Accordion Feature Sample Clauses
An Accordion Feature is a contractual provision that allows for the increase or decrease of a loan facility's total commitment amount, typically at the borrower's request and subject to lender approval. In practice, this means a borrower can request additional funds (an "upsizing") or reduce the available commitment (a "downsizing") without the need to renegotiate the entire loan agreement. This feature provides flexibility for borrowers to adjust their financing in response to changing business needs, while giving lenders the discretion to approve or decline such changes. The core function of the Accordion Feature is to streamline the process of modifying loan amounts, thereby saving time and administrative effort for both parties.
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Accordion Feature. Provided no Default or Event of Default has occurred and is then continuing, upon the request of Borrower, Agent shall use commercially reasonable efforts to arrange for additional commitments from the Lenders (and, if necessary, lenders who are not a party hereto, provided that any such new lender is approved by Borrower in its reasonable discretion) in an aggregate amount equal to $200,000,000.00 (the “Accordion”). Notwithstanding the foregoing, the decision of any Lender to provide such additional commitment shall be subject to the sole and absolute discretion of such Lender. Such Accordion shall be subject to new pricing by Agent and the Lenders, or the lenders a party thereto, and such other terms and conditions which are acceptable to Borrower, Agent, the Lenders, or the lenders thereto, each in its respective sole and absolute discretion and to the credit committee approval of each Lender as lender thereto. In addition, the advance of any such Accordion shall be conditioned upon, among other things, (a) the Loan-to-Value Ratio, based upon an updated Appraisal ordered by Agent at Borrower’s expense, not exceeding fifty percent (50%) on an “as is” basis, (b) the NOI of the Property providing for a Debt Yield of not less than sixteen percent (16%) based on the Loan Amount, and (c) Borrower paying all costs and expenses of Agent and the Lenders in connection therewith. The Accordion feature shall be available, in accordance with the provisions of this Section 2.7, during the entire term of the Loan including the extension periods. Notwithstanding the foregoing, to the extent that Borrower has repaid any portion of the Loan Amount, Borrower shall not be entitled to re-borrow the same. Agent hereby agrees that if, in Agent’s reasonable determination, Agent has determined that the Debt Yield is less than sixteen percent (16%) and Agent used a lower NOI to calculate such Debt Yield than the NOI which was calculated by Borrower, Agent shall review the same with Borrower and/or its representatives, including Agent’s adjustment (if any) to Gross Revenues and/or Operating Expenses, as applicable, to provide to Borrower and/or its representatives the basis for and details surrounding such determination (provided, however, that the duration of such review and the provision of such basis for and details surrounding Agent’s determination shall be reasonably determined by Agent and the final determination of the Debt Yield shall be shall be unilaterally made by Agen...
Accordion Feature. The Commitments may be increased by up to an additional $25,000,000, without the consent of any Bank; provided that (a) no Bank shall be required to increase its respective Commitment, (b) Agent, Borrower, and each Person making any such new Commitment shall execute and deliver to Agent an acceptance agreement in form and substance satisfactory to Agent setting forth, among other things, the new Commitment of such Person, such Person’s Pro Rata Share of the Commitments, and certain representations and warranties of Borrower and such Person, (c) no Default or Event of Default shall then be in existence, and (d) all other terms and conditions related to the increased commitment shall be satisfactory to Agent in its discretion. Upon any agreement to increase the Commitments as contemplated by this Section 2.12, Borrower agrees to (i) execute any and all documents required by Agent in connection therewith and (ii) reimburse Agent and the Banks for any and all costs and expenses as which may be occasioned on account of the reallocation of any Loans among the Banks based on their new Pro Rata Shares (including, without limitation, any amounts payable under Section 2.10). Borrower shall not be required to pay any arranging or similar fees on account of its exercise of its rights under this Section 2.12, except to the extent Agent and Borrower have otherwise expressly agreed in writing to the payment of such fees.
