Required Working Capital Lenders means at any time, the Working Capital Lenders holding in excess of 50.00% of the sum of (a) the aggregate undisbursed Working Capital Commitments plus (b) the then-aggregate outstanding principal amount of the Working Capital Loans (excluding in each such case any Working Capital Lender that is a Defaulting Lender or an Affiliate or Subsidiary thereof or, except as otherwise provided in Section 7.4 (Sponsor Voting) of the Common Security and Account Agreement, a Collateral Party, the Sponsor or any of the Sponsor’s Affiliates, and each Working Capital Commitment and any outstanding principal amount of any Working Capital Loan of any such Working Capital Lender). Such percentage shall be calculated by dividing the number of votes cast in favor of a Decision by the total number of votes cast with respect to such Decision.
Required Working Capital Lenders means Lenders (excluding all Non-Voting Lenders) holding in excess of fifty percent (50.00%) of an amount equal to (x) the then aggregate outstanding principal amount of the Working Capital Loans plus (y) the undisbursed amount of the Aggregate Working Capital Loan Commitment (excluding the principal amounts of any Working Capital Loans made by, and any Working Capital Loan Commitments of, any Non-Voting Lenders).
Required Working Capital Lenders means at any time, the Working Capital Lenders holding in excess of 50.00% of the sum of (a) the aggregate undisbursed Working Capital Debt Commitments plus (b) the then-aggregate outstanding principal amount of the Working Capital Loans (excluding in each such case any Working Capital Lender that is a Defaulting Lender or, except as otherwise provided in Section 7.4 (Sponsor Voting) of the Common Security and Account Agreement, a Collateral Party, the Sponsor or any of the Sponsor’s Affiliates, and each Working Capital Debt Commitment and any outstanding principal amount of any Working Capital Loan of any such Working Capital Lender). Such percentage shall be calculated by dividing the number of votes cast in favor of a Decision by the total number of votes cast with respect to such Decision.
Examples of Required Working Capital Lenders in a sentence
The Working Capital Facility Agent may be removed at any time (i) by the Required Working Capital Lenders for such Person’s gross negligence, fraud or willful misconduct or (ii) by the Borrower, with the consent of the Required Working Capital Lenders, for such Person’s gross negligence, fraud or willful misconduct.
In the event The Bank of Nova Scotia is no longer the Working Capital Facility Agent, any successor Working Capital Facility Agent may be removed at any time with cause by the Required Working Capital Lenders.
During the existence of an Event of Default: (i) no Loans may be requested as, converted to or continued as Eurodollar Rate Loans without the consent of Required Lenders; and (ii) Required Working Capital Lenders may demand that any or all of the then outstanding Working Capital Loans that are Eurodollar Rate Loans be converted immediately to Base Rate Loans, whereupon Borrower shall pay any amounts due under Section 3.05 in accordance with the terms thereof due to any such conversion.
Such Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect to this Agreement shall be restricted as set forth in the definition of Required Working Capital Lenders.
Notwithstanding anything to the contrary contained herein, while any Event of Default exists, upon written notice to Borrower from Required Floorplan Lenders or Required Working Capital Lenders, as applicable, all L/C Fees shall accrue at the Default Rate.
More Definitions of Required Working Capital Lenders
Required Working Capital Lenders means, as of any date of determination, Working Capital Lenders having more than 50% of the sum of (a) the Total Working Capital Outstanding and (b) the aggregate Unused Working Capital Commitments. The portion of the Total Working Capital Outstanding and the Unused Working Capital Commitment, as applicable, held or deemed held by a Defaulting Lender shall be excluded for purposes of making a determination of Required Working Capital Lenders at any time.
Required Working Capital Lenders contained in Section 1.01 without the written consent of all Working Capital Lenders; and
Required Working Capital Lenders. Required Servicing Lenders," "Required Warehousing Lenders" or "Required Discretionary Lenders" or the provisions of this Section 8.05 unless the same is set forth in a writing signed by all the Lenders. Upon the making or the granting of any such amendment, modification, revocation, termination, waiver or consent, the Borrower shall promptly provide copies of the writing or writings containing the same to the Administrative Agent and to each Lender not otherwise a party thereto.
Required Working Capital Lenders at any time of determination, Working Capital Lenders which have Working Capital Commitment Amounts aggregating at least 66.67% of the total of the Working Capital Commitment Amounts of all Working Capital Lenders or, if the Working Capital Commitments have terminated, Working Capital Lenders whose Working Capital Notes have outstanding principal balances aggregating at least 66.67% of the total of the outstanding principal balances of the Working Capital Notes of all Working Capital Lenders.
Required Working Capital Lenders means (a) in respect of Trade Loans or Trade Letters of Credit, Majority Trade Lenders and (b) in respect of Compensating L/C Loans or Compensating Letters of Credit, Majority Compensating L/C Lenders.
Required Working Capital Lenders means at any time Lenders owed or holding at least a majority in interest of the sum of (a) the aggregate principal amount of the Working Capital Advances and Letter of Credit Advances outstanding at such time, (b) the aggregate Available Amount of all Letters of Credit outstanding at such time and (c) the aggregate Unused Working Capital Commitments at such time; provided, however, that if any Lender shall be a Defaulting Lender at such time, there shall be excluded from the determination of Required Working Capital Lenders at such time (A) the aggregate principal amount of the Working Capital Advances and Letter of Credit Advances owing to such Lender (in its capacity as a Working Capital Lender) and outstanding at such time, (B) such Lender's Pro Rata Share of the aggregate Available Amount of all Letters of Credit issued by such Lender and outstanding at such time and (C) the Unused Working Capital Commitment of such Lender at such time. For purposes of this definition, the aggregate principal amount of Letter of Credit Advances owing to the Issuing Bank and the Available Amount of each Letter of Credit shall be considered to be owed to the Working Capital Lenders ratably in accordance with their respective Working Capital Commitments.
Required Working Capital Lenders means at any time, the Working Capital Lenders holding in excess of 50.00% of the sum of (a) the aggregate undisbursed Working Capital Commitments plus (b) the then-aggregate outstanding principal amount of the Working Capital Loans (excluding in each such case any Working Capital Lender that is a Defaulting Lender or an Affiliate or Subsidiary thereof or, except as otherwise provided in Section 7.4 (Sponsor Voting) of the Common Security and Account Agreement, a Collateral Party, the Sponsor or any of the Sponsor’s Affiliates, and each Working Capital Commitment and any outstanding principal amount of any Working Capital Loan of any such Working Capital Lender). Such percentage shall be calculated by dividing the number of votes cast in favor of a Decision by the total number of votes cast with respect to such Decision. “Screen Rate” means Bloomberg Page LIBOR01 (or if such page is not accessible or ceases to display, such other page on the Bloomberg Screen or on the relevant pages of such other service as may be selected by the Intercreditor Agent for purposes of displaying comparable rates).