Accordion Loan definition
Examples of Accordion Loan in a sentence
The Accordion Loan shall bear interest at a variable per annum rate equal to the sum of LIBOR plus 3.00%, provided, however, under no circumstances shall the per annum interest rate applicable to the Accordion Loan be less than 3.50%, and such interest shall be payable monthly.
Funds advanced to Borrowers under the Accordion Loan must be repaid in full within six months after the date advanced, provided, that, the Borrowers may extend the required date of such repayment for an additional six months upon payment to Lender of a fee in the amount of 0.50% of the amount advanced and a 5.00% reduction in the outstanding principal balance of such funds otherwise required to be repaid on such date of extension.
Until such time as the Accordion Loan is Activated, the Applicable Interest Rate for Revolving Advances shall be the LIBOR Rate, plus the Applicable Percentage specified in clause (a) of the Applicable Percentage definition.
Borrower shall pay a non-usage fee in the amount of 0.25% per annum of the Accordion Loan, payable quarterly in arrears, on the unfunded portion of the initial $10,000,000 commitment regardless of whether any Accordion Loan is issued hereunder.
In such event, subject to all applicable provisions of the Accordion Loan Documents, the Lenders and the Accordion Lenders shall thereafter make Warehousing Advances to the Borrowers based upon the increased Warehousing Commitment Amount and their respective Commitment Percentages.
Notwithstanding anything to the contrary in this Agreement, the rate of interest on any Accordion Loan not denominated in the Base Currency shall be the rate agreed with the relevant Accordion Facility Lenders and as indicated in the Accordion Facility Notice for those Accordion Facility Commitments.
The Borrower has requested that the Lenders provide a term loan facility, a revolving credit facility and an Accordion Loan, and the Lenders have indicated their willingness to lend and the L/C Issuer has indicated its willingness to issue letters of credit, in each case, on the terms and subject to the conditions set forth herein.