Accordion Feature. At any time prior to the Term, the Borrower may from time to time, by no less than 60 days’ prior written notice to the Lender (an “Increase Request”), request an increase to the Revolving Facility (a “Facility Increase”) by an amount not greater than $10,000,000. An Increase Request will be substantially in the form of Schedule 2.3 and will be accompanied by a Compliance Certificate (calculated on a current basis as well as a pro forma basis after giving effect to any potential Borrowing (whether or not a Borrowing is made) in connection with the proposed Facility Increase) together with such other supporting materials reasonably requested by the Lender. The principal amount of the proposed Facility Increase can be made in no more than one tranche and will be in a minimum amount of $5,000,000. No Facility Increase will be permitted if a Default (including for greater certainty failure to deliver the most recent monthly reporting package required under this Agreement) has occurred and is continuing. For greater certainty, the Facility Increase is uncommitted and the Lender may decline an Increase Request in its sole discretion. Not later than sixty (60) days after receipt of an Increase Request, the Lender will advise the Borrower in writing as to whether it has agreed to the Facility Increase.
Accordion Feature. (a) Kinross Canada may, by notice to the Administrative Agent (an "ACCORDION NOTICE"), from time to time request that the amount of the Total Commitment Amount be increased by an aggregate amount of up to U.S. $75,000,000 (in the aggregate for all Accordion Notices) specifying the Lenders and/or proposed new Lenders that have agreed to accept Individual Commitments in the aggregate amount of such requested increase. Promptly following receipt of an Accordion Notice, the Administrative Agent shall promptly notify the Bullion Fronting Lender and the Issuing Lender and shall request each of the Bullion Fronting Lender and the Issuing Lender to approve such increase.
(b) Promptly following receipt of an Accordion Notice from the Administrative Agent pursuant to Section 2.2(a), each of the Bullion Fronting Lender and the Issuing Lender shall promptly notify the Administrative Agent whether or not it approves of the increase in the Total Commitment Amount requested in such Accordion Notice. If either the Issuing Lender or the Bullion Fronting Lender does not approve such increase, then no increase in the Total Commitment Amount shall take place pursuant to this Section 2.2.
(c) Upon receipt of a notice pursuant to Section 2.2(b), each Accordion Lender that is an existing Lender shall send a confirming letter to the Administrative Agent confirming that it has agreed to increase its Individual Commitment and setting out the amounts of that increase and advising whether it is a Canadian Lender and/or a U.S. Lender with respect thereto. The increase in that Accordion Lender's Individual Commitment shall, subject to Section 2.2(f), take place with effect from the first Banking Day following the date of the delivery of such notice to the Administrative Agent. Upon any such increase of that Accordion Lender's Individual Commitment, Schedule A hereto shall be deemed to be amended to increase the Individual Commitment of that Accordion Lender by the amount of such increase.
(d) Any Accordion Lender that is not an existing Lender must be acceptable to each of the Administrative Agent and the Issuing Lender and the Bullion Fronting Lender acting in their discretion exercised reasonably. Upon delivery to the Administrative Agent, the Issuing Lender and the Bullion Fronting Lender of an Accordion Agreement executed by Kinross Canada and an Accordion Lender that is so acceptable to the Administrative Agent, the Issuing Lender and the Bullion Fronting Lender, the Administrativ...
Accordion Feature. Section 10.11(d) of the Credit Agreement is amended by deleting the clause "$200,000,000" as it appears therein and by substituting in lieu thereof the clause "$300,000,000".
