Approving Lenders definition
Examples of Approving Lenders in a sentence
If Lenders holding Commitments representing at least 50% of the Aggregate Revolving Commitments agree to any such request for extension of the Maturity Date (collectively, the "Approving Lenders"), then the Borrower may extend the Maturity Date for an additional year solely as to the Approving Lenders with Aggregate Revolving Commitments equal to the aggregate Commitments of the Approving Lenders during such extension period.
Any outstanding credit extended by the Declining Lenders to the Borrower under the Credit Facility which is not so acquired by Approving Lenders or Substitute Lenders shall be repaid and the Individual Commitments of the Declining Lenders not so acquired shall be cancelled on the date which is fifteen days following the Acquisition Deadline and the amount of the Credit Facility shall thereupon be reduced by the aggregate of the Individual Commitments so cancelled.
For certainty, upon the acquisition of the Available Amount by the Approving Lenders and/or the Substitute Lenders and, if applicable, repayment of outstanding credit extended by the Declining Lenders to the Borrower under the Credit Facility which is not so acquired, the Unanimous Lender Request shall be deemed to have been consented to by all of the Lenders.
If the Available Amount is not completely acquired by the Approving Lenders, the Borrower may locate other Persons (“Substitute Lenders”) who qualify as Lenders, are satisfactory to the Administrative Agent, acting reasonably, and who acquire all or a portion of the balance of the rights and obligations of the Declining Lenders under the Credit Documents on the date which is fifteen days following the Acquisition Deadline in accordance with the procedures set out in Section 16.5(c).
Neither Parent nor its Subsidiaries shall, without the prior written consent of the Required MIP Approving Lenders, enter into any agreements, plans, or programs, or change any existing agreements, plans, or programs (other than, in each case, agreements, plans, and programs providing for ordinary course wags, salaries, and benefits), implementing any incentive or retention compensation, payments, distributions, benefits or other consideration for the benefit of directors, company management or employees.