Interest Hedge Contracts Sample Clauses

Interest Hedge Contracts. 94 SECTION 5.17 NOTICES...................................................95 SECTION 5.18 PRESERVATION OF SECURITY INTERESTS; FURTHER ASSURANCES....96 SECTION 5.19
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Interest Hedge Contracts. Each Interest Hedge Party and the Company confirm that (a) each Interest Hedge Contract either (i) has been terminated or (ii) is hereby terminated and (b) such parties have agreed on the payment due by the Company to such Interest Hedge Party on the Effective Date pursuant to the terms of the relevant Interest Hedge Contract. Each Interest Hedge Party acknowledges that it is bound by the provisions of the Collateral Agency and Intercreditor Agreement.
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Interest Hedge Contracts. Section 2.2.5 of the Loan Agreement is deleted in its entirety and the following is substituted therefor:
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Interest Hedge Contracts. Borrower shall enter into an Interest Hedge Contract reasonably acceptable to the Required Lenders, to provide protection to Borrower against fluctuations in interest rates, and deliver to Agent the Assignment of Interest Hedge Contract, (i) in a face amount equal to 75% of the aggregate Principal Balance within 15 days after any disbursement of the Loan which would result in an aggregate outstanding Principal Balance equal to or greater than $20,000,000 (the "Threshold Amount") and (ii) in a face amount equal to 75% of any increase in the aggregate outstanding Principal Balance over the Threshold Amount within 15 days after a disbursement of the Loan which would result in an increase in the aggregate outstanding Principal Balance equal to or greater than $5,000,000 since the delivery of the most recent previous Assignment of Interest Hedge Contract."
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Interest Hedge Contracts. (a) Enter into Interest Hedge Contracts only with one or more of the Lenders; provided, that, the Borrower shall not, at any time, enter into Interest Hedge Contracts in respect of principal Obligations in excess of $750,000,000. Except pursuant to and to the extent of, any prepayment of outstanding Loans, the Borrower shall not terminate any Interest Hedge Contract without the prior written consent of the Administrative Agent. (b) Within ten (10) Business Days of the occurrence of any Swap Trigger Event during the period from the Restructuring Effective Date to the date which is 24 months thereafter, the Borrower shall enter into (or shall have in effect) one or more Interest Hedge Contracts with one or more Swap Banks in respect of the aggregate principal amount of $300,000,000 (less the aggregate principal amount of Obligations then subject to an Interest Hedge Contract) and having an aggregate weighted average maturity of seven (7) years from the date of delivery thereof.
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Interest Hedge Contracts. 77 SECTION 5.17 NOTICES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .78 SECTION 5.18 PRESERVATION OF SECURITY INTERESTS; FURTHER ASSURANCES . . . . . . . . .79 SECTION 5.19
Sample 1
Interest Hedge Contracts. (a) Enter into Interest Hedge Contracts only with one or more of the Lenders. Except pursuant to and to the extent of, any prepayment of outstanding Loans, the Borrower shall not terminate any Interest Hedge Contract without the prior written consent of the Administrative Agent. (b) Within ten (10) Business Days of the occurrence of any Swap Trigger Event during the period from the Closing Date to the second anniversary thereof, the Borrower shall enter into one or more Interest Hedge Contracts with one or more Swap Banks in respect of the aggregate principal amount of $350,000,000 (less the aggregate principal amount of Obligations then subject to an Interest Hedge Contract) and having an aggregate weighted average maturity of seven (7) years from the date of delivery thereof; provided, that, the
Sample 1
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Interest Hedge Contracts. (a) Enter into Interest Hedge Contracts only with one or more of the Lenders; PROVIDED, THAT, the Borrower shall not, at any time, enter into Interest Hedge Contracts in respect of principal Obligations in excess of $750,000,000. Except pursuant to and to the extent of, any prepayment of outstanding Loans, the Borrower shall not terminate any Interest Hedge Contract without the prior written consent of the Administrative Agent. (b) Within 15 Business Days after the Closing Date, the Borrower shall enter into one or more Interest Hedge Contracts in respect of the aggregate principal amount of $250,000,000 and having an aggregate weighted average maturity of seven (7) years from the date of delivery thereof. (c) Within ten (10) Business Days of the occurrence of any Swap Trigger Event during the period from the Closing Date to the date which is 24 months thereafter, the Borrower shall enter into one or more Interest Hedge Contracts with one or more Swap Banks in respect of the aggregate principal amount of $300,000,000 (less the aggregate principal amount of Obligations then subject to an Interest Hedge Contract) and having an aggregate weighted average maturity of seven (7) years from the date of delivery thereof.
Sample 1
Interest Hedge Contracts. (a) Enter into Interest Hedge Contracts only with one or more of the Lenders. Except pursuant to and to the extent of, any prepayment of outstanding Loans, the Borrower shall not terminate any Interest Hedge Contract without the prior written consent of the Administrative Agent (such consent not to be unreasonably withheld, conditioned or delayed). (b) Within ten (10) Business Days of the occurrence of any Swap Trigger Event during the period from the Restructuring Effective Date to the second anniversary thereof, the Borrower shall enter into one or more Interest Hedge Contracts with one or more Swap Banks in respect of the aggregate principal amount of at least 50% of the Obligations then outstanding (less the aggregate principal amount of Obligations then subject to an Interest Hedge Contract) and having an aggregate weighted average maturity of seven (7) years from the date of delivery thereof; provided, that, the Borrower shall not, at any time, enter into Interest Hedge Contracts in respect of principal Obligations in excess of $350,000,000. (c) If no Swap Trigger Event shall have occurred during the period from the Original Closing Date to the second anniversary thereof, then, on the second anniversary of the Original Closing Date, the Borrower shall enter into one or more Interest Hedge Contracts with one or more Swap Banks in respect of at least 66 2/3% of the aggregate principal amount of the Acquisition Loans estimated to be payable on the Final Maturity Date.
Sample 1

