Common use of Interest Rate Hedging Clause in Contracts

Interest Rate Hedging. The Borrower shall at all times maintain one or more Interest Rate Hedge Agreements with respect to the Borrower's interest obligations on an aggregate principal amount of not less than fifty percent (50%) of the principal amount of Total Debt outstanding from time to time. Such Interest Rate Hedge Agreements shall provide interest rate protection in conformity with ISDA standards and for a period of at least three (3) years from the date of such Interest Rate Hedge Agreements or, if earlier, until the Maturity Date on terms acceptable to the Managing Agents, such terms to include consideration of the creditworthiness of the other party to the proposed Interest Rate Hedge Agreement. Interest Rate Hedge Agreements required hereby may be in the form of (i) an "on-market" interest rate swap, (ii) an interest rate cap having a cap not higher than two percent (2%) per annum above the prevailing interest rate for U.S. Treasury securities having a term approximately equal to the term of the interest rate cap in question, or (iii) any other interest rate hedging product satisfactory to the Managing Agents. Indebtedness for Money Borrowed of the Borrower and the Restricted Subsidiaries which bears interest at a fixed rate shall be deemed to be subject to an Interest Rate Hedge Agreement for purposes of this Section. Subject to compliance with Section 7.1(d) hereof, the Borrower may also enter into interest rate floors corresponding to any interest rate caps it has entered into in accordance with this Agreement, so long as (i) the floors are lower in rate than the corresponding caps, (ii) such floors have terms no longer than the corresponding caps, and (iii) such floors conform to ISDA standards. All Obligations of the Borrower to the Administrative Agent or any of the Banks pursuant to any Interest Rate Hedge Agreement permitted hereunder and all Liens granted to secure such Obligations shall rank pari passu with all other Obligations and Liens securing such other Obligations; and any Interest Rate Hedge Agreement between the Borrower and any other Person shall be unsecured.

Interest Rate Hedging. The Borrower shall at all times maintain one or more Interest Rate Hedge Agreements with respect to the Borrower's interest obligations on an aggregate principal amount of not less than fifty percent (50%) of the principal amount of Total Debt outstanding from time to time. Such Interest Rate Hedge Agreements shall provide interest rate protection in conformity with ISDA standards and for a period of at least three (3) years from the date of such Interest Rate Hedge Agreements or, if earlier, until the Maturity Date on terms acceptable to the Managing AgentsAdministrative Agent, such terms to include consideration of the creditworthiness of the other party to the proposed Interest Rate Hedge Agreement. Interest Rate Hedge Agreements required hereby may be in the form of (i) an "on-market" interest rate swap, (ii) an interest rate cap having a cap not higher than two percent (2%) per annum above the prevailing interest rate for U.S. Treasury securities having a term approximately equal to the term of the interest rate cap in question, or (iii) any other interest rate hedging product satisfactory to the Managing AgentsAdministrative Agent. Indebtedness for Money Borrowed of the Borrower and the Restricted Subsidiaries which bears interest at a fixed rate shall be deemed to be subject to an Interest Rate Hedge Agreement for purposes of this Section. Subject to compliance with Section 7.1(d) hereof, the Borrower may also enter into interest rate floors corresponding to any interest rate caps it has entered into in accordance with this Agreement, so long as (i) the floors are lower in rate than the corresponding caps, (ii) such floors have terms no longer than the corresponding caps, and (iii) such floors conform to ISDA standards. All Obligations of the Borrower to the Administrative Agent or any of the Banks Lenders pursuant to any Interest Rate Hedge Agreement permitted hereunder and all Liens granted to secure such Obligations shall rank pari passu with all other Obligations and Liens securing such other Obligations; and any Interest Rate Hedge Agreement between the Borrower and any other Person shall be unsecured.

