Required Rate Management Transactions. Within 30 days of the funding of the Term Loan, the Borrower will enter into one or more transactions of the type described in the definition of “Rate Management Transactions” with one or more financial institutions acceptable to the Lender in its reasonable discretion, providing for a fixed rate of interest on a notional amount of at least $15,000,000, and upon such other terms agreed to by the Lender and the Borrower.
Required Rate Management Transactions. Within five Business Days after the Effective Date, Co-Borrowers will obtain and maintain one or more Rate Management Transactions with one or more of the Lenders or any of their respective Affiliates or one or more other financial institutions acceptable to the Administrative Agent, providing for a fixed or maximum rate of interest at all times from and after the date no later than five Business Days after the Effective Date, (a) on a notional amount equal to at least fifty percent (50%) of the sum of (i) the Aggregate Outstanding Credit Exposure with respect to Term Loans plus (ii) the aggregate outstanding principal balance of the Subordinated Loans, (b) at a rate not in excess of ten percent (10%) per annum and (c) otherwise in form and substance acceptable to the Administrative Agent. Co-Borrowers shall deliver to the Administrative Agent for the benefit of the Lenders and other Holders of Secured Obligations valid, first priority, perfected collateral assignments of all Rate Management Transactions required to be maintained hereunder with respect to the Loans and Subordinated Loans and shall obtain the acknowledgment and agreement of the counterparty or counterparties thereto (whether or not such counterparty or counterparties include the Administrative Agent or all or any of the Lenders) to pay any amounts which would otherwise be payable to Co-Borrowers directly to the Administrative Agent for the benefit of the Lenders and other Holders of Secured Obligations upon the occurrence and during the continuance of a Default hereunder. Co-Borrowers' Rate Management Obligations under any Rate Management Transaction with a Secured Counterparty shall be secured by the Collateral on a pari passu basis with the Obligations. Co-Borrowers shall increase the amount of the Mortgage Title Insurance Policies from time to time as necessary to an amount equal to the sum of the Aggregate Commitment and the Administrative Agent's determination of the Secured Rate Management Obligations (without limiting the amount of the Secured Rate Management Obligations for any other purpose under the Loan Documents).
Required Rate Management Transactions. If, at any time after June 1, 2003, the Borrowers fail to comply with the financial covenant set forth in Section 6.25.1, the Borrowers will promptly enter into one or more Rate Management Transactions with one or more Lenders providing for a fixed rate of interest on a notional amount not less than 50% of the then aggregate outstanding principal balance of the Revolving Loans and the Term Loans and an average weighted maturity of at least 2 years.
Required Rate Management Transactions. If the ratio of (i) Consolidated EBIT to (ii) Consolidated Interest Expense is less than 3.0 to 1.0, such ratio being determined as of the end of each fiscal quarter of the Borrowers and their Subsidiaries for the then most-recently ended four fiscal quarters, the Borrowers, promptly after the request of the Administrative Agent, will enter into one or more Rate Management Transactions with one or more financial institutions providing for a fixed rate of interest on a notional amount of at least $25,000,000 and an average weighted maturity of at least 2 years.
Required Rate Management Transactions. Within 120 days after the Initial Closing Date, the Borrowers will enter into one or more Rate Management Transactions, for a period of at least three years, with one or more financial institutions acceptable to the Agents in their reasonable discretion, providing for a fixed rate of interest on a notional amount of at least $30,000,000 for the first two years and at least $15,000,000 for the third year and otherwise being in form and substance satisfactory to the Agents.
Required Rate Management Transactions. Within five Business Days after the Effective Date, Parent Guarantor will cause the Resort Owners to obtain and maintain one or more Rate Management Transactions with one or more of the Lenders or any of their respective Affiliates or one or more other financial institutions acceptable to the Administrative Agent, providing for a fixed or maximum rate of interest at all times from and after a date no later than five Business Days after the Effective Date, (a) on a notional amount equal to at least fifty percent (50%) of the sum of (i) the Aggregate Outstanding Credit Exposure plus (ii) the aggregate outstanding principal balance of the Term Loans (as defined in the Senior Loan Agreement), (b) at a rate not in excess of ten percent (10%) per annum and (c) otherwise in form and substance acceptable to the Administrative Agent.
Required Rate Management Transactions. Within 60 days of the initial Loans, the Borrowers will enter into one or more transactions of the type described in the definition of “Rate Management Transactions” with the Lender in its reasonable discretion, providing for a fixed rate of interest on a notional amount of at least $3,000,000 and an average weighted maturity of at least 3 years.
Required Rate Management Transactions. Notwithstanding Section 6.21 or any provision of the Agreement, Borrowers, not later than May 31, 2001, will enter into one or more Rate Management Transactions with one or more Lenders providing for a fixed rate of interest on a notional amount of at least $20,000,000 and an average weighted maturity of at least 2 years.
Required Rate Management Transactions. Subject to the next sentence, from and after the date which is 90 days after the Closing Date, the Borrower will maintain one or more Rate Management Transactions with one or more financial institutions acceptable to the Agent in its reasonable discretion, providing for interest rate protection on a notional amount equal to 50% of the aggregate outstanding amount of the Term Loans and the Subordinated Indebtedness for a period of at least three years from the Closing Date. It is agreed that the incurrence of the Bridge Loan at a rate of interest capped with respect to cash interest and/or the issuance of the Permitted Subordinated Indebtedness at a fixed rate of interest shall be deemed to provide such protection to the extent of the outstanding principal amount thereof.
Required Rate Management Transactions. The Borrowers will maintain one or more transactions of the type described in the definition of “Rate Management Transactions” with one or more financial institutions acceptable to the Required Lenders in their reasonable discretion, providing for a fixed rate of interest on a notional amount of at least $40,000,000, bearing interest at a fixed rate not in excess of 8.0% per annum, and an average weighted maturity of at least three years.
