Accordion Option Clause Samples
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Accordion Option. (a) The Borrower may, at any time prior to the Maturity Date, upon providing 45 days prior written notice to the Agent (a "Request for Increase") at any time, request a one-time increase to the aggregate Operating Facility Commitments up to the total amount of $13,000,000 Canadian Dollars (or the Equivalent Amount thereof in United States Dollars). Such Request for Increase shall be for an amount no less than $5,000,000 (the requested amount of the increase shall be referred to herein as, the "Requested Increased Commitment Amount"). The Agent shall forthwith, and in any event within two (2) Banking Days upon receiving the Request for Increase, notify the Lenders of such Request for Increase by the Borrower (such date being the "Increase Notification Date"). Each Lender shall advise the Agent as to whether or not it agrees to such Request for Increase, and any terms and conditions to which its approval is subject, not later than twenty (20) Banking Days after the Increase Notification Date; provided that in the event any Lender does not advise the Agent within such twenty (20) Banking Day period, such Lender shall be deemed to have elected not to agree to such Request for Increase. Within two (2) Banking Days of the Agent having received from all of the Lenders their respective decision or deemed decision with regard to the Request for Increase, the Agent shall advise the Borrower whether all of the Lenders have agreed to such Request for Increase. For greater certainty, any Request for Increase shall require the unanimous written consent of the Lenders;
(b) If unanimous written consent of the Lenders provided with respect to a Request for Increase and, pursuant to Section 2.23(a) hereof, one or more Lenders elect not to participate in the Requested Increased Commitment Amount, the Borrower may, with and subject to the prior written approval of the Agent and Lenders, in each case acting reasonably, include additional lenders (which may be a Lender(s) who has already elected to participate in the Request for Increase) to assist with funding the Requested Increased Commitment Amount. The parties hereto shall enter into a further amending agreement to this Agreement to incorporate the new lenders who participate in funding the Requested Increased Commitment Amount, along with the terms and provisions relating thereto. For clarification, the Lenders who participate in the Requested Increased Commitment Amount shall have the same rights and obligations as curre...
Accordion Option. Provided that no Event of Default or Default has occurred and is continuing as of the request date or the effective date thereof after giving effect thereto, the Borrowers may from time to time request an increase in the aggregate Revolving Commitments (each an “Accordion Increase”) in accordance with this Section 2.25(a); provided that the aggregate principal amount of all increases to the Revolving Commitments made pursuant to this Section 2.25(a)) shall not exceed $100,000,000 (the “Maximum Aggregate Increase Amount”) and each requested Accordion Increase shall not be less than $25,000,000.
Accordion Option. Provided that no Event of Default or Default has occurred and is continuing as of the request date or the effective date thereof after giving effect thereto, the Borrower may from time to time upon thirty (30) days’ written notice (or such shorter period as the Administrative Agent shall agree) request (i) an increase in the aggregate amount of Commitments and/or (ii) the addition of a separate term loan facility (an “Additional Term Loan Facility”) (each such increase or separate facility pursuant to the foregoing clauses (i) and (ii), an “Accordion Increase”), in each case in accordance with this Section 2.01(b); provided, that the aggregate principal amount of all Accordion Increases made pursuant to this Section 2.01(b) shall not exceed $300,000,000 (the “Maximum Aggregate Increase Amount”).
Accordion Option. A new Clause 3A (Accordion option) shall be added to the Original Facility Agreement to read as follows:
Accordion Option. (a) Up and until 30 June 2024, the Borrower may by sending a notice to the Agent (an "Accordion Request") and provided that no Default has occurred and is continuing, request that the Total Commitments are increased in an amount of EUR 100,000,000 by way of adding a term loan facility to the Agreement (the "ECA Term Loan").
(b) The Accordion Request shall include a suggested date for the ECA Term Loan to become effective (the "Effective Date"), and shall be provided to the Lenders no later than sixty (60) Business Days prior to the requested Effective Date.
(c) The Lenders may, in their sole discretion, agree to an Accordion Request by the date falling forty-five (45) Business Days prior to the requested Effective Date. 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.
(d) If the Lenders have agreed to an Accordion Request, the Effective Date shall be conditional upon the Parties entering into an amendment and restatement agreement and the Export and Investment Fund of Denmark providing a guarantee in favour of the Lenders covering at least ninety-five per cent. of the political and commercial risk associated with the outstanding amount of the ECA Term Loan (in each case in form and substance satisfactory to the Lenders)."
Accordion Option. Unless a Default or an Event of Default has occurred and is then continuing, so long as Borrowers shall not have elected to permanently reduce the Commitments hereunder and except as otherwise provided herein, Administrative Borrower may solicit the Lenders and any other lending institutions to provide the Borrowers with additional commitments to make U.S. Advances under this Agreement in an aggregate amount not to exceed the Accordion Amount and subject to the limitations set forth below. Any agreement by a Lender to increase its commitment to make U.S. Advances hereunder shall be an Accordion Activation (“Accordion Activation”). Neither the Agent nor any Lender shall have any obligation to provide the Borrowers with all or any part of such additional U.S. Commitment; provided, that by execution of this Agreement, the Agent and the Lenders shall be deemed to have consented, without the need for further or subsequent consent to such additional U.S. Commitments which any other Lender or lending institution may agree to provide for the U.S. Advances which may be advanced in respect thereof and any resulting changes in the Pro Rata Share. Any such additional U.S. Commitments (and the U.S. Advances funded pursuant thereto) shall be otherwise treated (and be subject to the same terms and conditions) as U.S. Commitments and U.S. Advances hereunder. Additional U.S. Advances may not be advanced in respect thereof, (1) if the aggregate U.S. Commitment to be increased pursuant to this Section 2.2.A(h) is in an amount which exceeds, in the aggregate, the Accordion Amount and (2) if a Default or Event of Default will occur as a result of such Accordion Activation. In addition, to the extent any Lender hereunder agrees to make U.S. Advances pursuant to a request for an Accordion Activation, U.S. Borrowers shall pay Agent (for the ratable benefit of the Accordion Lenders, subject to any letter agreement between Agent and Accordion Lenders), a fee in an amount to be agreed upon by the U.S. Borrowers and the Agent. Any Lender agreeing to increase its Commitment pursuant to this Section 2.2.A(h) shall execute a Confirmation of Increase in Commitment in the form of Exhibit C-2 attached hereto (a “Confirmation of Increase in Commitment”) and any lending institution not yet a party hereto providing additional commitments shall become a party to this Agreement (and become subject to all the rights and obligations of a U.S. Lender hereunder) by executing and delivering to the A...
