Common use of Canadian Revolving Commitments Clause in Contracts

Canadian Revolving Commitments. The Canadian Revolving Commitments shall terminate on the Revolving Termination Date. The Canadian Borrowers may reduce the Canadian Revolving Commitments to an amount (which may be zero) not less than the sum of (A) the Canadian Usage as of such date, plus (B) the principal amount of any Canadian Advances not yet made as to which a request has been given by the Canadian Borrowers under Section 2.2(a), plus (C) amount of all Canadian Letters of Credit not yet issued as to which a request has been given by the Canadian Borrowers; provided, that the Canadian Borrowers may reduce the Canadian Revolving Commitments below such amount so long as such reduction is accompanied by the prepayment of Canadian Advances or Canadian Swingline Loan and/or the Collateralization of Canadian Letters of Credit in an amount equal to any such excess. Each such reduction shall be in an amount which is not less than $500,000 (unless the Canadian Revolving Commitments are being reduced to zero and the amount of the applicable Canadian Revolving Commitments in effect immediately prior to such reduction are less than $500,000), shall be made by providing not less than 2 Business Days prior written notice to the Administrative Agent, and shall be irrevocable; provided, that if any notice of termination of the Canadian Revolving Commitments indicates that such termination is to be made in connection with a Refinancing of the Facilities, such notice of termination may be revoked if such Refinancing is not consummated and any Contract Rate Loan that was the subject of such notice shall be continued as a Canadian Prime Rate Loan or a Canadian Base Rate Loan, as applicable.