Common use of Accession of Hedging Banks Clause in Contracts

Accession of Hedging Banks. (a) Each proposed Hedging Bank shall accede to this Agreement by delivery to the Security Agent of a duly completed and signed Hedging Bank Accession Deed and by the Security Agent executing that Hedging Bank Accession Deed. (b) Where this Agreement or any other Finance Document imposes an obligation on a Hedging Bank and the relevant Hedging Bank is an Affiliate of a Lender and is not a party to that document, the relevant Lender shall ensure that the obligation is performed by its Affiliate. (c) No person entering into any derivative transaction with any Obligor in connection with protection against or benefit from fluctuation in any rate or price will be entitled to share in any Security created by any Security Document in respect of any of the moneys, debts or liabilities arising under or in connection with that derivative transaction or benefit from the representations, warranties or undertakings of any Party under this Agreement unless and until the Security Agent has agreed in writing to that person becoming a Hedging Bank and to the derivative transactions and the Hedging Documents to be entered into by that person and that person has become a Hedging Bank by executing a Hedging Bank Accession Deed duly completed and signed on behalf of that person, and (a) that derivative transaction is permitted by this Agreement; and (b) the Hedging Documents relating to that derivative transaction comply with paragraph 3.1(c) of Schedule 16 (Hedging). (d) Each Party (other than the relevant proposed Hedging Bank under paragraph (a) above) irrevocably authorises the Security Agent to execute on its behalf any Hedging Bank Accession Deed which has been duly completed and signed on behalf of that proposed Hedging Bank. (e) The Company shall procure that no Obligor shall enter into any Hedging Document unless and until the proposed Hedging Bank has become a Hedging Bank in accordance with paragraph (a) above. (f) Each Hedging Bank agrees to be bound by, and comply with, the provisions set out in Schedule 16 (Hedging).

Accession of Hedging Banks. (a) Each proposed Hedging Bank shall accede to this Agreement by delivery to the Security Agent of a duly completed and signed Hedging Bank Accession Deed and by the Security Agent executing that Hedging Bank Accession Deed. (b) Where this Agreement or any other Finance Document imposes an obligation on a Hedging Bank and the relevant Hedging Bank is an Affiliate of a Lender and is not a party to that document, the relevant Lender shall ensure that the obligation is performed by its Affiliate. (c) No person entering into any derivative transaction with any Obligor in connection with protection against or benefit from fluctuation in any rate or price (except under an Ancillary Facility) will be entitled to share in any Security created by any Security Document in respect of any of the moneys, debts or liabilities arising under or in connection with that derivative transaction or benefit from the representations, warranties or undertakings of any Party under this Agreement unless and until until: (i) either (A) that person is listed in Schedule 2 (The Original Hedging Banks) or (B) the Security Agent has agreed in writing to that person becoming a Hedging Bank and to the derivative transactions and the Hedging Documents to be entered into by that person and that person has become a Hedging Bank in accordance with paragraph (b) below; (ii) the relevant derivative transaction is permitted by executing the Applicable Facilities Agreements; and (iii) the Hedging Documents relating to the relevant derivative transaction comply with Clause 4.2(b) (Hedging Documents). (b) In the case of paragraph (a)(i)(B) above, that person shall become a Hedging Bank if the Security Agent executes an Accession Deed duly completed and signed on behalf of that person, and (a) that derivative transaction is permitted by this Agreement; and (b) the Hedging Documents relating to that derivative transaction comply with paragraph 3.1(c) of Schedule 16 (Hedging). (dc) Each Party (other than the relevant proposed Hedging Bank under paragraph (aa)(i)(B) above) irrevocably authorises the Security Agent to execute on its behalf any Hedging Bank Accession Deed which has been duly completed and signed on behalf of that proposed Hedging Bank. (ed) The Company shall procure that no Obligor shall enter into any Hedging Document unless and until until: (i) that Hedging Document and the Hedging Bank relating to that Hedging Document are listed in Schedule 2 (The Original Hedging Banks); or (ii) the proposed Hedging Bank has become a Hedging Bank in accordance with paragraph paragraphs (aa)(ii) and (b) above. (f) Each Hedging Bank agrees to be bound by, and comply with, the provisions set out in Schedule 16 (Hedging).