Common use of Bid Loans Clause in Contracts

Bid Loans. Any Borrower may request the Banks to offer to make uncommitted loans (each a "Bid Loan" and collectively the "Bid Loans") in U.S. Dollars in the manner set forth in this Section 3 and in amounts such that (i) the aggregate Original Dollar Amount of all outstanding Loans (whether Committed Loans or Bid Loans) and L/C Obligations shall not exceed the Commitments then in effect and (ii) only during Calendar Year 1999, the sum of the aggregate Original Dollar Amount of outstanding Loans (whether Committed Loans or Bid Loans) and L/C Obligations (other than the Excluded Standby L/C Obligations) shall not exceed the Borrowing Base as then determined and computed. The Banks may, but shall have no obligation to, make such offers and the Borrowers may, but shall have no obligation to, accept any such offers in the manner set forth in this Section 3. Each Bank may offer to make Bid Loans in any amount (whether greater than, equal to, or less than its Commitment), subject to the limitations (i) that the aggregate Original Dollar Amount of Loans (whether Committed Loans or Bid Loans) and L/C Obligations outstanding at any time shall not at any time exceed the limits set forth in the immediately preceding sentence, (ii) that no Bid Loan shall be made if at the time thereof or immediately after giving effect thereto, the aggregate principal amount of Bid Loans then outstanding would exceed the lesser of the unused Commitments or the Bid Loan Limit and (iii) of the other conditions o f this Section 3."

Bid Loans. Any (i) From and after the date that Agent receives written notice that Borrower has first obtained an Investment Grade Rating from (i) S&P or Xxxxx’x, or (ii) a combination of Fitch and S&P or Xxxxx’x and that Borrower has irrevocably elected to have the Applicable Margin determined pursuant to subparagraph (b) of the definition of Revolving Credit Applicable Margin, then prior to the date that is five (5) days prior to the Revolving Credit Maturity Date, Borrower may make a written request for the Banks Agent to offer to make uncommitted loans (each a "Bid Loan" and collectively solicit competitive bids from the "Bid Loans") in U.S. Dollars Dollar Revolving Credit Lenders in the manner set forth in this Section 3 and §2.1(c)(ii) below. The U.S. Dollar Revolving Credit Lenders may make offers to make bid loans (each a “Bid Loan”) in amounts such Dollars only as requested by Borrower provided that (i) the aggregate Original Dollar Amount sum of all outstanding Outstanding Bid Loans (whether Committed Loans or Bid Loans) and L/C Obligations shall not exceed the Commitments then in effect and Bid Loan Sublimit, (ii) only during Calendar Year 1999in all events in accordance with §11.2 no Default or Event of Default shall have occurred and be continuing, (iii) the sum of the aggregate Original Dollar Amount of outstanding Outstanding Bid Loans, Outstanding Revolving Credit Loans (whether Committed Loans or Bid including the Alternative Currency/Dollar Revolving Credit Loans) and L/C Obligations Outstanding Swing Loans (other than after giving effect to all amounts requested) plus Letter of Credit Liabilities shall not at any time exceed the Excluded Standby L/C ObligationsTotal Revolving Credit Commitment, (iv) the Outstanding Bid Loans, Outstanding U.S. Dollar Revolving Credit Loans and Outstanding Swing Loans (after giving effect to all amounts requested) plus Letter of Credit Liabilities denominated in Dollars shall not at any time exceed the Total U.S. Dollar Revolving Credit Commitment, (v) the Outstanding Bid Loans, Outstanding Revolving Credit Loans, the Outstanding Term Loans and Outstanding Swing Loans (after giving effect to all amounts requested), plus Letter of Credit Liabilities shall not at any time exceed the Total Commitment, (vi) the aggregate amount of Bid Loans requested for any date and with the same Interest Period (each a “Bid Loan Borrowing”) shall not exceed be at least $2,000,000 and in integral multiples of $1,000,000 in excess thereof, (vii) all Interest Periods applicable to Bid Loans shall be subject to and comply with the Borrowing Base as then determined and computeddefinition of Interest Period. The Banks U.S. Dollar Revolving Credit Lenders may, but shall have no obligation to, make such offers offers, and the Borrowers Borrower may, but shall have no obligation to, accept any such offers in the manner set forth in this Section 3§2.1(c). Each Bank may offer to make In no event shall Bid Loans in any amount (whether greater thanbe made to Borrower unless, equal toat the time such Bid Loans are made, or less than its Commitment), subject to the limitations Borrower has obtained an Investment Grade Rating from (i) that the aggregate Original Dollar Amount of Loans (whether Committed Loans S&P or Bid Loans) and L/C Obligations outstanding at any time shall not at any time exceed the limits set forth in the immediately preceding sentenceXxxxx’x, or (ii) that no Bid Loan shall be made if at the time thereof a combination of Fitch and S&P or immediately after giving effect thereto, the aggregate principal amount of Bid Loans then outstanding would exceed the lesser of the unused Commitments or the Bid Loan Limit and (iii) of the other conditions o f this Section 3Xxxxx’x."

