Required Hedge Sample Clauses

Required Hedge. Maintain at all times the Required Hedge in respect of the Loan.
Sample 1Sample 2
AutoNDA by SimpleDocs
Required Hedge. The Borrowers have provided IDB with evidence that arrangements have been put in place to ensure that the Required Hedge will be implemented with respect to the applicable Disbursement.
Sample 1Sample 2
Required Hedge. Borrower shall hedge the floating interest expense of the Term Loan for such terms as Bank shall determine by maintaining one or more interest rate swap transactions with a counter-party reasonably acceptable to Bank in an aggregate notional amount equal to an amount of not less than $600,000.00 and providing for a fixed rate, all upon terms and subject to such conditions as shall be acceptable to Bank (the “Required Hedge”). Any prepayment, acceleration, reduction, increase or other change in the terms of any of the Term Loan will not alter the notional amount of any such interest rate swap transactions or otherwise affect Borrower’s obligation to continue making payments under any such interest rate swap transactions, which will remain in full force and effect notwithstanding any such prepayment, acceleration, reduction, increase or change, subject to the terms of such interest rate swap transaction.
Sample 1Sample 2
Required Hedge. Borrower hedged this Note's floating interest expense by entering into an interest rate swap (the "Swap") with Bank (or other counterparty acceptable to Bank) contemporaneously with the closing of this loan, pursuant to which Borrower shall receive the amount necessary to pay the interest expense due under this loan (exclusive of default interest or other adjustments provided for in the Loan Documents) and shall pay the amount that would be equal to the interest that would accrue on this loan at a fixed rate. Borrower shall maintain the Swap for the full amount and full term of this loan. The Swap will be governed by an ISDA Master Agreement and shall be secured by the collateral described in the Loan Documents.
Sample 1Sample 2
Required Hedge. ZTO shall be required to hedge the Converted Construction Loan's floating interest expense for the entire term thereof by entering into a Swap Agreement with the Lender, or other counterparty acceptable to the Lender, which Swap Agreement shall: (i) provide for a notional amount equal to the outstanding principal balance of the Converted Construction Loan on the date of such SWAP Agreement; (ii) provide for a rate determined with reference to the LIBOR Rate for available Interest Periods of one (1) month; (iii) provide that ZTO shall receive a floating rate which is equal to the floating rate payable by ZTO under the Converted Construction Loan and shall pay a fixed rate; (iv) provide that the Swap Agreement shall remain in place for the full remaining term of the Converted Construction Loan, and (v) contain such other terms and conditions as shall be acceptable to the Lender. ZTO acknowledges and affirms its desire and election to enter into a separate interest rate protection arrangement with the Lender for the Converted Construction Loan pursuant to the Bank Swap Agreement.
Sample 1
Required Hedge. Borrower shall hedge this Note's floating interest expense by entering into an interest rate swap (the "Swap") with Bank (or other counterparty acceptable to Bank) contemporaneously with the closing of this loan, pursuant to which Borrower shall receive the amount necessary to pay the interest expense due under this loan (exclusive of default interest or other adjustments provided for in the Loan Documents) and shall pay the amount that would be equal to the interest that would accrue on this loan at a fixed rate. Borrower shall maintain the Swap for a minimum of 50% of the amount and full term of this loan. The Swap will be governed by an ISDA Master Agreement and shall be secured by the collateral described in the Loan Documents.
Sample 1
Required Hedge. The Borrower shall, promptly (and in any event not later than 60 days) after the first date on or after the Closing Date on which the three-month Euro-Rate (as determined by the Agent) is at least 8.00% on at least ten of the 30 days immediately preceding such date, enter into an Interest Rate Hedging Agreement having an effective rate and other terms and conditions satisfactory to the Agent, for notional principal amounts and tenors sufficient to hedge at least 65% of the scheduled outstanding principal amount of the Indebtedness under the Term Loan Agreement for the period from the effective date of such Interest Rate Hedging Agreement through the fifth anniversary thereof (or, if earlier, the Term Loan Maturity Date). The Borrower shall thereafter select interest rate options under the Term Loan Agreement that match, in time and amount, as closely as may be the terms of the rate hedge represented by such Interest Rate Hedging Agreement.
Sample 1
AutoNDA by SimpleDocs
Required Hedge. Borrower shall hedge the Loan's floating interest expense for the full term of the Loan by maintaining either: (i) the Swap Agreement; or (ii) a comparable interest rate swap agreement with Bank or other counterparty acceptable to Bank in a notional amount equal to the then principal balance of the Loan and providing for a fixed rate [sufficient to satisfy the Debt Service Coverage Ration requirement set forth below] [satisfactory to Bank], and containing such other terms and conditions as shall be reasonably acceptable to Bank. "SWAP AGREEMENT" that certain ISDA Master Agreement entered into between Borrower and Bank dated September 18, 1998, including the Schedule and all Confirmations (as such terms are defied in the ISDA Master Agreement).
Sample 1
Required Hedge. The Borrower shall on the Borrowing Date for the Term Loan hedge the floating interest expense of at least fifty percent (50%) of the amount of the Term Loan for a term of at least eighteen months from the Closing Date by maintaining one or more interest rate swap transactions with any of the Banks (or with another financial institution approved by the Agent in writing) in an aggregate notional amount equal to fifty percent (50%) of the outstanding principal balance of the Term Loan, with the Borrower making fixed rate payments and receiving floating rate payments to offset changes in the variable interest expense of the Term Loan, all upon terms and subject to such conditions as shall be reasonably acceptable to the financial institution entering into such transaction with the Borrower (or the Agent in writing) but in no event shall any Swap Agreement entered in connection herewith have a speculative purpose. The Borrower is permitted to enter into foreign currency exchange contracts in the ordinary course of business provided that such contracts are without a speculative purpose.
Sample 1

