Common use of Competitive Bid Loans Clause in Contracts

Competitive Bid Loans. Subject to the terms and conditions of this Agreement, the Borrower may, prior to the Revolving Maturity Date and pursuant to the procedures set forth in Section 2.04, request the Lenders to make offers to make Competitive Bid Loans; provided, that, based upon the Equivalent Dollar Amount of all outstanding Revolving Loans and L/C Obligations, the aggregate principal amount of all outstanding Competitive Bid Loans (after giving effect to any amount requested and the use of proceeds thereof) shall not exceed the Revolving Commitment less the sum of all outstanding Revolving Loans, Swingline Loans and L/C Obligations. The Lenders may, but shall have no obligation to, make such offers and the Borrower may, but shall have no obligation to, accept any such offers in the manner set forth in Section 2.04.

Competitive Bid Loans. Subject to the terms and conditions of this Agreement, the Borrower may, prior to the Revolving Maturity Date and pursuant to the procedures set forth in Section 2.04, request the Revolving Credit Lenders to make offers to make Competitive Bid Loans; provided, provided that, based upon the Equivalent Dollar Amount of all outstanding Revolving Loans and L/C Obligations, the aggregate principal amount of all outstanding Competitive Bid Loans (after giving effect to any amount requested and the use of proceeds thereof) shall not exceed the Revolving Commitment less minus the sum of all outstanding Revolving Loans, Swingline Loans and L/C Obligations. The Revolving Credit Lenders may, but shall have no obligation to, make such offers and the Borrower may, but shall have no obligation to, accept any such offers in the manner set forth in Section 2.04.