Bid Loans. Any Borrower may (a) Making the Bid Loans. Subject to the terms and conditions set forth in this Credit Agreement, the Lenders hereby agree that the Borrowers shall be permitted to request the Banks to offer to make uncommitted and receive from any Lender or Lenders, in each case in such Lender's sole and absolute discretion, loans consisting of short term "money market" borrowings (each a "Bid Loan" and collectively the "Bid Loans") in U.S. Dollars in the manner set forth in at a fixed rate of interest under this Section 3 and in amounts such that 2.2 from time to time during the period commencing on the Closing Date until (ibut not including) the aggregate Original Dollar Amount of all outstanding Loans date occurring fourteen (whether Committed Loans or Bid Loans14) and L/C Obligations shall not exceed the Commitments then in effect and (ii) only during Calendar Year 1999, the sum of the aggregate Original Dollar Amount of outstanding Loans (whether Committed Loans or Bid Loans) and L/C Obligations (other than the Excluded Standby L/C Obligations) shall not exceed the Borrowing Base as then determined and computed. The Banks may, but shall have no obligation to, make such offers and the Borrowers may, but shall have no obligation to, accept any such offers in the manner set forth in this Section 3. Each Bank may offer to make Bid Loans in any amount (whether greater than, equal to, or less than its Commitment), subject days prior to the limitations Expiration Date (i) that the aggregate Original Dollar Amount of Loans (whether Committed Loans or Bid Loans) and L/C Obligations outstanding at any time shall not at any time exceed the limits set forth in the immediately preceding sentenceprovided, (ii) that no Bid Loan shall be made if at outstanding after the time thereof or immediately after giving effect theretoExpiration Date), provided that (i) the maturity of any such Bid Loan shall not be more than thirty (30) days from the date of such Bid Loan, (ii) the aggregate principal amount of all Bid Loans then from all the Lenders outstanding would at any one time shall not exceed (A) the Maximum Bid Amount or (B) when aggregated with all other Bid Loans and Revolving Loans outstanding plus the Letter of Credit Obligations, the lesser of the unused Commitments or Line of Credit then in effect and the Bid Loan Limit and Borrowing Base Amount, (iii) the Borrowers shall have provided the Agent with a Notice of Bid Loan as required under Section 2.2(b) hereof and the other conditions o f this appropriate Lender or Lenders shall have delivered to the Agent a Lender Confirmation with respect to such Bid Loans as required by Section 32.2(c) hereof, (iv) the Line of Credit (except for purposes of calculating the Unused Line Fee) shall be reduced by the aggregate principal amount of all such Bid Loans outstanding at any one time and (v) no Bid Loan shall be made after the occurrence and during the continuance of an Event of Default."

