Hedge Covenants Sample Clauses

Hedge Covenants. (i) As of the initial Payment Date and thereafter, so long as any of the Class A VFCs are outstanding, if on any date either: (1) the then current Aggregate Notional Amount of all Hedge Transactions (excluding any interest rate cap transactions) hedging the Prime Rate Assets (i) is less than the aggregate amount of the Class A Advances Outstanding of such Prime Rate Assets or (ii) is greater than the amount specified in clause (i) above by more than the Floating Prime Rate Permitted Excess Amount; or (2) the Aggregate Notional Amount for any future calculation period of all Hedge Transactions (excluding any interest rate cap transactions) hedging the Prime Rate Assets (i) is less than the projected aggregate amount of the Class A Advances Outstanding of the Prime Rate Assets for the corresponding Collection Period or (ii) is greater than the amount specified in clause (i) above by more than the Floating Prime Rate Permitted Excess Amount; then, not later than 1:00 p.m. (New York City time) on the Determination Date preceding the next Payment Date, the Servicer will notify the Administrative Agent and the Hedge Counterparties of such event and, with effect on such next Payment Date, one or more of the Hedge Transactions hedging the Prime Rate Assets will be reduced or amended, or the Seller will enter into one or more additional Hedge Transactions, as the case may be, in accordance with the terms of the applicable Hedge Agreements so that, as applicable, the Aggregate Notional Amount for each calculation period of the Hedge Transactions hedging the Prime Rate Assets will be equal to the aggregate amount of the Class A Advances Outstanding of the Prime Rate Assets at the end of the corresponding Collection Period or as projected to be outstanding at the end of the corresponding Collection Period, (ii) So long as any of the Class A VFCs are outstanding, if on any date either: (1) the then current Aggregate Notional Amount of all Hedge Transactions under all Hedge Agreements then in effect (excluding any interest rate cap transactions) exceeds the then Aggregate Outstanding Asset Balance; or (2) the Aggregate Notional Amount of all Hedge Transactions (excluding any interest rate cap transactions) for any future calculation period under all Hedge Agreements then in effect exceeds the projected Aggregate Outstanding Asset Balance for the corresponding Collection Period; then, not later than 1:00 p.m. (New York City time) on the Determination Date preceding the n...
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Hedge Covenants. (a) The Issuer shall, prior to entering into any Hedge Transaction, provide the Initial Noteholder written notice of its intent to do so and shall deliver a summary of the material terms of such Hedge Transaction with such notice. (b) The Originator, the Servicer and the Depositor hereby acknowledge that the Issuer will Grant to the Indenture Trustee pursuant to the Indenture, all right, title and interest of the Issuer in any Hedging Agreement, Hedge Transaction, and all present and future amounts payable by a Hedge Counterparty to the Issuer under or in connection with the any such Hedging Agreement and Hedge Transaction(s) with the applicable Hedge Counterparty (the “Hedge Collateral”), and the Issuer hereby Grants a security interest to the Indenture Trustee, on behalf of the Noteholders, in any Hedge Collateral. The Issuer acknowledges that, as a result of that assignment, the Issuer may not, without the prior written consent of the Initial Noteholder, exercise any rights under any Hedging Agreement or Hedge Transaction, except for Issuer’s right under any Hedging Agreement to enter into Hedge Transactions in order to meet the Issuer’s obligations under Section 7.02(a) hereof. Nothing herein shall have the effect of releasing the Issuer from any of its obligations under any Hedging Agreement or any Hedge Transaction, nor be construed as requiring the consent of the Indenture Trustee or any Noteholder for the performance by Issuer of any such obligations. (c) Any Hedge Transaction shall be entered into with a Hedge Counterparty and governed by a Hedging Agreement. The Issuer shall, promptly upon execution thereof, provide to the Indenture Trustee and the Initial Noteholder, a copy of each Hedging Agreement entered into in connection with this Agreement.
Sample 1

Related to Hedge Covenants

  • Special Covenants If any Company shall fail or omit to perform and observe Section 5.7, 5.8, 5.9, 5.11, 5.12, 5.13 or 5.15 hereof.

