Hedging Transaction. Within one hundred eighty (180) days following the Effective Date, Borrower shall enter into a Hedging Transaction sufficient, at the minimum, to cover fifty percent (50%) of the aggregate outstanding principal amount of the Term Loan for a three year period following the consummation of such Hedging Transaction. The documents relating to such Hedging Transaction shall be in form and substance reasonably acceptable to the Agent.
Hedging Transaction. Within thirty (30) days following the Effective Date, the Borrower shall enter into a Hedging Agreement with Comerica Bank sufficient, at the minimum, to cover fifty percent (50%) of the aggregate outstanding principal amount of the Term Loan for a 3-year period following the execution of such Hedging Agreement. The Hedging Agreement shall be in form and substance reasonably acceptable to the Agent.
Hedging Transaction. Within sixty (60) days following the Effective Date, Borrowers shall enter into a Hedging Agreement sufficient, at the minimum, to cover fifty percent (50%) of the aggregate outstanding principal amount of Term Loan A for a three year period following the execution of such Hedging Agreement. The Hedging Agreement shall be in form and substance reasonably acceptable to the Agent.
Hedging Transaction. Within forty-five (45) days following the Amendment Effective Date, Borrowers shall enter into a Hedging Agreement sufficient, at the minimum, to cover $50,000,000 of the aggregate outstanding principal amount of the Term Loan for a three-year period following the execution of such Hedging Agreement. The Hedging Agreement shall be in form and substance reasonably acceptable to the Agent.
f. Clause (a) of Section 8.1 of the Credit Agreement is hereby amended and restated in its entirety as follows:
(a) non-payment when due of: (i) principal or interest on the
Hedging Transaction. On or before June 1, 2008, Borrowers shall enter into a Hedging Agreement sufficient, at the minimum, to cover $50,000,000 of the aggregate outstanding principal amount of the Term Loan for a three-year period following the execution of such Hedging Agreement. The Hedging Agreement shall be in form and substance reasonably acceptable to the Agent.”
c. Section 12.12 is amended entirely as follows:
Hedging Transaction. A Borrower may enter into a Hedging Transaction subject to the provisions of this Section.
(a) If a Borrower elects to enter into a Bank-Provided Hedging Transaction, the performance of each obligation of such Borrower to Approved Counterparty thereunder, including without limitation any Hedging Obligations and costs of enforcement of Approved Counterparty’s remedies thereunder, shall be secured by the Mortgage and the Security Agreement. Such Borrower shall deliver copies of the Hedging Documents, as and when required by Administrative Bank and Approved Counterparty. In connection with any Bank-Provided Hedging Transaction, such Borrower shall cause to be delivered to Administrative Bank a fully executed Assignment of Hedging Transaction, consented to by the counterparty of such Hedging Transaction.
(b) If a Borrower elects to obtain a Hedging Transaction that is not a Bank-Provided Hedging Transaction, such Hedging Transaction shall be subject to: (i) Required Banks’ prior credit approval and (ii) Administrative Bank’s receipt of a fully executed counterpart of such Hedging Transaction and the related Assignment of Hedging Transaction, consented to by the counterparty of such Hedging Transaction, which such Hedging Transaction shall be subordinate in all respects and at all times to the Obligations.
Hedging Transaction. Borrower may enter into a Hedging Transaction subject to the provisions of this Section. If Borrower elects to obtain a Hedging Transaction that is not a Bank-Provided Hedging Transaction, such Hedging Transaction shall be subject to: (i) Bank’s prior credit approval, and (ii) Bank’s receipt of a fully executed counterpart of such Hedging Transaction and the related Assignment of Hedging Transaction, consented to by the counterparty of such Hedging Transaction, which such Hedging Transaction shall be subordinate in all respects and at all times to the Obligations.
Hedging Transaction. Within sixty (60) days following the Effective Date, Borrowers shall enter into a Hedging Agreement sufficient, at the minimum, to cover fifty percent (50%) of the principal amount of the Term Loan until the Term Loan Maturity Date. Such Hedging Agreement is to be in form and substance acceptable to the Majority Banks, and if such Hedging Agreement is not provided by a Bank, the Borrowers’ obligations thereunder shall not be secured with any of the assets of any Party.
Hedging Transaction. Borrower shall, within ninety (90) days of the Effective Date, enter into a Hedging Agreement in form and substance reasonably acceptable to the Agent and to Borrower.
Hedging Transaction. The Borrower agrees to offer BNP Paribas the opportunity to provide any Hedging Instruments that the Borrower wishes to enter into from time to time and if the Borrower approaches other providers of Hedging Instruments ("Hedge Providers"), the Borrower agrees to provide BNP Paribas with the option to equal such Hedge Provider's offer (including, without limitation, as to tenor, credit spread and structure) and, if BNP Paribas' offer is equivalent or better, to accept BNP Paribas' offer for the Hedging Transaction in question.
