Common use of Accordion Clause in Contracts

Accordion. (a) At any time during the period from and after the Closing Date through the date that is the 4 year anniversary of the Closing Date, at the option of Borrower (but subject to the conditions set forth in clause (b) below), the Commitments and the Maximum Revolver Amount may be increased by an amount in the aggregate for all such increases of the Commitments and the Maximum Revolver Amount not to exceed the Available Increase Amount (each such increase, an “Increase”). Agent shall invite each Lender to increase its Commitments (it being understood that no Lender shall be obligated to increase its Commitments and may refuse to increase its Commitments for any reason or no reason at all) in connection with a proposed Increase, and if sufficient Lenders do not agree to increase their Commitments in connection with such proposed Increase, then Agent or Borrower may invite any prospective lender who is reasonably satisfactory to Agent and Borrower to become a Lender in connection with a proposed Increase. Any Increase shall be in an amount of at least $10,000,000 and integral multiples of $5,000,000 in excess thereof. In no event may the Commitments and the Maximum Revolver Amount be increased pursuant to this Section 2.14 on more than 4 occasions.

Appears in 2 contracts

Samples: Credit Agreement (Jda Software Group Inc), Credit Agreement (Jda Software Group Inc)

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Accordion. (a) At any time during the period from and after the Closing Date through but excluding the date that is the 4 year anniversary of the Closing Date, at the option of Borrower (but subject to the conditions set forth in clause (b) below), the Commitments and the Maximum Revolver Term Loan Amount may be increased by an amount in the aggregate for all such increases of the Commitments and the Maximum Revolver Term Loan Amount not to exceed the Available Increase Amount (each such increase, an “Increase”). Agent shall invite each Lender to increase its Commitments Pro Rata Share of the Term Loan Amount (it being understood that no Lender shall be obligated to increase its Commitments and may refuse to increase its Commitments for any reason or no reason at allPro Rata Share of the Term Loan Amount) in connection with a proposed IncreaseIncrease at the interest margin proposed by Borrower, and if sufficient Lenders do not agree to increase their Commitments Pro Rata Share of the Term Loan Amount in connection with such proposed Increase, then Agent or Borrower may invite any prospective lender who is reasonably satisfactory to Agent and Borrower to become a Lender in connection with a proposed Increase. Any Increase shall be in an amount of at least $10,000,000 1,000,000 and integral multiples of $5,000,000 500,000 in excess thereof. In no event may the Commitments and the Maximum Revolver Term Loan Amount be increased pursuant to this Section 2.14 on more than 4 occasionsoccasions in the aggregate for all such Increases. Additionally, for the avoidance of doubt, it is understood and agreed that in no event shall the aggregate amount of the Increases to the Term Loan Amount exceed $10,000,000.

Appears in 2 contracts

Samples: Credit Agreement (Asure Software Inc), Credit Agreement (Asure Software Inc)

Accordion. (a) At any time during the period from and after the Closing Date through the date that is the 4 year anniversary of the Closing Date, at the option of Borrower Borrowers (but subject to the conditions set forth in clause (b) below), the Commitments Commitment and the Maximum Revolver Amount Aggregate Commitment may be increased by an amount in the aggregate for all such increases of the Commitments Commitment and the Maximum Revolver Amount Aggregate Commitment not to exceed the Available Increase Amount (each such increase, an “Increase”). Agent shall invite each Lender to increase its Commitments Commitment (it being understood that no Lender shall be obligated to increase its Commitments and may refuse to increase its Commitments for any reason or no reason at allCommitment) in connection with a proposed IncreaseIncrease at the interest margin proposed by Borrowers, and if sufficient Lenders do not agree to increase their Commitments Commitment in connection with such proposed Increase, then Agent or Borrower Borrowers may invite any prospective lender who is reasonably satisfactory to Agent and Administrative Borrower to become a Lender in connection with a proposed Increase. Any Increase shall be in an amount of at least $10,000,000 and integral multiples of $5,000,000 10,000,000 in excess thereof. In no event may the Commitments Commitment and the Maximum Revolver Amount Aggregate Commitment be increased pursuant to this Section 2.14 2.15 on more than 4 three occasions.

