Accordion Feature Sample Clauses
An Accordion Feature is a contractual provision that allows for the increase or decrease of a loan facility's total commitment amount, typically at the borrower's request and subject to lender approval. In practice, this means a borrower can request additional funds (an "upsizing") or reduce the available commitment (a "downsizing") without the need to renegotiate the entire loan agreement. This feature provides flexibility for borrowers to adjust their financing in response to changing business needs, while giving lenders the discretion to approve or decline such changes. The core function of the Accordion Feature is to streamline the process of modifying loan amounts, thereby saving time and administrative effort for both parties.
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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. The Commitments may be increased by up to an additional $25,000,000, 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, and (d) all other terms and conditions related to the increased commitment shall be satisfactory to Agent in its discretion. 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.
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. (a) 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 US$250,000,000 (in the aggregate for all Accordion Notices) specifying the Lenders and/or proposed new Lenders that have agreed to accept Individual Commitments with respect to the Credit Facility in the aggregate amount of such requested increase. For certainty, the aggregate Individual Commitments under the Credit Facility shall not exceed at any particular time US$1,000,000,000.
(b) Each Accordion Lender that is an existing Lender shall send a confirming letter to the Administrative Agent confirming that it has agreed to an Individual Commitment with respect to the Credit Facility and setting out the amount of that commitment. The establishment of that Accordion Lender’s Individual Commitment with respect to the Credit Facility shall, subject to Section 2.5(e), take place with effect from the second Banking Day following the date of the delivery of such notice to the Administrative Agent. Upon the establishment of that Accordion Lender’s Individual Commitment with respect to the Credit Facility, Schedule A hereto shall be deemed to be amended to evidence the Individual Commitment with respect to the Credit Facility of that Accordion Lender by the amount of such increase.
(c) Any Accordion Lender that is not an existing Lender must be acceptable to the Administrative Agent acting in its sole discretion exercised reasonably. Upon delivery to the Administrative Agent of an Accordion Agreement executed by the Borrower and an Accordion Lender that is so acceptable to the Administrative Agent, the Administrative Agent shall promptly execute and deliver such Accordion Agreement whereupon this Agreement and each other Finance Document shall, subject to Section 2.5(e), henceforth be read and construed as if such Accordion Lender were party to this Agreement as a Lender having all of the rights and obligations of a Lender expressed herein with respect to the Individual Commitment with respect to the Credit Facility that the Accordion Lender has agreed to accept and all references to any Lenders in any Finance Document shall (to the extent the context so admits) be construed accordingly. Subsequent thereto, Schedule A hereto shall be deemed to be amended to add the Individual Commitment of such Accordion Lender. Each Lender irrevo...
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. (a) The Borrower may, at any time and from time to time prior to the Maturity Date, request an increase of the Commitment (each, an “Increase Request”) by an aggregate amount not greater than $10,000,000 (to a maximum Credit Limit of $25,000,000); provided that: (a) the aggregate principal amount of all increases to the Credit Limit pursuant to this Section 2.7(a) shall not exceed $10,000,000 in the aggregate for all Increase Requests, (b) no Default or Event of Default shall have occurred and be continuing or would result therefrom, and (c) the Borrower shall be in compliance with the financial covenants set forth in Section 8.1 on a pro forma basis at the time of any such Increase Request (after giving effect to any draw contemplated in connection therewith), and (d) at the time of any such Increase Request, the provisions of the Security Documents are effective to continue to create, in favor of the Agent for the benefit of the Lenders, a legal, valid and enforceable first priority Lien on all of the Property purported to be covered thereby, and all necessary recordings and filings have been made in all necessary public offices, and all other necessary and appropriate action has been taken, so that each such Security Document continues to create a perfected Lien on all right, title and interest of the Obligor which is a party thereto in the Property covered thereby, prior and superior to all other Liens (subject to Permitted Liens) and all necessary consents to the creation, perfection and enforcement of such Liens, if required, have been obtained from each of the parties to the Material Agreements, to the extent applicable and subject to Section 8.2(g). The Agent shall promptly send a copy of the Increase Request to each Lender. Each of the existing Lenders shall be given the opportunity to increase their respective Commitments prior to any solicitation by the Borrower for an initial Commitment from a Person that is not an existing Lender. If all Lenders agree to participate in the increase in the Credit Limit, the Commitment of each Lender shall be increased in accordance with their respective Applicable Percentage. For certainty, a new Lender may only be proposed by the Borrower to participate in a proposed increase to the Credit if the full amount of the proposed increase pursuant to the subject Increase Request is not completely acquired by Persons that are already Lenders. No Lender shall have any obligation, express or implied, to offer to increa...
Accordion Feature. Section 10.11(d) of the Credit Agreement is amended by deleting the clause "$200,000,000" as it appears therein and by substituting in lieu thereof the clause "$300,000,000".
Accordion Feature. Increase in Facility C) or transferred to it under this Agreement, to the extent not cancelled, reduced, extinguished or transferred by it under this Agreement.
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.