Interest Rate Contract Sample Clauses

Interest Rate Contract. Issuer shall not obtain Interest Rate Contracts having an aggregate notional amount in excess of 50% of the Issuer's exposure to an interest rate increase under the Fleet Facility.
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Interest Rate Contract. The Authority has executed and delivered the Initial Interest Rate Contract having an effective date corresponding to the date of authentication and delivery of the Adjustable Rate Bonds, and may provide an Alternate Interest Rate Contract upon the termination of any Interest Rate Contract.
Sample 1
Interest Rate Contract. From and after the date of this Agreement, the Borrower shall at all times maintain in full force and effect the Interest Rate Contract described in (S)10.16. The Borrower shall upon the request of the Agent provide to the Agent evidence that such Interest Rate Contract is in effect.
Sample 1
Interest Rate Contract. On or prior to the thirtieth day after the Closing Date the Borrower shall have entered into, and shall maintain until payment and performance in full of the Obligations, an Interest Rate Contract in form and substance satisfactory to the Agent and Lenders, hedging at least an amount equal to fifty percent (50%) of the sum of (i) aggregate Revolving Credit Commitments, plus, (ii) the outstanding balance of the Term A Loans, plus, (iii) the outstanding balance of the Term B Loans.
Sample 1
Interest Rate Contract. Within sixty (60) days of the Closing, Issuer shall obtain, and shall thereafter cause to be maintained for so long as the Notes are outstanding one or more Interest Rate Contracts in form an substance acceptable to the Holders providing for an interest rate hedge covering no less than 50% of the Issuer's exposure to an interest rate increase under the IBM Facility.
Sample 1
Interest Rate Contract. If the Interest Hedging Ratio as of the end of any fiscal quarter of the Borrower shall be less than 1.50 to 1.0, as set forth in the Compliance Certificate delivered by the Borrower with respect to such quarter pursuant to Section 7.4(d), then on or before the date that is three (3) months after the end of such fiscal quarter, the Borrower shall obtain and thereafter maintain in full force and effect an Interest Rate Contract in form and substance satisfactory to Agent on a notional amount of Unhedged Variable Rate Debt at least equal to the lesser of (a) the Interest Rate Hedging Cap and (b) that amount which would have to be subtracted from Variable Rate Debt in calculating the Interest Hedging Ratio such that the Interest Hedging Ratio, if re-calculated immediately after giving effect to such Interest Rate Contract, would equal or exceed 1.50 to 1.0. Each Interest Rate Contract would be required to have a term ending no sooner than the earliest of (i) the Maturity Date, (ii) the date which is the second anniversary of the effective date of such Interest Rate Contract, and (iii) such earlier date as the Agent may approve in its sole discretion (provided, however, that the approval by the Agent of a shorter duration for any particular Interest Rate Contract shall not obligate the Agent to approve such shorter duration for any other Interest Rate Contract). Promptly following the effectiveness of each Interest Rate Contract, the Borrower shall assign such Interest Rate Contract to the Agent as additional security for the Obligations pursuant to the Assignment of Hedge. Each Interest Rate Contract shall be provided by any Bank which is a party to this Agreement or by a bank or other financial institution that has unsecured, uninsured and unguaranteed long-term debt which is rated at least A-3 by Moody's Investor Service, Inc. or at least A by Standard & Poor's Raxxxx Xervices, a division of The McGraw-Hill Companies, Inc. The Borrower shall, upon the request of txx Agent, provide to the Agent evidence that the Interest Rate Contract is in effect, or that no Interest Rate Contract is then required under the terms of this Agreement.
Sample 1
Interest Rate Contract. The Borrower shall on or before the date that is six (6) months from the date of this Agreement obtain and thereafter maintain in full force and effect, an Interest Rate Contract in form and substance satisfactory to Agent on not less than $75,000,000.00 of the Loans. The term of the Interest Rate Contract shall not expire before the Maturity Date. Promptly following the effectiveness of the Interest Rate Contract, Borrower shall assign the Interest Rate Contract to Agent as additional security for the Obligations pursuant to the Assignment of Hedge Agreement. The Interest Rate Contract shall be provided by any Bank which is a party to this Agreement or a bank or other financial institution that has unsecured, uninsured and unguaranteed long-term debt which is rated at least A-3 by Moodx'x Xxxestor Service, Inc. or at least A- by Standard & Poor's Corporation. The Borrower shall upon the request of the Agent provide to the Agent evidence that the Interest Rate Contract is in effect.
Sample 1
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Interest Rate Contract. From and after the date of this Agreement, the Borrower shall at all times maintain in full force and effect the Interest Rate Contract described in ss. 10.17. The Borrower shall upon the request of the Agent provide to the Agent evidence that such Interest Rate Contract is in effect.
Sample 1
Interest Rate Contract. The Borrower shall on or before the date that is three (3) months from the date of this Agreement obtain and thereafter maintain in full force and effect, an Interest Rate Contract in form and substance satisfactory to Agent on not less than $50,000,000 of the Loans for a period of two years; provided, however, that Borrower shall, prior to the end of said two-year period, enter into one or more new Interest Rate Contracts in form and substance reasonably satisfactory to Agent, that provide interest rate protection for at least 50% of the Total Commitment, and that shall remain in place until the Maturity Date. Promptly following the effectiveness of the Interest Rate Contract, Borrower shall assign the Interest Rate Contract to Agent as additional security for the Obligations pursuant to the Assignment of Hedge. The Interest Rate Contract shall be provided by any Bank which is a party to this Agreement or a bank or other financial institution that has unsecured, uninsured and unguaranteed long-term debt which is rated at least A-3 by Xxxxx'x Investor Service, Inc. or at least A- by Standard & Poor's Corporation. The Borrower shall upon the request of the Agent provide to the Agent evidence that the Interest Rate Contract is in effect. - 44 -
Sample 1