Appears in 2 contracts

Samples: Senior Secured Credit Agreement (BMC Stock Holdings, Inc.), Senior Secured Credit Agreement (BMC Stock Holdings, Inc.)

Accordion. (a) At any time during the period from and after the Closing Date through but excluding the date that is the 4 year anniversary of the Closing Maturity Date, at the option of Borrower (but subject to the conditions set forth in clause (b) below), the Revolver Commitments and the Maximum Revolver Amount may be increased by an amount in the aggregate for all such increases of the Revolver Commitments and the Maximum Revolver Amount not to exceed the Available Increase Amount (each such increase, an "Increase"). Agent shall invite each Lender to increase its Revolver Commitments (it being understood that no Lender shall be obligated to increase its Commitments and may refuse to increase its Commitments for any reason or no reason at allRevolver Commitments) in connection with a proposed IncreaseIncrease at the interest margin proposed by Borrower, and if sufficient Lenders do not agree to increase their Revolver Commitments in connection with such proposed Increase, then Agent or Borrower may invite any prospective lender who is reasonably satisfactory to Agent and Borrower to become a Lender in connection with a proposed Increase. Any Increase shall be in an amount of at least $10,000,000 5,000,000 and integral multiples of $5,000,000 in excess thereof. In no event may the Revolver Commitments and the Maximum Revolver Amount be increased pursuant to this Section 2.14 2.2 on more than 4 occasionsthree occasions in the aggregate for all such Increases. Additionally, for the avoidance of doubt, it is understood and agreed that in no event shall the aggregate amount of the Increases to the Revolver Commitments exceed $125,000,000.

Appears in 2 contracts

Samples: Credit Agreement (MDC Partners Inc), Credit Agreement (MDC Partners Inc)

Accordion. (a) At any time during the period from and after the Closing Delayed Draw Term Loan Commitment Termination Date through but excluding the date that is the 4 year anniversary of the Closing Final Maturity Date, at the option of Borrower the Borrowers by written notice to the Administrative Agent (but subject to the conditions set forth in clause (b) below), the Commitments and the Maximum Revolver Term Loan Amount may be increased by an amount in the aggregate for all such increases of the Commitments and the Maximum Revolver Term Loan Amount not to exceed the Available Increase Amount (each such increase, an "Increase"). Agent The Administrative Borrower shall invite each Lender to increase its Commitments the Term Loan Amount (it being understood that no Lender shall be obligated to increase its Commitments and may refuse to increase its Commitments for any reason or no reason at allthe Term Loan Amount) in connection with a proposed IncreaseIncrease at the interest margin proposed by the Borrowers, and if sufficient Lenders do not agree to increase their Commitments the Term Loan Amount in connection with such proposed Increase, then Agent or Borrower the Borrowers may invite any prospective lender who is reasonably satisfactory to Agent the Required Lenders and Borrower the Borrowers to become a Lender in connection with a proposed Increase. Any Increase Additional Portion of the Term Loan shall be in an amount of at least $10,000,000 30,000,000 and integral multiples of $5,000,000 1,000,000 in excess thereof. In no event may the Commitments thereof and the Maximum Revolver Amount shall not be increased pursuant to this Section 2.14 made on more than 4 occasionsfive (5) occasions during the term of this Agreement.

Appears in 2 contracts

Samples: Financing Agreement, Financing Agreement (Westmoreland Resource Partners, LP)

