Common use of Accordion Clause in Contracts

Accordion. Upon the written request of the Borrowers (which request may be made by the Borrower only if no Default or Event of Default has occurred and is continuing), the Lenders agree to consider increasing the aggregate Revolving Commitments by $20,000,000.00, up to $85,000,000.00 in the aggregate, under the same terms and conditions as reflected herein, with any such increase requiring the unanimous written approval of the Administrative Agent and the Lenders. This accordion feature (the “Accordion Feature”) shall be in the sole discretion of the Lenders and the Administrative Agent and shall not constitute an obligation or commitment to lend. If the Accordion Feature is agreed to by the Lenders and the Administrative Agent pursuant to the provisions of this Section 2.10, the Borrowers shall be required to take such steps (including without limitation the execution of such documents) as the Administrative Agent determines necessary to effectuate the Accordion Feature.

Appears in 1 contract

Sources: Loan Agreement (RCM Technologies, Inc.)

Accordion. Upon the written request of the Borrowers (which request may be made by the Borrower only if no Default or Event of Default has occurred and is continuing), the Lenders agree to consider increasing the aggregate Revolving Commitments by $20,000,000.00, up to $85,000,000.00 65,000,000.00 in the aggregate, under the same terms and conditions as reflected herein, with any such increase requiring the unanimous written approval of the Administrative Agent and the Lenders. This accordion feature (the “Accordion Feature”) shall be in the sole discretion of the Lenders and the Administrative Agent and shall not constitute an obligation or commitment to lend. If the Accordion Feature is agreed to by the Lenders and the Administrative Agent pursuant to the provisions of this Section 2.10, the Borrowers shall be required to take such steps (including without limitation the execution of such documents) as the Administrative Agent determines necessary to effectuate the Accordion Feature.

Appears in 1 contract

Sources: Loan Agreement (RCM Technologies, Inc.)

Accordion. Upon the written request of the Borrowers (which request may be made by the Borrower only if no Default or Event of Default has occurred and is continuing), the Lenders agree to consider increasing the aggregate Revolving Commitments by $20,000,000.005,000,000.00, up to $85,000,000.00 50,000,000.00 in the aggregate, under the same terms and conditions as reflected herein, with any such increase requiring the unanimous written approval of the Administrative Agent and the Lenders. This accordion feature (the "Accordion Feature") shall be in the sole discretion of the Lenders and the Administrative Agent and shall not constitute an obligation or commitment to lend. If the Accordion Feature is agreed to by the Lenders and the Administrative Agent pursuant to the provisions of this Section 2.10, the Borrowers shall be required to take such steps (including without limitation the execution of such documents) as the Administrative Agent determines necessary to effectuate the Accordion Feature.

Appears in 1 contract

Sources: Loan Agreement (RCM Technologies Inc)