“Aggregate Revolving Credit Exposure” means the sum of the Aggregate Global Tranche Revolving Credit Exposure and the Aggregate US Tranche Revolving Credit Exposure.

the Aggregate Revolving Exposure will not exceed the Aggregate Revolving Commitment, # no Revolving Lender will have a Revolving Exposure greater than its Revolving Commitment and

“Aggregate Outstanding Revolving Credit Exposure” means, at any time, the aggregate of the Outstanding Revolving Credit Exposure of all Lenders.

Provided there exists no Default, upon notice to the Administrative Agent (which shall promptly notify the ​), the Borrower may from time to time, request an increase in the Aggregate Revolving Commitments; provided, however, that # the maximum amount of the Aggregate Revolving Commitments after giving effect to any such increase shall not exceed $650,000,000 and # the Borrower may make a maximum of three such requests. The aggregate amount of any individual increase hereunder shall be in a minimum amount of $10,000,000 (and in integral multiples of $5,000,000 in excess thereof). To achieve the full amount of a requested increase, the Borrower may solicit increased commitments from existing ​ and also invite additional Eligible Assignees to become ​; provided, however, that no existing Lender shall be obligated and/or required to accept an increase in its Revolving Commitment pursuant to this [Section 2.14] unless it specifically consents to such increase in writing. Any Lender or Eligible Assignee agreeing to increase its Revolving Commitment or provide a new Revolving Commitment pursuant to this [Section 2.14] shall, in connection therewith, deliver to the Administrative Agent a new commitment agreement in form and substance satisfactory to the Administrative Agent and its counsel.

“Average Aggregate Revolving Exposure” means, for any fiscal quarter of IPSCO, an amount equal to the average daily Aggregate Revolving Exposure during such fiscal quarter.

Revolving L/C Exposure Determination. Unless otherwise specified herein, the amount or stated amount of a Letter of Credit at any time shall be deemed to be the stated amount of such Letter of Credit available to be drawn at such time; provided that with respect to any Letter of Credit that, by its terms or the terms of any Letter of Credit Agreement related thereto, provides for one or more automatic increases in the available amount thereof, the amount or stated amount of such Letter of Credit IF " DOCVARIABLE "SWDocIDLocation" 1" = "1" "" ""

Reallocation of Revolving Credit Exposure. Upon any Incremental Facility Closing Date on which Incremental Revolving Credit Commitments are effected through an increase in the Revolving Credit Commitments pursuant to this ‎Section 2.14, # if the increase relates to the Revolving Credit Facility, each of the Revolving Credit ​ shall assign to each of the Incremental Revolving Credit ​, and each of the Incremental Revolving Credit ​ shall purchase from each of the Revolving Credit ​, at the principal amount thereof, such interests in the Incremental Revolving Credit Loans outstanding on such Incremental Facility Closing Date as shall be necessary in order that, after giving effect to all such assignments and purchases, such Revolving Credit Loans will be held by existing Revolving Credit ​ and Incremental Revolving Credit ​ ratably in accordance with their Revolving Credit Commitments after giving effect to the addition of such Incremental Revolving Credit Commitments to the Revolving Credit Commitments, # each Incremental Revolving Credit Commitment shall be deemed for all purposes a Revolving Credit Commitment and each Loan made thereunder shall be deemed, for all purposes, a Revolving Credit Loan and # each Incremental Revolving Credit Lender shall become a Lender with respect to the Incremental Revolving Credit Commitments and all matters relating thereto. The Administrative Agent and the ​ hereby agree that the minimum borrowing and prepayment requirements in Sections ‎2.02 and ‎2.05(a) of this Agreement shall not apply to the transactions effected pursuant to the immediately preceding sentence.

“Required Revolving Credit Lenders” means, at any time, Revolving Credit Lenders having unused Revolving Credit Commitments and Revolving Credit Exposure representing more than 50% of the aggregate unused Revolving Credit Commitments and Revolving Credit Exposure of all Revolving Credit Lenders. The unused Revolving Credit Commitment of, and Revolving Credit Exposure held or deemed held by, any Defaulting Lender shall be disregarded in determining Required Revolving Credit Lenders at any time.

“Pro Rata Share” means, with respect to any Lender on any date of determination, the percentage which the sum of the amount of such Lender’s Revolving Commitment is of the Aggregate Revolving Commitment (or, if the Revolving Commitments have terminated, which # the Outstanding Revolving Credit Exposure of such Lender is of # the Aggregate Outstanding Revolving Credit Exposure) as of such date; provided that for purposes of [Section 2.27], when a Defaulting Lender shall exist, “Pro Rata Share” shall mean the percentage of the Aggregate Revolving Commitment (disregarding any Defaulting Lender’s Revolving Commitment) represented by such Lender’s Revolving Commitment (or, if the Revolving Commitments have terminated, the percentage of the Aggregate Outstanding Revolving Credit Exposure represented by the Outstanding Revolving Credit Exposure of such Lender, in each case disregarding any Defaulting Lender’s Outstanding Revolving Credit Exposure). For purposes of determining liability for any indemnity obligation under [Section 2.18(j) or 10.8]8], each Lender’s Pro Rata Share shall be determined as of the date the applicable Issuer or the Administrative Agent notifies the Lenders of such indemnity obligation (or, if such notice is given after termination of this Agreement, as of the date of such termination). Notwithstanding the foregoing, solely for purposes of the definition of Required Lenders and [Section 10.8], “Pro Rata Share” means, with respect to any Lender on any date of determination, the percentage which the sum of the amount of such Lender’s Revolving Commitment plus the aggregate outstanding principal amount of its Term Loans is of the sum of # the Aggregate Revolving Commitment plus # the aggregate outstanding principal amount of all Term Loans (or, if the Revolving Commitments have terminated, which # the Outstanding Revolving Credit Exposure of such Lender plus the aggregate outstanding principal amount of its Term Loans is of # the sum of # the Aggregate Outstanding Revolving Credit Exposure plus # the aggregate outstanding principal amount of all Term Loans) as of such date.

reinstatement or renewal # the aggregate amount of the outstanding Letters of Credit issued by any L/C Issuer shall not exceed its L/C Commitment, # the aggregate L/C Obligations shall not exceed the Letter of Credit Sublimit, # the Revolving Exposure of any ​ shall not exceed its Revolving Commitment and # the Total Revolving Exposure shall not exceed the total Revolving Commitments.