Common use of Limitations on Hedging Clause in Contracts

Limitations on Hedging. (a) The Company will not, and will not cause or permit any Subsidiary to, enter into (or become legally obligated to enter into) any Hedging Agreement or transaction under any Hedging Agreement that: (i) is for speculative purposes or is with the aim of obtaining profits based on changing market values; (ii) is based on or associated with the underlying value of a product, interest rate or currency other than those products, interest rates or currencies that are used by the Company or such Subsidiary in the Ordinary Course of Business; (iii) has a notional value that exceeds: (A) in the case of a commodity or product, 150% of the volume of such commodity or product consumed by the Company or such Subsidiary during the most recent Measurement Period; or (B) in the case of an interest rate or currency, the Company’s or such Subsidiary’s requirements for such interest rate or currency (pursuant to the Company’s or such Subsidiary’s Contractual Obligations) for the eighteen (18) months immediately following the date of such Hedging Agreement; (iv) has a tenor of more than eighteen (18) months; (v) would cause the aggregate notional amount of all Hedging Agreements with any single counterparty to exceed US$100,000,000 (or the US Dollar Equivalent thereof); (vi) is with a counterparty other than a Qualified Counterparty; or (vii) is in violation of, or otherwise violates, the Hedging Policy as in effect from time to time; provided that the Company will be permitted to enter into non-speculative Hedging Agreements for the purpose of hedging the full amount of the interest rate risk associated with the Loan or the Other Restructured Indebtedness if such Hedging Agreements otherwise are in compliance with clauses (i), (ii), (v), (vi) and (vii) above. (b) The Company will not: (i) permit or cause the effectiveness of the Hedging Policy to lapse until the Loan has been repaid; (ii) permit or cause the Hedging Policy to permit hedging for speculative purposes or with the aim of obtaining profits based on changing market values; (iii) amend or otherwise change the Hedging Policy unless (x) such amendment or change has been approved by the Board of Directors of the Company (or of a committee duly delegated by such Board of Directors comprised of two (2) or more members thereof) and (y) the Lender is provided with written notice and copies of such amendment or change to the Hedging Policy no later than five (5) Business Days after any such amendment or change is approved as contemplated above.

Limitations on Hedging. (a) The Company will not, and will not cause or permit any Subsidiary to, enter into (or become legally obligated to enter into) any Hedging Agreement or transaction under any Hedging Agreement that: (i) is for speculative purposes or is with the aim of obtaining profits based on changing market values; (ii) is based on or associated with the underlying value of a product, interest rate or currency other than those products, interest rates or currencies that are used by the Company or such Subsidiary in the Ordinary Course of Business; (iii) has a notional value that exceeds: (A) in the case of a commodity or product, 150% of the volume of such commodity or product consumed by the Company or such Subsidiary during the most recent Measurement Period; or (B) in the case of an interest rate or currency, the Company’s or such Subsidiary’s requirements for such interest rate or currency (pursuant to the Company’s or such Subsidiary’s Contractual Obligations) for the eighteen (18) months immediately following the date of such Hedging Agreement; (iv) has a tenor of more than eighteen (18) months; (v) would cause the aggregate notional amount of all Hedging Agreements with any single counterparty to exceed US$100,000,000 (or the US Dollar Equivalent thereof); (vi) is with a counterparty other than a Qualified Counterparty; or (vii) is in violation of, or otherwise violates, the Hedging Policy as in effect from time to time; provided that the Company will be permitted to enter into non-speculative Hedging Agreements for the purpose of hedging the full amount of the interest rate risk associated with the Loan or Loans and the Other Restructured Indebtedness if such Hedging Agreements otherwise are in compliance with clauses (i), (ii), (v), (vi) and (vii) above. (b) The Company will not: (i) permit or cause the effectiveness of the Hedging Policy to lapse until the Loan has all Loans have been repaid; (ii) permit or cause the Hedging Policy to permit hedging for speculative purposes or with the aim of obtaining profits based on changing market values; (iii) amend or otherwise change the Hedging Policy unless (x) such amendment or change has been approved by the Board of Directors of the Company (or of a committee duly delegated by such Board of Directors comprised of two (2) or more members thereof) and (y) the Lender Administrative Agent is provided with written notice and copies of such amendment or change to the Hedging Policy no later than five (5) Business Days after any such amendment or change is approved as contemplated above.