Hedging Requirement Sample Clauses
Hedging Requirement. (a) On the date of the issuance of any Series of Notes bearing interest at a floating rate (such as LIBOR), the Issuer will enter into, and maintain for so long as any such Notes or other obligations under the Transaction Documents remain unpaid, one or more Interest Rate Hedge Agreements with an aggregate notional balance (x) equal to or exceeding the product of (i) seventy-five percent (75%) and (ii) the aggregate outstanding principal balance of any such Series of floating rate Notes (the amount described in this clause (x), the “Minimum Hedging Amount”) and (y) less than or equal to the product of (i) one hundred five percent (105%) and (ii) the aggregate outstanding principal balance of any such Series of floating rate Notes (the amount described in this clause (y), the “Maximum Hedging Amount” and, collectively with the Minimum Hedging Amount, the “Hedging Requirement”).
(b) If the Issuer, or the Manager, on behalf of the Issuer, fails to comply with the Hedging Requirement, the Requisite Global Majority shall have the right, in its sole discretion and at the expense of the Issuer, upon thirty (30) days notice, if necessary (as determined in the sole discretion of the Requisite Global Majority), to direct the Indenture Trustee, to enter into, maintain or terminate (in whole or in part), one or more Interest Rate Hedge Agreements selected by the Requisite Global Majority (in its sole discretion) on behalf of the Issuer such that, after giving effect to such action, the Issuer will be in compliance with the Hedging Requirement. In the event the Requisite Global Majority determines to direct the Indenture Trustee to enter into, maintain or terminate (in whole or in part) an Interest Rate Hedge Agreement on the Issuer’s behalf, the Requisite Global Majority shall promptly send a copy of any such agreement to the Issuer and may provide the Indenture Trustee and Manager on behalf of the Issuer with a written direction to deposit in the Trust Account certain amounts to reimburse the Requisite Global Majority or a third party for the costs of such Interest Rate Hedge Agreement.
(c) If at any time while the Notes are Outstanding an Interest Rate Hedge Counterparty ceases to be an Eligible Interest Rate Hedge Counterparty, the Issuer shall within sixty (60) days after it obtains knowledge of such event, either (i) replace the non-conforming Interest Rate Hedge Counterparty with an Eligible Interest Rate Hedge Counterparty or (ii) require the non-conforming Int...
Hedging Requirement. For the Series 2022-1 Notes, the Minimum Hedging Amount must be greater than or equal to the product of (i) seventy percent (70%) and (ii) the aggregate outstanding principal balance of all such Series 2022-1 Notes and the Maximum Hedging Amount must be equal to or less than the product of (i) one hundred and five percent (105%) and (ii) the aggregate outstanding principal balance of all such Series 2022-1 Notes.
Hedging Requirement. Borrower shall maintain in effect at all times from and after the date which is ninety (90) days after the Closing Date one or more Hedge Agreements with respect to not less than sixty percent (60%) of the Outstanding principal amount of the Loans. The terms of such Hedge Agreements shall be satisfactory to Agent.
Hedging Requirement. As of each date (a "DETERMINATION DATE") that is the end of a quarterly or annual period covered by a quarterly report on Form 10-Q or annual report on Form 10-K (as the case may be) filed, or required to be filed, by the Company with the SEC from the date of this Agreement until the first date following the Initial Closing Date on which no Notes are outstanding, at least 20% of the Company's estimate of its oil and gas production for the 12-month period commencing immediately after such Determination Date shall be protected from price fluctuations using derivatives, fixed price agreements and/or volumetric production payments ("HEDGED"). Within one (1) Business Day after the filing of the quarterly report on Form 10-Q or annual report on Form 10-K covering the quarterly or annual period ended on such Determination Date, the Company shall deliver to each Buyer a certificate as to the Company's compliance with the foregoing, which certificate shall not contain any material nonpublic information. The Company's obligation to hedge against price fluctuations as set forth in this Section 3(t), the amount and nature of such Hedged position and a statement as to the Company's compliance with this requirement shall be disclosed in the quarterly report on Form 10-Q or annual report on Form 10-K ended on such Determination Date, as filed with the SEC.
Hedging Requirement. If following the Borrowing of any Loans (the date of such Borrowing, the “Specified Borrowing Date”), the aggregate principal amount of all outstanding Loans is greater than US$25,000,000, the Borrower (and, in the case of clause (b), each Loan Party) shall, no later than ten (10) Business Days after the Specified Borrowing Date (the “Hedging Requirement Date”), be required to (a) implement and comply in all respects with the Hedging Requirement as described in Schedule VI and after the Hedging Requirement has been met, promptly deliver to the Administrative Agent, evidence that such Hedging Requirement has been implemented and (b) to the extent required to comply with the Hedging Requirement, execute, and cause the Guarantors to execute, the Intercreditor Agreement; provided, that, at any time on which the aggregate principal amount of all outstanding Loans is equal to or lesser than US$25,000,000 (including if the aggregate principal amount of all outstanding Loans is equal to less than US$25,000,000 prior to the applicable Hedging Requirement Date), the Borrower shall not be required to implement or comply with the Hedging Requirement.
