Covenant of the Borrower Relating to Hedging. (a) Unless otherwise directed in writing by the Administrative Agent (acting at the direction of the Required Lenders), the Borrower shall, within ten (10) Business Days of obtaining knowledge of the occurrence of an Interest Rate Hedge Trigger, either enter into one or more Hedge Transactions to hedge the Interest Rate risk with respect to the Loans, which shall be interest rate caps in form and substance reasonably satisfactory (including the notional amount, term and amortization rate (if any) of such Hedge Transaction) to the Administrative Agent, acting at the direction of the Required Lenders, or give the Administrative Agent written notice of its intent not to enter into such a Hedge Transaction. Each such Hedge Transaction shall be entered into with a Hedge Counterparty and governed by a Hedging Agreement. Under the Hedging Agreement, the initial aggregate notional amount of the Hedge Transaction shall equal at least 100% of the Loans Outstanding at that time. For so long as an Interest Rate Hedge Trigger is outstanding, the Borrower shall maintain Hedge Transactions in accordance with this Section 6.03 with an aggregate notional amount that is at least 100% of the Loans Outstanding at any such time. The Borrower shall deliver to the Administrative Agent and each Lender a copy of all documents related to any Hedging Agreement, including confirmations, schedules and an aggregate notional amortization schedule. The Borrower shall provide each Rating Agency (if any) with notice of any Hedging Agreement that may be entered into as provided in this Section.
Covenant of the Borrower Relating to Hedging. (a) Unless otherwise directed in writing by the Administrative Agent (acting on behalf of the Lenders), the Borrower shall, within fifteen (15) Business Days of the occurrence and continuation of an Interest Rate Hedge Trigger, enter into one or more Hedge Transactions to hedge the Interest Rate risk with respect to the Loans, which shall be interest rate caps in form and substance reasonably satisfactory (including the notional amount, term and amortization rate (if any) of such Hedge Transaction) to the Administrative Agent, acting on behalf of the Lenders; provided, that the interest rate caps shall be deemed to be in form and substance reasonably satisfactory to the Administrative Agent, acting on behalf of the Lenders, if the Administrative Agent has not provided written notice to the Borrower that the interest rate caps are not in form and substance reasonably satisfactory to the Administrative Agent, acting on behalf of the Lenders (notwithstanding the foregoing, the strike rate in reference to Term SOFR in no situation will exceed 5.40%), within ten (10) Business Days following written request for approval of the interest rate caps by the Borrower to the Administrative Agent. Each such Hedge Transaction shall be entered into with a Hedge Counterparty and governed by a Hedging Agreement. Under the Hedging Agreement, the initial aggregate notional amount of the Hedge Transaction shall equal at least 100.0% of the Loans Outstanding at that time. For so long as an Interest Rate Hedge Trigger is outstanding, the Borrower shall maintain Hedge Transactions in accordance with this Section 6.03 with an aggregate notional amount that is at least 100.0% of the Loans Outstanding at any such time.
Covenant of the Borrower Relating to Hedging. 98 (a) Beginning on the date that is thirty days after the date of the Initial Loan, the Borrower shall at all times that the Loans Outstanding are greater than zero, (i) maintain one or more Hedge Transactions in form and substance satisfactory to the Administrative Agent, each of which may be in the form of an interest rate swap or an interest rate cap transaction and/or (ii) maintain amounts on deposit in the Hedge Reserve Account, in all cases to ensure that either (x) the Borrower is Fully Hedged or (y) if the Borrower is not Fully Hedged, the Hedge Reserve Account has been established and an amount not less than the Hedge Reserve Account Required Amount is on deposit therein at all times thereafter; provided, that if on any date any Mandatory Hedging Condition exists, then within two (2) Business Days of such date the Borrower must be Fully Hedged, and the Borrower must remain Fully Hedged at all times thereafter while a Mandatory Hedging Condition exists, regardless of whether any amounts are then on deposit in the Hedge Reserve Account. If at any time the Hedge Reserve Account Required Amount is greater than zero, then (A) no later than three Business Days prior to each Funding Date and no later than three Business Days prior to each Payment Date the Borrower (or the initial Servicer on behalf of the Borrower) shall obtain a quote for the purchase price of an interest rate cap that allows it to recalculate the Hedge Reserve Account Required Amount on such date and (B) beginning on the related Funding Date or Payment Date, as applicable, such quote shall be used to determine the 'Hedge Reserve Account Required Amount' until the next succeeding Funding Date or Payment Date, as applicable. It is acknowledged and agreed that any Hedge Transaction entered into by the Administrative Agent on behalf of the Borrower pursuant to Section 2.08(f) shall be deemed to have been entered into by the Borrower for purposes of Borrower’s obligations under this Section 6.03(a). (b) Each Hedge Transaction shall be entered into with a Hedge Counterparty and be governed by a Hedging Agreement. Any Hedge Transaction that is in the form of an interest rate swap shall provide for the payment on each Payment Date to the Hedge Counterparty of an amount calculated by reference to the notional amount thereunder and a fixed rate of interest per annum and for the payment on each Payment Date to the Borrower of an amount calculated by reference to the same notional amount thereund...