  • Separate Covenants The covenants of Part IX of this Agreement shall be construed as separate covenants covering their particular subject matter. In the event that any covenant shall be found to be judicially unenforceable, said covenant shall not affect the enforceability or validity of any other part of this Agreement. Employee Initials ____

  • Financial Covenant So long as any Loan shall remain unpaid, any Letter of Credit shall remain outstanding or any Lender shall have any Commitment hereunder, the Borrower will maintain a ratio of Consolidated Debt to Consolidated Capital of not greater than 0.65 to 1.00 as of the last day of each fiscal quarter.

  • BORROWER'S NEGATIVE COVENANTS Borrower covenants and agrees that, so long as any of the Commitments hereunder shall remain in effect and until payment in full of all of the Loans and other Obligations and the cancellation or expiration of all Letters of Credit, unless Requisite Lenders shall otherwise give prior written consent, Borrower shall perform, and shall cause each of its Subsidiaries to perform, all covenants in this Section 7.

  • FINANCIAL COVENANTS OF THE BORROWER The Borrower covenants and agrees that, so long as any Loan, Unpaid Reimbursement Obligation, Letter of Credit or Note is outstanding or any Bank has any obligation to make any Loans or the Agent has any obligation to issue, extend or renew any Letters of Credit:

  • Specific Financial Covenants During the term of this Agreement, and thereafter for so long as there are any Obligations to Lender, Borrower covenants that, unless otherwise consented to by Lender in writing, it shall:

  • Certain Financial Covenants In addition to the covenants described in Section 5.1 and Section 5.2, so long as any Commitment remains in effect, any Advance is outstanding or any amount is owing to any Lender hereunder or under any other Loan Document, the Borrower will perform and comply with each of the covenants set forth on Schedule VI.

  • NEGATIVE COVENANTS So long as any Lender shall have any Commitment hereunder, any Loan or other Obligation hereunder shall remain unpaid or unsatisfied, or any Letter of Credit shall remain outstanding, the Borrower shall not, nor shall it permit any Subsidiary to, directly or indirectly:

  • Financial Covenants (a) The Borrower shall maintain or cause to be maintained records and accounts adequate to reflect in accordance with sound accounting practices the operations, resources and expenditures in respect of the Project of the departments or agencies of the Borrower responsible for carrying out the Project or any part thereof. (b) The Borrower shall: (i) have the records and accounts referred to in paragraph (a) of this Section including those for the Special Account for each fiscal year audited, in accordance with appropriate auditing principles consistently applied, by independent auditors acceptable to the Association; (ii) furnish to the Association, as soon as available, but in any case not later than six months after the end of each such year, a certified copy of the report of such audit by said auditors, of such scope and in such detail as the Association shall have reasonably requested; and (iii) furnish to the Association such other information concerning said records, accounts and the audit thereof as the Association shall from time to time reasonably request. (c) For all expenditures with respect to which withdrawals from the Credit Account were made on the basis of statements of expenditure, the Borrower shall: (i) maintain or cause to be maintained, in accordance with paragraph (a) of this Section, records and accounts reflecting such expenditures; (ii) retain, until at least one year after the Association has received the audit report for the fiscal year in which the last withdrawal from the Credit Account or payment out of the Special Account was made, all records (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures; (iii) enable the Association’s representatives to examine such records; and (iv) ensure that such records and accounts are included in the annual audit referred to in paragraph (b) of this Section and that the report of such audit contains a separate opinion by said auditors as to whether the statements of expenditure submitted during such fiscal year, together with the procedures and internal controls involved in their preparation, can be relied upon to support the related withdrawals.

  • Negative Covenants of the Borrower So long as any Advance shall remain unpaid or the Liquidity Provider shall have any Maximum Commitment hereunder or the Borrower shall have any obligation to pay any amount to the Liquidity Provider hereunder, the Borrower will not appoint or permit or suffer to be appointed any successor Borrower without the prior written consent of the Liquidity Provider, which consent shall not be unreasonably withheld or delayed.

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