Optional Cancellation or Reduction of Credit Facilities

Clause

Clause Information


Optional Cancellation or Reduction of Credit Facilities. The Borrower may, at any time, upon giving at least 3 Banking Days prior written notice to the Agent, cancel in full or, from time to time, permanently reduce in part the unutilized portion of any of the Credit Facilities; provided, however, that: (a) any such reduction shall be in a minimum amount of Cdn.$5,000,000 and reductions in excess thereof shall be in integral multiples of Cdn.$1,000,000; (b) if any such reduction does not result in a proportionate reduction of each of the Credit Facilities, then the Commitments of each Lender under the Credit Facility that is not proportionately reduced shall be adjusted such that the Aggregate Individual Commitment of each Lender will be in the same proportion as each Lender's Aggregate Individual Commitment was to the Total Commitment immediately prior to such reduction; and (c) to give effect to the foregoing, the Borrower shall execute and deliver such other notices, agreements and other documents as the Agent, acting reasonably, may request.

Clause Category:Optional Cancellation or Reduction of Credit Facilities

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