Swap Transactions. Borrower may enter into one or more Swap Transactions and Swap Contracts with the Swap Counterparty on terms that are acceptable to Swap Counterparty in its sole discretion for the purpose of hedging and protecting against interest rate fluctuation risks with respect to the Loan. Upon the respective Maturity Date, or such earlier date that the a Loan becomes due by reason of an event of default, or otherwise, Agent may direct that all existing Swap Contracts be broken and discontinued, and any and all breakage fees, discontinuance fees and any other similar fees and costs with respect to such Swap Contracts shall become immediately due and payable by Borrower. Unless otherwise specifically agreed in writing by Borrower, Agent and Swap Counterparty, Borrower's obligations (including any payment obligations) with respect to any such Swap Contracts provided by or entered into with Swap Counterparty with respect to the Loan shall be secured by the Deed of Trust and all other collateral for the Loan, and any default by Borrower (after the expiration of any applicable notice and cure period) under any such Swap Contracts shall, at the discretion of the Agent, constitute an Event of Default under this Agreement. As additional security for the obligations of Borrower under the Loan Documents, Borrower hereby transfers, assigns, and conveys to Agent and grants to Agent a security interest in, subject to the terms and conditions contained herein, all of Borrower's rights, titles and interests, but not its obligations, duties or liabilities for any breach, in, under and to the Swap Contract and each Swap Transaction, any and all amounts received by Borrower in connection therewith or to which Borrower is entitled thereunder, and all proceeds of the foregoing. At Agent's option, all amounts payable to Borrower under the Swap Contract shall be paid to Agent and shall be applied to pay interest or other amounts under the Loan. Borrower acknowledges and agrees that, notwithstanding the terms of the Swap Contract, Borrower shall not modify or terminate the Swap Contract without the prior written consent of Agent. Additionally, Agent shall have the right at any time (but shall have no obligation) to take in its name or in the name of Borrower (or its Affiliate) such action as Agent may at any time reasonable determine to be necessary or advisable to cure any default under any Swap Contract or to protect the rights of Borrower (or its Affiliate) or Swap Counterparty thereun...
Swap Transactions. Notwithstanding anything herein or in any other Loan Document to the contrary, the guaranteed Obligations shall not include any Excluded Swap Obligations (as defined in the Credit Agreements)..
Swap Transactions. References throughout this Annex to “Swap Transactions” are deleted.
Swap Transactions. Notwithstanding any provision hereof or in any other Loan Document to the contrary, in the event that any Newco Subordinated Guarantor is not an “eligible contract participant” as such term is defined in Section 1(a)(18) of the Commodity Exchange Act, as amended, at the time (i) any transaction is entered into under a Swap Agreement (as defined in the Credit Agreements) or (ii) such Newco Subordinated Guarantor becomes a Newco Subordinated Guarantor hereunder, the guaranteed Obligations of such Newco Subordinated Guarantor shall not include (x) in the case of clause (i) above, such transaction and (y) in the case of clause (ii) above, any transactions outstanding under any Swap Agreements as of such the date such Newco Subordinated Guarantor becomes a Newco Subordinated Guarantor hereunder.
Swap Transactions. (a) If, at any time during the Security Period, the Borrower wishes to enter into swap Transactions so as to (inter alia) hedge all or any part of its exposure under this Agreement to interest rate fluctuations, it shall advise the Bank in writing.
(b) Any such swap transaction shall be concluded with the Bank under the Master Agreement provided however that no such swap transaction shall be concluded unless the Bank first agrees to it in writing at its sole and absolute discretion. If and when any such swap transaction has been concluded, it shall constitute a Transaction, and the Borrower shall sign a Confirmation with the Bank.
Swap Transactions. EDC has requested and the Lender has, in its sole and absolute discretion, arranged for EDC to obtain Swap Transactions from the Bank in amounts to be agreed to between EDC and Bank. Borrower agrees to indemnify and hold the Lender harmless from any and all obligations now or hereafter owing by the Lender to the Bank arising from or related to such Swap Transactions pursuant to the indemnity referred to in clause (c) below. EDC has agreed to pay the Bank all amounts owing to the Bank pursuant to the Swap Transactions. In the event EDC shall not have paid to the Bank such amounts, the Lender shall pay the Bank and such amounts when paid by the Lender shall constitute a Revolving Loan of EDC which shall be deemed to have been requested by EDC. Borrower acknowledges and agrees that the obtaining of Swap Transactions from the Bank (a) is in the sole and absolute discretion of the Bank, (b) is subject to all rules and regulations of the Bank, and (c) is due to the Bank relying on the indemnity of the Lender to the Bank with respect to the obligations of EDC to the Bank in connection with the Swap Transactions.
