Accordion Increase Sample Clauses
An Accordion Increase clause allows a borrower to increase the total available credit under a loan agreement, typically up to a specified maximum, without needing to renegotiate the entire contract. In practice, this means the borrower can request additional loan commitments from existing or new lenders, subject to certain conditions such as lender consent and compliance with financial covenants. The core function of this clause is to provide flexibility for the borrower to access more funds as needed, streamlining the process and avoiding the time and expense of arranging a completely new facility.
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Accordion Increase. (a) Subject to this Clause 2.2, the Borrower may request an increase in the Total Commitments (an "Accordion Increase") in an aggregate amount which when aggregated with the amount of all other Accordion Increases made under this Clause 2.2 does not exceed $1,750,000,000 (the "Additional Commitments"); provided that, the Total Commitments shall not exceed $3,500,000,000 after any Accordian Increase.
(b) The Borrower may invite:
(i) any one or more Lenders to provide Additional Commitments in such amount as may be agreed by the Borrower and such Lender (each such Lender that is invited to and wishes to provide such Additional Commitments, an "Accordion Lender"); and/or
(ii) any one or more bank or financial institution, trust, fund or other entity which is regularly engaged in or established for the purpose of making loans, securities or other financial assets and which is acceptable to the Agent (acting reasonably) (each a "New Accordion Lender") to provide Additional Commitments in such amount as may be agreed by the Borrower and such New Accordion Lender, provided that, the increase in the Total Commitments following the proposed Accordion Increase does not exceed the limit set out in paragraph (a) above.
(c) For the avoidance of doubt no Lender shall (unless otherwise agreed by that ▇▇▇▇▇▇) be obliged to provide any Additional Commitment.
(d) The Borrower shall, promptly following agreement with the Accordion Lenders and New Accordion Lenders and in any event not later than 45 Business Days (or such other period as the Agent and the Borrower may agree) prior to the proposed date of the Accordion Increase, deliver to the Agent a notice (an "Accordion Request") signed by a Responsible Officer of the Borrower which shall specify:
(i) the aggregate amount of the proposed Additional Commitments;
(ii) the identity of, and the amount of the proposed Additional Commitment of, each Accordion Lender and each New Accordion Lender that wishes to provide an Additional Commitment;
(iii) the proposed Accordion Increase Date which shall be a Business Day within the Availability Period and shall be the last date of the Interest Period of each Loan then outstanding; and
(iv) the fees relating to the proposed Additional Commitments.
(e) Following receipt by the Agent of an Accordion Request, it shall promptly forward a copy to each Lender for information purposes.
(f) An Accordion Increase will only become effective if, on the date of the Accordion Request and the propose...
Accordion Increase. A Lender may increase its Commitment (as requested by the Company), for the purposes of Clause 2.2 (Accordion feature — Increase of Facility B) by delivering a Accordion Increase Certificate in accordance with this Clause provided that no Lender may increase its Commitment if such increase, when aggregated with any additional Commitment provided by an Acceding Lender in accordance with Clause 25.11 (Acceding Lenders) below, would cause the Total Commitments to exceed, in aggregate, €175,000,000 more than the Total Commitments as at the effective date of any such increase.
Accordion Increase. (A) At any time during the Accordion Increase Notice Period, the Borrower (or the Transferor on its behalf) may request, in writing, the Original Senior Lender (such Original Senior Lender participating in an increase in accordance with this Clause 3.1 being the "Accordion Increase Lender") to commit to an increase in the Senior Total Commitments (an "Accordion Increase") in an amount (the "Accordion Increase Amount") which when aggregated with all other Accordion Increase Amounts does not exceed £90,000,000 in aggregate.
Accordion Increase. 2.1 The Lenders agree to a $25,000,000.00 increase in each of their respective Commitments for Revolving Loans, for an aggregate increase of $75,000,000.00 (the "Accordion Increase") effective on the date of this Agreement.
2.2 Schedule 2.01 of the Credit Agreement is hereby replaced in its entirety with the Schedule 2.01 attached hereto as Exhibit A.
