Examples of Approving Lenders in a sentence
If Lenders holding Commitments representing at least 50% of the Aggregate Revolving Commitments agree to any such request for extension of the Maturity Date (collectively, the "Approving Lenders"), then the Borrower may extend the Maturity Date for an additional year solely as to the Approving Lenders with Aggregate Revolving Commitments equal to the aggregate Commitments of the Approving Lenders during such extension period.
In any such case, (i) such Termination Date relating to the Revolving Commitments held by the Disapproving Lenders shall remain as then in effect with repayment of obligations held by such Disapproving Lenders being due on such date and termination of their respective Revolving Commitments on such date, and (ii) such Termination Date relating to the Revolving Commitments held by the Approving Lenders shall be extended by an additional period of 364 days.
The Administrative Agent shall have received a copy of this Amendment executed and delivered by each of the applicable Obligors and by the Approving Lenders.
In such event, from the Business Day following receipt of any Declining Lender Notice by the Administrative Agent (each, a “Conversion to Approving Lenders Funding Date”) forward all subsequent Loans, shall be made unilaterally by the Approving Lenders and no Loans thereafter made shall be participated in by the Declining Lenders.
Promptly following receipt of a Borrowing Request in accordance with this Section, Administrative Agent shall advise each Lender (or at any time after the Conversion to Approving Lenders Funding Date, each Approving Lender) of the details thereof and of the amount of such Lender’s Loan to be made as part of the requested Borrowing.