Accordion. (a) At any time during the period from and after the Closing Date through but excluding the date that is the 4 year anniversary of the Closing Maturity Date, at the option of Borrower Borrowers (but subject to the conditions set forth in clause (b) below), the Revolver Commitments and the Maximum Revolver Amount may be increased by an amount in the aggregate for all such increases of the Revolver Commitments and the Maximum Revolver Amount not to exceed the Available Increase Amount (each such increase, an “Increase”). Agent shall invite each Lender to increase its Revolver Commitments (it being understood that no Lender shall be obligated to increase its Commitments and may refuse to increase its Commitments for any reason or no reason at allRevolver Commitments) in connection with a proposed IncreaseIncrease at the interest margin proposed by Borrowers, and if sufficient Lenders do not agree to increase their Revolver Commitments in connection with such proposed Increase, then Agent or Borrower Borrowers may invite any prospective lender who is reasonably satisfactory to Agent and Borrower Borrowers to become a Lender in connection with a proposed Increase. Any Increase shall be in an amount of at least $10,000,000 and integral multiples of $5,000,000 in excess thereof. In no event may the Revolver Commitments and the Maximum Revolver Amount be increased pursuant to this Section 2.14 on more than 4 occasions2 occasions in the aggregate for all such Increases. Additionally, for the avoidance of doubt, it is understood and agreed that in no event shall the aggregate amount of the Increases to the Revolver Commitments exceed $25,000,000.

Appears in 2 contracts

Samples: Credit Agreement (Power Solutions International, Inc.), Credit Agreement (Power Solutions International, Inc.)

Accordion. (a) At any time during the period from and after the Closing Date through and so long as Borrower has at no time reduced the date that is the 4 year anniversary of the Closing DateCommitments pursuant to Section 2.4(b), at the option of Borrower (but subject to the conditions set forth in clause (bSection 2.2(b) below), the Commitments and the Maximum Revolver Amount may be increased by an amount in the aggregate for all such increases of the Commitments and the Maximum Revolver Amount not to exceed the Available Increase Amount (each such increase, an “Increase”). Agent shall invite each Lender to increase its Commitments (it being understood that no Lender shall be obligated to increase its Commitments and may refuse to increase its Commitments for any reason or no reason at allCommitments) in connection with a proposed IncreaseIncrease at the interest margin proposed by Borrower, and if sufficient Lenders do not agree to increase their Commitments in connection with such proposed Increase, then Agent or Borrower may invite any prospective lender who is reasonably satisfactory to Agent and Borrower to become a Lender in connection with a proposed Increase. Any Increase Additionally, for the avoidance of doubt, it is understood and agreed that in no event shall be in an the aggregate amount of at least $10,000,000 and integral multiples of $5,000,000 in excess thereof. In no event may the Increases to the Commitments exceed $75,000,000 and the Maximum Revolver Amount be increased pursuant to this Section 2.14 on more than 4 occasionsshall not exceed $150,000,000.

Appears in 1 contract

Samples: Loan and Security Agreement (NewStar Financial, Inc.)

Accordion. (a) At any time during the period from and after the Closing Date through but excluding the date that is 180 days prior to the 4 year anniversary of the Closing Maturity Date, at the option of Borrower Borrowers (but subject to the conditions set forth in clause (b) below), the Revolver Commitments and the Maximum Revolver Amount may be increased by an amount in the aggregate for all such increases of the Revolver Commitments and the Maximum Revolver Amount not to exceed the Available Increase Amount (each such increase, an “Increase”). Agent shall invite each Lender to increase its Revolver Commitments (it being understood that no Lender shall be obligated to increase its Commitments and may refuse to increase its Commitments for any reason or no reason at allRevolver Commitments) in connection with a proposed IncreaseIncrease at the interest margin proposed by Borrowers, and if sufficient Lenders do not agree to increase their Revolver Commitments in connection with such proposed Increase, then Agent or Borrower Borrowers may invite any prospective lender who is reasonably satisfactory to Agent and Borrower Borrowers to become a Lender in connection with a proposed Increase. Any Increase shall be in an amount of at least $10,000,000 5,000,000 and integral multiples of $5,000,000 in excess thereof. In no event may the Revolver Commitments and the Maximum Revolver Amount be increased pursuant to this Section 2.14 on more than 4 occasionsthree (3) occasions in the aggregate for all such Increases.

Appears in 1 contract

Samples: Credit Agreement (FTS International, Inc.)

