Examples of Accordion Request in a sentence
Following the receipt by the Administrative Agent of the Accordion Request, the Administrative Agent shall promptly forward a copy to each Purchaser Agent for informational purposes.
An Accordion Increase will only become effective if, on the date of the Accordion Request and the proposed Accordion Increase Date, the Facility Termination Date has not occurred and no event exists or would result from the proposed Accordion Increase that constitutes a Facility Event or Portfolio Event.
Each Accordion Request may specify any fees offered to those Lenders which agree to increase their Commitment (each such Lender, an "Increasing Lender"), which fees may be variable based upon the amount by which any such Increasing Lender is willing to increase the principal amount of its Commitment (which for greater certainty, need not be equal to such Increasing Lender's Applicable Percentage of the Credit existing immediately prior to receipt of such Accordion Request).
On each Accordion Increase Date, the Maximum Commitment shall be the sum of the Maximum Commitment in effect immediately prior to the Accordion Increase Date, plus the Accordion Amount set forth in Schedule I to the Accordion Request.
Upon full execution of the Accordion Request, Administrative Agent and Borrower shall establish the effective date of the Accordion Amount (the “Accordion Increase Date”).
Each Accordion Request made under this Section 2.6(a) shall be submitted by the Borrowers to the Agent (which shall promptly forward copies to each Lender).
If the entire Accordion Amount is not absorbed by the other Lenders within ten (10) Business Days from the date of the Accordion Request, then Administrative Agent will inform Borrower of the amount of the Accordion Amount that Lenders are willing to provide, and Borrower will have the right to accept such lesser Accordion Amount, cancel the Accordion Request or find additional Persons who are willing to act as Lenders that are acceptable to Administrative Agent in Administrative Agent’s sole discretion.
Each Accordion Request shall be for an amount at least equal to $10,000,000 except to the extent the unused portion of the Accordion Amount is less than $10,000,000 in which event such request may be for such unused amount.
In order to provide the Borrowers with the full amount of the Accordion Request, the New Lender is willing to provide new USD/MC Commitments in the principal amount of $50,000,000 (the “Revolving Commitment Increase”).
Once Administrative Agent, Lenders and Borrower agree on the amount of the Accordion Amount and each Lender’s portion of the Accordion Amount thereunder, Administrative Agent shall complete Schedule I to the Accordion Request and each Lender or other Person providing a portion of the Accordion Amount shall countersign the Accordion Request.