Accordion; Increase in Commitments Clause Samples

Accordion; Increase in Commitments. 2.2.1 Subject to this Clause 2.2 the Borrower may, at any time after the date of this Agreement but not later than the date falling six Months prior to the Termination Date (or such later date as the Agent and the Borrower may agree) request an increase in the Total Commitments (an Accordion Increase) in an aggregate amount not exceeding US$250,000,000 (the Accordion Maximum Amount). 2.2.2 The Borrower shall make any such request by giving prior written notice (an Accordion Request) to the Agent: (a) not less than 15 Business Days (or such shorter period as the Agent and the Borrower may agree) prior to the proposed Accordion Increase Date; and (b) not more than 25 Business Days prior to the proposed Accordion Increase Date. 2.2.3 Each Accordion Request shall be signed by two authorised signatories of the Borrower acting jointly and shall specify the following matters: (a) the total amount of the Accordion Increase requested; and (b) the proposed Accordion Increase Date. 2.2.4 Following the delivery of an Accordion Request: (a) each existing Lender shall have a right of first refusal in respect of an Accordion Request and no other bank or financial institution may be approached to become an Accordion Lender unless a period of at least 10 Business Days has elapsed since the date of the Accordion Request or such earlier date on which each existing Lender has notified the Agent that it does not wish to become an Accordion Lender; (b) each existing Lender which notifies the Agent that it does wish to become an Accordion Lender shall specify what amount of the Accordion Maximum Amount it wishes to increase its Commitments by (the Lender Accordion Amount); (c) if any Lender has notified the Borrower that it does wish to become an Accordion Lender, the Borrower may elect (in its sole discretion): (i) which (if any) existing Lenders it wishes to become an Accordion Lender; and (ii) what share of the Accordion Maximum Amount it wishes such Lender to take (up to the relevant Lender Accordion Amount); and