Swap Transactions. Neither the Borrower nor any of its Subsidiaries will enter into any Swap Transactions with any Person other than:
(a) On the Closing Date (to the extent not entered into prior to the Closing Date) the Minimum Xxxxxx and from and after the ClosingNinth Amendment Effective Date other, RBL Swap Transactions by the Borrower in respect of commodities (A) with an Approved Counterparty and (B) the notional volumes for which (when aggregated with other RBL Swap Transactions then in effect (including the Minimum Xxxxxx and any other RBL Swap Transactions in effect on the Closing Date), other than basis differential swaps on volumes already hedged pursuant to other RBL Swap Transactions) do not exceed, calculated separately for each of crude oil and natural gas, as of the date such RBL Swap Transaction is executed:
(i) for the twenty-four (24) month period immediately following the date on which such RBL Swap Transaction is executed, the greater of (x) 100% of the Borrower’s and its Subsidiaries’ projected monthly production from Proved Developed Producing Reserves and (y) 90% of the Borrower’s and its Subsidiaries’ projected monthly production from Proved Reserves;
(ii) for the second twenty-four (24) month period immediately following the date on which such RBL Swap Transaction is executed, the greater of (x) 90% of the Borrower’s and its Subsidiaries’ projected monthly production from Proved Developed Producing Reserves and (y) 85% of the Borrower’s and its Subsidiaries’ projected monthly production from Proved Reserves; and
(iii) for the twelve (12) month period immediately following the period described in the immediately preceding subclause (ii), the greater of (x) 85% of the Borrower’s and its Subsidiaries’ projected monthly production from Proved Developed Producing Reserves and (y) 80% of the Borrower’s and its Subsidiaries’ projected monthly production from Proved Reserves; provided, however, that the aggregate notional volumes under all such RBL Swap Transactions (other than floor or put options) shall not exceed the most recent month’s actual production, calculated separately for each of crude oil and natural gas, in any given month; no RBL Swap Transaction shall in any event have a tenor greater than five (5) years; and the projections of Proved Developed Producing Reserves and Proved Reserves that must be used in determining the maximum allowable hedging shall be based on the Borrower’s reasonable business judgment and consistent application of petrol...
Swap Transactions. 2.7.1 If, at any time during the Security Period (as defined in the Deed of Covenant), the Borrower wishes to enter into interest rate swap transactions so as to hedge all or any part of its exposure under this Agreement to interest rate fluctuations, it shall advise the Bank in writing.
2.7.2 Any such swap transaction shall be concluded with the Bank under the Master Swap Agreement provided however that no such swap transaction shall be concluded unless the Bank first agrees to it in writing. If and when any such swap transaction has been concluded, it shall constitute a Designated Transaction, and the Borrower shall sign a Confirmation with the Bank.
Swap Transactions. 2.7.1 If, at any time during the Security Period, the Borrower wishes to enter into interest rate swap transactions so as to hedge all or any part of its exposure under this Agreement to interest rate fluctuations, they shall advise the Swap Bank in writing and provide the Swap Bank with a right of first refusal with respect to such interest rate swap transactions (i.e. the Swap Bank shall be given the opportunity to match the terms for such interest rate swap transactions, offered by any other banks or financial institutions).
2.7.2 Any swap transaction may be concluded with the Swap Bank under the Master Swap Agreement. For the avoidance of doubt, other than the Swap Bank’s agreement to enter into a Transaction no prior approval is required by the Borrower from all or any of the other Creditors before concluding any swap transaction. If and when any such Transaction has been concluded, the Borrower shall sign a Confirmation with the Swap Bank and advise the Lenders through the Facility Agent promptly after concluding any Transaction.
2.7.3 Within 364 days of the date of this Agreement the Borrower and the Lenders shall decide whether, consistent with the Parent’s overall hedging strategy for the Golar LNG Group (as agreed with the Facility Agent within such 364 day period), any interest rate swap transactions shall be entered into in order to appropriately hedge 50% of the Borrower’s interest obligations under this Agreement.
Swap Transactions. All of Trustor’s present and future rights, titles and interests, but not its obligations, duties or liabilities for any breach, in, under and to all Swap Transactions, any and all amounts received by Trustor in connection therewith or to which Trustor is entitled thereunder, and all proceeds of the foregoing including all “accounts”, “chattel paper”, “general intangibles” and “investment property” (as such terms are defined in the Uniform Commercial Code as from time to time in effect) constituting or relating to the foregoing;