Interest Rate Hedging. The (i) any Derivative Transactions to be entered into by the Borrower shall at all times maintain one or more any time during the Security Period relating to interest rate hedging (Interest Rate Hedge Agreements Transactions) shall be entered into only with respect the Hedging Banks pursuant to the Borrower's Hedging Documents; (ii) Interest Rate Transactions shall be transacted pursuant to the Hedging Documents only by way of rate swaps, caps, floors, collars or other agreed instruments of a similar nature to mitigate interest obligations on an rate risk; (iii) at any time during the Security Period, the aggregate notional principal amount of not less the Interest Rate Transactions shall be no more than fifty percent (50%) 80% of the principal amount of Total Debt outstanding from time Loan; (iv) no speculative interest rate hedging is intended to time. Such be undertaken pursuant to Interest Rate Hedge Agreements Transactions; (v) there shall provide interest rate protection in conformity with ISDA standards be no margin calls or other collateral delivery obligations under any Interest Rate Transactions; (vi) the Borrower shall not be required to enter into Interest Rate Transactions prior to the Effective Date; any Interest Rate Transactions entered into after the Effective Date shall be on terms and for a period of at least three (3) years from times agreed to by the date of Borrower, the Agent and the Hedging Banks entering into such Interest Rate Hedge Agreements orTransactions, if earlier, until the Maturity Date on terms acceptable subject to the Managing Agents, such terms of this Approved Hedging Programme; and (vii) any failure by the Borrower to include consideration comply with paragraph (b)(iii) above shall not constitute a breach of the creditworthiness of Approved Hedging Programme if such failure results from the other party failure by the Agent to the proposed Interest Rate Hedge Agreement. Interest Rate Hedge Agreements give timely consent required hereby may be in the form of (i) an "on-market" interest rate swap, (ii) an interest rate cap having a cap not higher than two percent (2%) per annum above the prevailing interest rate for U.S. Treasury securities having a term approximately equal to the term of the interest rate cap in question, or (iii) any other interest rate hedging product satisfactory to the Managing Agents. Indebtedness for Money Borrowed of the Borrower and the Restricted Subsidiaries which bears interest at a fixed rate shall be deemed to terminate those transaction(s) that are required to be subject to an Interest Rate Hedge Agreement for purposes of this Section. Subject to compliance with Section 7.1(d) hereof, the Borrower may also enter into interest rate floors corresponding to any interest rate caps it has entered into terminated in accordance with this Agreement, so long as (i) the floors are lower in rate than the corresponding caps, (ii) such floors have terms no longer than the corresponding caps, and (iii) such floors conform to ISDA standards. All Obligations of the Borrower to the Administrative Agent or any of the Banks pursuant to any Interest Rate Hedge Agreement permitted hereunder and all Liens granted to secure such Obligations shall rank pari passu with all other Obligations and Liens securing such other Obligations; and any Interest Rate Hedge Agreement between relevant Hedging Documents in order that the Borrower and any other Person shall be unsecured.can comply with paragraph (b)(iii);

Interest Rate Hedging. The Borrower shall at all times maintain one or more Interest Rate Hedge Agreements with respect to the Borrower's interest obligations on an aggregate principal amount of not less than fifty percent (50%) of the principal amount of Total Debt outstanding from time to time. Such Interest Rate Hedge Agreements shall provide interest rate protection in conformity with ISDA standards and for a period of at least three (3) years from the date of such Interest Rate Hedge Agreements or, if earlier, until the Maturity Date on terms acceptable to the Managing Agents, such terms to include consideration of the creditworthiness of the other party to the proposed Interest Rate Hedge Agreement. Interest Rate Hedge Agreements required hereby may be in the form of (i) an "on-market" interest rate swap, (ii) an interest rate cap having a cap not higher than two percent (2%) per annum above the prevailing interest rate for U.S. Treasury securities having a term approximately equal to the term of the interest rate cap in question, or (iii) any other interest rate hedging product satisfactory to the Managing AgentsAdministrative Agent. Indebtedness for Money Borrowed of the Borrower and the Restricted Subsidiaries which bears interest at a fixed rate shall be deemed to be subject to an Interest Rate Hedge Agreement for purposes of this Section. Subject to compliance with Section 7.1(d) hereof, the Borrower may also enter into interest rate floors corresponding to any interest rate caps it has entered into in accordance with this Agreement, so long as (i) the floors are lower in rate than the corresponding caps, (ii) such floors have terms no longer than the corresponding caps, and (iii) such floors conform to ISDA standards. All Obligations of the Borrower to the Administrative Agent or any of the Banks Lenders pursuant to any Interest Rate Hedge Agreement permitted hereunder and all Liens granted to secure such Obligations shall rank pari passu with all other Obligations and Liens securing such other Obligations; and any Interest Rate Hedge Agreement between the Borrower and any other Person shall be unsecured.