2.3 This Agreement shall constitute one of the Loan Documents as that term is defined in the Credit Agreement.
Accordion Increase. Upon receipt of a bona fide offer to consummate a Proposed Alternative Financing, the Borrower may, at any time, by written notice to Agent of not less than ten (10) Business Days prior to the proposed closing date of such Proposed Alternative Financing, request a one-time increase in the aggregate amount of the Commitments during the term of this Agreement of up to $5,000,000 (an “Accordion Increase”) on the same terms as such Proposed Alternative Financing, to be effective as of the date upon which the conditions set forth in Section 2.12(d) below are fulfilled to the satisfaction of the Required Lenders (the “Accordion Effective Date”).
Accordion Increase. (a) Notwithstanding anything to the contrary contained in this Agreement, the Seller (or the Master Servicer on its behalf) may request from time to time an increase in the Aggregate Commitment (each, an “Accordion Increase”) in an aggregate amount which when aggregated with the amount of all other Accordion Increases does not exceed $75,000,000 (the “Additional Commitments”).
(b) Subject to and in accordance with Section 2.21(a), the Seller (or the Master Servicer on its behalf) may invite (i) any one or more Committed Purchasers to provide Additional Commitments in such amount as may be agreed by the Seller and such Committed Purchaser (each such Committed Purchaser that is invited and wishes to provide Additional Commitments, an “Accordion Committed Purchaser,”) and/or (ii) in consultation with the Administrative Agent, any one or more banks or other entities that have a short-term debt rating of at least A-1 by S&P and P-1 by ▇▇▇▇▇’▇ (unless agreed by the Administrative Agent that such minimum rating is not applicable) (each, a 949049213.2
Accordion Increase. 3.1 We refer to Clause 2.2 (Accordion) of the Original Facility Agreement and the Accordion Request dated 14 September 2022 given by the Parent to the Agent. This Agreement shall take effect as an Accordion Confirmation.
3.2 With effect from the Effective Date, each 2022 Accordion ▇▇▇▇▇▇ agrees to assume and will assume all of the obligations corresponding to the Commitment specified in Schedule 3 next to its name (the "Relevant Commitment") as if it were an Original Lender under the Facility Agreement with the Relevant Commitment.
3.3 The proposed date on which the increase in relation to each 2022 Accordion ▇▇▇▇▇▇'s Relevant Commitment is to take effect, subject to Clause 2.2 (Accordion) of the Original Facility Agreement, is on the Effective Date.
3.4 On the Effective Date:
(a) BNP Paribas (the "2022 New Accordion Lender") becomes party to the Finance Documents as a Lender;
(b) each 2022 Accordion Lender has the Relevant Commitments set out opposite its name in the Schedule 3; and
(c) each 2022 Accordion ▇▇▇▇▇▇ agrees to enter into such documents or agreements as are required in order to give effect to Clause 2.2 (Accordion).
3.5 The Parent confirms that the conditions set out in paragraph (f) of Clause 2.2 (Accordion) of the Amended Facility Agreement are satisfied on the date of this Agreement.
Accordion Increase an optional one-time increase to the Inventory Facility Limit in a maximum principal amount of Twenty-Five Million Dollars ($25,000,000) to be made at the Lenders’ sole and absolute discretion upon the request by Borrowers.
Accordion Increase. (A) At any time during the Accordion Increase Notice Period, the Borrower (or the Transferor on its behalf) may request, in writing, the Original Senior Lender (such Original Senior Lender participating in an increase in accordance with this Clause 3.1 being the "Accordion Increase Lender") to commit to an increase in the Senior Total Commitments (an "Accordion Increase") in an amount (the "Accordion Increase Amount") which when aggregated with all other Accordion Increase Amounts does not exceed £90,000,000 in aggregate.
(B) Following a request being received by the Original Senior Lender pursuant to paragraph (A) above, the Original Senior Lender and the Borrower (or the Transferor on its behalf) shall subject to the Original Senior Lender being satisfied (acting in its sole discretion) that the conditions set out Clause 3.2 (Conditions to establishment) are and will be satisfied at the relevant times, request the establishment of an Accordion Increase by delivering to the Senior Agent, no later than ten Business Days prior to the proposed Accordion Increase Effective Date, a duly completed Accordion Increase Notice.
Accordion Increase. The figure “$600,000,000” appearing in Section 2.21(c) of the Credit Agreement is changed to “$1,100,000,000.”