Interest Rate Xxxxxx. (a) On or before the 30th day following the Effective Date, and each Funding Date thereafter, the Servicer shall, at the expense of the Borrower, arrange for the Borrower to enter into one or more Hedge Transactions satisfying the requirements of this Section 2.06. Each Hedge Transaction shall (i) have a scheduled amortizing notional amount which, when combined with all other Hedge Transactions then in effect, satisfies the Hedge Notional Amount Requirement, (ii) to the satisfaction of the Agent, be sufficient to hedge the interest rate risk associated with funding fixed rate Medallion Loans with floating rate Advances hereunder and (iii) incorporate such other terms as the Agent may reasonably direct in consultation with the Servicer.
(b) If on any Settlement Date after the 30th day following the Effective Date the actual aggregate notional amount of all Hedge Transactions is not equal to the Hedge Notional Amount Requirement, the Servicer shall, at the request of the Agent, arrange for the Borrower to enter into an additional Hedge Transaction or terminate an existing Hedge Transaction in whole or in part, as necessary in order to ensure that the actual aggregate notional amount of all Hedge Transactions after giving effect to such addition or termination is equal to the Hedge Notional Amount Requirement as re-calculated by the Agent on such date. Each additional Hedge Transaction entered into by the Borrower pursuant to this Section 2.06(b) must satisfy the conditions set forth in Section 2.06(a) above.
(c) On each date that a repayment of the principal amount of the Advances is made hereunder (other than with regularly scheduled payments of principal on the Loans), the aggregate notional amounts of the Hedge Transactions shall, at the request of the Agent, be reduced such that, after giving effect to such reduction, the aggregate notional amount of all Hedge Transactions, after giving effect to such addition or termination is equal to the Hedge Notional Amount Requirement as re-calculated by the Agent on such date.
(d) In the event that a termination payment is paid by the Hedge Counterparty to the Borrower, that termination payment shall either be paid directly to the replacement counterparty who is entering into the replacement Hedge Transaction or deposited into the Collection Account and applied as Available Funds on the next Settlement Date.
(e) The Borrower shall not enter into any Hedge Transaction, and the Servicer will not arrange for the Borr...
Interest Rate Xxxxxx. (a) On each Borrowing Date, for so long as the Excess Spread (determined without giving effect to any Hedge Transactions) is less than 2.0%, a Borrower will enter into one or more Hedge Transactions satisfying the requirements of this Section 2.06. Each Hedge Transaction shall (i) have a scheduled amortizing notional amount which, when combined with all other Hedge Transactions then in effect, satisfies the Hedge Notional Amount Requirement, (ii) to the satisfaction of the Agent, be sufficient to ensure that the Excess Spread is maintained at a level equal to or greater than the Minimum Excess Spread and (iii) incorporate such other terms as the Agent may reasonably direct in consultation with such Borrower.
(b) If on any Monthly Settlement Date the Excess Spread (determined without giving effect to any Hedge Transactions) is less than 2.0% and the actual aggregate notional amount of all Hedge Transactions is not equal to the Hedge Notional Amount Requirement, a Borrower shall enter into additional Hedge Transactions or terminate an existing Hedge Transaction in whole or in part, as necessary in order to ensure that the actual aggregate notional amount of all Hedge Transactions after giving effect to such addition or termination is equal to the Hedge Notional Amount Requirement as re-calculated by the Agent on such date. Each additional Hedge Transaction entered into by a Borrower pursuant to this Section 2.06(b) must satisfy the conditions set forth in Section 2.06(a) above.
(c) On each date that a repayment of the principal amount of the Advances is made hereunder, the aggregate notional amounts of the Hedge Transactions shall, at the request of the Agent, be reduced such that, after giving effect to such reduction, the aggregate notional amount of all Hedge Transactions, after giving effect to such addition or termination is equal to the Hedge Notional Amount Requirement as re-calculated by the Agent on such date.
(d) In the event that a termination payment is paid by the Hedge Counterparty to a Borrower, that termination payment shall either be paid directly to the replacement counterparty who is entering into the replacement Hedge Transaction or deposited into the Collection Account and applied as Available Funds on the next Monthly Settlement Date.
(e) Neither Borrower shall enter into any Hedge Transaction unless (i) the Hedge Counterparty thereunder is, at the time such Hedge Transaction is entered into by a Borrower, an Eligible Hedge Counterparty...
Interest Rate Xxxxxx. The Borrower shall, at all times beginning thirty (30) days after an Interest Rate Hedge Trigger Event occurs and until the first business day after any period of sixty (60) consecutive days on which one month LIBOR is less than 2.50%, maintain in full force and effect one or more Eligible Interest Rate Xxxxxx which, together with the aggregate notional amount of such Eligible Interest Rate Xxxxxx, when taken together, at all times satisfy the requirements contained in the definition of Required Aggregate Notional Principal Amount, and shall comply with the terms thereof; provided that:
Interest Rate Xxxxxx. The Agent shall have received evidence, in form and substance satisfactory to the Agent, that the Borrower has entered into Interest Rate Xxxxxx to the extent required by, and satisfying the requirements of, Section 11.6 (together with an Interest Rate Hedge Assignment Acknowledgment duly executed by the counterparty thereto (if necessary) and concurrently delivered to the Agent);
Interest Rate Xxxxxx. Credit Parties hereby (i) covenant and agree that no Credit Party shall enter into any Interest Rate Xxxxxx, and (ii) authorize Agent to terminate any Lender-Provided Interest Rate Xxxxxx to which any Credit Party became a party to prior to the date hereof to the extent that when marked-to-market such Lender-Provided Interest Rate Hedge results in Interest Rate Hedge Liabilities.
