tender panel facility

tender panel facility
United Kingdom
An uncommitted facility under which a company may request competitive bids from a prearranged group of banks (the "tender panel members"). The bids are normally to subscribe for euro commercial paper to be issued by the company or to make short term advances to the company as borrower. A tender panel agent will co-ordinate the bidding procedures on behalf of the company.

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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