Accordion Feature. Provided no Default or Event of Default has occurred and is then continuing, upon the request of Borrower, Agent shall use commercially reasonable efforts to arrange for additional commitments from the Lenders (and, if necessary, lenders who are not a party hereto, provided that any such new lender is approved by Borrower in its reasonable discretion) in an aggregate amount equal to $200,000,000.00 (the “Accordion”). Notwithstanding the foregoing, the decision of any Lender to provide such additional commitment shall be subject to the sole and absolute discretion of such Lender. Such Accordion shall be subject to new pricing by Agent and the Lenders, or the lenders a party thereto, and such other terms and conditions which are acceptable to Borrower, Agent, the Lenders, or the lenders thereto, each in its respective sole and absolute discretion and to the credit committee approval of each Lender as lender thereto. In addition, the advance of any such Accordion shall be conditioned upon, among other things, (a) the Loan-to-Value Ratio, based upon an updated Appraisal ordered by Agent at Borrower’s expense, not exceeding fifty percent (50%) on an “as is” basis, (b) the NOI of the Property providing for a Debt Yield of not less than sixteen percent (16%) based on the Loan Amount, and (c) Borrower paying all costs and expenses of Agent and the Lenders in connection therewith. The Accordion feature shall be available, in accordance with the provisions of this Section 2.7, during the entire term of the Loan including the extension periods. Notwithstanding the foregoing, to the extent that Borrower has repaid any portion of the Loan Amount, Borrower shall not be entitled to re-borrow the same. Agent hereby agrees that if, in Agent’s reasonable determination, Agent has determined that the Debt Yield is less than sixteen percent (16%) and Agent used a lower NOI to calculate such Debt Yield than the NOI which was calculated by Borrower, Agent shall review the same with Borrower and/or its representatives, including Agent’s adjustment (if any) to Gross Revenues and/or Operating Expenses, as applicable, to provide to Borrower and/or its representatives the basis for and details surrounding such determination (provided, however, that the duration of such review and the provision of such basis for and details surrounding Agent’s determination shall be reasonably determined by Agent and the final determination of the Debt Yield shall be shall be unilaterally made by Agen...
Accordion Feature. Increase in Facility C
Accordion Feature. (a) Subject to Section 2.4(b), the Borrower may, by notice to the Administrative Agent (an “Accordion Notice”), from time to time request that the amount of the Individual Commitments with respect to the Credit Facility be increased by an aggregate amount of up to $200,000,000 (in the aggregate for all Accordion Notices). For certainty, the aggregate Individual Commitments under the Credit Facility shall not exceed at any particular time $700,000,000 and each Lender shall, at its sole option, be entitled to share in the increase in the Credit Facility in accordance with their respective Pro Rata Shares. Within fifteen (15) Banking Days of the receipt by the Administrative Agent of an Accordion Notice, the Administrative Agent shall notify each Lender of the Accordion Notice and each Lender shall, within such fifteen (15) Banking Days period, advise the Administrative Agent as to whether or not it intends to participate in such increase of the Credit Facility. If such advice is not received from a Lender within such fifteen (15) Banking Day period, then such Lender will be deemed not to have agreed to participate in the increase.
Accordion Feature. The Commitments may be increased from time to time by up to an additional $50,000,000, without the consent of any Bank; provided that (a) no Bank shall be required to increase its respective Commitment, (b) Agent, Borrower, and each Person making any such new Commitment shall execute and deliver to Agent an acceptance agreement in form and substance satisfactory to Agent setting forth, among other things, the new Commitment of such Person, such Person’s Pro Rata Share of the Commitments, and certain representations and warranties of Borrower and such Person, (c) no Default or Event of Default shall then be in existence, (d) all other terms and conditions related to the increased commitment shall be satisfactory to Agent in its discretion, (e) after giving effect to such increase, the Working Capital Obligations shall not exceed the lesser of the Commitments and the Borrowing Base, and (f) no such increase shall be in an amount of less than $25,000,000. Upon any agreement to increase the Commitments as contemplated by this Section 2.12, Borrower agrees to (i) execute any and all documents required by Agent in connection therewith and (ii) reimburse Agent and the Banks for any and all costs and expenses as which may be occasioned on account of the reallocation of any Loans among the Banks based on their new Pro Rata Shares (including, without limitation, any amounts payable under Section 2.10). Borrower shall not be required to pay any arranging or similar fees on account of its exercise of its rights under this Section 2.12, except to the extent Agent and Borrower have otherwise expressly agreed in writing to the payment of such fees. [Reserved].
