Accordion Option Clause Samples
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Accordion Option. (i) Subject to subsection 2.1(f)(ii), unless a Default or an Event of Default has occurred and is then continuing and except as otherwise provided herein, Administrative Borrower may make a maximum of one (1) request, by notice to the Agent, that the Accordion Lenders increase Revolving Credit Commitments hereunder (in the case of existing Revolving Credit Lenders) or make a Revolving Credit Commitment (in the case of an additional financial institution which is not a Revolving Credit Lender at such time), the “Accordion Activation”), (ii) upon receipt of the Accordion Activation notice, Agent shall have the right to solicit additional financial institutions to become Revolving Credit Lenders for purposes of this Agreement or to encourage any Revolving Credit Lender to increase its Revolving Credit Commitment, provided that (A) each such financial institution that becomes a Revolving Credit Lender shall agree to become a party to, and shall assume and agree to be bound by, this Agreement subject to all terms and conditions hereof; (B) the Agent shall have no obligation to any Borrower or to any Revolving Credit Lender to solicit additional financial institutions or any Revolving Credit Lender pursuant to this subsection 2.1(f) and each such Accordion Lender increasing its Revolving Credit Commitment pursuant to this subsection 2.1(f) shall execute a Confirmation of Accordion Commitment in the form of Exhibit C-2 attached hereto (a “Confirmation of Accordion Commitment”); (C) no Revolving Credit Lender shall have any obligation to the Borrowers, the Agent or any other Revolving Credit Lender to increase its Revolving Credit Commitment or such Revolving Credit Lender’s Pro Rata Share, (D) in no event shall the Revolving Credit Commitments of the Accordion Lenders be increased pursuant to this subsection 2.1(f) by an amount which exceeds, in the aggregate, the Accordion Amount, (E) in no event shall the Revolving Credit Commitment of all Revolving Credit Lenders be increased under this subsection 2.1(f) so as to exceed, in the aggregate, the Maximum Amount (after giving effect to the Accordion Amount), (F) Borrowers shall have Excess Availability of $10,000,000 or more prior to the Accordion Activation, (G) on the effective date specified in any Confirmation of Accordion Commitment hereunder, Borrowers shall pay to Agent for the pro rata accounts of the Accordion Lenders, a nonrefundable activation fee in an amount equal to 0.25% of the aggregate amount of th...
Accordion Option. Provided that no Event of Default or Default has occurred and is continuing as of the request date or the effective date thereof after giving effect thereto, the Borrowers may from time to time request an increase in the aggregate Revolving Commitments (each an “Accordion Increase”) in accordance with this Section 2.25(a); provided that the aggregate principal amount of all increases to the Revolving Commitments made pursuant to this Section 2.25(a)) shall not exceed $100,000,000 (the “Maximum Aggregate Increase Amount”) and each requested Accordion Increase shall not be less than $25,000,000.
Accordion Option. Provided that no Event of Default or Default has occurred and is continuing as of the request date or the effective date thereof after giving effect thereto, the Borrower may from time to time upon thirty (30) days’ written notice (or such shorter period as the Administrative Agent shall agree) request (i) an increase in the aggregate amount of Commitments and/or (ii) the addition of a separate term loan facility (an “Additional Term Loan Facility”) (each such increase or separate facility pursuant to the foregoing clauses (i) and (ii), an “Accordion Increase”), in each case in accordance with this Section 2.01(b); provided, that the aggregate principal amount of all Accordion Increases made pursuant to this Section 2.01(b) shall not exceed $300,000,000 (the “Maximum Aggregate Increase Amount”).
Accordion Option. A new Clause 3A (Accordion option) shall be added to the Original Facility Agreement to read as follows:
Accordion Option. (a) Up and until 30 June 2024, the Borrower may by sending a notice to the Agent (an "Accordion Request") and provided that no Default has occurred and is continuing, request that the Total Commitments are increased in an amount of EUR 100,000,000 by way of adding a term loan facility to the Agreement (the "ECA Term Loan").
(b) The Accordion Request shall include a suggested date for the ECA Term Loan to become effective (the "Effective Date"), and shall be provided to the Lenders no later than sixty (60) Business Days prior to the requested Effective Date.
(c) The Lenders may, in their sole discretion, agree to an Accordion Request by the date falling forty-five (45) Business Days prior to the requested Effective Date. If the Lenders fails to reply to an Accordion Request, they shall be deemed to have refused the Accordion Request and the Total Commitments will not be increased.
(d) If the Lenders have agreed to an Accordion Request, the Effective Date shall be conditional upon the Parties entering into an amendment and restatement agreement and the Export and Investment Fund of Denmark providing a guarantee in favour of the Lenders covering at least ninety-five per cent. of the political and commercial risk associated with the outstanding amount of the ECA Term Loan (in each case in form and substance satisfactory to the Lenders)."
Accordion Option. 2.3.1 At any time during the Availability Period for Facility B, the Company may give a written notice (the “New Commitments Notice”) to the Agent that it wishes to increase the Total Facility B Commitments (and the Total Commitments). Subject to compliance with Clause 2.3.13, the New Commitments Notice must specify the amount in the Base Currency by which the Total Facility B Commitments (and the Total Commitments) are to be increased and the date on which the Company wishes such increase to take effect (the amount of such increase being the “New Commitments”).
2.3.2 On receipt of any New Commitments Notice, the Agent shall promptly notify the Lenders (the “Agent Notification”). The Agent shall, after consultation with the Lenders and no later than 5 Business Days from the date of the Agent Notification, inform the Company and the Lenders whether or not the Company’s request for the New Commitments is accepted (such acceptance of the requested New Commitments being the “Agent Acceptance”).
