Interest Rate Hedging Agreements. As of the last day of each fiscal quarter of the Borrower, commencing with the fiscal quarter ending September 30, 2014, the Borrower shall have entered into Hedging Agreements for the purpose of hedging the Borrower’s exposure to variable interest rates, the notional amounts of which (when aggregated with all other Hedging Agreements of the Loan Parties then in effect in respect of interest rates) shall not be less than fifty percent (50%) of the then outstanding principal amount of the Loans and the Term Loan Facility. Such Hedging Agreements shall be in the form of floating-to-fixed rate swaps, the purchase of interest rate caps, or any similar hedging instrument designed to mitigate interest rate risk, in each case approved by the Administrative Agent.
Interest Rate Hedging Agreements. The Borrower shall not permit the aggregate notional amounts (after giving effect to any Offsetting Transactions) under the Senior Secured IR Hedge Agreements in respect of any Quarterly Payment Date to exceed at any time, except for a period of no more than 45 consecutive days immediately following any prepayment of any Senior Secured Debt, 110% of the Projected Principal Amount of all Senior Secured Debt on such Quarterly Payment Date; provided, that, for purposes of calculating the foregoing percentages, (a) the principal balance of the Revolving Loans and any other Working Capital Debt shall be excluded, and (b) any Senior Secured Debt which bears a fixed interest rate shall be deemed subject to a Senior Secured IR Hedge Agreement.
Interest Rate Hedging Agreements. The Borrower will maintain one or more Interest Rate Hedging Agreements that will obligate the Borrower or the applicable Eligible Interest Rate Hedge Counterparty to make a Periodic Hedge Payment on each Payment Date. Any Hedge Payments (including Hedge Termination Payments) shall be deposited by the Borrower directly into the Trust Account and shall be distributed in accordance with Section 2.5.
Interest Rate Hedging Agreements. Borrower shall at all times maintain interest rate Hedging Contracts which are: (a) for combined durations as of any day of not less than 24 months following such time, (b) in combined notional amounts not less than fifty percent (50%) of the outstanding principal balance of the Term Loans, (c) in compliance with Section 7.3, and (d) otherwise on terms acceptable to Administrative Agent in its sole discretion.
Interest Rate Hedging Agreements. At all times from and after ninety (90) days after the Closing Date, the Borrowers shall maintain one or more Interest Rate Hedging Agreements to the extent necessary to ensure that at all times at least fifty percent (50%) of the Total Funded Indebtedness of the Borrowers effectively bears, or is capped at, a fixed interest rate provided, however, that no Borrower shall enter into any rate swap, cap or collar agreement which is not an Interest Rate Hedging Agreement.
Interest Rate Hedging Agreements. Promptly after the -------------------------------- Commitment Termination Date, the Transferee will enter into, and will maintain throughout the Pay Out Period, one or more interest rate swap agreements, interest rate collars, interest rate caps or other interest rate hedging arrangements, with one or more financial institutions, including the Agent, whose long-term unsecured debt obligations are rated at least Aaa by Moody's or AAA by S&P, with an amortizing notional amount equal to Transferee's good faith determination of its outstanding Transferee's Investment from time to time during the Pay Out Period (the "Hedging Arrangements"). Such Hedging -------------------- Arrangements shall protect Transferee from differences between a fixed interest rate equal to the interpolated yield to maturity of the Treasury security with a maturity equal to the then Average Maturity and a floating interest rate equal to the Commercial Paper Rate or Eurodollar Rate (Reserve Adjusted). The Agent and the Transferee agree to use their reasonable efforts to obtain such Hedging Arrangements at a commercially reasonable cost, in light of the circumstances of such transaction. The Agent will consult in good faith with the Servicer, and the Servicer agrees to cooperate with the Agent (including providing information on the historical amortization of the portfolio) in order for the Agent to promptly determine an amortization schedule for the Hedging Arrangements. Transferor and IKON Capital, jointly and severally, hereby agree to pay, or to reimburse Transferee for, on demand, any and all costs, expenses and liabilities of Transferee incurred in connection with such Hedging Arrangements (other than periodic net payments of fixed rate interest due to the counterparty thereof), including any arrangement fees, legal costs and early termination payments with respect thereto; provided, that, to the extent that the notional amount of such -------- Hedging Arrangements exceeds the then Transferee's Investment, Transferee shall assign to IKON Capital, and IKON Capital shall accept, the portion of such Hedging Arrangement related to such excess, in which event, IKON Capital shall be responsible for all obligations, and be entitled to all benefits, associated with such portion of the Hedging Arrangements. Notwithstanding the foregoing, if (i) the unsecured short term obligations of IKON Capital are rated at least A-1+ by S&P and P-1 by Xxxxx'x, (ii) Transferor has requested that the Tran...
Interest Rate Hedging Agreements. Within sixty (60) days after the Restatement Effective Date and thereafter within thirty (30) days after the end of each calendar quarter thereafter, the Borrowers will enter into, and maintain for so long as any Obligations remain unpaid, one or more Hedging Agreements with respect to a minimum of seventy percent (70%) of that portion of the Aggregate Note Principal Balance over Twenty Million Dollars ($20,000,000) attributable to (i) those Eligible Containers and Eligible Chassis that are then subject to a Lease that has a then remaining term of more than three years and (ii) without duplication of the Leases referred to in clause (i), those Eligible Containers and Eligible Chassis that are then subject to a Finance Lease, all of which Hedging Agreements shall have an aggregate notional principal amount required by the formula set forth in Exhibit J hereto and have a projected amortization schedule as set forth in such Exhibit.
Interest Rate Hedging Agreements. Within ninety (90) days after the Closing Date and thereafter within thirty (30) days after the end of each calendar quarter thereafter, the Borrower shall enter into, and maintain for so long as any Obligations remain unpaid, one or more Interest Rate Hedging Agreements with respect to a minimum of ninety percent (90%) of the Discounted Present Value of the Receivables of all Leases included in the Asset Base, all of which Interest Rate Hedging Agreements shall have an aggregate notional principal amount required by the formula set forth in Exhibit J hereto and have a projected amortization schedule as set forth in such Exhibit; provided, that during each calendar quarter an amount up to Three Million Dollars ($3,000,000) of ninety percent (90%) of the Discounted Present Value of the Receivables of all Leases initially included in the Asset Base in such calendar quarter may remain unhedged, as long as such unhedged amounts become subject to one or more Interest Rate Hedging Agreements by the end of such calendar quarter.
Interest Rate Hedging Agreements. The Borrower will maintain one or more Interest Rate Hedging Agreements that will obligate the Borrower or the applicable Interest Rate Hedge Counterparty to make a Periodic Hedge Payment on each Payment Date. Each Interest Rate Hedge Counterparty shall be, on the date on which the related Interest Rate Hedging Agreement is entered into, (i) a bank that has both (A) a long term unsecured debt rating of at least “A” or better from S&P and “A2” or better from Xxxxx’x and (B) a short term unsecured debt rating of “A-1” or better from S&P are rated and “P-1” or better from Xxxxx’x, or (ii) a bank or other financial institution that is otherwise acceptable to the Majority Lenders. Any Periodic Hedge Payment or Hedge Termination Payment shall be deposited by, or on behalf of, the Borrower directly into the Trust Account and shall be distributed in accordance with Section 3.2
Interest Rate Hedging Agreements. Genesis shall, from time to time, enter into one or more Qualifying Interest Rate Hedging Agreements to the extent necessary to ensure that at all times at least 30% of the Consolidated Funded Indebtedness of the Borrowers effectively bears, or is capped at, a fixed interest rate.
