Interest Rate Contract Sample Clauses

Interest Rate Contract. The Authority has executed and delivered the Initial Interest Rate Contract and may provide an Alternate Interest Rate Contract upon the termination of any Interest Rate Contract.
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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. 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.10.16. The Borrower shall upon the request of the Agent provide to the Agent evidence that such Interest Rate Contract is in effect.
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. 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
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. 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. 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. 10.17. The Borrower shall upon the request of the Agent provide to the Agent evidence that such Interest Rate Contract is in effect.
Sample 1
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

Related to Interest Rate Contract

  • Interest Rate Protection No later than the 90th day after the Closing Date, the Borrower shall enter into, and for a minimum of three years thereafter maintain, Hedging Agreements acceptable to the Administrative Agent that result in at least 50% of the aggregate principal amount of its funded long-term Indebtedness being effectively subject to a fixed or maximum interest rate acceptable to the Administrative Agent.

  • INTEREST; INTEREST RATE (a) Interest on this Note shall commence accruing on the Issuance Date and shall be computed on the basis of a 360-day year and twelve 30-day months and shall be payable in arrears on each Interest Date and shall be payable in accordance with the terms of this Note. Interest shall be paid (i) on each Interest Date occurring on an Installment Date in accordance with Section 8 as part of the applicable Installment Amount due on the applicable Installment Date and (ii) with respect to each other Interest Date, to the record holder of this Note on the applicable Interest Date, in shares of Common Stock (“Interest Shares”) so long as there has been no Equity Conditions Failure; provided however, that the Company may, at its option following notice to the Holder, pay Interest on any Interest Date in cash (“Cash Interest”) or in a combination of Cash Interest and Interest Shares. The Company shall deliver a written notice (each, an “Interest Election Notice”) to each holder of the Notes on or prior to the fifth (5th) Trading Day prior to the applicable Interest Date (the date such notice is delivered to all of the holder, the “Interest Notice Date”) which notice (i) either (A) confirms that Interest to be paid on such Interest Date shall be paid entirely in Interest Shares or (B) elects to pay Interest as Cash Interest or a combination of Cash Interest and Interest Shares and specifies the amount of Interest that shall be paid as Cash Interest and the amount of Interest, if any, that shall be paid in Interest Shares and (ii) certifies that there has been no Equity Conditions Failure. If the Company shall fail to deliver any such notice prior to the applicable Interest Notice Date, then the Company shall be deemed to have provided an Interest Election on such Interest Notice Date that confirms that Interest to be paid on such Interest Date shall be paid entirely in Interest Shares and certifies that there has been no Equity Conditions Failure If an Equity Conditions Failure has occurred as of the Interest Notice Date, then unless the Company has elected to pay such Interest as Cash Interest, the Interest Election Notice shall indicate that unless the Holder waives the Equity Conditions Failure, the Interest shall be paid as Cash Interest. Notwithstanding anything herein to the contrary, if no Equity Conditions Failure has occurred as of the Interest Notice Date but an Equity Conditions Failure occurs thereafter at any time prior to the Interest Date, (A) the Company shall provide the Holder a subsequent notice to that effect and (B) unless the Holder waives the Equity Conditions Failure, the Interest shall be paid in cash. Interest to be paid on an Interest Date in Interest Shares shall be paid in a number of fully paid and nonassessable shares (rounded to the nearest whole share in accordance with Section 3(a)) of Common Stock equal to the quotient of (1) the amount of Interest payable on such Interest Date less any Cash Interest paid and (2) the Installment Conversion Price in effect on the applicable Interest Date (determined as if such Interest Date was an Installment Date hereunder).

  • Interest Rates (a) Each Base Rate Loan shall bear interest on the outstanding principal amount thereof, for each day from the date such Loan is made until it becomes due, at a rate per annum equal to the Base Rate for such day. Such interest shall be payable for each Interest Period on the last day thereof. Any overdue principal of or interest on any Base Rate Loan shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of 2% plus the rate otherwise applicable to Base Rate Loans for such day.

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