2.3.3 From the date of the Agent Acceptance, the Agent or any Lender shall have up to 5 Business Days to request such further information from the Company as that Finance Party may reasonably require. The Company shall provide such further information, as reasonably requested, to the Agent or the requesting Lender within 5 Business Days of receiving such request.
2.3.4 The New Commitments shall be subject to:
2.3.4.1 those Lenders which agree to participate in the New Commitments and the Company agreeing the arrangement fees to be applied to the New Commitments (the “New Commitments Arrangement Fees”);
2.3.4.2 no Default continuing on each of:
(a) the date of the New Commitments Notice; and
(b) the date of the New Commitments becoming available to the Borrowers;
2.3.4.3 such conditions precedent as each relevant Lender shall require (in its discretion) (other than the payment of any fees other than New Commitments Arrangement Fees); and
2.3.4.4 each applicable Lender obtaining credit committee approval.
2.3.5 Following the Agent Acceptance, the opportunity to provide the New Commitments shall:
2.3.5.1 firstly, be offered to the Lenders on a pro-rata basis in accordance with their existing Commitments and each Lender shall have 20 Business Days from the date on which the Lender has received the Agent Acceptance (the “Acceptance Period”) to confirm to the Agent whether it wishes to provide its proportion of the New Commitments and the amount of the proposed New Commitment...
Accordion Option. The option to the Borrower, subject to the provisions of §2.2 of this Agreement, to increase the Facility and Total Commitment by an amount of $10,000,000 per request and in the aggregate $20,000,000 (the “Accordion Amount”) and thereby increase the Facility in the Total Commitment to a maximum principal amount of up to $80,000,000.00.
Accordion Option. Unless a Default or an Event of Default has occurred and is then continuing, so long as Borrowers shall not have elected to permanently reduce the Commitments hereunder and except as otherwise provided herein, Administrative Borrower may solicit the Lenders and any other lending institutions to provide the Borrowers with additional commitments to make U.S. Advances under this Agreement in an aggregate amount not to exceed the Accordion Amount and subject to the limitations set forth below. Any agreement by a Lender to increase its commitment to make U.S. Advances hereunder shall be an Accordion Activation (“Accordion Activation”). Neither the Agent nor any Lender shall have any obligation to provide the Borrowers with all or any part of such additional U.S. Commitment; provided, that by execution of this Agreement, the Agent and the Lenders shall be deemed to have consented, without the need for further or subsequent consent to such additional U.S. Commitments which any other Lender or lending institution may agree to provide for the U.S. Advances which may be advanced in respect thereof and any resulting changes in the Pro Rata Share. Any such additional U.S. Commitments (and the U.S. Advances funded pursuant thereto) shall be otherwise treated (and be subject to the same terms and conditions) as U.S. Commitments and U.S. Advances hereunder. Additional U.S. Advances may not be advanced in respect thereof, (1) if the aggregate U.S. Commitment to be increased pursuant to this Section 2.2.A(h) is in an amount which exceeds, in the aggregate, the Accordion Amount and (2) if a Default or Event of Default will occur as a result of such Accordion Activation. In addition, to the extent any Lender hereunder agrees to make U.S. Advances pursuant to a request for an Accordion Activation, U.S. Borrowers shall pay Agent (for the ratable benefit of the Accordion Lenders, subject to any letter agreement between Agent and Accordion Lenders), a fee in an amount to be agreed upon by the U.S. Borrowers and the Agent. Any Lender agreeing to increase its Commitment pursuant to this Section 2.2.A(h) shall execute a Confirmation of Increase in Commitment in the form of Exhibit C-2 attached hereto (a “Confirmation of Increase in Commitment”) and any lending institution not yet a party hereto providing additional commitments shall become a party to this Agreement (and become subject to all the rights and obligations of a U.S. Lender hereunder) by executing and delivering to the A...
Accordion Option. The option of the Borrowers exercised in accordance with the terms of Section 2.5 to increase either the Revolving Credit Limit or the Term Loan Limit, or both, (and, as a result, the Total Credit Amount) by up to $200,000,000 in the aggregate.
Accordion Option. Provided that no Event of Default or Default has occurred and is continuing as of the request date or the effective date thereof after giving effect thereto, the Borrower may from time to time upon thirty days’ written notice (or such shorter period as the Administrative Agent shall agree) request an increase in the aggregate amount of Commitments (each such increase an “Accordion Increase”), in accordance with this Section 2.01(b); provided, that the aggregate principal amount of all Accordion Increases made pursuant to this Section 2.01(b) shall not exceed $100,000,000 (the “Maximum Aggregate Increase Amount”).
(a) Revolving B Loan Commitments. Subject to the terms and conditions set forth herein, each Revolving B Lender severally agrees to make loans (each such loan, a “Revolving B Loan”) to the Borrower in Dollars from time to time on any Business Day during the Availability Period in an aggregate amount not to exceed at any time outstanding the amount of such Lender’s Revolving B Loan Commitment; provided, however, that after giving effect to any Borrowing of Revolving B Loans, the Outstanding Amount of Revolving B Loans shall not exceed the Revolving B Loan Commitments. Within the limits of each Lender’s Revolving B Loan Commitment, and subject to the other terms and conditions hereof, the Borrower may borrow under this Section 2.01(b), prepay under Section 2.04, and reborrow under this Section 2.01(b). Revolving B Loans may be Revolving B Base Rate Loans or Revolving B Eurodollar Rate Loans, or a combination thereof, as further provided herein.