Required Interest Rate Contracts. During all periods in which the LIBOR Rate (as determined in accordance with the terms of this Agreement) for Interest Periods of one month exceeds seven per cent (7.0%), the Borrower shall maintain in effect Interest Rate Contracts with counterparties and in form reasonably satisfactory to the Agent covering that portion of Borrower’s Variable Rate Indebtedness equal to the amount by which Borrower’s Variable Rate Indebtedness (other than any such Variable Rate Indebtedness hedged by Interest Rate Contracts with a term expiring no earlier than the earlier of the Maturity Date or the maturity of the Indebtedness so hedged) exceeds 30% of Total Debt.
Required Interest Rate Contracts. The Borrower shall maintain in effect the Interest Rate Contracts in form and substance reasonably satisfactory to the Lead Lenders with respect to that portion of the Variable Rate Indebtedness which exceeds, excluding the IRB Indebtedness, the principal amount of $125,000,000.
Required Interest Rate Contracts. Commencing on the Effective Date and thereafter until all Loans are paid in full and the Lenders have no further obligation to make Loans hereunder, the Borrower shall maintain in effect Interest Rate Contracts with counterparties and in form reasonably satisfactory to the Agent covering that portion of Borrower's Variable Rate Indebtedness equal to the amount by which Borrower's Variable Rate Indebtedness exceeds 20% of Total GAAP Assets.
Required Interest Rate Contracts. Within sixty (60) days after -------------------------------- the Merger Funding Date, the Company shall enter into Interest Rate Contracts on terms reasonably acceptable to the Administrative Agent which shall be purchased from a Lender or an Affiliate of a Lender and which Interest Rate Contracts shall cover a notional amount of at least forty percent (40%) of the maximum amount of the Term Loans and Revolving Loans borrowed on the Merger Funding Date for a period of three (3) years. After such three (3) year period, such Borrower shall enter into such Interest Rate Contracts as the Administrative Agent may reasonably request on terms (including tenor) reasonably acceptable to the Administrative Agent which shall be purchased from a Lender or an Affiliate of a Lender and which Interest Rate Contracts shall cover a notional amount of up to forty percent (40%) of the sum of the Term Loans outstanding at such time and the average outstanding balance of the Revolving Loans for the previous 90 days until such time as the Leverage Ratio equals or is less than 2.5 to 1. The Company shall determine to its own satisfaction whether such Interest Rate Contracts are sufficient to provide protection and to meet its needs and none of the Administrative Agent, the Issuing Banks or the Lenders shall have any obligation or accountability with respect thereto or any obligation to propose, quote or enter into any Interest Rate Contract except pursuant to such Interest Rate Contract.
Required Interest Rate Contracts. In the event the Agent -------------------------------- or the Requisite Lenders shall so request, each Loan Party shall take all steps necessary to arrange that payments owing to such Loan Party from any counterparty under any Interest Rate Contract shall be paid directly to the Agent to be applied to the Obligations and to take all such other action with respect to each such Interest Rate Contract as the Requisite Lenders may request, including, without limitation, executing an assignment of each such Interest Rate Contract in a form satisfactory to the Agent.
Required Interest Rate Contracts. If the Maturity Date is extended pursuant to 3.1(b) commencing on December 13, 1997 and thereafter until all Loans are paid in full and the Banks have no further obligation to make Loans hereunder, the Borrower shall maintain in effect the Required Interest Rate Contracts in form reasonably satisfactory to the Agent. 8.
Required Interest Rate Contracts. Each of the Required Interest Rate Contracts is in full force and effect and enforceable against the Borrower in accordance with its terms, subject to applicable bankruptcy, insolvency or similar laws generally affecting the enforcement of creditors’ rights and subject as to enforceability to general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law).
Required Interest Rate Contracts. The Borrower enter into no later than the Closing Date and thereafter maintain in effect the Required Interest Rate Contracts, with reduction to reflect prepayments of principal amounts of the Loans, through and including the Maturity Date.
Required Interest Rate Contracts. Commencing on the Closing Date and thereafter until all Loans are paid in full, the Borrower shall maintain in effect Interest Rate Contracts in form reasonably satisfactory to the Agent covering that portion of Borrower's Variable Rate Indebtedness equal to the amount by which Borrower's Variable Rate Indebtedness exceeds 20% of Total Assets. Except as may otherwise be approved by the Requisite Banks, Interest Rate Contracts required hereby shall have the effect of fixing the interest rate on the applicable Variable Rate Indebtedness at an all-in rate not higher than ten percent (10%) per annum.
Required Interest Rate Contracts. In connection with the exercise of each of Borrower’s Options to Extend, Borrower shall enter into, no later than the dates set forth in Section 2.3(b) above, and thereafter maintain in effect the Required Interest Rate Contracts, with reduction to reflect prepayments of principal amounts of the Loans, through and including the Maturity Date.
