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.
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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.. The Borrower shall deliver to the Administrative Agent for 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 115
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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%)Lenders, 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.. The Borrower shall deliver to the Administrative Agent for 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 116
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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%)Lenders, 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. The Borrower shall deliver to the Administrative Agent for 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.
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