Non-Responding Lender (“Snooze you lose Sample Clauses
The Non-Responding Lender, or "Snooze you lose" clause, defines the consequences for lenders who fail to respond to requests or consents within a specified timeframe in a syndicated loan agreement. Typically, if a lender does not reply to a proposed amendment, waiver, or other action by the deadline, their silence is treated as either consent or non-consent, depending on the agreement's terms. This mechanism ensures that the decision-making process is not stalled by inaction, thereby facilitating timely resolutions and preventing a single lender's delay from holding up important changes or approvals.
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Non-Responding Lender (“Snooze you lose. If any Lender fails to accept or reject a request for a consent, waiver or amendment of or in relation to any of the terms of any Finance Document or other vote of Lenders under the terms of this Agreement within ten (10) Business Days (unless the Parent and the Agent agree to a longer time period in relation to any request including where such longer time period may be agreed following the submission of such request) of that request being made (such Lender being a “Non-Responding Lender”), the Non-Responding Lender’s Commitment and/or participation shall not be included for the purpose of calculating the Total Commitments or participations under the Revolving Facility, and the Non-Responding Lender will not be treated as a Lender when ascertaining whether any relevant percentage (including, for the avoidance of doubt, unanimity) of Total Commitments, participations and/or the number of Lenders has been obtained to approve that request.