Related to Required Hedge

  • Secured Cash Management Agreements and Secured Hedge Agreements Except as otherwise expressly set forth herein, no Cash Management Bank or Hedge Bank that obtains the benefit of the provisions of Section 8.03, the Guaranty or any Collateral by virtue of the provisions hereof or any Collateral Document shall have any right to notice of any action or to consent to, direct or object to any action hereunder or under any other Loan Document or otherwise in respect of the Collateral (including the release or impairment of any Collateral) (or to notice of or to consent to any amendment, waiver or modification of the provisions hereof or of the Guaranty or any Collateral Document) other than in its capacity as a Lender and, in such case, only to the extent expressly provided in the Loan Documents. Notwithstanding any other provision of this Article IX to the contrary, the Administrative Agent shall not be required to verify the payment of, or that other satisfactory arrangements have been made with respect to, Secured Obligations arising under Secured Cash Management Agreements and Secured Hedge Agreements except to the extent expressly provided herein and unless the Administrative Agent has received a Secured Party Designation Notice of such Secured Obligations, together with such supporting documentation as the Administrative Agent may request, from the applicable Cash Management Bank or Hedge Bank, as the case may be. The Administrative Agent shall not be required to verify the payment of, or that other satisfactory arrangements have been made with respect to, Secured Obligations arising under Secured Cash Management Agreements and Secured Hedge Agreements in the case of a Facility Termination Date.

  • Banking Services and Swap Agreements Each Lender or Affiliate thereof providing Banking Services for, or having Swap Agreements with, any Loan Party or any Subsidiary or Affiliate of a Loan Party shall deliver to the Administrative Agent, promptly after entering into such Banking Services or Swap Agreements, written notice setting forth the aggregate amount of all Banking Services Obligations and Swap Agreement Obligations of such Loan Party or Subsidiary or Affiliate thereof to such Lender or Affiliate (whether matured or unmatured, absolute or contingent). In furtherance of that requirement, each such Lender or Affiliate thereof shall furnish the Administrative Agent, from time to time after a significant change therein or upon a request therefor, a summary of the amounts due or to become due in respect of such Banking Services Obligations and Swap Agreement Obligations. The most recent information provided to the Administrative Agent shall be used in determining which tier of the waterfall, contained in Section 2.18(b), such Banking Services Obligations and/or Swap Agreement Obligations will be placed.