Related to Interest Rate Contract

  • Interest Rate Cap Agreement (a) The Interest Rate Cap Agreement in effect on the Closing Date has a LIBOR strike price equal to the Strike Price and a scheduled termination date of the Initial Maturity Date. The Interest Rate Cap Agreement (i) is in a form and substance reasonably acceptable to Lender, (ii) is with an Acceptable Counterparty, (iii) directs such Acceptable Counterparty to pay directly to an account pledged to Lender any amounts due Borrower under such Interest Rate Cap Agreement unless and until otherwise instructed by Lender (it being agreed as between Lender and Borrower that Lender will so instruct the Counterparty at such time as the Debt shall no longer exist, provided that the Debt shall be deemed to exist if the Properties are transferred by judicial or non-judicial foreclosure or deed-in-lieu thereof), and (iv) has a notional amount at least equal to the principal balance of the Loan outstanding on the Closing Date (it being understood that the notional amount of the Interest Rate Cap Agreement may be reduced, from time to time, as the principal balance of the Loan is reduced (in the amounts of such reduction in principal) pursuant to clause (g) below). Borrower shall collaterally assign to Collateral Agent (for the benefit of Lender), pursuant to the Collateral Assignment of Interest Rate Cap Agreement, all of its right, title and interest to receive any and all payments under the Interest Rate Cap Agreement, and shall deliver to Collateral Agent an executed counterpart of such Interest Rate Cap Agreement (which shall, by its terms, authorize the assignment to Collateral Agent (for the benefit of Lender) and require that payments be paid directly into an account pledged to Collateral Agent (for the benefit of Lender) as provided above in this Section 2.2.7). Provided no Event of Default has occurred and is continuing, amounts contained in the foregoing pledged account shall be released to Borrower on a monthly basis to the extent not applied toward debt service on the Loan.

