Common use of Financial Hedges Clause in Contracts

Financial Hedges. (a) To xxx xxtent any Lender or its Affiliate issues a Financial Hedge to any Company, such Lender or its Affiliate is afforded the benefits of (and Borrower [or any Company by execution of Collateral Documents] hereby confirms a grant of) Liens in and to the Collateral as evidenced by the Collateral Documents to the extent of such Lender's (or Affiliate thereof's) credit exposure under such Financial Hedge; such Lien is pari passu with that of Administrative Agent on behalf of the Lenders. (b) Financial Hedges held by any Coxxxxx permitted by the Loan Documents, shall be subject to the following: (i) each such Lender or other institution issuing a Financial Hedge shall calculate its credit exposure in a reasonable and customary manner; (ii) all documentation for such Financial Hedge shall conform to ISDA standards and must be acceptable to Administrative Agent with respect to intercreditor issues; (iii) if issued by any Lender or any Affiliate of a Lender to Borrower, the credit exposure under such Financial Hedge shall be secured by Liens in and to the Collateral as evidenced by the Collateral Documents on a pari passu basis with the Liens of Administrative Agent (held for the benefit of Lenders), and such Lender or Affiliate issuing a Financial Hedge shall, by acceptance of the benefits of such Liens in the Collateral agree to the provisions of Section 12.6; and (iv) such Financial Hedge shall be incurred in the ordinary course of business and consistent with prior business practices of the Companies and not for speculative purposes.

Financial Hedges. (a) To the extenx xxx xxtent any Lender or its Affiliate issues a Financial Hedge to any Company, such Lender or its Affiliate is afforded the benefits of (and Borrower [or any Company by execution of Collateral Documents] hereby confirms a grant of) Liens in and to the Collateral as evidenced by the Collateral Documents to the extent of such Lender's (or Affiliate thereof's) credit exposure under such Financial Hedge; such Lien is pari passu with that of Administrative Agent on behalf of the Lenders. (b) Financial Hedges held by any Coxxxxx permitted by the Loan Documents, shall be subject to the following: (i) each such Lender or other institution issuing a Financial Hedge shall calculate its credit exposure in a reasonable and customary manner; (ii) all documentation for such Financial Hedge shall conform to ISDA standards and must be acceptable to Administrative Agent with respect to intercreditor issues; (iii) if issued by any Lender or any Affiliate of a Lender to Borrower, the credit exposure under such issues a Financial Hedge shall be secured by in accordance with the requirements of the Loan Documents and accepts the benefits of the Liens in and the Collateral arising pursuant to the Collateral Documents, such Lender (for itself and on behalf of any such Affiliates) agrees (i) to appoint LCPI, as evidenced by the Collateral Documents its nominee and agent, to act for and on a pari passu basis with the Liens behalf of Administrative Agent (held for the benefit of Lenders), and such Lender or Affiliate issuing thereof in connection with the Collateral Documents and (ii) to be bound by the terms of this Section 12; whereupon all references to "Lender" in this Section 12 and in the Collateral Documents shall include, on any date of determination, any Lender or Affiliate of a Lender that is party to a then-effective Financial Hedge which complies with the requirements of the Loan Document. Additionally, if the Obligation owed to any Lender or Affiliate of a Lender consists solely of Debt arising under a Financial Hedge shall(such Lender or Affiliate being referred to in this Section 12.12 as an "Issuing Lender"), then such Issuing Lender (by acceptance of accepting the benefits of any Collateral Documents) acknowledges and agrees that pursuant to the Loan Documents and without notice to or consent of such Issuing Lender: (i) Liens in the Collateral agree to the provisions of Section 12.6may be released in whole or in part; (ii) all Guaranties may be released; (iii) any Collateral Document may be amended, modified, supplemented, or restated; and (iv) such Financial Hedge shall be incurred in the ordinary course of business and consistent with prior business practices all or any part of the Companies and not for speculative purposesCollateral may be permitted to secure other Debt.

