required lenders
USA
required lenders, Also known as majority lender.
Typically defined in a loan agreement to mean, as of any date, the lenders holding greater than 50% of the sum of unused commitments and outstanding loans under the loan agreement. Required lender approval is required for certain amendments and waivers to the loan agreement. Amendments requiring requisite lender approval require a higher percentage of lender approval, typically 66 2/3% of the sum of unused commitments and outstanding loans.
For further information, see Practice Note, Loan Agreement: Amendments (www.practicallaw.com/5-382-7142).
For links to loan agreement amendment provisions, see Practice Note, What's Market: Loan Agreement Amendment Provisions (www.practicallaw.com/8-385-8151).
Related links

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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