  • Interest Rate Agreements 13 Investment..................................................................13

  • Interest Rate Protection Agreement As of the date hereof, Borrower has entered into, made all payments required under, and satisfied all conditions precedent to the effectiveness of, an interest rate protection agreement that satisfies all of the following conditions (such interest rate protection agreement together with (i) any extension thereof or (ii) any other interest rate protection agreement entered into pursuant to Section 2.8, being referred to herein as the “Interest Rate Protection Agreement”):

  • Interest Rate Protection No later than the 90th day after the Closing Date, the Borrower shall enter into, and for a minimum of three years thereafter maintain, Hedging Agreements acceptable to the Administrative Agent that result in at least 50% of the aggregate principal amount of its funded long-term Indebtedness being effectively subject to a fixed or maximum interest rate acceptable to the Administrative Agent.

  • Interest Rate Hedging In order to take advantage of the current favorable interest-rate climate, the Commission agrees that the actual reasonable cost of PG&E’s interest rate hedging activities with respect to the financing necessary for the Settlement Plan shall be reflected and recoverable in PG&E’s retail gas and electric rates without further review.

  • Interest Rate Protection Agreements (a) Within ninety days after the Closing Date, the Borrower shall enter into and thereafter maintain interest rate protection agreements (protecting against fluctuations in interest rates) having a term of at least three years from the Closing Date, establishing a fixed or maximum interest rate of 10.5% per annum for an aggregate notional amount equal to at least 50% of the aggregate principal amount of all Term Loans then outstanding.

  • INTEREST; INTEREST RATE (a) Interest on this Bond shall commence accruing at the Interest Rate (as defined in Section 30) from and including the Issuance Date and shall be computed on the basis of a three hundred and sixty (360)-day year comprised of twelve (12) thirty (30)-day months and shall be payable quarterly in arrears on January 1, April 1, July 1 and October 1 of each year (each, an “Interest Payment Date”) with the first Interest Payment Date being January 1, 2010. Interest shall be payable on each Interest Payment Date, to the record holders of this Bond as recorded in the Register (as defined in Section 3(g)) held by the Company on the applicable Record Date, at the Company’s option, (A) in whole in cash (“Cash Interest”), or (B) in whole in shares (“Interest Shares”) of the Company that are designated on the date hereof as common shares, par value $0.01 per share (the “Common Shares”), or (C) in a combination of Cash Interest and Interest Shares. In the event the Company decides to deliver Interest Shares on an Interest Payment Date, it must deliver a written notice (“Interest Election Notice”) to Holders no less than five (5) Trading Days prior to the Interest Payment Date (the date such notice is sent being the “Interest Notice Date”) pursuant to which notice, the Company elects to pay Interest entirely in Interest Shares or a combination of Cash Interest and Interest Shares and specifies the amount of Interest that shall be paid as Cash Interest and the amount of Interest that shall be paid in Interest Shares. Interest to be paid on an Interest Payment Date in Interest Shares shall be paid in a number of fully paid and nonassessable Common Shares equal to the quotient of (1) the amount of Interest payable on such Interest Payment Date less any Cash Interest paid and (2) the Interest Conversion Price in effect for the applicable Interest Payment Date (rounded down to the preceding whole number).

  • Interest Rate Computations All interest hereunder shall be computed on the basis of a year of 360 days, unless such computation would exceed the Highest Lawful Rate, in which case interest shall be computed on the basis of a year of 365 days (or 366 days in a leap year), except that interest computed by reference to the Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable Alternate Base Rate, Adjusted LIBO Rate or LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error, and be binding upon the parties hereto.

  • Interest Rates (a) Each Base Rate Loan shall bear interest on the outstanding principal amount thereof, for each day from the date such Loan is made until it becomes due, at a rate per annum equal to the Base Rate for such day. Such interest shall be payable for each Interest Period on the last day thereof. Any overdue principal of or interest on any Base Rate Loan shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of 2% plus the rate otherwise applicable to Base Rate Loans for such day.

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