Accordion Option. (A) Subject to the terms and conditions hereof, Borrower may request at any time and from time to time during the Term up to a maximum of twice per fiscal year, by written notice to Agent, an increase in the Commitment Amount (“Facility Increase”) subject to the terms and conditions hereinafter set forth (such request, a “Facility Increase Request”). Such Facility Increase Request shall set forth the amount of the requested Facility Increase, which amount shall not be less than Twenty Five Million Dollars ($25,000,000), and any amounts exceeding Twenty Five Million Dollars ($25,000,000) shall be in increments of Five Million Dollars ($5,000,000). Provided that (i) the sum of the current Commitment Amount plus the Facility Increase does not exceed the Borrowing Base Availability and (ii) no Default or Event of Default has occurred and is continuing as of the date of the Facility Increase Request and as of the time of the making of the Facility Increase and after giving effect thereto, Lead Arranger shall use reasonable commercial efforts to arrange adequate additional commitments from Lenders or from New Lenders (as such term is defined below) to increase the Commitment Amount by the amount of the Facility Increase Request. Within twenty (20) days of receipt of such Facility Increase Request, Agent shall advise Borrower in writing of its acceptance or rejection of the Facility Increase Request; failure to so advise Borrower shall constitute rejection thereof.
(B) Upon acceptance by Agent, the Facility Increase may be extended to Borrower either by having one or more Eligible Assignees (other than Lenders then holding a Commitment hereunder) approved by Borrower and Agent (each a “New Lender”) become Lenders hereunder and/or by having any one or more Lenders then holding a Commitment hereunder (at their respective election in their sole discretion) increase the amount of their Commitments (any such Lender that elects to increase its Commitment and any New Lender being hereinafter referred to as an “Additional Lender” and each Additional Lender shall be subject to the approval of Borrower and Agent), provided that on or before the Increase Date (as defined below): (I) unless otherwise agreed by Borrower and Agent, the Commitment of any New Lender shall not be less than Ten Million Dollars ($10,000,000); (II) unless otherwise agreed by Borrower and Agent, the increase in the Commitment of any Lender shall not be by less than $5,000,000; (III) the Commitment Am...
Accordion Option. Provided that no Event of Default or Default has occurred and is continuing as of the request date or the effective date thereof after giving effect thereto, the Borrowers may from time to time request an increase in the aggregate Revolving Commitments (each an “Accordion Increase”) in accordance with this Section 2.25(a); provided that the aggregate principal amount of all increases to the Revolving Commitments made pursuant to this Section 2.25(a)) shall not exceed $100,000,000 (the “Maximum Aggregate Increase Amount”) and each requested Accordion Increase shall not be less than $25,000,000.
Accordion Option. (a) Up and until 30 June 2024, the Borrower may by sending a notice to the Agent (an "Accordion Request") and provided that no Default has occurred and is continuing, request that the Total Commitments are increased in an amount of EUR 100,000,000 by way of adding a term loan facility to the Agreement (the "ECA Term Loan").
(b) The Accordion Request shall include a suggested date for the ECA Term Loan to become effective (the "Effective Date"), and shall be provided to the Lenders no later than sixty (60) Business Days prior to the requested Effective Date.
(c) The Lenders may, in their sole discretion, agree to an Accordion Request by the date falling forty-five (45) Business Days prior to the requested Effective Date. If the Lenders fails to reply to an Accordion Request, they shall be deemed to have refused the Accordion Request and the Total Commitments will not be increased.
(d) If the Lenders have agreed to an Accordion Request, the Effective Date shall be conditional upon the Parties entering into an amendment and restatement agreement and the Export and Investment Fund of Denmark providing a guarantee in favour of the Lenders covering at least ninety-five per cent. of the political and commercial risk associated with the outstanding amount of the ECA Term Loan (in each case in form and substance satisfactory to the Lenders)."
Accordion Option. A new Clause 3A (Accordion option) shall be added to the Original Facility Agreement to read as follows:
Accordion Option. Provided that no Event of Default or Default has occurred and is continuing as of the request date or the effective date thereof after giving effect thereto, the Borrower may from time to time upon thirty (30) days’ written notice (or such shorter period as the Administrative Agent shall agree) request (i) an increase in the aggregate amount of Commitments and/or (ii) the addition of a separate term loan facility (an “Additional Term Loan Facility) (each such increase or separate facility pursuant to the foregoing clauses (i) and (ii), an “Accordion Increase”), in each case in accordance with this Section 2.01(b); provided, that the aggregate principal amount of all Accordion Increases made pursuant to this Section 2.01(b) shall not exceed $300,000,000 (the “Maximum Aggregate Increase Amount”).
Accordion Option. The option to the Borrower, subject to the provisions of §2.2 of this Agreement, to increase the Facility and Total Commitment by an amount of $10,000,000 per request and in the aggregate $20,000,000 (the “Accordion Amount”) and thereby increase the Facility in the Total Commitment to a maximum principal amount of up to $80,000,000.00.
