Common use of Hedging Requirements Clause in Contracts

Hedging Requirements. Within five (5) Domestic Business Days after the last day of each calendar quarter, commencing December 31, 1998, the Borrower shall have in effect "Interest Rate Hedgxx" xx Borrower's Indebtedness so that such Indebtedness, together with all Fixed Rate Indebtedness of Borrower, shall constitute at least fifty percent (50%) of the then aggregate Indebtedness of the Borrower. "Interest Rate Hedgxx" xxall mean, interest rate exchange, collar, cap, swap, adjustable strike cap, adjustable strike corridor or similar agreements, each of which (A) shall have a minimum term of two (2) years, or, in the case of loans pursuant to which interest shall accrue at a rate other than a fixed rate, a term equal to the term of such floating rate loan (to the extent the term of such floating rate loan is less than two (2) years), (B) shall have the effect of capping the interest rates covered thereby at a rate equal to or lower than the Cap Rate at the time of purchase or execution, and (C) shall be with an Approved Financial Institution as the counterparty. It is acknowledged and agreed that the Borrower shall have no obligation to replace any Interest Rate Hedge even if the counterparty thereto shall cease to be an Approved Financial Institution. The Borrower shall certify its compliance with Interest Rate Hedgxx xx the Administrative Agent in the certificate required to be delivered by the Borrower pursuant to Section 5. 1 (c), which certificate shall be in the form of Exhibit D attached hereto.

Hedging Requirements. Within five (5) Domestic Business Days after the last day of each calendar quarter, commencing December March 31, 1998, 1998 the Borrower shall have in effect "Interest Rate Hedgxx" xx Borrower's Indebtedness so that such Indebtedness, together with all Fixed Rate Indebtedness of Borrower, shall constitute at least fifty percent (50%) of the then aggregate Indebtedness of the Borrower. "Interest Rate Hedgxx" xxall mean, mean interest rate exchange, collar, cap, swap, adjustable strike cap, adjustable strike corridor or similar agreements, each of which (Ai) shall have a minimum term of two (2) years, or, in the case of loans pursuant to which interest shall accrue at a rate other than a fixed rate, a term equal to the term of such floating rate loan (to the extent the term of such floating rate loan is less than two (2) years), (Bii) shall have the effect of capping the interest rates covered thereby at a rate equal to or lower than the Cap Rate at the time of purchase or execution, and (Ciii) shall be with an Approved Financial Institution as the counterparty. It is acknowledged and agreed that the Borrower shall have no obligation to replace any Interest Rate Hedge even if the counterparty thereto shall cease to be an Approved Financial Institution. The Borrower shall certify its compliance with Interest Rate Hedgxx xx the Administrative Agent in the certificate required to be delivered by the Borrower pursuant to Section 5. 1 (c5.1(c), which certificate shall be in the form of Exhibit D attached hereto.

Hedging Requirements. Within five (5) Domestic Business Days after the last day of each calendar quarter, commencing December 31, 1998, the Borrower shall have in effect "Interest Rate HedgxxHexxxx" xx on Borrower's Indebtedness so that such Indebtedness, together with all Fixed Rate Indebtedness of Borrower, shall constitute at least fifty percent (50%) of the then aggregate Indebtedness of the Borrower. "Interest Rate HedgxxINTEREST RATE HEXXXX" xxall mean, shall mean interest rate exchange, collar, cap, swap, adjustable strike cap, adjustable strike corridor or similar agreements, each of which (Ai) shall have a minimum term of two (2) years, or, in the case of loans pursuant to which interest shall accrue at a rate other than a fixed rate, a term equal to the term of such floating rate loan (to the extent the term of such floating rate loan is less than two (2) years), (Bii) shall have the effect of capping the interest rates covered thereby at a rate equal to or lower than the Cap Rate at the time of purchase or execution, and (Ciii) shall be with an Approved Financial Institution Bank as the counterparty. It is acknowledged and agreed that the Borrower shall have no obligation to replace any Interest Rate Hedge even if the counterparty thereto shall cease to be an Approved Financial InstitutionBank. The Borrower shall certify submit evidence of its compliance with Interest Rate Hedgxx xx Hexxxx xo the Administrative Agent in together with the certificate required to be delivered by the Borrower pursuant to Section 5. 1 (c5.1(c), which certificate shall be in the form of Exhibit D attached hereto.

