Common use of Optional Reduction of Commitments Clause in Contracts

Optional Reduction of Commitments. The Borrower may, at its option, permanently reduce the Commitments under any Credit Facility by cancelling all or any part of the undrawn portion of such Credit Facility, provided that: (a) the Borrower shall provide the Agent or the Operating Facility Lender, as applicable, with at least three Banking Days’ prior written notice of any such cancellation; (b) each such cancellation shall be a minimum of Cdn. $2,500,000 and in whole multiples of Cdn. $500,000 thereafter; (c) any such cancellation under the Syndicated Facility shall be allocated on a Pro Rata basis among the Syndicated Facility Lenders; and (d) any cancellation notice shall be irrevocable.

Optional Reduction of Commitments. The Borrower may, at its option, permanently reduce the Commitments under any Credit Facility by cancelling all or any part of the undrawn portion of such Credit Facility, provided that: (a) the Borrower shall provide the Agent or the Operating Facility Lender, as applicable, with at least three Banking Days’ ' prior written notice of any such cancellation; (b) each such cancellation shall be a minimum of Cdn. $2,500,000 and in whole multiples of Cdn. $500,000 thereafter; (c) any such cancellation under the Syndicated Facility shall be allocated on a Pro Rata basis Basis among the Syndicated Facility Lenders; and (d) any cancellation notice shall be irrevocable.