Required Revolving Banks definition

Required Revolving Banks means at least three (3) Revolving Banks having in the aggregate either a direct or, in the case of Swingline Loans and Letter of Credit Liabilities, participation interest in the following, calculated without duplication: (a) more than fifty percent (50%) of the Revolving Commitments or (b) if the Revolving Commitments have terminated, more than fifty percent (50%) of the sum of (i) the outstanding principal amount of the Revolving Loans and the Swingline Loans and (ii) the participations in outstanding Letter of Credit Liabilities, including, without limitation, Letter of Credit Liabilities related to the Existing Letters of Credit; provided, however, that if there are less than three (3) Revolving Banks at the time of determination, "Required Revolving Banks" shall mean all of the Revolving Banks; and provided, further, that all Banks which are either Affiliates of each other or are investment funds or similar entities managed by a Bank or an Affiliate of a Bank shall be deemed to constitute a single "Bank" for the purpose of determining the number of Banks hereunder.

Required Revolving Banks means at any time Banks holding at least 51% of the Total Revolving Loan Commitments held by Banks (or, if the Total Revolving Loan Commitments shall have been terminated, Banks holding at least 51% of the outstanding Revolving Loans).

Required Revolving Banks means all of the Revolving Banks; and provided, further, that all Banks which are either Affiliates of each other or are investment funds or similar entities managed by a Bank or an Affiliate of a Bank shall be deemed to constitute a single "Bank" for the purpose of determining the number of Banks hereunder.

Examples of Required Revolving Banks in a sentence

• If an Event of Default shall have occurred and be continuing the Borrower shall, if requested by the Agent or the Required Revolving Banks, pledge to the Agent as security for the Obligations an amount in immediately available funds equal to the then established Contingent Primary Obligations, such funds to be held in an interest bearing cash collateral account at the Agent without any right of withdrawal by the Borrower.

• The Agent shall have received such additional approvals, opinions, or documents as the Agent, the Required Revolving Banks or the Required Term Banks may reasonably request.

• If the Borrower or any Obligated Party shall fail to perform any covenant or agreement in accordance with the terms of the Loan Documents, the Agent may, at the direction of either the Required Revolving Banks or the Required Term Banks, perform or attempt to perform such covenant or agreement on behalf of the Borrower.

• Notwithstanding anything to the contrary contained herein, upon the request of the Required Revolving Banks, while any Event of Default exists, all Standby Letter of Credit Fees shall accrue at the Default Rate.

• The Administrative Agent shall have received counterparts of this Amendment, which collectively shall have been duly executed on behalf of each of the Borrower, the Subsidiary Guarantors, the Required Revolving Banks, the Required Banks and the Administrative Agent.

More Definitions of Required Revolving Banks

Required Revolving Banks means, at any time, Revolving Banks having at least a majority of the aggregate amount of the Dollar Revolving Exposure, Multi-Currency Revolving Exposure and unused Revolving Commitments at such time.

Required Revolving Banks means, at any time, Revolving Banks having Total Revolving Credit Exposures representing more than fifty percent (50%) of the Total Revolving Credit Exposures of all Revolving Banks. The Total Revolving Credit Exposure of any Defaulting Bank shall be disregarded in determining Required Revolving Banks at any time; provided that the amount of any participation in any Swingline Loan and Unreimbursed Amounts that such Defaulting Bank has failed to fund that have not been reallocated to and funded by another Bank shall be deemed to be held by the Bank that is the Swingline Bank or applicable Issuing Bank, as the case may be, in making such determination.

Required Revolving Banks means, at any time, two or more Revolving Banks holding at least a majority of the sum of the unused Revolving Commitments and the aggregate unpaid principal amount of the Revolving Loans at such time; provided that at any time that there are two or fewer Revolving Banks, “Required Revolving Banks” means all of the Revolving Banks, provided, further, that for purposes of determining Required Revolving Banks, each Delinquent Bank (including, without limitation, its Revolving Commitment and Revolving Loans) shall be disregarded for so long as such Bank remains a Delinquent Bank.

Required Revolving Banks means all of the Revolving Banks, provided, further, that for purposes of determining Required Revolving Banks, each Delinquent Bank (including, without limitation, its Revolving Commitment and Revolving Loans) shall be disregarded for so long as such Bank remains a Delinquent Bank.

Required Revolving Banks means (a) at any time when no Bank has a Revolving Percentage of more than 25%, Banks having an aggregate Revolving Percentage of more than 50%, and (b) at any time when any Bank has a Revolving Percentage of more than 25%, Banks having an aggregate Revolving Percentage of more than 66.6%.

Required Revolving Banks is inserted in the appropriate alphabetical order in Section 1.1 of the Credit Agreement reading as follows:

Required Revolving Banks means, subject to Section 13.13(b), Revolving Banks having in excess of 50% of the aggregate amount of the Revolving Loan Commitments or, if the Revolving Loan Commitments shall have terminated, Revolving Banks holding in excess of 50% of the sum of (a) the aggregate unpaid principal amount of the Revolving Loans plus (b) the aggregate amount of all Letter of Credit Outstandings.