Hedge Terms Sample Clauses

Hedge Terms. Each Hedge which is a Cap shall:
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Hedge Terms. Each Hedge shall: (a) provide for a notional principal amount at all times equal to or greater than the Variable Advances Outstanding that are part of the Hedge Requirement Amount; (b) [intentionally deleted]; (c) in the case of Swaps, provide for a notional interest rate required to achieve a 1.40 Aggregate Debt Service Coverage Ratio for the Trailing 12 Month Period based upon a thirty (30) year amortization period equal to the Three-Month Libor Rate in effect from time to time (the “Swap Rate”); (d) in the case of Caps, provide for a notional interest rate not greater than the lowest interest rate that would result in an Aggregate Debt Service Coverage Ratio for the Trailing 12 Month Period for the Variable Advances subject to the Cap of not less than 1.10 to 1 (the “Cap Interest Rate”), provided that the Aggregate Debt Service Coverage Ratio for the Trailing 12 Month Period shall be calculated based on an interest rate equal to (i) the then current Three-Month LIBOR Rate, plus (ii) the Variable Facility Fee, plus (iii) 300 basis points, and including any amortization payments in respect of such Loan; (e) in the case of Swaps, require the counterparty to make interest payments on the notional principal amount at a rate equal to the amount by which Coupon Rate exceeds the Swap Rate; (f) in the case of Caps, require the counterparty to make interest payments on the notional principal amount at a rate equal to the amount by which the then applicable Coupon Rate exceeds the Cap Interest Rate; (g) [intentionally deleted]; and (h) be evidenced, governed and secured on terms and conditions, and pursuant to documentation (the “Hedge Documents”), in form and content reasonably acceptable to Xxxxxx Xxx, and with a counterparty (a “Counterparty”) approved by Xxxxxx Mae.
Sample 1
Hedge Terms. Each Hedge which is a Cap shall: (1) collectively, with all other Xxxxxx provided to Lender in connection with the Loan, provide for a notional principal amount equal at all times to the outstanding principal balance of the Note on the date that the Hedge is purchased; (2) with respect to the Existing Caps, provide a strike rate not greater than 5.0% per annum and with respect to the Supplemental Caps, provide for a strike rate not greater than 6.0% per annum; (3) with respect to any Subsequent Hedge, provide a strike rate not greater than the lowest interest rate which, when increased by seventy and 7/10 basis points (.707%) and multiplied by the portion of the outstanding principal balance of the Loan to be covered by such Subsequent Hedge (i.e. the notional amount of the replacement Cap), would equal an amount which, when combined with (i) the debt service on the remaining portion of the Loan covered by any other Cap(s) then in effect (such debt service to be calculated based upon the strike rate of the additional Cap(s) and applicable portion of the principal amount of the Loan covered by such Caps(s) (i.e. the notional amount(s) of any such Cap(s)), and (ii) the amount of assumed principal payments which would be due on a loan in an amount equal to the then outstanding principal balance of the Loan and a thirty year amortization schedule, would result in a combined debt service coverage ratio of not less than 1.10 to 1.00 (the “Hedge Rate”), based upon the underwritten net operating income of the Property, determined as provided herein. The debt service coverage ratio (and its components) for each Cap shall be determined in accordance with the underwriting standards set forth in the Xxxxxx Xxx Multifamily Delegated Underwriting and Servicing (DUS) Guide in effect as of the time of such determination (the “DUS Guide”), based upon the underwritten net operating income of the Property calculated using the net revenue generated by the operation of the Property for the three (3) month period immediately preceding the date of determination, annualized and the underwritten expenses of the Property for the twelve (12) month period immediately preceding the date of determination, adjusted for inflation at a rate of three and 00/100 percent (3.00%) per annum.; (4) require the counterparty to make interest payments on the notional principal amount at a rate equal to the amount by which Coupon Rate exceeds the Hedge Rate; (5) require the counterparty to make such...
