Accordion Increase Option Clause Samples
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Accordion Increase Option. The Borrower may on one occasion at any time during the first three (3) years of the Facility, by giving no less than 60 days’ prior written notice to the Agent, request the Lenders (in their sole discretion) consider to increase the Facility Amount and Total Commitments by an amount of up to the lower of USD 10,000,000 or an amount equal to 12.5% of the Fair Market Value of the Vessel, subject to the following:
(a) the Borrower providing a copy of an Acceptable Charter Agreement, in form and substance acceptable to the Lenders;
(b) the written approval by the Lenders (in their sole discretion and it being understood that this accordion option is completely uncommitted, subject to inter alia credit committee approvals etc.);
(c) the Lenders subscribing for the full amount pro rata to the existing Commitments of each Lender;
(d) no Default is continuing or would occur as a result of any increase of the Commitments; and
(e) the Parties implementing any increased Facility Amount and Commitments and the terms for such by way of an amendment agreement to this Agreement, in form and substance acceptable to the Lenders.
Accordion Increase Option a) In this Clause 2.2:
Accordion Increase Option. The Obligors may at any time during the first twenty-four (24) months after the first Drawdown Date, by giving no less than 60 days' prior written notice to the Facility Agent, request the Lenders (in their sole discretion) to consider to increase the amount of a Tranche and consequently the Facility Amount, subject to the following: 21 | 123 (a) the Borrowers providing a copy of an Acceptable Charter Agreement, in form and substance acceptable to the Lenders; (b) the written approval by each of the Lenders (in their sole discretion and it being understood that this accordion option is completely uncommitted, subject to inter alia credit committee approvals etc.); (c) the Lenders subscribing for the full amount of the requested increase; (d) no Default is continuing or would occur as a result of any increase of the Commitments; and (e) the Parties implementing any increased Facility Amount and Commitments and the terms for such by way of an amendment agreement to this Agreement, in form and substance acceptable to the Lenders. The Ultimate Parent has prior to this Agreement indicated its expectations in terms of leverage (in case of an increase) to be 60% (debt to Fair Market Value) for an Acceptable Charter Agreement with a term between five to ten years and 70% (debt to Fair Market Value) for an Acceptable Charter Agreement with a term beyond ten years.
Accordion Increase Option. The Obligors may at any time during the first twenty-four (24) months after the first Drawdown Date, by giving no less than 60 days' prior written notice to the Facility Agent, request the Lenders (in their sole discretion) to consider to increase the amount of a Tranche and consequently the Facility Amount, subject to the following: CONFIDENTIAL TREATMENT REQUESTED BY FLEX LNG LTD. PURSUANT TO 17 CFR 200.83 (a) the Borrowers providing a copy of an Acceptable Charter Agreement, in form and substance acceptable to the Lenders; (b) the written approval by each of the Lenders (in their sole discretion and it being understood that this accordion option is completely uncommitted, subject to inter alia credit committee approvals etc.); (c) the Lenders subscribing for the full amount of the requested increase; (d) no Default is continuing or would occur as a result of any increase of the Commitments; and (e) the Parties implementing any increased Facility Amount and Commitments and the terms for such by way of an amendment agreement to this Agreement, in form and substance acceptable to the Lenders. The Ultimate Parent has prior to this Agreement indicated its expectations in terms of leverage (in case of an increase) to be 60% (debt to Fair Market Value) for an Acceptable Charter Agreement with a term between five to ten years and 70% (debt to Fair Market Value) for an Acceptable Charter Agreement with a term beyond ten years.