Firm Bid definition
Firm Bid means with respect to any Collateral Asset, a good and irrevocable bid for value requested by the Administrative Agent, to purchase the par amount of such Collateral Asset, expressed as a percentage of the par amount of such Collateral Asset and exclusive of accrued interest and premium, for scheduled settlement substantially in accordance with the then-current market practice in the principal market for such Collateral Asset, submitted as of 11:00 a.m. on the date of determination or as soon as practicable thereafter.
Firm Bid means a bid that binds the bidder until a stipulated time of expiration.
Firm Bid means an offer by a bidder which contains no conditions which may prevent acceptance and which, by its terms, remains open and binding until the State Purchasing Director accepts or rejects the bid.
Examples of Firm Bid in a sentence
The Borrower shall notify the Calculation Agent of each attempt by them to obtain a Firm Bid.
More Definitions of Firm Bid
Firm Bid means with respect to any Collateral Loan, a good and irrevocable bid for value, to purchase the par amount of such Collateral Loan, expressed as a percentage of the par amount of such Collateral Loan and exclusive of accrued interest and premium, for scheduled settlement substantially in accordance with the then-current market practice in the principal market for such Collateral Loan, as determined by the Administrative Agent, submitted as of 11:00 a.m. (New York time) or as soon as practicable thereafter. The Administrative Agent shall be entitled to disregard any Firm Bid submitted by a broker-dealer (a) if, in the Administrative Agent's commercially reasonable judgment, (i) such broker-dealer may be ineligible to accept assignment or transfer of the par amount of such Collateral Loan substantially in accordance with the then-current market practice in the principal market for such Collateral Loan, as determined by the Administrative Agent, or (ii) such broker-dealer would not, through the exercise of its commercially reasonable efforts, be able to obtain any consent required under the Related Documents for such Collateral Loan to the assignment or transfer to such broker-dealer of the par amount of such Collateral Loan or (b) if the Administrative Agent determines that such Firm Bid is not bona fide, including, without limitation, due to (i) the insolvency of the bidder, (ii) the inability, failure or refusal of the bidder to settle the purchase of the par amount of such Collateral Loan or otherwise settle transactions in the relevant market or perform its obligations generally or (iii) the Administrative Agent not having pre-approved trading lines with the broker-dealer that would permit settlement of the sale to such broker-dealer of the par amount of such Collateral Loan.
Firm Bid has the meaning set forth in the Margining Agreement.
Firm Bid. With respect to a Collateral Obligation, a binding, irrevocable bid for value for such Collateral Obligation from a dealer or the Collateral Manager (or an account or fund managed by the Collateral Manager) to purchase such Collateral Obligation, as to which the Collateral Manager has certified to the Issuer and the Trustee that such bid is not subject to a Bid Disqualification Condition.
Firm Bid means, (a) with respect to a Terminated Obligation, a good and irrevocable bid for value to purchase all of such Terminated Obligation, expressed as a percentage of the portion of the Notional Amount allocable to such Terminated Obligation and determined exclusive of accrued interest and capitalized interest, for scheduled settlement no later than the Relevant Settlement Date, submitted by (i) in the case of a Firm Bid obtained for purposes of Clause 4(a), an Approved Dealer specified by Counterparty in its sole discretion or (ii) in the case of a Firm Bid obtained for purposes of Clause 4(b), a Dealer specified by the Calculation Agent in its sole discretion (or, to the extent permitted by Clause 4(b), Counterparty), in each case as of a time during regular business hours in New York City and (b) with respect to a Portfolio Asset and any dispute with respect to the determination of the Current Price thereof, a good and irrevocable bid for value to purchase the Par Amount or (in the case of a Delayed Draw Loan) Commitment Amount of such Portfolio Asset, expressed as a percentage and determined exclusive of accrued interest and capitalized interest, for scheduled settlement within the standard settlement cycle for such Portfolio Asset (with such cycle commencing on the applicable date of submission), submitted by a Dealer specified by the Calculation Agent in its sole discretion (or, to the extent permitted by Clause 4(b), Counterparty), in each case as of a time during regular business hours in New York City.
Firm Bid means, with respect to a Collateral Obligation, a binding, irrevocable bid for value for such Collateral Obligation from a dealer to purchase such Collateral Obligation, for which the Trust Officer of the Trustee has not received written notice that such bid is subject to a Bid Disqualification Condition.
Firm Bid means, with respect to an Underlying Asset, a binding, irrevocable bid for value for such Underlying Asset from the prospective purchaser of such Underlying Asset which satisfies the requirements for the related public sale, for which a Trust Officer of the Trustee has not received written notice that such bid is subject to a Bid Disqualification Condition.
Firm Bid has the meaning specified in Section 5.1.