Accordion Option. The option to the Borrower, subject to the provisions of §2.2 of this Agreement, to increase the Facility and Total Commitment by an amount of $10,000,000 per request and in the aggregate $20,000,000 (the “Accordion Amount”) and thereby increase the Facility in the Total Commitment to a maximum principal amount of up to $80,000,000.00.
Accordion Option. 2.3.1 At any time during the Availability Period for Facility B, the Company may give a written notice (the “New Commitments Notice”) to the Agent that it wishes to increase the Total Facility B Commitments (and the Total Commitments). Subject to compliance with Clause 2.3.13, the New Commitments Notice must specify the amount in the Base Currency by which the Total Facility B Commitments (and the Total Commitments) are to be increased and the date on which the Company wishes such increase to take effect (the amount of such increase being the “New Commitments”).
2.3.2 On receipt of any New Commitments Notice, the Agent shall promptly notify the Lenders (the “Agent Notification”). The Agent shall, after consultation with the Lenders and no later than 5 Business Days from the date of the Agent Notification, inform the Company and the Lenders whether or not the Company’s request for the New Commitments is accepted (such acceptance of the requested New Commitments being the “Agent Acceptance”).
2.3.3 From the date of the Agent Acceptance, the Agent or any Lender shall have up to 5 Business Days to request such further information from the Company as that Finance Party may reasonably require. The Company shall provide such further information, as reasonably requested, to the Agent or the requesting Lender within 5 Business Days of receiving such request.
2.3.4 The New Commitments shall be subject to:
2.3.4.1 those Lenders which agree to participate in the New Commitments and the Company agreeing the arrangement fees to be applied to the New Commitments (the “New Commitments Arrangement Fees”);
2.3.4.2 no Default continuing on each of:
(a) the date of the New Commitments Notice; and
(b) the date of the New Commitments becoming available to the Borrowers;
2.3.4.3 such conditions precedent as each relevant Lender shall require (in its discretion) (other than the payment of any fees other than New Commitments Arrangement Fees); and
2.3.4.4 each applicable Lender obtaining credit committee approval.
2.3.5 Following the Agent Acceptance, the opportunity to provide the New Commitments shall:
2.3.5.1 firstly, be offered to the Lenders on a pro-rata basis in accordance with their existing Commitments and each Lender shall have 20 Business Days from the date on which the Lender has received the Agent Acceptance (the “Acceptance Period”) to confirm to the Agent whether it wishes to provide its proportion of the New Commitments and the amount of the proposed New Commitment...
Accordion Option. 2.2.1 The Company may, by delivery to the Agent of a duly completed Accordion Increase Request, request that the Total Commitments be increased (and the Commitments shall be so increased) as described in, and in accordance with, this Clause 2.2 (an Accordion Increase).
2.2.2 The increase in the Commitments requested in an Accordion Increase Request is subject to the following conditions being satisfied on the Accordion Increase Date:
2.2.2.1 the increased Commitments will be assumed (i) first by one or more existing Lenders willing to provide such increase and/or, (ii) second in respect of any increased Commitments not assumed by one or more existing Lenders within 20 (twenty) Business Days from the date of delivery of the Accordion Increase Request to the Agent, by other banks, financial institutions, trusts, funds or other entities selected by the Company (which must not be a member of the Group) (each an Accordion Increase Lender) which shall become a Party as a Lender;
2.2.2.2 the Agent receives the Accordion Increase Request no less than 20 (twenty) Business Days before the proposed Accordion Increase Date;
2.2.2.3 the maximum aggregate amount to which the Commitments may be increased is ZAR7,000,000,000 (seven billion Rand); Sibanye ZAR RCF
2.2.2.4 no Default or Event of Default is continuing or would result from the proposed increase in the Facility;
Accordion Option. Unless a Default or an Event of Default has occurred and is then continuing, so long as Borrowers shall not have elected to permanently reduce the Commitments hereunder and except as otherwise provided herein, Administrative Borrower may make a maximum of 1 request that the Accordion Lenders increase their U.S. Commitments hereunder (such increase, the "Accordion Activation"); provided, that (i) Administrative Borrower shall have made such request subsequent to the Closing Date but prior to September 15, 2007, (ii) in no event shall the U.S. Commitments of the Accordion Lenders be increased pursuant to this Section 2.2.A.(h) by an amount which exceeds, in the aggregate, the Accordion Amount, (iii) in no event shall the Commitment of all Lenders be increased under this Section 2.2.A.