Bid Loans. Any (i) From and after the date that Agent receives written notice that Borrower has first obtained an Investment Grade Rating from (i) S&P or Xxxxx'x, or (ii) a combination of Fitch and S&P or Xxxxx'x and that Borrower has irrevocably elected to have the Applicable Margin determined pursuant to subparagraph (b) of the definition of Revolving Credit Applicable Margin, then prior to the date that is five (5) days prior to the Revolving Credit Maturity Date, Borrower may make a written request for the Banks Agent to offer solicit competitive bids from the Revolving Credit Lenders in the manner set forth in §2.1(c)(ii) below. The Revolving Credit Lenders may make offers to make uncommitted bid loans (each a "Bid Loan" and collectively the "Bid Loans") in U.S. Dollars in the manner set forth in this Section 3 and in amounts such provided that (i) the aggregate Original Dollar Amount sum of all outstanding Outstanding Bid Loans (whether Committed Loans or Bid Loans) and L/C Obligations shall not exceed the Commitments then in effect and Bid Loan Sublimit, (ii) only during Calendar Year 1999in all events in accordance with §11.2 no Default or Event of Default shall have occurred and be continuing, (iii) the Outstanding Bid Loans, Outstanding Revolving Credit Loans and Outstanding Swing Loans (after giving effect to all amounts requested) plus Letter of Credit Liabilities shall not at any time exceed the Total Revolving Credit Commitment, (iv) the Outstanding Bid Loans, Outstanding Revolving Credit Loans, the sum Outstanding Term Loans and Outstanding Swing Loans (after giving effect to all amounts requested), plus Letter of Credit Liabilities shall not at any time exceed the Total Commitment, (v) the aggregate Original Dollar Amount amount of outstanding Bid Loans requested for any date and with the same Interest Period (whether Committed Loans or each a "Bid Loans) and L/C Obligations (other than the Excluded Standby L/C ObligationsLoan Borrowing") shall not exceed be at least $2,000,000 and in integral multiples of $1,000,000 in excess thereof, and (vi) all Interest Periods applicable to Bid Loans shall be subject to and comply with the Borrowing Base as then determined and computeddefinition of Interest Period. The Banks Revolving Credit Lenders may, but shall have no obligation to, make such offers offers, and the Borrowers Borrower may, but shall have no obligation to, accept any such offers in the manner set forth in this Section 3§2.1(c). Each Bank may offer to make In no event shall Bid Loans in any amount (whether greater thanbe made to Borrower unless, equal toat the time such Bid Loans are made, or less than its Commitment), subject to the limitations Borrower has obtained an Investment Grade Rating from (i) that the aggregate Original Dollar Amount of Loans (whether Committed Loans S&P or Bid Loans) and L/C Obligations outstanding at any time shall not at any time exceed the limits set forth in the immediately preceding sentenceXxxxx'x, or (ii) that no Bid Loan shall be made if at the time thereof a combination of Fitch and S&P or immediately after giving effect thereto, the aggregate principal amount of Bid Loans then outstanding would exceed the lesser of the unused Commitments or the Bid Loan Limit and (iii) of the other conditions o f this Section 3Xxxxx'x."

