Interest Rate Contract Sample Clauses

Interest Rate Contract. The Authority has executed and delivered the Initial
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Interest Rate Contract. From and after the date of this Agreement, the Borrower shall at all times maintain in full force and effect the Interest Rate Contract described in ss.
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Interest Rate Contract. Issuer shall not obtain Interest Rate Contracts having an aggregate notional amount in excess of 50% of the Issuer's exposure to an interest rate increase under the Fleet Facility.
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Interest Rate Contract. If the Interest Hedging Ratio as of the end of any fiscal quarter of the Borrower shall be less than 1.50 to 1.0, as set forth in the Compliance Certificate delivered by the Borrower with respect to such quarter pursuant to Section 7.4(d), then on or before the date that is three (3) months after the end of such fiscal quarter, the Borrower shall obtain and thereafter maintain in full force and effect an Interest Rate Contract in form and substance satisfactory to Agent on a notional amount of Unhedged Variable Rate Debt at least equal to the lesser of (a) the Interest Rate Hedging Cap and (b) that amount which would have to be subtracted from Variable Rate Debt in calculating the Interest Hedging Ratio such that the Interest Hedging Ratio, if re-calculated immediately after giving effect to such Interest Rate Contract, would equal or exceed 1.50 to 1.0. Each Interest Rate Contract would be required to have a term ending no sooner than the earliest of (i) the Maturity Date, (ii) the date which is the second anniversary of the effective date of such Interest Rate Contract, and (iii) such earlier date as the Agent may approve in its sole discretion (provided, however, that the approval by the Agent of a shorter duration for any particular Interest Rate Contract shall not obligate the Agent to approve such shorter duration for any other Interest Rate Contract). Promptly following the effectiveness of each Interest Rate Contract, the Borrower shall assign such Interest Rate Contract to the Agent as additional security for the Obligations pursuant to the Assignment of Hedge. Each Interest Rate Contract shall be provided by any Bank which is a party to this Agreement or by a bank or other financial institution that has unsecured, uninsured and unguaranteed long-term debt which is rated at least A-3 by Moody's Investor Service, Inc. or at least A by Standard & Poor's Raxxxx Xervices, a division of The McGraw-Hill Companies, Inc. The Borrower shall, upon the request of txx Agent, provide to the Agent evidence that the Interest Rate Contract is in effect, or that no Interest Rate Contract is then required under the terms of this Agreement.
Sample 1
Interest Rate Contract. On or prior to the thirtieth day after the Closing Date the Borrower shall have entered into, and shall maintain until payment and performance in full of the Obligations, an Interest Rate Contract in form and substance satisfactory to the Agent and Lenders, hedging at least an amount equal to fifty percent (50%) of the sum of (i) aggregate Revolving Credit Commitments, plus, (ii) the outstanding balance of the Term A Loans, plus, (iii) the outstanding balance of the Term B Loans.
Sample 1
Interest Rate Contract. The Authority has executed and delivered the Initial Interest Rate Contract having an effective date corresponding to the date of authentication and delivery of the Adjustable Rate Bonds, and may provide an Alternate Interest Rate Contract upon the termination of any Interest Rate Contract.
Sample 1
Interest Rate Contract. The Borrower shall on or before the date that is six (6) months from the date of this Agreement obtain and thereafter maintain in full force and effect, an Interest Rate Contract in form and substance satisfactory to Agent on not less than $75,000,000.00 of the Loans. The term of the Interest Rate Contract shall not expire before the Maturity Date. Promptly following the effectiveness of the Interest Rate Contract, Borrower shall assign the Interest Rate Contract to Agent as additional security for the Obligations pursuant to the Assignment of Hedge Agreement. The Interest Rate Contract shall be provided by any Bank which is a party to this Agreement or a bank or other financial institution that has unsecured, uninsured and unguaranteed long-term debt which is rated at least A-3 by Moodx'x Xxxestor Service, Inc. or at least A- by Standard & Poor's Corporation. The Borrower shall upon the request of the Agent provide to the Agent evidence that the Interest Rate Contract is in effect.
Sample 1
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Interest Rate Contract. The Borrower shall on or before the date that is three (3) months from the date of this Agreement obtain and thereafter maintain in full force and effect, an Interest Rate Contract in form and substance satisfactory to Agent on not less than $50,000,000 of the Loans for a period of two years; provided, however, that Borrower shall, prior to the end of said two-year period, enter into one or more new Interest Rate Contracts in form and substance reasonably satisfactory to Agent, that provide interest rate protection for at least 50% of the Total Commitment, and that shall remain in place until the Maturity Date. Promptly following the effectiveness of the Interest Rate Contract, Borrower shall assign the Interest Rate Contract to Agent as additional security for the Obligations pursuant to the Assignment of Hedge. The Interest Rate Contract shall be provided by any Bank which is a party to this Agreement or a bank or other financial institution that has unsecured, uninsured and unguaranteed long-term debt which is rated at least A-3 by Xxxxx'x Investor Service, Inc. or at least A- by Standard & Poor's Corporation. The Borrower shall upon the request of the Agent provide to the Agent evidence that the Interest Rate Contract is in effect. - 44 -
Sample 1
Interest Rate Contract. Within sixty (60) days of the Closing, Issuer shall obtain, and shall thereafter cause to be maintained for so long as the Notes are outstanding one or more Interest Rate Contracts in form an substance acceptable to the Holders providing for an interest rate hedge covering no less than 50% of the Issuer's exposure to an interest rate increase under the IBM Facility.
Sample 1

Related to Interest Rate Contract

  • Interest Rates All outstanding Term Loans to the Borrower shall bear interest on the unpaid principal amount thereof (including, to the extent permitted by law, on interest thereon not paid when due) from the date made until paid in full in cash at a rate determined by reference to the Base Rate or Adjusted Term SOFR plus the Applicable Margin, but not to exceed the Maximum Rate. If at any time Term Loans are outstanding with respect to which the Borrower has not delivered to the Agent a notice specifying the basis for determining the interest rate applicable thereto in accordance herewith, those Term Loans shall be treated as Base Rate Loans until notice to the contrary has been given to the Agent in accordance with this Agreement and such notice has become effective. Except as otherwise provided herein, the Term Loans shall bear interest as follows: (i) For all Base Rate Loans, at a fluctuating per annum rate equal to the Base Rate plus the Applicable Margin; and (ii) For all SOFR Rate Loans, at a fluctuating per annum rate equal to Adjusted Term SOFR plus the Applicable Margin. Each change in the Base Rate (or any component thereof) shall be reflected in the interest rate applicable to Base Rate Loans as of the effective date of such change. All computations of interest for Base Rate Loans when the Base Rate is determined by the “prime rate” shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed. All other computations of fees and interest shall be made on the basis of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on the basis of a 365-day year). On the last Business Day of each calendar quarter hereafter and on the Termination Date, the Borrower shall pay to the Agent, for the ratable benefit of the Lenders, interest accrued from the last Business Day of the preceding calendar quarter to the last Business Day of such calendar quarter (or accrued to the Termination Date in the case of a payment on the Termination Date) on all Base Rate Loans in arrears. The Borrower shall pay to the Agent, for the ratable benefit of the Lenders, interest on all SOFR Rate Loans in arrears on each SOFR Interest Payment Date.

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