Required Lessors definition

Required Lessors or modify or waive any provision of an Operative Agreement requiring action by the foregoing, or release any Collateral (except as otherwise specifically provided in any Operative Agreement);

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedSchedule a Demo

Required Lessors means, as of any date of determination, with respect to any approval, action, waiver, direction or consent, Lessors whose Outstanding Investments aggregate at least 51% of Aggregate Lease Investment Balance as of such date of determination.

Required Lessors means, with respect to any approval, action, waiver, direction, or consent, Lessors whose Outstanding Investments aggregate at least a majority of the Lease Balance as of such date of determination; provided, however, for purposes of instructing the Agent to provide Lessee with a notice of an Event of Default other than for a Payment Default, then Required Lessors shall mean Outstanding Investments aggregating twenty-five percent (25%) or more of the Lease Balance as of such date of determination.

Examples of Required Lessors in a sentence

• Subject to the appointment and acceptance of a successor Agent as provided below, Agent may resign at any time by giving notice thereof to each Lessor and Lessee or may be removed at any time by written notice from the Required Lessors.

• Subject to Sections 9.4 and 9.6, upon written instructions of the Required Lessors, Agent shall, on behalf of the Lessors, give such notice or direction, exercise such right, remedy or power hereunder or in respect of any Vehicle, and give such consent or enter into such amendment to any document to which it is a party as Agent as may be specified in such instructions.

• In addition to the remedies set forth in Section 8.2, if any Event of Default shall occur, the Agent (at the direction of the Required Lessors) may, but is not required to, sell the Collateral in one or more sales.

• The permissive right of Agent to take actions enumerated in this Agreement and the Lease shall never be construed as a duty, unless Agent is instructed or directed to exercise, perform or enforce one or more rights by the Required Lessors (provided that Agent has received indemnification reasonably satisfactory to it).

• Upon any such resignation or removal, the Required Lessors at the time of the resignation or removal shall have the right (with the reasonable, prompt approval of Lessee unless an Event of Default shall be continuing) to appoint a successor Agent which shall be a financial institution having a combined capital and surplus of not less than $100,000,000.

• As to any matters not expressly provided for by this Agreement, Agent shall in all cases be fully protected in acting, or in refraining from acting, hereunder in accordance with instructions signed by the Required Lessors and such instructions of the Required Lessors and any action taken or failure to act pursuant thereto shall be binding on each Lessor.

• The Agent Lessor shall take such action with respect to such Default or Event of Default as shall be reasonably directed by the Required Lessors.

• The Agent Lessor may resign at any time upon at least 30 days' prior notice to the Representative and the Participants, and may be removed as such at any time by vote of the Required Lessors and notice to the retiring Agent Lessor, the Administrative Agent and the Representative.

• Subject to Sections 9.4 and 9.6 and Article X, Agent shall take action or refrain from taking action with respect to such Event of Default as directed by the Required Lessors or, in the case of a Payment Default, as directed by any Lessor; provided that, unless and until Agent receives such directions, Agent may refrain from taking any action, or may act in its discretion, with respect to such Event of Default or Payment Default.

• Guarantor hereby accepts such appointment and agrees that it shall not resign from its duties as Lessees' Representative without the written consent of the Required Lessors.

More Definitions of Required Lessors

Required Lessors means, at any time, Lessors the Commitment Percentages of which aggregate at least 51% of the Commitment Percentages of all Lessors.

Required Lessors means, at any time, Lessors having Lessor Amounts representing at least 66-2/3% of the aggregate Lessor Amount outstanding; provided however that if any Lessor shall be a Defaulting Participant at such time, then there should be excluded from the definition of "Required Lessors", the amount of the Lessor Amount owing to such Defaulting Participant.

Required Lessors means, as of the date of determination, holders of ---------------- Certificates representing more than 66-2/3% of the Investment Percentages of all Lessors as of the date of determination.

Required Lessors means, at a particular time, the holders of at least 51% of the aggregate Outstanding Investment.

Required Lessors means, at a particular time, the holders of at least 60% of the Outstanding Investment.