Accordion Feature. At any time prior to the Term, the Borrower may from time to time, by no less than 60 days’ prior written notice to the Lender (an “Increase Request”), request an increase to the Revolving Facility (a “Facility Increase”) by an amount not greater than $10,000,000. An Increase Request will be substantially in the form of Schedule 2.3 and will be accompanied by a Compliance Certificate (calculated on a current basis as well as a pro forma basis after giving effect to any potential Borrowing (whether or not a Borrowing is made) in connection with the proposed Facility Increase) together with such other supporting materials reasonably requested by the Lender. The principal amount of the proposed Facility Increase can be made in no more than one tranche and will be in a minimum amount of $5,000,000. No Facility Increase will be permitted if a Default (including for greater certainty failure to deliver the most recent monthly reporting package required under this Agreement) has occurred and is continuing. For greater certainty, the Facility Increase is uncommitted and the Lender may decline an Increase Request in its sole discretion. Not later than sixty (60) days after receipt of an Increase Request, the Lender will advise the Borrower in writing as to whether it has agreed to the Facility Increase.
Accordion Feature. 5156 Section 2.7 Reallocation of Commitments ............................................................................ 5258 Section 2.8 Obligations of the Lenders and the Administrative Agent ................................. 5459 ARTICLE 3 -
Accordion Feature. Section 10.11(d) of the Credit Agreement is amended by deleting the clause "$250,000,000" as it appears therein and by substituting in lieu thereof the clause "$200,000,000".
Accordion Feature. 2.2.1 Subject to the terms and conditions hereof, the Borrowers may from time to time make a request of the Lenders to increase the Credit by an amount not exceeding (in respect of all such requests) the aggregate of Three Hundred Seventy Five Million Dollars ($375,000,000) (the “Accordion Amount”); provided that (i) the Borrowers shall not make more than two such requests in any one fiscal year of ATS and (ii) the increase in the total Commitments in respect of the Credit pursuant to any such request shall be at least an amount (the “Accordion Minimum Request”) equal to Twenty Five Million Dollars ($25,000,000) (or the balance of the Accordion Amount if less than Twenty Five Million Dollars). The Borrowers shall make such request by giving notice to the Agent, which notice shall set forth the amount (which shall be no less than the Accordion Minimum Request) of the requested increase (the “Accordion Requested Increase”) and such other details with respect to such increase as the Agent shall reasonably request. The Agent shall promptly send a copy of such notice to each Lender and each such Lender shall have the right, but not the obligation, to increase its Commitment in respect of the Credit and shall have a period of fifteen (15) days from the date of delivery of such notice to notify the Agent and the Borrowers whether or not such Lender elects to so increase its Commitment in respect of the Credit, and if it does so elect to increase its Commitment, by what amount. If any Lender does not provide such notice within such time, such Lender shall be deemed to have declined to increase its Commitment. Notwithstanding anything to the contrary herein, (A) no Lender shall have any obligation to provide any increase in its Commitment in respect of the Credit and (B) any Lender may increase its respective Commitment without the consent of any other Lender.
Accordion Feature. (a) Once in each Fiscal Year prior to the Maturity Date of the Facilities and so long as no Default or Event of Default has occurred and is continuing, the Borrowers may apply to increase availability under any one or more of the Facilities by an aggregate minimum amount of $10,000,000 and up to a maximum aggregate increase of $50,000,000, such that the Total Commitment shall not exceed
Accordion Feature. Section 2.29 is amended by deleting "$100,000,000" and inserting "$75,000,000" in place thereof.
