Examples of Accordion Advance in a sentence
In no event shall any existing Lender be required to increase its Revolving Commitment or fund any portion of any Accordion Advance.
In no event shall any existing Lender be required to increase its Commitment or fund any portion of any Accordion Advance.
Any Accordion Advance will be subject to pricing and fees based on the then-current market for borrowers with similar credit profiles and ratings as mutually agreed to by the Borrower, the Agents and the Lenders providing commitments for such Accordion Advance, as set forth in any applicable Conforming Amendment (defined below) or related fee letters.
Contractors are encouraged and expected to review ship’s drawings and to perform a field inspection to inspect the locations and shipboard conditions where the work is to be performed aboard the Fairweather prior to submitting a bid proposal.
Any such Conforming Amendment shall not require the consent of any Person other than the participating Lenders or Acceding Lenders, as applicable, the Borrower and the Agents so long as such Conforming Amendment does not provide for new or amended covenants or events of default applicable to any Accordion Advance that are more restrictive than those hereunder; provided, that upon the execution of any Conforming Amendment, the Agents shall distribute a copy thereof to all of the Lenders.
To the extent that conforming changes (including incorporating the Accordion Advances and payment and pricing provisions applicable thereto) to this Agreement must be made to effect an Accordion Advance in accordance with this Section, the Administrative Agent and the Borrowers may enter into an amendment (a “Conforming Amendment”) effecting such changes.
Each Accordion Advance which is a LIBOR Rate Advance shall be in a minimum aggregate amount of $200,000 and in integral multiples of $200,000 in excess thereof (or the remaining amount available under then effective Accordion Note, if less).
Upon a request by the Borrowers for an Accordion Advance in accordance with this Section, the Administrative Agent and the Borrowers shall determine, as applicable, the effective date of any such Accordion Advance (any such date, the “Accordion Funding Date”) and the final allocation of any such Accordion Advance.
Each such Notice of Borrowing shall be irrevocable and shall specify (A) that an Accordion Advance is requested, (B) the date of the requested borrowing (which shall be a Business Day), (C) the principal amount to be borrowed and (D) whether the borrowing shall be comprised of a Base Rate Advance, a LIBOR Rate Advance or a combination thereof.
The Administrative Agent shall promptly notify the Borrowers and the Lenders and Acceding Lenders, if any, of the final allocation of such Accordion Advance.