Permitted Hedging Obligation means any obligation of any Group Company under a derivative transaction entered into with one or more hedge counterparties (each a “Hedge Counterparty”) in connection with protection against or benefit from fluctuation in any rate or price, where such exposure arises in respect of payments to be made under the Bond Terms or the Revolving Credit Facility or otherwise in the ordinary course of business (but not a derivative transaction for investment or speculative purposes). Any Permitted Hedging Obligation may be secured by the Transaction Security, which shall be shared between the Secured Parties in accordance with the terms of the Intercreditor Agreement, and any additional security as permitted under paragraph (b) of the definition of Permitted Security.
Permitted Hedging Obligation means any Hedging Obligation entered into by the Company or any Restricted Subsidiary for the purpose of limiting risks associated with the business of the Company and its Restricted Subsidiaries and not for speculation.
Permitted Hedging Obligation means any obligation of any Group Company under a derivative transaction entered into with one or more hedge counterparties in connection with protection against or benefit from fluctuation in any rate or price, where such exposure arises in respect of payments to be made under these Bond Terms or the RCF Finance Documents or otherwise in the ordinary course of business (but not a derivative transaction for investment or speculative purposes).
More Definitions of Permitted Hedging Obligation
Permitted Hedging Obligation at any time, Hedging Obligations designed to manage interest rates or interest rate risk or protect against fluctuations in currency exchange rates, commodity prices or freight rates and not for speculative purposes (all as determined by the Company on the date of entering into such Hedging Obligation). Forward Freight Agreements entered into by the Company in its good faith determination for the purpose of hedging available days against fluctuations in freight rates (as so determined by the Company on the date of entering into such Forward Freight Agreement) shall be deemed to have been entered into not for speculative purposes and shall qualify as “Permitted Hedging Obligations” for all purposes under this Agreement.
Permitted Hedging Obligation means any obligation of any Group Company under a derivative transaction entered into with one or more Hedge Counterparty in connection with protection against or benefit from fluctuation in any rate or price, where such exposure arises in the ordinary course of business or in respect of payments to be made under the Working Capital Debt Documents, the First Lien Notes Documents or the Second Lien Notes Documents (but not a derivative transaction for investment or speculative purposes).
Permitted Hedging Obligation means any obligation of a Group Company under a non speculative derivative transaction entered into with one or more hedge counterparties in connection with the protection against or benefit from fluctuations in any rate or price where such exposure arise in the ordinary course of business or in respect of payments to be made under the Bond Terms.
Permitted Hedging Obligation at any time, Hedging Obligations designed to manage interest rates or interest rate risk or protect against fluctuations in currency exchange rates, commodity prices or freight rates and not for speculative purposes (all as determined by the Company on the date of entering into such Hedging Obligation).
Permitted Hedging Obligation means any obligation of any Group Company under a derivative transaction entered into with one or more hedge counterparties in connection with protection against fluctuation in any rate or price (but not a derivative transaction for investment or speculative purposes), in the ordinary course of business.
Permitted Hedging Obligation means any obligation of any Group Company under a derivative transaction entered into with one or more hedging counterparties (each a “Hedging Counterparty”) in connection with protection against or benefit from fluctuation in any rate or price, where such exposure arises in the ordinary course of business or in respect of payments to be made under the Terms and Conditions, the RCF Finance Documents, PIL Finance Documents or in relation to any New Debt (but not a derivative transaction for investment or speculative purposes).
Permitted Hedging Obligation means any obligation of the Issuer or any Subsidiary under a derivative transaction entered into with one or more hedge counterparties in connection with protection against or benefit from fluctuation in any rate or price, where such exposure arises in the ordinary course of business (including in relation to the Bonds, the 2026 Notes or any other Permitted Financial Indebtedness), but not a derivative transaction for investment or speculative purposes. Any Permitted Hedging Obligation may be cash collateralised or, following the 2026 Notes Redemption Date, secured by the Transaction Security on a pari passu basis with the Bonds in accordance with the terms of the Replacement Intercreditor Agreement.