Hedging Requirement. On the Initial Closing Date and thereafter within thirty (30) days after the end of each calendar quarter thereafter, the Issuer will enter into, and maintain for so long as any Notes or other obligations under the Transaction Documents remain unpaid, one or more Interest Rate Hedge Agreements with respect to a minimum of seventy percent (70%) of that portion of the Aggregate Note Principal Balance attributable to (i) those Eligible Containers that are then subject to a Lease that has a then remaining term of more than three years and (ii) without duplication of the Leases referred to in clause (i), those Eligible Containers that are then subject to a Finance Lease, all of which Interest Rate Hedge Agreements shall have an aggregate notional principal amount required by the formula set forth in Exhibit F hereto and have a projected amortization schedule as set forth in such Exhibit.
Hedging Requirement. If following the Borrowing of any Loans (the date of such Borrowing, the “Specified Borrowing Date”), the aggregate principal amount of all outstanding Loans is greater than (x) prior to the Longstop Date US$25,000,000 or (y) on or after the Longstop Date US$20,000,000, the Borrower (and, in the case of clause (b), each Loan Party) shall, no later than ten (10) Business Days after the Specified Borrowing Date (the “Hedging Requirement Date”), be required to:
(a) implement and comply in all respects with the Hedging Requirement as described in Schedule VI and after the Hedging Requirement has been met, promptly deliver to the Administrative Agent, evidence that such Hedging Requirement has been implemented and
(b) to the extent required to comply with the Hedging Requirement, execute, and cause the Guarantors to execute, the Intercreditor Agreement; provided that, at any time on which the aggregate principal amount of all outstanding Loans is equal to or lesser than US$25,000,000 if such determination is made prior to the Longstop Date (or US$20,000,000 if such determination is made on or after the Longstop Date) (including if the aggregate principal amount of all outstanding Loans is equal to less than US$25,000,000 (if such determination is made prior to the Longstop Date (or US$20,000,000 if such determination is made on or after the Longstop Date)) prior to the applicable Hedging Requirement Date), the Borrower shall not be required to implement or comply with the Hedging Requirement.”
(j) to amend Section 2.08(b) of the Credit Agreement by adding a new clause (iii) as follows:
Hedging Requirement. In addition to existing Oil and Gas Hedge Transactions currently in place under the Credit Agreement, not later than March 31, 2001 (the "Hedge Date"), Borrower shall additionally enter into Oil and Gas Hedge Transactions with respect to production from the STB Properties constituting Proved Producing Mineral Interests which shall in all events provide for hedging of not less than seventy-five percent (75%) of Borrower's and its Subsidiaries' anticipated production of Hydrocarbons (with respect to such properties) for a period of not less than twenty-four (24) months (such period to be measured from the effective date of each separate Oil and Gas Hedge Transaction), and such Oil and Gas Hedge Transactions to otherwise be on terms and conditions satisfactory to Administrative
Hedging Requirement. On the initial funding date and thereafter within thirty (30) days after the end of each calendar quarter, the Issuer will enter into, and maintain for so long as any Notes or other obligations under the Transaction Documents remain unpaid, one or more Interest Rate Hedge Agreements with an aggregate notional balance equal to or exceeding the sum of (i) seventy percent (70%) of the aggregate Net Book Values of those Eligible Containers that are, as of the end of such calendar quarter (or, prior to thirty (30) days after the end of the first calendar quarter following the initial funding date, as of the initial funding date), subject to an unexpired Lease that requires the lessee to maintain specific containers on-hire for the duration of such Lease and (ii) without duplication of the Leases referred to in clause (i), one hundred percent (100%) of the aggregate Net Book Values of those Eligible Containers that are, as of the end of such calendar quarter (or, prior to thirty (30) days after the end of the first calendar quarter following the initial funding date, as of the initial funding date), subject to a Finance Lease, all of which Interest Rate Hedge Agreements shall have a projected amortization schedule in accordance with Exhibit F hereto.
Hedging Requirement. The Borrower shall have delivered to the Administrative Agent evidence reasonably acceptable to the Administrative Agent that the Loan Parties are in compliance with Section 7.15 after giving effect to the Credit Extension so requested. Each Credit Extension hereunder shall be deemed to be a representation and warranty by Borrower that the applicable conditions specified in this Section 5.2 have been satisfied on and as of the date of the applicable Credit Extension.