Bid Request Sample Clauses
A Bid Request clause defines the process by which one party formally invites others to submit offers or proposals for a specific project or contract. Typically, this clause outlines the requirements for submitting bids, such as deadlines, documentation, and evaluation criteria, and may specify the format or method of submission. Its core practical function is to ensure a transparent and organized method for soliciting competitive offers, thereby promoting fairness and clarity in the selection process.
Bid Request. No more frequently than once each Banking Day, Borrower may request offers from all Syndication Parties which have an Individual 5-Year Commitment, acting severally and not jointly, to make Bid Advances by giving the Bid Agent notice by facsimile or electronic mail (effective upon receipt), substantially in the form of Exhibit 3.2 hereto (“Bid Request”) on or before 9:00 A.M. (Central time) on the Banking Day the proposed Bid Rate Loan is to be made. By 9:30 A.M. (Central time) of the same Banking Day, the Bid Agent shall, by facsimile or electronic mail transmission, send to all of the Syndication Parties eligible to receive a Bid Request a copy of such Bid Request. Each Bid Request must specify (a) the total amount of such requested Bid Advances, (b) the individual amount of each requested Bid Advance with a different proposed Bid Maturity Date, (c) the proposed Banking Day of making such Bid Advance (which shall be the same Banking Day on which the Bid Request is submitted), and (d) the proposed maturity dates for such Bid Advances (each a “Bid Maturity Date”) which must be Banking Days and which must not extend more than thirty (30) days beyond the 5-Year Maturity Date. Borrower may request offers to make more than one Bid Rate Loan (up to a maximum of five (5) Bid Rate Loans in a single Bid Request), each with a different Bid Maturity Date, in a single Bid Request.
Bid Request. (a) Subject to Section 2.2 through Section 2.3, if Producer requires any Services in respect of any Producer Gas that are not the subject of a Services Agreement then in effect and are not otherwise already being provided by Midstream (“New Services”), including any such New Services to be provided through any existing facility acquired or proposed to be acquired by Producer (an “Acquired Facility”), Producer shall promptly (and, in the case of the acquisition of any Acquired Facility, on or before the 10th Day after the acquisition of such Acquired Facility) provide notice to Midstream of such desired New Services, which notice (the “Bid Request”) shall include, to the extent applicable:
(i) confirmation that the New Services include all Services with respect to Producer Gas produced from the Dedication Area described in the Bid Request, or a description of any Conflicting Dedication and the Services being excluded from the Bid Request as a result of such Conflicting Dedication;
(ii) a description of the initial required delivery points to which Producer’s residue Gas is to be redelivered to Producer (including any existing delivery points to which residue Gas is to be delivered from the Acquired Facility);
(iii) Producer’s required Firm Capacity in MMcf per Day;
(iv) in the case of an Acquired Facility, a reasonable description of the Acquired Facility and the price paid or proposed to be paid by Producer for the Acquired Facility, including any liabilities assumed by Producer, and details of any third party contracts for processing at the Acquired Facility;
(v) a description of any new facilities Producer desires, including the capacity thereof;
(vi) a description of the area that will constitute the “Dedication Area” for purposes of any Processing Agreement or other Services Agreement entered into pursuant to such Bid Request with respect to the New Services (the “Dedication Area”);
(vii) the Oil and Gas Interests located in the Dedication Area with respect to which the New Services are required, including a description of any existing ▇▇▇▇▇ and a proposed development plan for the ▇▇▇▇▇ to be drilled on such Oil and Gas Interests during the period of at least 18 Months after such notice, including production forecasts for all such ▇▇▇▇▇; and
(viii) if the New Services do not include Processing Services, a form of Services Agreement covering the New Services.
(b) Notwithstanding Section 3.1(a), if from time to time any Processing Agreement is in effect,...