Sample 1
Hedge Terms. Each Hedge which is a Cap shall: (1) provide for a notional principal amount equal at all times to the outstanding principal balance of the Note on the date that the Hedge is purchased; (2) provide for a notional interest rate equal to the lowest interest rate that would result in a debt service coverage ratio of not less than 1.10 to 1 based on an underwriting rate equal to 300 basis points over the LIBOR rate at the time of closing plus 60 basis points (the "Hedge Rate"); LIBOR rate is defined as an interest rate based upon the London Inter-Bank Offered Rate for three (3) month U.S. Dollar-denominated deposits; (3) require the counterparty to make interest payments on the notional principal amount at a rate equal to the amount by which Coupon Rate exceeds the Hedge Rate; (4) require the counterparty to make such interest payments either to an account pledged to the Lender or directly to the Lender after an Event of Default pursuant to the Hedge Security Agreement; and (5) be evidenced, governed and secured on terms and conditions, and pursuant to documentation (the "Hedge Documents"), in form and content acceptable to Xxxxxx Xxx, and with a counterparty (a "Counterparty") approved by Xxxxxx Xxx, which may include Bank of America, Xxxxx Fargo and Wachovia.
Sample 1
Hedge Terms. 87 SECTION 21.03 Hedge Security Agreement; Delivery of Hedge Payments....................................88 SECTION 21.04 Termination.............................................................................88 SECTION 21.05 Performance Under Hedge Documents.......................................................88
Sample 1
Hedge Terms. Each Hedge shall: (i) provide for a notional principal amount equal at all times to the outstanding principal balance of the Revolving Facility Commitment; (ii) except the Swap in effect for the Initial Hedge Period, be in effect for the entire term of the Revolving Facility Commitment; (iii) provide for a notional interest rate equal to the Three Month Libor Rate in effect from time to time (the "Hedge Rate"); (iv) require the counterparty to make interest payments on the notional principal amount at a rate equal to the amount by which Coupon Rate exceeds the Hedge Rate; (v) require the counterparty to make such interest payments to an account pledged to the Lender pursuant to the Hedge Security Agreement; and (vi) be evidenced, governed and secured on terms and conditions, and pursuant to documentation (the "Hedge Documents"), in form and content acceptable to Fannxx Xxx, xxd with a counterparty (a "Counterparty") approved by Fannxx Xxx.
Sample 1
Hedge Terms. Each Hedge shall: (a) provide for a notional principal amount equal at all times to the outstanding principal balance of the Loans; if the principal amount of the Loans Outstanding decreases, Borrower may amend the Hedge or Xxxxxx to provide for a decrease in the notional amount to an amount equal to the reduced amount of the principal amount, provided that Lender gives its prior written approval to the documents reflecting the amendment (which approval shall not be unreasonably withheld, delayed or conditioned); (b) be in effect for the entire term of the Loans; (c) provide for a notional interest rate not greater than the lowest interest rate that would result in the ratio of (i) the aggregate Net Operating Income for the Mortgaged Properties, minus the portion thereof required to satisfy the Coverage and LTV Tests (as defined in the Master Reimbursement Agreement (determined for this purpose using only the scheduled debt service for the Bond loans and the outstanding principal amount of the Bonds)),
Sample 1
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Hedge Terms 
Sample 1

