the Lender or Lenders whose Competitive Bids for such Borrowing have been accepted by a Borrower under the bidding procedure described in Section 2.03.

Competitive Borrowing means a borrowing consisting of a Competitive Loan or concurrent Competitive Loans from the Lender or Lenders whose Competitive Bids for such Borrowing have been accepted by the Borrower under the bidding procedure described in Section 2.03.

Competitive Borrowing a Borrowing consisting of a Competitive Loan or concurrent Competitive Loans from the U.S. Lender or U.S. Lenders whose Competitive Bids for such Borrowing have been accepted by a Borrower under the bidding procedure described in subsection 2.3.

Competitive Borrowing means any Borrowing under the Competitive Bid Subfacility.

Competitive Borrowing means a borrowing by the Company in response to a Competitive Bid Request.

Competitive Borrowing shall have the meaning assigned to that term in Section 2.03(b).

Competitive Borrowing means a Borrowing consisting of one or more Competitive Advances of the same Type and Interest Period made to the Borrower on the same day by each of the Lenders whose Competitive Bid to make one or more Competitive Advances as part of such Borrowing has been accepted by the Borrower under the competitive bidding procedure described in Section 3.3(b). A Competitive Borrowing may be referred to herein as being a "TYPE" of Competitive Borrowing, corresponding to the Type of Competitive Advances comprising such Borrowing.