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GLOSSARY

Super-majority definition

Published by a LexisNexis Banking & Finance expert

What does Super-majority mean?

Decisions to amend or waive the terms of the finance documents are sometimes divided into 'majority' and 'super-majority' decisions. Majority decisions typically require the agreement of 66 2/3% of the syndicate while super-majority decisions will require a greater percentage (eg 80–90%).

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Deadlock—fundamentals

Deadlock—fundamentals A deadlock is where parties to an agreement have an irreconcilable conflict and are therefore unable to reach agreement. This term is often used in connection with corporate joint ventures (JVs), in particular 50:50 JVs where no single party has a controlling stake in the JV and therefore all decisions require unanimity. Deadlock scenarios can also arise in non-50:50 JVs, such as where certain decisions require unanimity or where there are more than two JV parties and the outcome of a vote results in no majority. Certain disagreements can lead to deadlock stifling the joint venture company (JVC) from functioning properly. At the outset, it is prudent to consider the ways in which a deadlock could be resolved. Therefore, joint venture agreements (JVAs) typically contain deadlock resolution processes (which are often stepped) which need to be followed in order to resolve the deadlock situation. Setting out deadlock resolution processes in the JVA will save time and costs should a deadlock scenario arise and will also assist the parties...

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