Examples of Accordion Option in a sentence
The Repeating Representations are deemed to be made by each Obligor by reference to the facts and circumstances then existing on the date of each Utilisation Request, the first day of each Interest Period, the date of each Accordion Option Notice and on each Accordion Option Increase Date.
Bank may rely on any certificate, report, or representation made by any Borrower as made on behalf of, and binding on, all Borrowers, including without limitation any Disbursement Request Forms, Borrowing Base Certificates, Compliance Certificates, and Accordion Option Request.
Each Additional Commitment must be for a minimum of USD 10,000,000 and no more than two Accordion Option Notices may be delivered during the term of this Agreement.
Notwithstanding the foregoing, the Accordion Option cannot be exercised (i) at any time that there is an existing Event of Default under this Agreement or (ii) if such exercise would cause an Event of Default under this Agreement.
Any increase in the Term Loan Limit in connection with the exercise of the Accordion Option may be accomplished by (i) increasing the Term Loan Limit with respect to the Term Loan then outstanding (the "Original Term Loan"), or (ii) the making of a Term Loan upon terms and conditions different than the Original Term Loan.
For avoidance of doubt, under no circumstances shall the Additional Advance be considered to be, or constitute, the exercise by Borrowers of their Accordion Option (as defined in Section 7.20 of the Loan Agreement).
Any exercise of the Accordion Option must be exercised, with respect to increases in the Revolving Credit Limit and the Term Loan Limit in the aggregate, in a minimum amount, and in increments, of $25,000,000.
The Administrative Agent may unilaterally, from time to time, revise the Register so as to update the information set forth thereon (including, without limitation, as a result of any exercise of the Accordion Option pursuant to Section 2.5 and any reductions of Commitments pursuant to Section 2.6, as well as arising out of the execution and delivery of any Assignment and Acceptance); and the entries in the Register shall be conclusive absent manifest error.
Each Lender’s Revolving Commitment shall be set forth on Schedule 2.2 attached hereto, which Schedule may be modified, revised, amended or restated by the Administrative Agent, from time to time, as same may be necessary or desirable in connection with the exercise of the Accordion Option set forth in Section 2.6 hereof, without the consent or necessity for joinder of any Lender.
Provided there is not then in existence any Default, the Borrowers may elect by written notice to the Administrative Agent and the Arrangers, on no more than two occasions, of their intent to exercise the Accordion Option.