Common use of Parent Consent Clause in Contracts

Parent Consent. (a) The consent of the Parent is required for an assignment, transfer or sub-participation by an Existing Lender, unless the assignment, transfer or sub-participation is: (i) to another Lender or an Affiliate of any Lender; (ii) in the case of a sub-participation, there is no transfer of voting rights or the right to consent to any amendments or waivers in respect of the Finance Documents; or (iii) made at a time when an Event of Default is continuing. (b) The consent of the Parent to an assignment, transfer or sub-participation must not be unreasonably withheld or delayed. The Parent will be deemed to have given its consent ten Business Days after the Existing L▇▇▇▇▇ has requested it unless consent is expressly refused by the Parent within that time. For the avoidance of doubt, it shall not be deemed unreasonable for the Parent to withhold consent if a New Lender does not have a Requisite Rating.

Parent Consent. (a) The consent of the Parent is required for an assignment, transfer or sub-participation by an Existing Lender, unless the assignment, transfer or sub-participation is: (i) to another Lender or an Affiliate of any Lender; (ii) in the case of a sub-participation, there is no transfer of voting rights or the right to consent to any amendments or waivers in respect of the Finance Documents; or (iii) made at a time when an Event of Default is continuing. (b) The consent of the Parent to an assignment, transfer or sub-participation must not be unreasonably withheld or delayed. The Parent will be deemed to have given its consent ten Business Days after the Existing L▇▇▇▇▇▇ has requested it unless consent is expressly refused by the Parent within that time. For the avoidance of doubt, it shall not be deemed unreasonable for the Parent to withhold consent if a New Lender does not have a Requisite Rating.