Accordion. (a) At any time during the period from and after the Closing Date through but excluding the date that is the 4 second year anniversary of the Closing Date, at the option of Borrower Borrowers (but subject to the conditions set forth in clause (b) below), the Revolver Commitments and the Maximum Revolver Amount may be increased by an amount in the aggregate for all such increases of the Revolver Commitments and the Maximum Revolver Amount not to exceed the Available Increase Amount $20,000,000 (each such increase, an “Increase”). Agent shall invite each Lender to increase its Revolver Commitments (it being understood that no Lender shall be obligated to increase its Commitments and may refuse to increase its Commitments for any reason or no reason at allRevolver Commitments) in connection with a proposed IncreaseIncrease at the interest margin applicable to the existing Revolver Commitments, and if sufficient Lenders do not agree to increase their Revolver Commitments in connection with such proposed Increase, then Agent or Borrower in coordination with the Borrowers may invite any prospective lender who is reasonably satisfactory to Agent and Borrower Borrowers to become a Lender in connection with a proposed Increase. Any Increase shall be in an amount of at least $10,000,000 and integral multiples of $5,000,000 in excess thereof10,000,000. In no event may the Revolver Commitments and the Maximum Revolver Amount be increased pursuant to this Section 2.14 on more than 4 occasions2 occasions in the aggregate for all such Increases.

Appears in 1 contract

Samples: Credit Agreement (Pernix Therapeutics Holdings, Inc.)

Accordion. (a) At any time during the period from and after the Closing Amendment No. 6 Effective Date through the date that is the 4 year anniversary of the Closing DateMarch 24, 2021, at the option of Borrower Borrowers (but subject to the conditions set forth in clause (b) below), the Revolver Commitments and the Maximum Revolver Amount may be increased by an amount in the aggregate for all such increases of the Revolver Commitments and the Maximum Revolver Amount not to exceed the Available Increase Amount (each such increase, an “Increase”). Agent shall invite each Lender to increase its Revolver Commitments (it being understood that no Lender shall be obligated to increase its Commitments and may refuse to increase its Commitments for any reason or no reason at allRevolver Commitments) in connection with a proposed IncreaseIncrease at the interest margins proposed by Borrowers, and if sufficient Lenders do not agree to increase their Revolver Commitments in connection with such proposed Increase, then Agent or Borrower Borrowers may invite any prospective lender who is reasonably satisfactory to Agent and Borrower Borrowers to become a Lender in connection with a proposed Increase. Any Increase shall be in an amount of at least $10,000,000 1,000,000 and integral multiples of $5,000,000 500,000 in excess thereof. In no event may the Revolver Commitments and the Maximum Revolver Amount be increased pursuant to this Section 2.14 on more than 4 occasionstwo occasions in the aggregate for all such Increases. Additionally, for the avoidance of doubt, it is understood and agreed that in no event shall the aggregate amount of the Increases to the Revolver Commitments exceed $7,000,000.

Appears in 1 contract

Samples: Credit Agreement (General Finance CORP)

Accordion. (a) At any time during the period from and after the Closing Date through but excluding the date that is the 4 year anniversary of the Closing Maturity Date, at the option of Borrower Borrowers (but subject to the conditions set forth in clause (b) below), the Revolver Commitments and the Maximum Revolver Amount may be increased by an amount in the aggregate for all such increases of the Revolver Commitments and the Maximum Revolver Amount not to exceed the Available Increase Amount (each such increase, an “Increase”). Agent shall invite each Lender to increase its Revolver Commitments (it being understood that no Lender shall be obligated to increase its Commitments and may refuse to increase its Commitments for any reason or no reason at allRevolver Commitments) in connection with a proposed IncreaseIncrease at the interest margin proposed by Borrowers, and if sufficient Lenders do not agree to increase their Revolver Commitments in connection with such proposed Increase, then Agent or Borrower Borrowers may invite any prospective lender who is reasonably satisfactory to Agent and Borrower Borrowers to become a Lender in connection with a proposed Increase. Any Increase shall be in an amount of at least $10,000,000 5,000,000 and integral multiples of $5,000,000 1,000,000 in excess thereof. In no event may the Revolver Commitments and the Maximum Revolver Amount be increased pursuant to this Section 2.14 on more than 4 occasionsthree (3) occasions in the aggregate for all such Increases. Additionally, for the avoidance of doubt, it is understood and agreed that in no event shall the aggregate amount of the Increases to the Revolver Commitments exceed $25,000,000.