Accordion Feature. 5663 Section 2.7 Reallocation of Commitments ............................................................................ 5865 Section 2.8 Obligations of the Lenders and the Administrative Agent ................................. 5966 ARTICLE 3 -
Accordion Feature. Upon request of Borrower, at any time and from time to time prior to the Termination Date and subject to the commercial reasonable (from the standpoint of a secured creditor) approval of Agent and the consent of any Person whose consent is required under the terms of any of the other Loan Documents, Agent will work with Borrower in good faith and using commercially reasonable efforts to act as arranger to increase the Term Loan Commitments by an aggregate amount not to exceed $10,000,000 with additional Term Loan Commitments from Lenders or new Term Loan Commitments from financial institutions with which the Agent has existing lending relationships, or which are clients of Agent, or any other lenders identified by Borrower and, in each case, reasonably acceptable to Agent and Borrower, provided, that: (i) at the time of any such increase, no Default or Event of Default has occurred and is continuing; (ii) no Lender shall be obligated to participate in any such increase by increasing the amount of its own Term Loan Commitment, which decision shall be made in the sole discretion of each Lender; (iii) Agent shall have determined, in its commercially reasonable (from the standpoint of a secured creditor judgment) that such increase in the Term Loan Commitments shall not create any increased risk that Borrower will be unable to perform its obligations hereunder; (iv) such additional Term Loan Commitments shall be in a minimum aggregate principal amount of $1,000,000 and integral multiples of $100,000 in excess thereof; (v) Agent and Lenders shall have received any fees required by Agent and Lenders (including, without limitation, any such fees as may be due pursuant to any fee letter) in connection with such increase and (vi) all documents reasonably required by Agent to evidence any such increase shall be executed and delivered to Agent on or before the effective date of such increase, including, without limitation, one or more new or replacement Notes as may be requested by any Lender.
Accordion Feature. 36 2.3 LENDERS' COMMITMENTS......................................................................38 2.4 REDUCTION OF CREDIT FACILITY..............................................................38 2.5 TERMINATION OF CREDIT FACILITY............................................................38
Accordion Feature. (i) Request for Increase. Borrower may, at any time for so long as the Facility B Line of Credit Commitment hereunder has not been terminated and prior to the Maturity Date and provided that no Event of Default or Default Condition has occurred and is continuing, request that the Facility B Line of Credit Commitment be increased by an additional principal amount of up to $4,000,000.00 ($10,000,000.00 in total) (each such requested increase being a “Commitment Increase”) by written notice to Bank requesting such Commitment Increase. Any such Commitment Increase shall be subject to (i) submission to Bank of such information as Bank shall request, (ii) underwriting by Bank, (iii) Bank’s written approval in its sole and absolute discretion (i.e., it may grant or withhold such approval for any reason or for no reason whatsoever), and (iv) such terms and conditions as Bank shall require in its sole and absolute discretion and nothing contained herein shall constitute the agreement or commitment of, or impose any obligation on, Bank to increase the Facility B Line of Credit Commitment by the amount of any such Commitment Increase. (ii)
Accordion Feature. 2.19.1 At any time that no Default has occurred and is continuing, the Borrowers may, by notice to the Administrative Agent, request that on the terms and subject to the conditions contained in this Agreement, the Lenders or New Lenders provide up to an aggregate amount of Cdn$250,000,000 in additional loan commitments consisting, at Borrowers’ option, of either Cdn Revolving Commitments or US Revolving Commitments (the “Additional Revolving Commitments”).
2.19.2 Upon receipt of such notice, the Administrative Agent shall use commercially reasonable efforts to arrange for the Lenders to provide such Additional Revolving Commitments, provided that the Administrative Agent will first offer each of the Lenders that then has a Revolving Commitment under the Revolving Facilities a pro rata portion (based upon the applicable Revolving Facility, at such time) of any such Additional Revolving Commitments. Nothing contained in this Section or otherwise in this Agreement is intended to commit any Lender or any Agent to provide any portion of any such Additional Revolving Commitments.
2.19.3 To the extent that any Lenders or New Lenders agree, in their sole discretion, to provide any Additional Revolving Commitments, (i) the applicable Revolving Facility and the applicable Revolving Commitments shall be increased by the amount of the Additional Revolving Commitments agreed to be so provided, (ii) at such time and in such manner as the Borrowers and the Administrative Agent shall agree, the Lenders shall assign and assume outstanding applicable Revolving Loans held by each Lender to conform to the respective percentages of the applicable Revolving Commitments of the Lenders, and (iii) the Borrowers shall execute and deliver any amendments or modifications to any Operative Document as the Administrative Agent may reasonably request.