Related to Hedge Terms

  • Hedge Transactions The Loan Parties will not, and will not permit any of their Subsidiaries to, enter into any Hedge Transaction, other than Hedge Transactions entered into in the ordinary course of business to hedge or mitigate risks to which the Loan Parties are exposed in the conduct of their business or the management of their liabilities. Solely for the avoidance of doubt, the Borrower acknowledges that a Hedge Transaction entered into for speculative purposes or of a speculative nature (which shall be deemed to include any Hedge Transaction under which any Loan Party is or may become obliged to make any payment (i) in connection with the purchase by any third party of any common stock or any Debt or (ii) as a result of changes in the market value of any common stock or any Debt) is not a Hedge Transaction entered into in the ordinary course of business to hedge or mitigate risks.

  • Hedging Agreements The Borrower will not, and will not permit any of its Subsidiaries to, enter into any Hedging Agreement, other than Hedging Agreements entered into in the ordinary course of business to hedge or mitigate risks to which the Borrower or any Subsidiary is exposed in the conduct of its business or the management of its liabilities.

  • Hedging Arrangements (a) With respect to any Receivables acquired by Seller which are denominated in a currency other than Dollars, Seller shall procure and maintain in full force and effect at all times Eligible Hedging Arrangements in an aggregate notional amount not less than the Aggregate Capital at such time. (b) On the date of the each Incremental Purchase of a Purchaser Interest in relation to Receivables denominated in a currency other than Dollars, Seller shall procure Hedging Arrangements that include a forward exchange contract (a “Forward Exchange Contract”) contemplating settlement on the Settlement Date following the date of such Incremental Purchase. (c) Thereafter, on each Reporting Date, Seller shall cause the Forward Exchange Contract then in effect to be replaced with a new Forward Exchange Contract or extended, with the effect in either case that the Forward Exchange Contract in effect (or committed to become effective) shall contemplate settlement on the then next following Settlement Date. (d) All reports relating to the Receivables (whether pursuant to Section 8.5 or otherwise) and all determinations of compliance with the covenants set forth herein relating to the Receivables (whether pursuant to Section 2.6, Section 9.1(f), the definition of “Eligible Receivable” or otherwise) shall give effect to the conversion, where applicable, of the Outstanding Balance of the Receivables into Dollars. Each such conversion shall be made on the basis of the exchange rates set forth in the Forward Exchange Contract then in effect, including any Forward Exchange Contract going into effect on the date such report is issued or such determination is made. (e) Seller hereby assigns, as part of the Related Security, Purchaser Interests in all of its right, title and interest in, to and under each Hedging Arrangement, now existing or hereafter arising, to the Agent for the benefit of the Purchasers hereunder. Seller shall take all actions reasonably requested by the Agent to perfect, evidence or more fully protect the assignment contemplated herein, including, without limitation, providing notice to each Counterparty of the interests of the Agent and the Purchasers hereunder.

  • Hedging Contracts No Restricted Person will be a party to or in any manner be liable on any Hedging Contract except: (a) Hedging Contracts (excluding Floor Contracts covered by the following subsection (b)) entered into with the purpose and effect of fixing prices on oil, natural gas, or natural gas liquids expected to be produced by Restricted Persons, provided that at all times: (i) no such Hedging Contract fixes a price for a period later than 60 months after such contract is entered into; (ii) the aggregate monthly production covered by all such contracts (determined, in the case of contracts that are not settled on a monthly basis, by a monthly proration acceptable to Administrative Agent) for any single month does not in the aggregate exceed 85% of Restricted Persons’ aggregate Projected Oil and Gas Production (calculated separately for oil, natural gas, and natural gas liquids) anticipated (at the time such Hedging Contract is entered into) to be sold in the ordinary course of the Restricted Persons’ businesses for such month, determined separately with respect to oil and gas, (iii) except for the Collateral under the Security Documents with respect to Lender Hedging Obligations, no such contract requires any Restricted Person to put up money, assets, or other security against the event of its nonperformance prior to actual default by such Restricted Person in performing its obligations thereunder, and (iv) each such contract is with an Approved Counterparty; (b) Floor Contracts, provided that (i) no such contract has a term of more than 60 months after such contract is entered into, (ii) the aggregate monthly production covered by all such contracts for any single month does not in the aggregate exceed 100% of Restricted Persons’ aggregate Projected Oil and Gas Production anticipated (at the time such Hedging Contract is entered into) to be sold in the ordinary course of the Restricted Persons’ businesses for such month, and (iii) each such contract is with an Approved Counterparty; (c) Hedging Contracts entered into by a Restricted Person with the purpose and effect of fixing interest rates on a principal amount of indebtedness of such Restricted Person that is accruing interest at a variable rate, provided that (i) at the time such Hedging Contract is entered into, the aggregate notional amount of such contracts does not exceed 75% of the anticipated outstanding principal balance of the indebtedness to be hedged by such contracts or an average of such principal balances calculated using a generally accepted method of matching interest swap contracts to declining principal balances, (ii) the floating rate index of each such contract generally matches the index used to determine the floating rates of interest on the corresponding indebtedness to be hedged by such contract and (iii) each such contract is with an Approved Counterparty; and (d) Hedging Contracts entered into by a Restricted Person with the purpose and effect of fixing prices on currency expected to be exchanged (x) from U.S. Dollars into Australian dollars or (y) from Australian dollars into U.S. Dollars, in each case in the ordinary course of the Credit Parties’ business and not for speculative purposes, provided that at all times: (i) no such Hedging Contract fixes a price for a period later than 12 months after such contract is entered into, (ii) the Credit Parties must maintain at all times Cash Equivalents at least equal to the aggregate notional amount of all such contracts, (iii) if any monthly notional amount of currency subject to any such Hedging Contract is on deposit in any Section 1031 tax-deferred exchange account (or other similar restricted account), then such amount must be permanently released from such account or restrictions prior to the date on which the Hedging Contract for such month is settled, (iv) except for the Collateral under the Security Documents with respect to Lender Hedging Obligations, no such contract requires any Restricted Person to put up money, assets, or other security against the event of its nonperformance prior to actual default by such Restricted Person in performing its obligations thereunder, and (v) each such contract is with an Approved Counterparty.