Appears in 1 contract

Samples: Credit Agreement (Advanced Energy Industries Inc)

Accordion. (a) At any time during the period from and after the Closing Date through but excluding the date that is the 4 3 year anniversary of the Closing Date, at the option of Borrower (but subject to the conditions set forth in clause (b) below), the Commitments and the Maximum Revolver Amount may be increased by an amount in the aggregate for all such increases of the Commitments and the Maximum Revolver Amount not to exceed the Available Increase Amount (each such increase, an “Increase”). Agent shall invite each Lender to increase its Commitments (it being understood that no Lender shall be obligated to increase its Commitments and may refuse to increase its Commitments for any reason or no reason at allCommitments) in connection with a proposed IncreaseIncrease at the interest margin proposed by Bxxxxxxx, and if sufficient Lenders do not agree to increase their Commitments in connection with such proposed Increase, then Agent or Borrower may invite any prospective lender who is reasonably satisfactory to Agent and Borrower to become a Lender in connection with a proposed Increase. Any Increase shall be in an amount of at least $10,000,000 3,000,000 and integral multiples of $5,000,000 500,000 in excess thereof. In no event may the Commitments and the Maximum Revolver Amount be increased pursuant to this Section 2.14 2.13 on more than 4 occasions5 occasions in the aggregate for all such Increases. Additionally, for the avoidance of doubt, it is understood and agreed that in no event shall the aggregate amount of the Increases to the Commitments exceed $40,000,000.

Appears in 1 contract

Samples: Loan and Security Agreement (AFC Gamma, Inc.)

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Accordion. (a) At any time during the period from and after the Closing Date through but excluding the date that is the 4 year anniversary of the Closing Maturity Date, at the option of Borrower Borrowers (but subject to the conditions set forth in clause (b) below), the Commitments and the Maximum Revolver Amount may be increased by an amount in the aggregate for all such increases of the Commitments and the Maximum Revolver Amount not to exceed the Available Increase Amount (each such increase, an “Increase”). Agent shall invite each Lender to increase its Commitments (it being understood that no Lender shall be obligated to increase its Commitments and may refuse to increase its Commitments for any reason or no reason at allCommitments) in connection with a proposed IncreaseIncrease at the interest margin proposed by Borrowers, and if sufficient Lenders do not agree to increase their Commitments in connection with such proposed Increase, then Agent or Borrower Borrowers may invite any prospective lender who is reasonably satisfactory to Agent and Borrower Borrowers to become a Lender in connection with a proposed Increase. Any Increase shall be in an amount of at least $10,000,000 5,000,000 and integral multiples of $5,000,000 in excess thereof. In no event may the Commitments and the Maximum Revolver Amount be increased pursuant to this Section 2.14 on more than 4 occasions2 occasions in the aggregate for all such Increases. Additionally, for the avoidance of doubt, it is understood and agreed that in no event shall the aggregate amount of the Increases to the Commitments exceed $20,000,000.

Appears in 1 contract

Samples: Credit Agreement (Aventine Renewable Energy Holdings Inc)

Accordion. (a) At any time during the period from and after the Closing Date through the date that is the 4 year anniversary of the Closing Date, at the option of Borrower Borrowers (but subject to the conditions set forth in clause (b) below), the Revolver Commitments and the Maximum Revolver Amount may be increased by an amount in the aggregate for all such increases of the Revolver Commitments and the Maximum Revolver Amount not to exceed the Available Revolver Increase Amount (each such increase, an “Increase”). Agent shall invite each Lender to increase its Revolver Commitments (it being understood that no Lender shall be obligated to increase its Commitments and may refuse to increase its Commitments for any reason or no reason at allRevolver Commitments) in connection with a proposed IncreaseIncrease at the interest margin proposed by Borrowers, and if sufficient Lenders do not agree to increase their Revolver Commitments in connection with such proposed Increase, then Agent or Borrower Borrowers may invite any prospective lender who is reasonably satisfactory to Agent and Borrower Borrowers to become a Lender in connection with a proposed Increase. Any Increase shall be in an amount of at least $10,000,000 and integral multiples of $5,000,000 in excess thereof. In no event may the Revolver Commitments and the Maximum Revolver Amount be increased pursuant to this Section 2.14 on more than 4 occasionsthree (3) occasions in the aggregate for all such Increases. Additionally, for the avoidance of doubt, it is understood and agreed that in no event shall the aggregate amount of the Increases to the Revolver Commitments exceed $25,000,000.

