Practical Law UK Glossary 7-375-1198 (Approx. 2 pages)
Glossary
Snooze you lose clause
A borrower-friendly clause in a syndicated facility agreement which gives the borrower protection against lenders failing to respond in a reasonable time frame to a request for an amendment, consent or waiver under that facility agreement. If a lender does not respond to such a request within a specified time frame, that lender's vote is discounted when calculating whether lenders holding the requisite percentage of the facilities have approved the amendment, consent or waiver.