Definition of Accordion Conditions


Accordion Conditions means (i) Borrower shall submit a request to Agent in writing that the Maximum Facility be increased to $15,000,000, (ii) Borrower shall have submitted updated financial projections and a budget to Agent, in form and substance satisfactory to Agent in its sole discretion, at least 30 days prior making the request referred to in clause (i) above, (iii) Borrower has fully complied with all of its respective obligations under each Loan Document to which such Borrower is a party; (iv) no Default or Event of Default has occurred; (v) the Borrowers are in full compliance with all financial covenants applicable to it under this Agreement; (vi) immediately prior to making the request referred to in clause (i) above, (x) the Leverage Ratio shall be less than 6.50 to 1.00 and (y) the Tangible Net Worth of Borrower shall be no less than $1,250,000, as each is determined by Agent in its sole discretion, (vii) Borrower shall have executed and delivered to Agent an amended and restated note in the form attached hereto as Exhibit A and (viii) the Borrower has satisfied such other terms and conditions as the Agent shall have established in its sole discretion.


Accordion Conditions means the satisfaction of all of the following conditions precedent, each as determined by the Credit Agent:

Accordion Conditions means the satisfaction of all of the following conditions precedent, each as determined by the Credit Agent:A Successful Accordion Syndication shall have been achieved (including, without limitation, the execution and delivery by all applicable parties of all Accordion Facility Documents and the satisfaction of all applicable conditions set forth therein) within thirty (30) days after the Credit Agent’s receipt of the Accordion Notice;As of date of Accordion Notice and as of the effective date of the increase to the Warehousing Credit Limit, no Default or Event of Default shall have then occurred and be continuing;The Company shall have paid all fees required by this Agreement and in any other agreement between the Company and the Credit Agent (including, without limitation, the Fee Letter); andThe Company shall have paid all fees and reasonable out-of-pocket costs and expenses (including, without limitation, all attorneys’ reasonable fees) incurred by the Credit Agent and the Accordion Lenders in connection with the Successful Accordion Syndication and the preparation, negotiation, execution, and delivery of the Accordion Facility Documents.

Examples of Accordion Conditions in a sentence

At the request of the Borrowers as provided herein, the Warehousing Commitment Amount may be increased by an amount of up to $50,000,000 (bringing the total Warehousing Commitment Amount to a maximum of $150,000,000), upon the Credit Agent’s determination that the Accordion Conditions have been fully satisfied.
At the request of the Company as provided herein, the Warehousing Credit Limit may be increased by an aggregate amount of up to $20,000,000 (bringing the total Warehousing Credit Limit to a maximum of $100,000,000), upon the Credit Agent’s determination that the Accordion Conditions have been fully satisfied.