Optional Increase in Facilities Clause Samples

Optional Increase in Facilities. ‌ The Borrower may at any time and from time to time add additional financial institutions hereunder as Lenders or, with the consent of the applicable Lender, increase the Syndicated Facility Commitment of a Lender and thereby increase the Total Syndicated Facility Commitment or increase the Term Facility Commitment, as applicable, provided that at the time of any such addition: (a) no Default or Event of Default has occurred and is continuing; (b) the aggregate amount of the increase in the Total Commitment does not exceed Cdn.$250,000,000 (or the Equivalent Amount in U.S. dollars); (c) the Agent and, in the case of an increase to the Total Syndicated Facility Commitment, the Fronting Lenders, have consented either to such financial institution becoming a Lender or, if it is already a Lender, to the increase in its Syndicated Facility Commitment or Term Facility Commitment, as applicable, such consent not to be unreasonably withheld or delayed; (d) concurrently with the addition of a financial institution as an additional Lender or the increase of the Syndicated Facility Commitment or Term Facility Commitment of a Lender, such financial institution or Lender, as the case may be, shall purchase from each Lender such portion of the Syndicated Borrowings or Term Borrowings, as applicable owing to each such Lender as is necessary to ensure that the Syndicated Borrowings or Term Borrowings, as applicable, owing to Lenders, and including therein such additional financial institution, are in accordance with the Lender's Proportion under the Syndicated Facility or the Term Facility, as applicable, of all such Lenders (including the new financial institution) after giving effect to such increase and such financial institution shall execute such documentation as is required by the Agent, acting reasonably, to novate such financial institution as a Lender hereunder, provided that any such purchase of Loans which are outstanding as Benchmark Loans or Canadian Benchmark Loans shall occur only on the Conversion Date or Rollover Date applicable thereto; (e) the Borrower and each Material Subsidiary has ratified and confirmed the Security to which each is a party, in respect of the Syndicated Facility or the Term Facility, as applicable, as so increased; (f) the Borrower has provided to the Agent a certified copy of a directors' resolution of the Borrower authorizing any such increase in the Total Commitment (which may be a previous directors' resolution authorizing the ...