Rate Protection Agreements. Within 90 days following the Closing Date, the Term Loan Borrower will enter into interest rate swap, cap, collar or similar arrangements designed to protect the Term Loan Borrower against fluctuations in interest rates with respect to at least 50% of the outstanding principal amount of Term Loans for a period of at least three years from the Closing Date, on terms reasonably satisfactory to the Administrative Agent.
Rate Protection Agreements. (a) No Loan Party or Subsidiary of any Loan Party will engage in, guaranty or grant a security interest to secure any speculative transactions or any transaction involving a Rate Protection Agreement except for the sole purpose of hedging in the normal course of business; provided, however, that no Loan Party will engage in, guaranty or grant a security interest to secure any Swap Obligation if at the time of such swap obligation, guaranty or grant it does not constitute an “eligible contract participant” as defined in the Commodity Exchange Act.
(b) No Rate Protection Agreement shall be secured under the Loan Documents or otherwise unless such Rate Protection Agreement is between the Borrower and a Lender or an Affiliate of a Lender and (i) such Lender remains a Lender hereunder and (ii), in the case of an Affiliate of a Lender, such Affiliate of a Lender has executed and delivered to the Administrative Agent a letter agreement in form and substance acceptable to the Administrative Agent in its sole discretion pursuant to which such Affiliate appoints the Administrative Agent to act as agent for such Affiliate for purposes of acquiring, holding and enforcing any and all Liens on Collateral granted by any of the Loan Parties to secure any of the Obligations, together with such powers and discretion as are reasonably incidental thereto, appoints such Lender as its agent for all other purposes hereunder or under any other Loan Document, and affirms and ratifies all terms and provisions agreed to by such Lender on its behalf herein or in any other Loan Document.
Rate Protection Agreements. Within 60 days following the Restatement Effective Date, the Borrower will enter into interest rate swap, cap, collar or similar arrangements with a Lender or any other Person reasonably acceptable to the Lenders designed to protect the Borrower against fluctuations in interest rates for a period of at least three years from the Restatement Effective Date, in an amount reasonably satisfactory to the Agents and in any event that would cause an amount equal to not less than 50% of the Indebtedness outstanding under the Loan Documents, the 2016 Senior Note Documents and the 2014 Senior Note Documents to bear interest at a fixed rate.
Rate Protection Agreements. To Agent, notice of intention to enter into any Rate Protection Agreement, together with form of proposed Rate Protection Agreement.
Rate Protection Agreements. In the case of the Borrower, within 100 days following the Merger Date, enter into (and thereafter maintain in effect) Rate Protection Agreements providing for interest rate protection on customary terms, for a period of at least two years following the Merger Date, with respect to at least 50% of the sum of the aggregate principal amount of the then-outstanding Term Loans.
Rate Protection Agreements. Holdings and the Borrowers will enter into or maintain interest rate swaps, caps, collars or similar agreements in a notional amount that, when taken together with the aggregate principal amount of Total Debt subject to a fixed interest rate, will result in at least 50% of the aggregate principal amount of all Total Debt being either fixed, hedged or capped, with the terms of such swap, cap, collar or other arrangements having terms reasonably satisfactory to the Agents.
Rate Protection Agreements. Within 30 days following the earlier of the Acquisition Date and the date of termination or expiration of the Purchase Agreement, the Borrowers shall (a) enter into interest rate swap, cap, collar or similar arrangements designed to protect such Borrower against fluctuations in interest rates with respect to at least 80% of the aggregate principal amount of the Term Loans for a period of at least three years from the Closing Date, on terms reasonably satisfactory to the Lead Arranger; and (b) grant to the Lead Arranger a right of first refusal to participate in such hedging arrangements so long as the Lead Arranger provides pricing that is competitive in the market in respect of such hedging arrangements.
Rate Protection Agreements. All Rate Protection Agreements shall be (a) with a counterparty that is a Lender or another Person that is reasonably satisfactory to the Agent and (b) unsecured unless the counterparty is a Lender, in which case the obligations under each such Rate Protection Agreement shall be secured pro rata with all the other Obligations hereunder.
Rate Protection Agreements. Within ninety days following the Closing Date, the Administrative Agent shall have received evidence satisfactory to it that the Borrower has entered into interest rate swap, cap, collar or similar agreements in form and substance satisfactory to the Syndication Agent designed to protect the Borrower against fluctuations in interest rates with respect to at least 50% of the aggregate outstanding principal amount of the Term Loans for a period from the date the initial interest rate protection arrangement was obtained until the Stated Maturity Date, and in all respects satisfactory to the Syndication Agent.\
Rate Protection Agreements. If at any time the one month -------------------------- LIBO Rate shall be greater than or equal to 6.50% for a period of five consecutive Business Days as determined by the Administrative Agent, the Borrower shall, within 30 days of the end of such period, enter into interest rate protection agreements in form and substance satisfactory to the Arranging Agents for a minimum period of three years and in a notional principal amount equal to at least the excess of (i) an amount equal to 50% of the aggregate outstanding Total Debt over (ii) the aggregate principal amount of Indebtedness which bears interest at a fixed rate for a period of at least three years from the end of such period, and such rate protection agreements to be in all respects satisfactory to the Arranging Agents.