Financial Hedges. (a) To xxx xxtent thx xxxxnt any Lender or its Affiliate issues a Financial Hedge to any Company, such Lender or its Affiliate is afforded the benefits of (and Borrower [or any Company by execution of Collateral Documents] hereby confirms a grant of) Liens in and to the Collateral as evidenced by the Collateral Documents to the extent of such Lender's (or Affiliate thereof's) credit exposure under such Financial Hedge; such Lien is pari passu with that of Administrative Agent on behalf of the Lenders. (b) Financial Hedges held by any Coxxxxx permitted Compaxx xxrmitted by the Loan Documents, shall be subject to the following: (i) each such Lender or other institution issuing a Financial Hedge shall calculate its credit exposure in a reasonable and customary manner; (ii) all documentation for such Financial Hedge shall conform to ISDA standards and must be acceptable to Administrative Agent with respect to intercreditor issues; (iii) if issued by any Lender or any Affiliate of a Lender to Borrower, the credit exposure under such Financial Hedge shall be secured by Liens in and to the Collateral as evidenced by the Collateral Documents on a pari passu basis with the Liens of Administrative Agent (held for the benefit of Lenders), and such Lender or Affiliate issuing a Financial Hedge shall, by acceptance of the benefits of such Liens in the Collateral agree to the provisions of Section 12.6; and (iv) such Financial Hedge shall be incurred in the ordinary course of business and consistent with prior business practices of the Companies and not for speculative purposes.

Financial Hedges. (a) To xxx xxtent any Lender or its Affiliate issues a Financial Hedge to any Company, such Lender or its Affiliate is afforded the benefits of (and Borrower [or any Company by execution of Collateral Documents] hereby confirms a grant of) Liens in and to the Collateral as evidenced by the Collateral Documents to the extent of such Lender's (or Affiliate thereof's) credit exposure under such Financial Hedge; such Lien is pari passu with that of Administrative Agent on behalf of the Lenders. (b) Financial Hedges held by any Coxxxxx permitted by the Loan Documents, shall be subject to the following: (i) each such Lender or other institution issuing a Financial Hedge shall calculate its credit exposure in a reasonable and customary manner; (ii) all documentation for such Financial Hedge shall conform to ISDA standards and must be acceptable to Administrative Agent with respect to intercreditor issues; (iii) if issued by any Lender or any Affiliate of a Lender issuxx x Xinancial Hedge relating to Borrower, the credit exposure under such Financial Hedge shall be secured by Principal Debt and accepts the benefits of the Liens in and the Collateral arising pursuant to the Collateral Documents, such Lender (for itself and on behalf of any such Affiliates) agrees (i) to appoint the Administrative Agent, as evidenced by the Collateral Documents its nominee and agent, to act for and on a pari passu basis with the Liens behalf of Administrative Agent (held for the benefit of Lenders), and such Lender or Affiliate issuing thereof in connection with the Collateral Documents and (ii) to be bound by the terms of this Section 12; whereupon all references to "Lender" in this Section 12 and in the Collateral Documents shall include, on any date of determination, any Lender or Affiliate of a Lender that is party to a then-effective Financial Hedge relating to the Principal Debt. Additionally, if the Obligation owed to any Lender or Affiliate of a Lender consists solely of Debt arising under a Financial Hedge shall(such Lender or Affiliate being referred to in this Section 12.12 as an "Hedge Lender"), then such Hedge Lender (by acceptance of accepting the benefits of any Collateral Documents) acknowledges and agrees that pursuant to the Loan Documents and without notice to or consent of such Hedge Lender: (i) Liens in the Collateral agree may be released in whole or in part to the provisions of Section 12.6extent Liens securing the Principal Debt are released, (ii) all Guaranties may be released; (iii) any Collateral Document may be amended, modified, supplemented, or restated; and (iv) such Financial Hedge shall be incurred in the ordinary course of business and consistent with prior business practices all or any part of the Companies and not for speculative purposesCollateral may be permitted to secure other Debt.