Common use of Bid Loans Clause in Contracts

Bid Loans. A. BID LOAN BORROWINGS. In addition to Committed Borrowings pursuant to Section 2.1, each Bank severally agrees that the Borrower 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 submit offers to make Bid Loans to the Borrower; provided, however, that the Banks may, but shall have no obligation -------- ------- to, submit such offers and the Borrower may, but shall have no obligation to, accept any such offers; and provided further that (a) at no time shall 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 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 aggregate Commitments then in effect. At the discretion of the Borrower, any Bid Loan auction may be either an Agent Auction conducted in accordance with the terms 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. A. BID LOAN BORROWINGS. In addition Any Borrower may request the Banks to Committed Borrowings pursuant offer to Section 2.1, make uncommitted loans (each Bank severally agrees that a "Bid Loan" and collectively the Borrower may, as "Bid Loans") in U.S. Dollars in the manner set forth in this Section 2.2B3 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, from time to time request the Banks during sum of the period from aggregate Original Dollar Amount of outstanding Loans (whether Committed Loans or Bid Loans) and L/C Obligations (other than the Effective Date until Excluded Standby L/C Obligations) shall not exceed the Maturity Date to submit offers to make Bid Loans to the Borrower; provided, however, that the Borrowing Base as then determined and computed. The Banks may, but shall have no obligation -------- ------- to, submit make such offers and the Borrower Borrowers may, but shall have no obligation to, accept any such offers; 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 provided further that (a) L/C Obligations outstanding at no any time shall not at any time exceed the -------- ------- outstanding 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 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 plus would exceed the ---- number lesser of different Interest Periods for Committed Loans then outstanding exceed ten (10); the unused Commitments or the Bid Loan Limit and (ciii) at no time shall the outstanding aggregate principal amount of all Bid Loans made by all Banks exceed the aggregate Commitments then in effect. At the discretion of the Borrower, any Bid Loan auction may be either an Agent Auction conducted in accordance with the terms set forth below for an Agent Auction, or a Borrower Auction conducted in accordance with the terms set forth below for a Borrower Auctionother conditions o f this Section 3."

Bid Loans. A. BID LOAN BORROWINGS(a) Making the Bid Loans. In addition Subject to Committed Borrowings pursuant to Section 2.1, each Bank severally agrees that the Borrower may, as terms and conditions set forth in this Credit Agreement, the Lenders hereby agree that the Borrowers shall be permitted to request 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 (the "Bid Loans") at a fixed rate of interest under this Section 2.2B, 2.2 from time to time request the Banks during the period commencing on the Closing Date until (but not including) the date occurring fourteen (14) days prior to the Expiration Date (provided, that no Bid Loan shall be outstanding after the Expiration Date), provided that (i) the maturity of any such Bid Loan shall not be more than thirty (30) days from the Effective Date until date of such Bid Loan, (ii) the Maturity Date to submit offers to make Bid Loans to the Borrower; provided, however, that the Banks may, but shall have no obligation -------- ------- to, submit such offers and the Borrower may, but shall have no obligation to, accept any such offers; and provided further that (a) at no time shall the -------- ------- outstanding aggregate principal amount of all Bid Loans made from all the Lenders outstanding 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 Line of Credit then in effect and the 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 appropriate Lender or Lenders shall have delivered to the Agent a Lender Confirmation with respect to such Bid Loans as required by all BanksSection 2.2(c) hereof, plus ---- (iv) the outstanding Line of Credit (except for purposes of calculating the Unused Line Fee) shall be reduced by the 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 such Bid Loans then outstanding plus the ---- number of different Interest Periods for Committed Loans then outstanding exceed ten (10); at any one time and (cv) at no time shall the outstanding aggregate principal amount of all Bid Loans made by all Banks exceed the aggregate Commitments then in effect. At the discretion of the Borrower, any Bid Loan auction may shall be either made after the occurrence and during the continuance of an Agent Auction conducted in accordance with the terms set forth below for an Agent Auction, or a Borrower Auction conducted in accordance with the terms set forth below for a Borrower AuctionEvent of Default.

Bid Loans. A. BID LOAN BORROWINGS. (i) In addition the event that Borrower has an Investment Grade Rating, then prior to Committed Borrowings pursuant the date that is five (5) days prior to Section 2.1the Revolving Credit Maturity Date, each Bank severally agrees that Borrower may make a written request for the Borrower may, as Agent to solicit competitive bids from the Revolving Credit Lenders in the manner 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 submit §2.1(c)(ii) below. The Revolving Credit Lenders may make offers to make bid loans (each a “Bid Loan”) provided that (i) the sum of all Outstanding Bid Loans shall not exceed the Bid Loan Sublimit, (ii) in 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 Borrower; providedTotal Revolving Credit Commitment, however(iv) the Outstanding Bid Loans, that Outstanding Revolving Credit Loans, the Banks 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 amount of Bid Loans requested for any date and with the same Interest Period (each a “Bid Loan Borrowing”) shall 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 definition of Interest Period. The Revolving Credit Lenders may, but shall have no obligation -------- ------- to, submit make such offers offers, and the Borrower may, but shall have no obligation to, accept any such offers; and provided further that (a) at no time shall offers in 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 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 aggregate Commitments then in effect. At the discretion of the Borrower, any Bid Loan auction may be either an Agent Auction conducted in accordance with the terms manner set forth below for an Agent Auction, or a Borrower Auction conducted in accordance with the terms set forth below for a Borrower Auction.this §2.1