Covenant of the Borrower Relating to Hedging. (a) On any date on and after the occurrence of a Hedging Event on which the Eligible Receivables Principal Balance is greater than zero, the Borrower must satisfy the Hedge Condition.
Covenant of the Borrower Relating to Hedging. (a) Beginning on the date that is thirty days after the date of the Initial Loan, the Borrower shall at all times that the Loans Outstanding are greater than zero, (i) maintain one or more Hedge Transactions in form and substance satisfactory to the Administrative Agent, each of which may be in the form of an interest rate swap or an interest rate cap transaction and/or (ii) maintain amounts on deposit in the Hedge Reserve Account, in all cases to ensure that either (x) the Borrower is Fully Hedged or (y) if the Borrower is not Fully Hedged, an amount not less than the Hedge Reserve Account Required Amount is at all times on deposit in the Hedge Reserve
Covenant of the Borrower Relating to Hedging. (a) On any date on and after the occurrence of a Hedging Event on which the Eligible Receivables Principal Balance is greater than zero, the Borrower must satisfy the Hedge Condition. (b) Within thirty (30) days after (i) the occurrence of any event defined as an “Event of Default” or “Termination Event” in a Hedging Agreement with respect to the Hedge Counterparty or (ii) a Hedge Counterparty ceasing to satisfy the requirements set
Covenant of the Borrower Relating to Hedging. (a) Beginning on the date that is thirty days after the date of the Initial Loan, the Borrower shall at all times that the Loans Outstanding are greater than zero, maintain one or more Hedge Transactions in form and substance satisfactory to the Administrative Agent, which may be in the form of an interest rate swap or an interest rate cap transaction; provided, that on each Funding Date the aggregate notional amount under all Hedge Transactions must equal at least 100% of the Loans Outstanding as of such date (after giving effect to any changes to the Loans Outstanding on such date). Furthermore, (i) each such Hedge Transaction shall provide for the payment on each Payment Date to the Hedge Counterparty of interest on the notional amount thereof at a fixed rate per annum and for the payment on each Payment Date to the Borrower of a floating rate per annum equal to three-month LIBOR for each Interest Period, (ii) the notional amount of each such Hedge Transaction shall amortize monthly based on an
Covenant of the Borrower Relating to Hedging. Agreements during the Hedging AgreementPeriod. At all times until the Collection Date, when any amount of. The Borrower shall have the right to commence a Hedging Period during which the Excess Spread Advance Adjustment shall be nullified by giving notice of such election to the Deal Agent. At all times during a Hedging Period in which any Capital is outstanding hereunder, anunder this Agreement, the Borrower shall cause one or more Eligible Hedging Agreement shall be in place. In addition, the Borrower hereby covenants and agrees that at all times following the date on which the Initial Loan Amount is extended through the Commitment Termination Date, it shall causeAgreements to be in place under which the aggregate notional amount of all Eligible Hedging Transactions towill at all times at least equal 100% of the Initial Loan Amount at such time andFacility Limit, with the notional amount of anysuch Eligible Hedging Transaction shall amortizeTransactions amortizing according to a schedule approved in writing by the Deal Agent. The Borrower shall have the right to terminate a Hedging Period and reinstate the Excess Spread Advance Adjustment by giving notice of such election to the Deal Agent.
Covenant of the Borrower Relating to Hedging. (a) Beginning on the date that is thirty days after the date of the Initial Loan, the Borrower shall at all times that the Loans Outstanding are greater than zero, (i) maintain one or more Hedge Transactions in form and substance satisfactory to the Administrative Agent, each
Covenant of the Borrower Relating to Hedging. (a) Unless otherwise directed in writing by the Administrative Agent (acting at the direction of the Required Lenders), the Borrower shall, within ten (10) Business Days of the occurrence of an Interest Rate Hedge Trigger, enter into one or more Hedge Transactions to hedge the Interest Rate risk with respect to the Loans, each of which shall be in the form of an interest rate capscap and have a strike rate equal to the rate necessary to cause the Excess Spread Percentage to be greater than or equal to 16.50% and otherwise be in form and substance reasonably satisfactory (including the notional amount, term and amortization rate (if any) of such Hedge Transaction) to the Administrative Agent, acting at the direction of the Required Lenders. Each such Hedge Transaction shall be entered into with a Hedge Counterparty and governed by a Hedging Agreement. Under the Hedging Agreement, the initial aggregate notional amount of the Hedge Transaction shall equal at least 95.0% of the Loans Outstanding at that time. For so long as an Interest Rate Hedge Trigger is outstanding, the Borrower shall maintain Hedge Transactions in accordance with this Section 6.03 with an aggregate notional amount that is at least 95.0% of the Loans Outstanding at any such time. The Borrower shall deliver to the Administrative Agent for(and the Administrative Agent to deliver to each Lender) a copy of all documents related to any Hedging Agreement, including confirmations, schedules and an aggregate notional amortization schedule. The Borrower shall provide each Rating Agency (if any) with notice of any Hedging Agreement that may be entered into as provided in this Section.