Interest Rate Xxxxxx. The Borrower shall maintain, at all -------------------- times on and after the date of the initial Advance hereunder, Interest Rate Xxxxxx (a) between the Borrower and (i) CSFB or any of its Affiliates or (ii) any other bank or other financial institution whose long-term rating is at least A+ from S&P and A1 from Xxxxx'x and whose short-term unsecured debt obligation rating is at least A-1/P-1 by S&P and Xxxxx'x, respectively, and is reasonably acceptable to the Agent, (b) with a notional principal amount not less than the outstanding principal amount of the Advances and with a final maturity date which is the date of the last required Scheduled Payment of any Receivable in the Total Receivables Pool or such earlier date approved by the Agent and the Rating Agencies, (c) each of which has an Interest Rate Cap Strike Price no greater than the Maximum Interest Rate Cap Strike Price and (d) which are otherwise in form and substance reasonably acceptable to the Agent and the Rating Agencies.
Interest Rate Xxxxxx. Issuer may enter into Interest Rate Xxxxxx from time to time with respect to any Eligible Asset that bears interest at a fixed rate; provided, however, that Issuer shall enter into, and Servicer shall cause Issuer to enter into, an Interest Rate Hedge only if (i) Issuer has delivered, or caused to be delivered, a complete set of the final documents with respect to such Interest Rate Hedge (including the identity of the related Hedge Counterparty) and (ii) the Note Purchaser Agent has delivered to Issuer its prior written consent to the Issuer’s entering into such Interest Rate Hedge (which consent may be delivered or withheld in the reasonable discretion of the Note Purchaser Agent). Issuer shall not amend, waive, terminate, increase or decrease the notional balance of, or otherwise modify the terms of, any Interest Rate Hedge, unless the Note Purchaser Agent has delivered its prior written consent thereto (which consent may be delivered or withheld in the reasonable discretion of Note Purchaser Agent). Note Purchaser Agent shall not be responsible for, and shall have no liability to Issuer, Indenture Trustee, Seller or Servicer for, any approval of the terms of, or failure to approve any Interest Rate Hedge, the Issuer’s entry into, or failure to enter into any Interest Rate Hedge, or the structure or terms of any Interest Rate Hedge.
Interest Rate Xxxxxx. (A) Within five Business Days after any failure to meet the Interest Rate Hedge Test or make another arrangement satisfactory to the Deal Agent, concurrently with each Asset Purchase hereunder, enter into an Interest Rate Hedge with such counterparties and on such terms as shall satisfy the requirements of clause (B) below, and transfer, assign and otherwise convey to the Deal Agent all of the Seller's rights in, to and under such Interest Rate Hedge pursuant to an Interest Rate Hedge Assignment together with an Interest Rate Hedge Assignment Acknowledgment executed by the relevant Interest Rate Hedge counterparty; and
(B) Within five Business Days after any failure to meet the Interest Rate Hedge Test or make another arrangement satisfactory to the Deal Agent, maintain, at all times, with respect to each Asset Purchase and the Eligible Assets subject thereto, Interest Rate Xxxxxx (i) between the Seller and either FNBB, and/or such other counterparties as may be acceptable to the Deal Agent and have a long-term rating of at least AA- from S&P, Aa3 from Xxxxx'x, XX- from DCR (if rated by DCR) and a short-term rating of at least A-1 from S&P, P-1 from Xxxxx'x and D-1 from DCR (if rated by DCR), (ii) with an aggregate notional amount equal to the product of (A) a factor of 100%, and (B) the aggregate Outstanding Balance of such Eligible Assets with a fixed Asset Rate, less the Outstanding Balance of any such Eligible Assets which have interest rate hedge protection satisfactory to the Deal Agent, amortizing in a manner satisfactory to the parties hereto, (iii) with respect to which the Seller makes periodic payments to the applicable counterparty (solely on a net basis from funds available under Section 2.06(d)(iii) or Section 2.06(e)(ii), as the case may be) by reference to a fixed rate equal to the applicable market rate on the notional balance specified in clause (ii) above, and the counterparty makes periodic payments to the Seller or (to the extent the Deal Agent has required such counterparty to remit such payments directly to the Deal Agent) to the Deal Agent (in either case, solely on a net basis) by reference to a rate equal during any month to the daily average during such month of the money market yields of the rate set forth in H.15 (519) for 30 day maturities under the caption "Commercial Paper" and (iv) which the Seller at the direction of the Deal Agent may terminate every three or six months; and
(C) Deliver prior written notice to each of the...
Interest Rate Xxxxxx. The Program Manager and the Surety Provider shall have received evidence, in form and substance satisfactory to each, that Xxxxx has entered into Interest Rate Hedge Mechanisms to the extent required by, and satisfying the requirements of, Section 5.14 (together with, with respect to any Interest Rate Hedge Mechanism entered into after the date hereof, an Interest Rate Hedge Assignment Acknowledgment duly executed by the counterparty thereto and concurrently delivered to the Program Manager and the Surety Provider).
Interest Rate Xxxxxx. The Borrower shall maintain, at all times on and after the date of the initial Advance hereunder, Interest Rate Xxxxxx (a) between the Borrower and (i) CSFB or any of its Affiliates or (ii) any other bank or other financial institution whose long-term rating is at least AA- from S&P and Aa3 from Xxxxx'x and whose short-term unsecured debt obligation rating is at least A-1/P-1 by S&P and Xxxxx'x, respectively, and is reasonably acceptable to the Agent, (b) with a notional principal amount not less than the outstanding principal amount of the Advances and with a final maturity date no earlier than the date of the last required Scheduled Payment of any Receivable in the Total Receivables Pool, (c) which have a strike price no greater than the Maximum Interest Rate Cap Strike Price and (d) which are otherwise in form and substance reasonably acceptable to the Agent.