Accordion Option. Unless a Default or an Event of Default has occurred and is then continuing, so long as Borrowers shall not have elected to permanently reduce the Commitments hereunder and except as otherwise provided herein, Administrative Borrower may solicit the Lenders and any other lending institutions to provide the Borrowers with additional commitments to make U.S. Advances under this Agreement in an aggregate amount not to exceed the Accordion Amount and subject to the limitations set forth below. Any agreement by a Lender to increase its commitment to make U.S. Advances hereunder shall be an Accordion Activation (“Accordion Activation”). Neither the Agent nor any Lender shall have any obligation to provide the Borrowers with all or any part of such additional U.S. Commitment; provided, that by execution of this Agreement, the Agent and the Lenders shall be deemed to have consented, without the need for further or subsequent consent to such additional U.S. Commitments which any other Lender or lending institution may agree to provide for the U.S. Advances which may be advanced in respect thereof and any resulting changes in the Pro Rata Share. Any such additional U.S. Commitments (and the U.S. Advances funded pursuant thereto) shall be otherwise treated (and be subject to the same terms and conditions) as U.S. Commitments and U.S. Advances hereunder. Additional U.S. Advances may not be advanced in respect thereof, (1) if the aggregate U.S. Commitment to be increased pursuant to this Section 2.2.A(h) is in an amount which exceeds, in the aggregate, the Accordion Amount and (2) if a Default or Event of Default will occur as a result of such Accordion Activation. In addition, to the extent any Lender hereunder agrees to make U.S. Advances pursuant to a request for an Accordion Activation, U.S. Borrowers shall pay Agent (for the ratable benefit of the Accordion Lenders, subject to any letter agreement between Agent and Accordion Lenders), a fee in an amount to be agreed upon by the U.S. Borrowers and the Agent. Any Lender agreeing to increase its Commitment pursuant to this Section 2.2.A(h) shall execute a Confirmation of Increase in Commitment in the form of Exhibit C-2 attached hereto (a “Confirmation of Increase in Commitment”) and any lending institution not yet a party hereto providing additional commitments shall become a party to this Agreement (and become subject to all the rights and obligations of a U.S. Lender hereunder) by executing and delivering to the A...
Accordion Option. (a) At any time during the term of this Agreement, the Borrower may deliver an Accordion Option Notice to the Agent requesting that the Total Commitments be increased by an amount (the Additional Commitment) which, when aggregated with all other amounts by which the Total Commitments have been increased by means of the operation of this Clause 2.6, since the date of this Agreement, does not exceed USD 75,000,000. Each Additional Commitment must be for a minimum of USD 10,000,000 and no more than four Accordion Option Notices may be delivered during the term of this Agreement.
(b) Upon receipt of an Accordion Option Notice, the Agent shall promptly notify the Lenders.
Accordion Option. 2.3.1 At any time during the Availability Period for Facility B, the Company may give a written notice (the “New Commitments Notice”) to the Agent that it wishes to increase the Total Facility B Commitments (and the Total Commitments). Subject to compliance with Clause 2.3.13, the New Commitments Notice must specify the amount in the Base Currency by which the Total Facility B Commitments (and the Total Commitments) are to be increased and the date on which the Company wishes such increase to take effect (the amount of such increase being the “New Commitments”).
2.3.2 On receipt of any New Commitments Notice, the Agent shall promptly notify the Lenders (the “Agent Notification”). The Agent shall, after consultation with the Lenders and no later than 5 Business Days from the date of the Agent Notification, inform the Company and the Lenders whether or not the Company’s request for the New Commitments is accepted (such acceptance of the requested New Commitments being the “Agent Acceptance”).
2.3.3 From the date of the Agent Acceptance, the Agent or any Lender shall have up to 5 Business Days to request such further information from the Company as that Finance Party may reasonably require. The Company shall provide such further information, as reasonably requested, to the Agent or the requesting Lender within 5 Business Days of receiving such request.
2.3.4 The New Commitments shall be subject to:
2.3.4.1 those Lenders which agree to participate in the New Commitments and the Company agreeing the arrangement fees to be applied to the New Commitments (the “New Commitments Arrangement Fees”);
2.3.4.2 no Default continuing on each of:
(a) the date of the New Commitments Notice; and
(b) the date of the New Commitments becoming available to the Borrowers;
2.3.4.3 such conditions precedent as each relevant Lender shall require (in its discretion) (other than the payment of any fees other than New Commitments Arrangement Fees); and
2.3.4.4 each applicable Lender obtaining credit committee approval.
2.3.5 Following the Agent Acceptance, the opportunity to provide the New Commitments shall:
2.3.5.1 firstly, be offered to the Lenders on a pro-rata basis in accordance with their existing Commitments and each Lender shall have 20 Business Days from the date on which the Lender has received the Agent Acceptance (the “Acceptance Period”) to confirm to the Agent whether it wishes to provide its proportion of the New Commitments and the amount of the proposed New Commitment...
Accordion Option. 30 2.5.1 Accordion Option to Increase the Revolving Credit Limit...31 2.5.2 Accordion Option to Increase the Term Loan................31 2.6 Reduction of Commitments............................................31 3.
