Typically defined in a loan agreement to mean, as of any date, the lenders holding greater than 66 2/3% of the sum of unused commitments and outstanding loans under the loan agreement. Requisite lender approval is required for certain amendments and waivers to the loan agreement. Amendments requiring required lender approval require a lower percentage of lender approval, typically 50% of the sum of unused commitments and outstanding loans.

For further information, see Practice Note, Loan Agreement: Amendments.