Related to Interest Hedge Contracts

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

  • 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.

  • 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.

  • Swap Agreements The Borrower will not, and will not permit any of its Subsidiaries to, enter into any Swap Agreement, except (a) Swap Agreements entered into to hedge or mitigate risks to which the Borrower or any Subsidiary has actual exposure (other than those in respect of Equity Interests of the Borrower or any of its Subsidiaries), and (b) Swap Agreements entered into in order to effectively cap, collar or exchange interest rates (from fixed to floating rates, from one floating rate to another floating rate or otherwise) with respect to any interest-bearing liability or investment of the Borrower or any Subsidiary.

  • 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.

  • 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.

  • Banking Services and Swap Agreements Each Lender or Affiliate thereof providing Banking Services for, or having Swap Agreements with, any Loan Party or any Subsidiary or Affiliate of a Loan Party shall deliver to the Administrative Agent, promptly after entering into such Banking Services or Swap Agreements, written notice setting forth the aggregate amount of all Banking Services Obligations and Swap Agreement Obligations of such Loan Party or Subsidiary or Affiliate thereof to such Lender or Affiliate (whether matured or unmatured, absolute or contingent). In furtherance of that requirement, each such Lender or Affiliate thereof shall furnish the Administrative Agent, from time to time after a significant change therein or upon a request therefor, a summary of the amounts due or to become due in respect of such Banking Services Obligations and Swap Agreement Obligations. The most recent information provided to the Administrative Agent shall be used in determining which tier of the waterfall, contained in Section 2.18(b), such Banking Services Obligations and/or Swap Agreement Obligations will be placed.

  • 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).

  • 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.

  • Derivative Contracts (a) The Trustee shall, at the written direction of the Master Servicer, on behalf of the Trust Fund, enter into Derivative Contracts, solely for the benefit of the Class SB Certificates. Any such Derivative Contract shall constitute a fully prepaid agreement. The Master Servicer shall determine, in its sole discretion, whether any Derivative Contract conforms to the requirements of clauses (b) and (c) of this Section 4.09. Any acquisition of a Derivative Contract shall be accompanied by an appropriate amendment to this Agreement, including an Opinion of Counsel, as provided in Section 11.01, and either (i) an Opinion of Counsel to the effect that the existence of the Derivative Contract will not adversely affect the availability of the exemptive relief afforded under ERISA by U.S. Department of Labor Prohibited Transaction Exemption ("PTE") 94-29, as most recently amended, 67 Fed. Reg. 54487 (Aug. 22, 2002), to the Holders of the Class A Certificates or the Class M Certificates, as of the date the Derivative Contract is acquired by the Trustee; or (ii) the consent of each holder of a Class A Certificate or Class M Certificate to the acquisition of such Derivative Contract. All collections, proceeds and other amounts in respect of the Derivative Contracts payable by the Derivative Counterparty shall be distributed to the Class SB Certificates on the Distribution Date following receipt thereof by the Trustee. In no event shall such an instrument constitute a part of any REMIC created hereunder. In addition, in the event any such instrument is deposited, the Trust Fund shall be deemed to be divided into two separate and discrete sub-trusts. The assets of one such sub-trust shall consist of all the assets of the Trust Fund other than such instrument and the assets of the other sub-trust shall consist solely of such instrument. (b) Any Derivative Contract that provides for any payment obligation on the part of the Trust Fund must (i) be without recourse to the assets of the Trust Fund, (ii) contain a non-petition covenant provision from the Derivative Counterparty, (iii) limit payment dates thereunder to Distribution Dates and (iv) contain a provision limiting any cash payments due to the Derivative Counterparty on any day under such Derivative Contract solely to funds available therefor in the Certificate Account to make payments to the Holders of the Class SB Certificates on such Distribution Date. (c) Each Derivative Contract must (i) provide for the direct payment of any amounts by the Derivative Counterparty thereunder to the Certificate Account at least one Business Day prior to the related Distribution Date, (ii) contain an assignment of all of the Trust Fund's rights (but none of its obligations) under such Derivative Contract to the Trustee on behalf the Class SB Certificates and shall include an express consent of the Derivative Counterparty to such assignment, (iii) provide that in the event of the occurrence of an Event of Default, such Derivative Contract shall terminate upon the direction of a majority Percentage Interest of the Class SB Certificates, and (iv) prohibit the Derivative Counterparty from "setting-off" or "netting" other obligations of the Trust Fund and its Affiliates against such Derivative Counterparty's payment obligations thereunder.

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