Accordion Request definition
Examples of Accordion Request in a sentence
It is expressly understood that no Lender shall have any right or obligation to increase its Individual Commitment pursuant to an Accordion Request.
If there is less than full participation by existing Lenders in an increase under an Accordion Request after the foregoing procedures are completed, then the Borrower may add one or more new Lenders reasonably acceptable to the Administrative Agent as parties to this Agreement for purposes of participating in such remaining portion.
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.
Each Accordion Request may specify any fees offered to those Lenders which agree to increase their Commitment (each such Lender, an "Increasing Lender"), which fees may be variable based upon the amount by which any such Increasing Lender is willing to increase the principal amount of its Commitment (which for greater certainty, need not be equal to such Increasing Lender's Applicable Percentage of the Credit existing immediately prior to receipt of such Accordion Request).
Following the receipt by the Administrative Agent of the Accordion Request, the Administrative Agent shall promptly forward a copy to each Purchaser Agent for informational purposes.
Upon full execution of the Accordion Request, Administrative Agent and Borrower shall establish the effective date of the increase in the Maximum Commitment (the “Accordion Increase Date”).
Once Administrative Agent, Lenders and Borrower agree on the amount of the Accordion Amount and each Lender’s portion of the Accordion Amount thereunder, Administrative Agent shall complete Schedule I to the Accordion Request and each Lender or other Person providing a portion of the Accordion Amount shall countersign the Accordion Request.
Upon receipt by Deutsche Bank of notice from Administrative Agent of the Accordion Request and if no Event of Default is then continuing, then Deutsche Bank shall increase its Commitment by the amount of the Accordion Amount following the completion by Administrative Agent of Schedule I to the Accordion Request and the countersignature of the Accordion Request by Deutsche Bank.
Each Accordion Request shall be for an amount at least equal to $10,000,000 except to the extent the unused portion of the Accordion Amount is less than $10,000,000 in which event such request may be for such unused amount.
Upon full execution of the Accordion Request, Administrative Agent and Borrower shall establish the effective date of the Accordion Amount (the “Accordion Increase Date”).