Appears in 1 contract

Samples: Credit Agreement (Brooks Automation Inc)

Accordion. (a) At any time during the period from and after the Closing Date through but excluding the date that is 180 days prior to the 4 year anniversary of the Closing Maturity Date, at the option of Borrower Borrowers (but subject to the conditions set forth in clause (b) below), the Revolver Commitments and the Maximum Revolver Amount may be increased by an amount in the aggregate for all such increases of the Revolver Commitments and the Maximum Revolver Amount not to exceed the Available Increase Amount (each such increase, an “Increase”). Agent shall invite each Lender to increase its Revolver Commitments (it being understood that no Lender shall be obligated to increase its Commitments and may refuse to increase its Commitments for any reason or no reason at allRevolver Commitments) in connection with a proposed IncreaseIncrease at the interest margin proposed by Borrowers, and if sufficient Lenders do not agree to increase their Revolver Commitments in connection with such proposed Increase, then Agent or Borrower Borrowers may invite any prospective lender who is reasonably satisfactory to Agent and Borrower Borrowers to become a Lender in connection with a proposed Increase. Any Increase shall be in an amount of at least $10,000,000 and integral multiples of $5,000,000 in excess thereof. In no event may the Revolver Commitments and the Maximum Revolver Amount be increased pursuant to this Section 2.14 on more than 4 occasionsthree (3) occasions in the aggregate for all such Increases.

Appears in 1 contract

Samples: Credit Agreement (FTS International, Inc.)

Accordion. (a) At any time during the period from and after the Closing Date through the date that is the 4 year anniversary term of the Closing Datethis Agreement, at the option of the Borrower (but subject to the conditions set forth in clause (b) below), the Revolver Commitments and the Maximum Revolver Amount may be increased by an amount in the aggregate for all such increases of the Revolver Commitments and the Maximum Revolver Amount not to exceed the Available Increase Amount (each such increase, an “Increase”). The Administrative Agent shall invite each Lender to increase its Revolver Commitments (it being understood that no Lender shall be obligated to increase its Commitments and may refuse to increase its Commitments for any reason or no reason at allRevolver Commitments) in connection with a proposed IncreaseIncrease at the interest margin proposed by the Borrower, and if sufficient Lenders do not agree to increase their Revolver Commitments in connection with such proposed Increase, then the Administrative Agent or the Borrower may invite any prospective lender who is reasonably satisfactory to the Administrative Agent and the Borrower to become a Lender in connection with a proposed Increase. Any Increase shall be in an amount amount, and in integrals, of at least $10,000,000 and integral multiples of $5,000,000 in excess thereof5,000,000. In no event may the Revolver Commitments and the Maximum Revolver Amount be increased pursuant to this Section 2.14 2.15 on more than 4 occasionstwo occasions in the aggregate for all such Increases. Additionally, for the avoidance of doubt, it is understood and agreed that in no event shall the aggregate amount of the Increases to the Revolver Commitments exceed $25,000,000.