Hedging Requirements. Within five (5) Domestic Business Days after the last day of each calendar quarter, commencing December 31, 1998, the Borrower shall have in effect "Interest Rate HedgxxXxxxxx" xx on Borrower's Indebtedness so that such Indebtedness, together with all Fixed Rate Indebtedness of Borrower, shall constitute at least fifty percent (50%) of the then aggregate Indebtedness of the Borrower. "Interest Rate HedgxxINTEREST RATE XXXXXX" xxall mean, shall mean interest rate exchange, collar, cap, swap, adjustable strike cap, adjustable strike corridor or similar agreements, each of which (Ai) shall have a minimum term of two (2) years, or, in the case of loans pursuant to which interest shall accrue at a rate other than a fixed rate, a term equal to the term of such floating rate loan (to the extent the term of such floating rate loan is less than two (2) years), (Bii) shall have the effect of capping the interest rates covered thereby at a rate equal to or lower than the Cap Rate at the time of purchase or execution, and (Ciii) shall be with an Approved Financial Institution Bank as the counterparty. It is acknowledged and agreed that the Borrower shall have no obligation to replace any Interest Rate Hedge even if the counterparty thereto shall cease to be an Approved Financial InstitutionBank. The Borrower shall certify submit evidence of its compliance with Interest Rate Hedgxx xx Xxxxxx to the Administrative Agent in together with the certificate required to be delivered by the Borrower pursuant to Section 5. 1 (c5.1(c), which certificate shall be in the form of Exhibit D attached hereto.

Hedging Requirements. Within five (5) Domestic Business Days after the last day of each calendar quarter, commencing December 31, 1998, the Borrower shall have in effect "Interest Rate Hedgxx" xx Borrower's Indebtedness so that such Indebtedness, together with all Fixed Rate Indebtedness of Borrower, shall constitute at least fifty percent (50%) of the then aggregate Indebtedness of the Borrower. "Interest Rate Hedgxx" xxall meanmean (A) Exempt Hedging Contracts, or (B) interest rate exchange, collar, cap, swap, adjustable strike cap, adjustable strike corridor or similar agreements, each of which (Ai) shall have a minimum term of two (2) years, or, in the case of loans pursuant to which interest shall accrue at a rate other than a fixed rate, a term equal to the term of such floating rate loan (to the extent the term of such floating rate loan is less than two (2) years), (Bii) shall have the effect of capping the interest rates covered thereby at a rate equal to or lower than the Cap Rate at the time of purchase or execution, and (Ciii) shall be with an Approved Financial Institution as the counterparty. It is acknowledged and agreed that the Borrower shall have no obligation to replace any Interest Rate Hedge even if the counterparty thereto shall cease to be an Approved Financial Institution. The Borrower shall certify its compliance with Interest Rate Hedgxx xx the Administrative Agent in the certificate required to be delivered by the Borrower pursuant to Section 5. 1 (c5.1(c), which certificate shall be in the form of Exhibit D attached hereto.

Hedging Requirements. Within five (5) Domestic Business Days after the last day of each calendar quarter, commencing December 31, 19981996, the Borrower shall have in effect "Interest Rate HedgxxXxxxxx" xx on Borrower's Indebtedness so that such Indebtedness, together with all Fixed Rate Indebtedness of Borrower, shall constitute at least fifty percent (50%) of the then aggregate Indebtedness of the Borrower. "Interest Rate HedgxxXxxxxx" xxall mean, shall mean interest rate exchange, collar, cap, swap, adjustable strike cap, adjustable strike corridor or similar agreements, each of which (Ai) shall have a minimum term of two (2) years, or, in the case of loans pursuant to which interest shall accrue at a rate other than a fixed rate, a term equal to the term of such floating rate loan (to the extent the term of such floating rate loan is less than two (2) years), (Bii) shall have the effect of capping the interest rates covered thereby at a rate equal to or lower than the Cap Rate at the time of purchase or execution, and (Ciii) shall be with an Approved Financial Institution Bank as the counterparty. It is acknowledged and agreed that the Borrower shall have no obligation to replace any Interest Rate Hedge even if the counterparty thereto shall cease to be an Approved Financial InstitutionBank. The Borrower shall certify submit evidence of its compliance with Interest Rate Hedgxx xx Xxxxxx to the Administrative Lead Agent in together with the certificate required to be delivered by the Borrower pursuant to Section 5. 1 (c5.1(c), which certificate shall be in the form of Exhibit D attached hereto.