Bid Loans. Any A. BID LOAN BORROWINGS. In addition to Committed Borrowings pursuant to Section 2.1, each Bank severally agrees that the Borrower may may, as set forth in Section 2.2B, from time to time request the Banks during the period from the Effective Date until the Maturity Date to offer submit offers to make uncommitted loans (each a "Bid Loan" and collectively Loans to the "Bid Loans") in U.S. Dollars in Borrower; provided, however, that the manner set forth in this Section 3 and in amounts such that (i) the aggregate Original Dollar Amount of all outstanding Loans (whether Committed Loans or Bid Loans) and L/C Obligations shall not exceed the Commitments then in effect and (ii) only during Calendar Year 1999, the sum of the aggregate Original Dollar Amount of outstanding Loans (whether Committed Loans or Bid Loans) and L/C Obligations (other than the Excluded Standby L/C Obligations) shall not exceed the Borrowing Base as then determined and computed. The Banks may, but shall have no obligation -------- ------- to, make submit such offers and the Borrowers Borrower may, but shall have no obligation to, accept any such offers in the manner set forth in this Section 3. Each Bank may offer to make Bid Loans in any amount offers; and provided further that (whether greater than, equal to, or less than its Commitment), subject to the limitations (ia) that the aggregate Original Dollar Amount of Loans (whether Committed Loans or Bid Loans) and L/C Obligations outstanding at any no time shall not at any time exceed the limits set forth in the immediately preceding sentence, (ii) that no Bid Loan shall be made if at the time thereof or immediately after giving effect thereto, the -------- ------- outstanding aggregate principal amount of all Bid Loans made by all Banks, plus ---- the outstanding aggregate principal amount of all Committed Loans made by all Banks exceed the aggregate Commitments then in effect; (b) at no time shall the number of different Interest Periods for Bid Loans then outstanding would plus the ---- number of different Interest Periods for Committed Loans then outstanding exceed ten (10); and (c) at no time shall the outstanding aggregate principal amount of all Bid Loans made by all Banks exceed the lesser aggregate Commitments then in effect. At the discretion of the unused Commitments or the Borrower, any Bid Loan Limit and (iii) of auction may be either an Agent Auction conducted in accordance with the other conditions o f this Section 3terms set forth below for an Agent Auction, or a Borrower Auction conducted in accordance with the terms set forth below for a Borrower Auction."

Bid Loans. Any (i) From and after the date that Agent receives written notice that Borrower has first obtained an Investment Grade Rating from (i) S&P or Mxxxx’x, or (ii) a combination of Fitch and S&P or Mxxxx’x and that Borrower has irrevocably elected to have the Applicable Margin determined pursuant to subparagraph (b) of the definition of Revolving Credit Applicable Margin, then prior to the date that is five (5) days prior to the Revolving Credit Maturity Date, Borrower may make a written request for the Banks Agent to offer to make uncommitted loans (each a "Bid Loan" and collectively solicit competitive bids from the "Bid Loans") in U.S. Dollars Dollar Revolving Credit Lenders in the manner set forth in this Section 3 and §2.1(c)(ii) below. The U.S. Dollar Revolving Credit Lenders may make offers to make bid loans (each a “Bid Loan”) in amounts such Dollars only as requested by Borrower provided that (i) the aggregate Original Dollar Amount sum of all outstanding Outstanding Bid Loans (whether Committed Loans or Bid Loans) and L/C Obligations shall not exceed the Commitments then in effect and Bid Loan Sublimit, (ii) only during Calendar Year 1999in all events in accordance with §11.2 no Default or Event of Default shall have occurred and be continuing, (iii) the sum of the aggregate Original Dollar Amount of outstanding Outstanding Bid Loans, Outstanding Revolving Credit Loans (whether Committed Loans or Bid including the Alternative Currency/Dollar Revolving Credit Loans) and L/C Obligations Outstanding Swing Loans (other than after giving effect to all amounts requested) plus Letter of Credit Liabilities shall not at any time exceed the Excluded Standby L/C ObligationsTotal Revolving Credit Commitment, (iv) the Outstanding Bid Loans, Outstanding U.S. Dollar Revolving Credit Loans and Outstanding Swing Loans (after giving effect to all amounts requested) plus Letter of Credit Liabilities denominated in Dollars shall not