  • Monitoring Arrangements 8.1 We will formally monitor the progress of the access agreement at least once a year through the Executive Group who report biannually to the Steering Group. Initial monitoring will be concerned with participation rates and the development of data on lower income and other under-represented groups, against which to monitor. When specific baselines, targets, and milestones are determined we will look to monitor against these. 8.2 Our annual report to the Steering Group will form the basis of our annual monitoring report to OFFA.

  • Hedging Agreement Any termination payment shall be due by the Borrower under any Hedging Agreement and such amount is not paid within ten (10) Business Days of the due date thereof.

  • Hedging Arrangements The Debtor shall (a) at or prior to the time of any Receivables Delivery, provide to the Note Insurer, and the Collateral Agent an Officer’s Certificate stating that the Servicer has Hedging Arrangements in place satisfying the conditions of this Section 5.3 as set forth below, and (b) in connection with any Servicer’s Certificate provided hereunder and to the extent not previously provided, provide an executed copy of all existing Hedging Arrangements, and with respect to which the Debtor shall be the beneficiary, in respect of an aggregate notional amount equal to the Required Notional Amount, and if such Hedging Arrangement is a swap, not greater than the Net Investment related to such swap. On each Delivery Date, the notional balance of the Hedging Arrangement shall be in an amount equal to the Required Notional Amount and, in the case of a swap, not exceeding the Net Receivables Balance (including any Receivables to be added in connection with such Funding). The form, structure and counterparty to each Hedging Arrangement shall be acceptable to the Note Insurer (and which, unless such Hedging Agreement is a cap agreement, shall be submitted to the Note Insurer for its prior review) and must be in full force and effect at all times during which the Net Receivables Balance is greater than zero (however such required amount may be reduced for the period of time between the pricing and the funding of a structured financing utilizing receivables released to the Debtor pursuant to Section 2.16 hereof by the Aggregate Outstanding Balance of such Receivables). Any counterparty to a Hedging Arrangement shall have a long-term unsecured debt rating from Moody’s and S&P of at least “A2” and “A,” respectively. With respect to any Hedging Arrangement, (i) on and after the occurrence of a Termination and Amortization Event or Potential Termination and Amortization Event, the Note Insurer shall have the right, in its sole discretion, to direct the Debtor’s actions with respect thereto and (ii) the related amortization schedule shall be approved by the Note Insurer. Any Hedging Arrangement relating to a Receivables Delivery which is an interest rate cap agreement shall consist of the following requirements (each interest rate cap agreement meeting the following requirements, an “Interest Rate Cap” and collectively, the “Interest Rate Caps”): (i) any such counterparty thereto not rated at least “A” by S&P or “A2” by Moody’s shall be approved in writing by the Note Insurer, Moody’s and S&P; (ii) each Interest Rate Cap shall be documented in form and substance reasonably acceptable to the Note Insurer; (iii) the strike rate of any Interest Rate Cap shall be set at a level that will not result in a Net Spread Deficiency; (iv) all amounts payable by the counterparty thereunder shall be required to be paid by such counterparty directly to the Collection Account; (v) the notional amount thereunder shall amortize according to the scheduled amortization of the Receivables funded on the related Delivery Date assuming zero prepayments and zero defaults with respect to such Receivables; (vi) the aggregate notional amount of such Hedging Arrangement together with all other Hedging Arrangements then in effect must equal the Required Notional Amount; (vii) such Hedging Arrangement must be in effect for at least as long as the latest maturing Receivables securing the Net Investment; and (viii) the Effective Date shall be no later than the Delivery Date.

  • Hedge Transactions The Loan Parties will not, and will not permit any of their Subsidiaries to, enter into any Hedge Transaction, other than Hedge Transactions entered into in the ordinary course of business to hedge or mitigate risks to which the Loan Parties are exposed in the conduct of their business or the management of their liabilities. Solely for the avoidance of doubt, the Borrower acknowledges that a Hedge Transaction entered into for speculative purposes or of a speculative nature (which shall be deemed to include any Hedge Transaction under which any Loan Party is or may become obliged to make any payment (i) in connection with the purchase by any third party of any common stock or any Debt or (ii) as a result of changes in the market value of any common stock or any Debt) is not a Hedge Transaction entered into in the ordinary course of business to hedge or mitigate risks.

