Transactions under the Master Agreement. The Borrower agrees that the Lender shall have a right of first refusal to conclude transactions under the Master Agreement for any derivative transaction which the Borrower may want to enter into to hedge its exposure to interest rate fluctuations or otherwise. The Borrower shall cooperate in good faith with the Lender in negotiating the terms of the Transactions.
Transactions under the Master Agreement. The Borrowers shall enter into the Master Agreement with the Swap Bank on the date of this Agreement and they agree that the Swap Bank shall have a right of first refusal to conclude Designated Transactions under the Master Agreement to hedge the Borrowers' exposure to interest rate fluctuations. The Borrowers shall cooperate in good faith with the Swap Bank in negotiating the terms of the Designated Transactions.
Transactions under the Master Agreement. At any time during the Security Period the Borrower may request the Swap Banks to conclude Designated Transactions for the purpose of hedging the Borrower’s exposure to interest rate fluctuations in the context of its interest payment obligations under this Agreement. If the Borrower requests to conclude a Designated Transaction prior to the delivery of at least one of the Ships or, if at the time the Borrower requests to conclude a Designated Transaction there is a shortfall in the minimum security cover required to be maintained pursuant to Clause 15.1, the Swap Banks and the Lenders may request that the Borrower provides or procures the provision of such security as is acceptable to the Swap Banks and the Lenders. The entry by the Swap Banks into the Master Agreements does not commit the Swap Banks to conclude Designated Transactions, or even to offer terms for doing so, but does provide a contractual framework within which Designated Transactions may be concluded and secured, assuming that the relevant Swap Bank is willing to conclude any Designated Transaction at the relevant time and that, if that is the case, mutually acceptable terms can be agreed at the relevant time. 3 POSITION OF THE LENDERS, THE SWAP BANKS AND THE MAJORITY LENDERS
Transactions under the Master Agreement. (a) At any time the Borrower may request the Lender to conclude Transactions for the purpose of swapping its interest payment obligations under this Agreement subject to such Transactions being entered into after the Drawdown Date and the tenor of the same not extending beyond the final Repayment Date. Signature of the Master Agreement does not commit the Lender to conclude Transactions, or even to offer terms for doing so, but does provide a contractual framework within which Transactions may be concluded and secured, assuming that the Lender is willing to conclude any Transaction at the relevant time and that, if that is the case, mutually acceptable terms can then be agreed at the relevant time.
(b) In relation to the Master Agreement, the Borrower hereby agrees and undertakes with the Lender throughout the Security Period:
(i) only to use Transactions concluded under the Master Agreement for the purpose of swapping its interest payment obligations under this Clause 4 from LIBOR-based funding to longer-term fixed rate funding or any other form of hedging acceptable to the Lender;
(ii) subject to the provisions of Clauses 17.2, 17.4 and 17.6 and Provided that on the date of application all Repayment Instalments and interest payments due under this Agreement have been paid in full and no Event of Default or Potential Event of Default has occurred, to apply relevant sums out of the Earnings of the Ship and any other amount standing to the credit of the Operating Account to meet its obligations under the maturing Transactions and procure that all sums derived from such Transactions will be used to meet its interest payment obligations under this Clause 4; and
(iii) not to conclude Transactions which would result, at any time during the Security Period, in the notional principal amount of all Transactions then remaining exceeding the amount of the Loan, as reduced from time to time under Clause 7.1.
(c) The Lender agrees that, to enable the obligations of the Borrower to it under the Master Agreement to be secured, the security of the Finance Documents shall be held by the Lender not only to secure the Borrower's obligations under this Agreement but also the Borrower's obligations under the Master Agreement on the terms set out in Clause 16.
Transactions under the Master Agreement. Each drawdown under the Master Agreement represent a separate transaction governed by documentation (attached as Exhibit A) reflecting the actual purchase and subsequent sale of a given commodity executed in the London Metal Exchange Market by certified brokers appointed by RPE. As a result of conducting the trade, E&Pco will produce the working capital required for its business. Each trade transaction represents a drawdown under the Master Agreement, hence, creating a respective debt in the books of E&Pco. Each transaction is termed "Murabaha"
Transactions under the Master Agreement. The Borrower shall provide the Swap Bank with a right of first refusal at any time to conclude Transactions for the purpose of hedging the Borrower’s interest payment obligations under this Agreement. The Borrower agrees that signature of a Master Agreement does not commit either the Swap Bank to conclude Transactions, or even to offer terms for doing so, but does provide a contractual framework within which Transactions may be concluded and secured, assuming that, in relation to each proposed Transaction, mutually acceptable terms can then be agreed at the relevant time. 3 POSITION OF THE LENDERS, THE SWAP BANK AND THE MAJORITY LENDERS