at any time exceed the Total U.S. Dollar Revolving Credit Commitment, (v) the Outstanding Bid Loans, Outstanding Revolving Credit Loans, the Outstanding Term Loans and Outstanding Swing Loans (after giving effect to all amounts requested), plus Letter of Credit Liabilities shall not at any time exceed the Total Commitment, (vi) the aggregate amount of Bid Loans requested for any date and with the same Interest Period (each a “Bid Loan Borrowing”) shall not exceed be at least $2,000,000 and in integral multiples of $1,000,000 in excess thereof, (vii) all Interest Periods applicable to Bid Loans shall be subject to and comply with the Borrowing Base as then determined and computeddefinition of Interest Period. The Banks U.S. Dollar Revolving Credit Lenders may, but shall have no obligation to, make such offers offers, and the Borrowers Borrower may, but shall have no obligation to, accept any such offers in the manner set forth in this Section 3. Each Bank may offer to make Bid Loans in any amount (whether greater than, equal to, or less than its Commitment), subject to the limitations (i) that the aggregate Original Dollar Amount of Loans (whether Committed Loans or Bid Loans) and L/C Obligations outstanding at any time shall not at any time exceed the limits set forth in the immediately preceding sentence, (ii) that no Bid Loan shall be made if at the time thereof or immediately after giving effect thereto, the aggregate principal amount of Bid Loans then outstanding would exceed the lesser of the unused Commitments or the Bid Loan Limit and (iii) of the other conditions o f this Section 3."but

Bid Loans. Any (i) In the event that Borrower has an Investment Grade Rating, then prior to the date that is five (5) days prior to the Revolving Credit Maturity Date, Borrower may make a written request for the Banks Agent to offer to make uncommitted loans (each a "Bid Loan" and collectively solicit competitive bids from the "Bid Loans") in U.S. Dollars Revolving Credit Lenders in the manner set forth in this Section 3 and in amounts such §2.1(c)(ii) below. The Revolving Credit Lenders may make offers to make bid loans (each a “Bid Loan”) provided that (i) the aggregate Original Dollar Amount sum of all outstanding Outstanding Bid Loans (whether Committed Loans or Bid Loans) and L/C Obligations shall not exceed the Commitments then in effect and Bid Loan Sublimit, (ii) only during Calendar Year 1999in all events in accordance with §11.2 no Default or Event of Default shall have occurred and be continuing, (iii) the Outstanding Bid Loans, Outstanding Revolving Credit Loans and Outstanding Swing Loans (after giving effect to all amounts requested) plus Letter of Credit Liabilities shall not at any time exceed the Total Revolving Credit Commitment, (iv) the Outstanding Bid Loans, Outstanding Revolving Credit Loans, the sum Outstanding Term Loans and Outstanding Swing Loans (after giving effect to all amounts requested), plus Letter of Credit Liabilities shall not at any time exceed the Total Commitment, (v) the aggregate Original Dollar Amount amount of outstanding Bid Loans requested for any date and with the same Interest Period (whether Committed Loans or each a “Bid Loans) and L/C Obligations (other than the Excluded Standby L/C ObligationsLoan Borrowing”) shall not exceed be at least $2,000,000 and in integral multiples of $1,000,000 in excess thereof, and (vi) all Interest Periods applicable to Bid Loans shall be subject to and comply with the Borrowing Base as then determined and computeddefinition of Interest Period. The Banks Revolving Credit Lenders may, but shall have no obligation to, make such offers offers, and the Borrowers Borrower may, but shall have no obligation to, accept any such offers in the manner set forth in this Section 3§2.1(c). Each Bank may offer to make In no event shall Bid Loans in any amount (whether greater than, equal to, or less than its Commitment), subject be made to the limitations (i) that the aggregate Original Dollar Amount of Loans (whether Committed Loans or Bid Loans) and L/C Obligations outstanding at any time shall not at any time exceed the limits set forth in the immediately preceding sentenceBorrower unless, (ii) that no Bid Loan shall be made if at the time thereof or immediately after giving effect theretosuch Loans are made, the aggregate principal amount of Bid Loans then outstanding would exceed the lesser two of the unused Commitments three ratings from S&P, Xxxxx’x or Fitch are BBB- or better (Baaa3 in the Bid Loan Limit and (iii) case of the other conditions o f this Section 3Xxxxx’x)."