  • Hedging Agreements The Borrower will not, and will not permit any of its Subsidiaries to, enter into any Hedging Agreement, other than Hedging Agreements entered into in the ordinary course of business to hedge or mitigate risks to which the Borrower or any Subsidiary is exposed in the conduct of its business or the management of its liabilities.

  • Swap Agreement The Depositor hereby directs the Securities Administrator to execute and deliver on behalf of the Trust the Swap Agreement and authorizes the Securities Administrator to perform its obligations thereunder on behalf of the Supplemental Interest Trust in accordance with the terms of the Swap Agreement. The Depositor hereby authorizes and directs the Securities Administrator to ratify on behalf of the Supplemental Interest Trust, as the Supplemental Interest Trust’s own actions, the terms agreed to by the Depositor in relation to the Swap Agreement, as reflected in the Swap Agreement, and the Securities Administrator hereby so ratifies the Swap Agreement. If based upon a notice from the valuation agent pursuant to section 4(c) of the credit support annex, the Securities Administrator determines that a delivery amount exists, then the Securities Administrator shall demand such amount pursuant to section 3(a) of the credit support annex. The Securities Administrator shall amend the Swap Agreement in accordance with its terms and as requested in writing by a party to the Swap Agreement to cure any ambiguity in or correct or supplement any provision of, the Swap Agreement; provided, however, that any such amendment will not have a material adverse effect to a Certificateholder as evidenced by a written confirmation from each Rating Agency that such amendment would not result in the reduction or withdrawal of the then current ratings of any outstanding Class of Certificates. The Swap Agreement shall not part of any REMIC. The Swap Provider is the calculation agent under the Swap Agreement and shall calculate all amounts pursuant to the Swap Agreement and notify the Securities Administrator of all such amounts. The Depositor hereby directs the Securities Administrator to execute, deliver and perform its obligations under the Swap Agreement on the Closing Date and thereafter on behalf of the Holders of the Offered Certificates and the Class M-10 and Class M-11 Certificates. The Seller, the Depositor, the Servicer and the Holders of the Offered Certificates and the Class M-10 and Class M-11 Certificates by their acceptance of such Certificates acknowledge and agree that the Securities Administrator shall execute, deliver and perform its obligations under the Swap Agreement and shall do so solely in its capacity as Securities Administrator of the Supplemental Interest Trust and not in its individual capacity. The Depositor hereby instructs the Securities Administrator to make any and all demands for Eligible Collateral (as defined in the ISDA Master Agreement) under the Swap Agreement from the Swap Provider in satisfaction of the Delivery Amount (as defined in the ISDA Master Agreement) requirement. The Depositor hereby instructs the Securities Administrator to deliver notice to the Swap Provider upon any failure of the Swap Provider to transfer the Delivery Amount (as defined in the ISDA Master Agreement) pursuant to an Approved Credit Support Document (as defined in the Swap Agreement).

  • Reporting Arrangements The States will report against the agreed milestones during the operation of this Agreement, as set out in Part 4 – Project Milestones, Reporting and Payments.

  • Securities Contract; Swap Agreement The parties hereto intend for (i) the Transaction to be a “securities contract” and a “swap agreement” as defined in the Bankruptcy Code (Title 11 of the United States Code) (the “Bankruptcy Code”), and the parties hereto to be entitled to the protections afforded by, among other Sections, Sections 362(b)(6), 362(b)(17), 546(e), 546(g), 555 and 560 of the Bankruptcy Code, (ii) a party’s right to liquidate the Transaction and to exercise any other remedies upon the occurrence of any Event of Default under the Agreement with respect to the other party to constitute a “contractual right” as described in the Bankruptcy Code, and (iii) each payment and delivery of cash, securities or other property hereunder to constitute a “margin payment” or “settlement payment” and a “transfer” as defined in the Bankruptcy Code.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!