  • Hedging Agreement Any termination payment shall be due by the Borrower under any Hedging Agreement and such amount is not paid within ten (10) Business Days of the due date thereof.

  • Swap Agreement The Depositor hereby directs the Securities Administrator to execute and deliver on behalf of the Trust the Swap Agreement and authorizes the Securities Administrator to perform its obligations thereunder on behalf of the Supplemental Interest Trust in accordance with the terms of the Swap Agreement. The Depositor hereby authorizes and directs the Securities Administrator to ratify on behalf of the Supplemental Interest Trust, as the Supplemental Interest Trust’s own actions, the terms agreed to by the Depositor in relation to the Swap Agreement, as reflected in the Swap Agreement, and the Securities Administrator hereby so ratifies the Swap Agreement. If based upon a notice from the valuation agent pursuant to section 4(c) of the credit support annex, the Securities Administrator determines that a delivery amount exists, then the Securities Administrator shall demand such amount pursuant to section 3(a) of the credit support annex. The Securities Administrator shall amend the Swap Agreement in accordance with its terms and as requested in writing by a party to the Swap Agreement to cure any ambiguity in or correct or supplement any provision of, the Swap Agreement; provided, however, that any such amendment will not have a material adverse effect to a Certificateholder as evidenced by a written confirmation from each Rating Agency that such amendment would not result in the reduction or withdrawal of the then current ratings of any outstanding Class of Certificates. The Swap Agreement shall not part of any REMIC. The Swap Provider is the calculation agent under the Swap Agreement and shall calculate all amounts pursuant to the Swap Agreement and notify the Securities Administrator of all such amounts. The Depositor hereby directs the Securities Administrator to execute, deliver and perform its obligations under the Swap Agreement on the Closing Date and thereafter on behalf of the Holders of the Offered Certificates and the Class M-10 and Class M-11 Certificates. The Seller, the Depositor, the Servicer and the Holders of the Offered Certificates and the Class M-10 and Class M-11 Certificates by their acceptance of such Certificates acknowledge and agree that the Securities Administrator shall execute, deliver and perform its obligations under the Swap Agreement and shall do so solely in its capacity as Securities Administrator of the Supplemental Interest Trust and not in its individual capacity. The Depositor hereby instructs the Securities Administrator to make any and all demands for Eligible Collateral (as defined in the ISDA Master Agreement) under the Swap Agreement from the Swap Provider in satisfaction of the Delivery Amount (as defined in the ISDA Master Agreement) requirement. The Depositor hereby instructs the Securities Administrator to deliver notice to the Swap Provider upon any failure of the Swap Provider to transfer the Delivery Amount (as defined in the ISDA Master Agreement) pursuant to an Approved Credit Support Document (as defined in the Swap Agreement).

  • Interest Rate Agreements 13 Investment..................................................................13

  • Hedge Agreements On each date that any Hedge Agreement is executed by any Hedge Provider, Borrower and each other Loan Party satisfy all eligibility, suitability and other requirements under the Commodity Exchange Act (7 U.S.C. § 1, et seq., as in effect from time to time) and the Commodity Futures Trading Commission regulations.

  • Interest Rate Hedging In order to take advantage of the current favorable interest-rate climate, the Commission agrees that the actual reasonable cost of PG&E’s interest rate hedging activities with respect to the financing necessary for the Settlement Plan shall be reflected and recoverable in PG&E’s retail gas and electric rates without further review.

  • Interest Rate Protection Agreements Within thirty (30) days of the Closing Date, the Borrower shall enter into interest rate protection agreements (protecting against fluctuations in interest rates) reasonably acceptable to the Administrative Agent, which agreements shall provide coverage in an amount equal to $100,000,000 and for a duration of at least two (2) years.

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