Common use of The Competitive Bid Facility Clause in Contracts

The Competitive Bid Facility. Each Bank severally agrees, on the terms and conditions provided herein, to make available to the Borrower a competitive bid borrowing facility (the “Competitive Bid Borrowing Facility”) pursuant to which the Borrower may, from time to time on any Business Day during the period from the date hereof to the Termination Date and as otherwise set forth in this Article III, request all of the Banks or certain Banks specified by the Borrower to offer to make Competitive Bid Advances denominated in Agreed Currencies to the Borrower. Each Bank of which any such request shall be made may, but shall have no obligation to, make such offers and the Borrower may, but shall have no obligation to, accept any such offer in the manner set forth in this Article III. The Competitive Bid Borrowing Facility is an entirely separate facility from the Syndicated Borrowing Facility; provided that at no time shall the Facility Usage exceed the Aggregate Commitments at such time. Within the limits and on the conditions set forth in this Article III, the Borrower may from time to time borrow, repay and reborrow under this Article III.

The Competitive Bid Facility. Each Bank severally agrees, on the terms and conditions provided herein, to make available to the Borrower a competitive bid borrowing facility (the “Competitive Bid Borrowing Facility”) pursuant to which the Borrower may, from time to time on any Business Day during the period from the date hereof to the Termination Date and as otherwise set forth in this Article III, request all of the Banks or certain Banks specified by the Borrower to offer to make Competitive Bid Advances denominated in Agreed Currencies to the Borrower. Each Bank of which any such request shall be made may, but shall have no obligation to, make such offers and the Borrower may, but shall have no obligation to, accept any such offer in the manner set forth in this Article III. The Competitive Bid Borrowing Facility is an entirely separate facility from the Syndicated Borrowing Facility; provided that at no time shall the Facility Usage exceed the Aggregate Commitments at such timetime (except that under the circumstances set forth in the last sentence of Section 2.04(a), due to currency fluctuations, Facility Usage may equal up to 105% of the Aggregate Commitments). Within the limits and on the conditions set forth in this Article III, the Borrower may from time to time borrow, repay and reborrow re-borrow under this Article III.