Appears in 1 contract

Samples: Credit and Guarantee Agreement (ATI Intermediate Holdings, LLC)

Accordion. (a) At any time during the period from and after the Closing Date through but excluding the date that is the 4 year anniversary of the Closing Date, at the option of Borrower Borrowers (but subject to the conditions set forth in clause (b) below), the Revolver Commitments and the Maximum Revolver Amount may be increased by an amount in the aggregate for all such increases of the Revolver Commitments and the Maximum Revolver Amount not to exceed the Available Revolver Increase Amount (each such increase, an “Increase”). Agent shall invite each Lender to increase its Revolver Commitments (it being understood that no Lender shall be obligated to increase its Commitments and may refuse to increase its Commitments for any reason or no reason at allRevolver Commitments) in connection with a proposed IncreaseIncrease at the interest margin proposed by Borrowers, and if sufficient Lenders do not agree to increase their Revolver Commitments in connection with such proposed Increase, then Agent or Borrower Borrowers may invite any prospective lender who is reasonably satisfactory to Agent and Borrower Borrowers to become a Lender in connection with a proposed Increase. Any Increase shall be in an amount of at least $10,000,000 2,500,000 and integral multiples of $5,000,000 2,500,000 in excess thereof. In no event may the Revolver Commitments and the Maximum Revolver Amount be increased pursuant to this Section 2.14 on more than 4 occasions3 occasions in the aggregate for all such Increases.

Appears in 1 contract

Samples: Credit Agreement (Inventure Foods, Inc.)

Accordion. (a) At any time during the period from and after the Closing Date through but excluding the date that is the 4 year anniversary of the Closing Date, at the option of Borrower (but subject to the conditions set forth in clause (b) below), the Commitments and the Maximum Revolver Term Loan Amount may be increased by an amount in the aggregate for all such increases of the Commitments and the Maximum Revolver Term Loan Amount not to exceed the Available Increase Amount (each such increase, an “Increase”). Agent shall invite each Lender to increase its Commitments Pro Rata Share of the Term Loan Amount (it being understood that no Lender shall be obligated to increase its Commitments and may refuse to increase its Commitments for any reason or no reason at allPro Rata Share of the Term Loan Amount) in connection with a proposed IncreaseIncrease at the interest margin proposed by Borrower, and if sufficient Lenders do not agree to increase their Commitments Pro Rata Share of the Term Loan Amount in connection with such proposed Increase, then Agent or Borrower may invite any prospective lender who is reasonably satisfactory to Agent and Borrower to become a Lender in connection with a proposed Increase. Any Increase shall be in an amount of at least $10,000,000 1,000,000 and integral multiples of $5,000,000 500,000 in excess thereof. In no event may the Commitments and the Maximum Revolver Term Loan Amount be increased pursuant to this Section 2.14 on more than 4 occasionsoccasions in the aggregate for all such Increases. Additionally, for the avoidance of doubt, it is understood and agreed that in no event shall the aggregate amount of the Increases to the Term Loan Amount exceed $40,000,000.

Appears in 1 contract

Samples: Credit Agreement (Asure Software Inc)

Accordion. (a) At any time during the period from and after the Closing Date through the date that is the 4 year anniversary of the Closing Date, at the option of Borrower Borrowers (but subject to the conditions set forth in clause (b) below), the Revolver Commitments and the Maximum Revolver Amount may be increased by an amount in the aggregate for all such increases of the Revolver Commitments and the Maximum Revolver Amount not to exceed the Available Revolver Increase Amount (each such increase, an “Increase”). Agent shall invite each Lender to increase its Revolver Commitments (it being understood that no Lender shall be obligated to increase its Commitments and may refuse to increase its Commitments for any reason or no reason at allRevolver Commitments) in connection with a proposed IncreaseIncrease at the interest margin proposed by Xxxxxxxxx, and if sufficient Lenders do not agree to increase their Revolver Commitments in connection with such proposed Increase, then Agent or Borrower Borrowers may invite any prospective lender who is reasonably satisfactory to Agent and Borrower Borrowers to become a Lender in connection with a proposed Increase. Any Increase shall be in an amount of at least $10,000,000 and integral multiples of $5,000,000 in excess thereof. In no event may the Revolver Commitments and the Maximum Revolver Amount be increased pursuant to this Section 2.14 on more than 4 occasionsthree (3) occasions in the aggregate for all such Increases. Additionally, for the avoidance of doubt, it is understood and agreed that in no event shall the aggregate amount of the Increases to the Revolver Commitments exceed $25,000,000.

Appears in 1 contract

Samples: Credit Agreement

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