Interest Rate Xxxxxx. The Borrower shall, at all times beginning thirty (30) days after an Interest Rate Hedge Trigger Event occurs and until the first business day after any period of sixty (60) consecutive days on which one month LIBOR is less than 2.50%, maintain in full force and effect one or more Eligible Interest Rate Xxxxxx which, together with the aggregate notional amount of such Eligible Interest Rate Xxxxxx, when taken together, at all times satisfy the requirements contained in the definition of Required Aggregate Notional Principal Amount, and shall comply with the terms thereof; provided that:
Interest Rate Xxxxxx. (a) On each Borrowing Date, for so long as the Excess Spread (determined without giving effect to any Hedge Transactions) is less than 2.0%, a Borrower will enter into one or more Hedge Transactions satisfying the requirements of this Section 2.06. Each Hedge Transaction shall (i) have a scheduled amortizing notional amount which, when combined with all other Hedge Transactions then in effect, satisfies the Hedge Notional Amount Requirement, (ii) to the satisfaction of the Agent, be sufficient to ensure that the Excess Spread is maintained at a level equal to or greater than the Minimum Excess Spread and (iii) incorporate such other terms as the Agent may reasonably direct in consultation with such Borrower.
Interest Rate Xxxxxx. The Agent shall have received evidence, in -------------------- form and substance satisfactory to the Agent, that the Borrower has entered into Interest Rate Xxxxxx to the extent required by, and satisfying the requirements of, Section 11.6 (together with an Interest Rate Hedge ------------ Assignment Acknowledgment duly executed by the counterparty thereto and concurrently delivered to the Agent);
Interest Rate Xxxxxx. (a) On or before the 30th day following the Effective Date, and each Funding Date thereafter, the Servicer shall, at the expense of the Borrower, arrange for the Borrower to enter into one or more Hedge Transactions satisfying the requirements of this Section 2.06. Each Hedge Transaction shall (i) have a scheduled amortizing notional amount which, when combined with all other Hedge Transactions then in effect, satisfies the Hedge Notional Amount Requirement, (ii) to the satisfaction of the Agent, be sufficient to hedge the interest rate risk associated with funding fixed rate Medallion Loans with floating rate Advances hereunder and (iii) incorporate such other terms as the Agent may reasonably direct in consultation with the Servicer.
Interest Rate Xxxxxx. (a) The Subservicer shall, at the expense of the Borrower, take such actions on behalf of the Borrower as are necessary in order to hedge the Loans owned by the Borrower against any interest rate risk, such that the interest payable to the Borrower on the Loans (after taking into account all hedging arrangements implemented by the Subservicer) will be sufficient to make complete and timely payments of Interest and Facility Fees. The Subservicer shall have no obligation to arrange for the Borrower to enter into any Hedge Transaction unless a Hedge Trigger Event has occurred and is continuing, but the Subservicer will be liable to the Indemnified Parties hereunder in the event it is determined at any time that the interest payable to the Borrower on the Loans is not sufficient to make complete and timely payments of Interest, Facility Fees and other Obligations of the Borrower under the Transaction Documents (except to the extent such insufficiency is due to a failure to pay by, or an Insolvency Event to occur with respect to, any Obligor). In the event any such insufficiency arises (the amount and existence of which shall be determined by the Agent, which determination shall be conclusive and binding absent manifest error), the Subservicer shall deposit into the Collection Account the amount of such insufficiency within one Business Day of the Agent’s demand therefor.
Interest Rate Xxxxxx. Credit Parties hereby (i) covenant and agree that no Credit Party shall enter into any Interest Rate Xxxxxx, and (ii) authorize Agent to terminate any Lender-Provided Interest Rate Xxxxxx to which any Credit Party became a party to prior to the date hereof to the extent that when marked-to-market such Lender-Provided Interest Rate Hedge results in Interest Rate Hedge Liabilities.
Interest Rate Xxxxxx. The Borrower shall maintain, at all times on and after the date of the initial Advance hereunder, Interest Rate Xxxxxx (a) between the Borrower and (i) DBNY or any of its Affiliates or (ii) any other bank or other financial institution whose long-term rating is at least A+ from S&P and Al from Moody's and whose short-term unsecured debt obligation rating is at least A-1/P-1 by S&P and Moody's, respectively, and is reasonably acceptable to the Agent, (b) with an aggregate notional principal amount not less than the outstanding principal amount of the Advances and with a final maturity date which is the date of the last required Scheduled Payment of any Receivable in the Total Receivables Pool approved by the Agent and the Rating Agencies, (c) each of which has an Interest Rate Cap Strike Price no greater than the Maximum Interest Rate Cap Strike Price and (d) which are otherwise in form and substance reasonably acceptable to the Agent and the Rating Agencies.
Interest Rate Xxxxxx. Issuer may enter into Interest Rate Xxxxxx from time to time with respect to any Eligible Asset that bears interest at a fixed rate; provided, however, that Issuer shall enter into, and Servicer shall cause Issuer to enter into, an Interest Rate Hedge only if (i) Issuer has delivered, or caused to be delivered, a complete set of the final documents with respect to such Interest Rate Hedge (including the identity of the related Hedge Counterparty) and (ii) the Note Purchaser Agent has delivered to Issuer its prior written consent to the Issuer’s entering into such Interest Rate Hedge (which consent may be delivered or withheld in the reasonable discretion of the Note Purchaser Agent). Issuer shall not amend, waive, terminate, increase or decrease the notional balance of, or otherwise modify the terms of, any Interest Rate Hedge, unless the Note Purchaser Agent has delivered its prior written consent thereto (which consent may be delivered or withheld in the reasonable discretion of Note Purchaser Agent). Note Purchaser Agent shall not be responsible for, and shall have no liability to Issuer, Indenture Trustee, Seller or Servicer for, any approval of the terms of, or failure to approve any Interest Rate Hedge, the Issuer’s entry into, or failure to enter into any Interest Rate Hedge, or the structure or terms of any Interest Rate Hedge.
Interest Rate Xxxxxx. Maintain with respect to the Senior Advances and Junior Advances, at all times, Interest Rate Xxxxxx (i) between the Borrower and either KeyBank and/or such other counterparties as may be acceptable to the Agent and have a long-term rating of at least AA- from S&P and Aa3 from Xxxxx'x and a short-term rating of at least A1 from S&P and P1 from Xxxxx'x, (ii) with an aggregate notional amount not less than the sum of the Aggregate Senior Advances and the Aggregate Junior Advances, and (iii) with respect to which the Borrower makes periodic payments to the applicable counterparty (solely on a net basis from funds available under SECTION 4.01(b)(i)) by reference to a fixed rate and the counterparty makes periodic payments to the Borrower or (to the extent the Agent has required such counterparty to remit such payments directly to the Agent) to the Agent (in either case, solely on a net basis) by reference to a rate equal during any Interest Period to the LIBO Rate for such Interest Period.
Interest Rate Xxxxxx. The Borrower shall maintain, at all -------------------- times on and after the date of the initial Advance hereunder, Interest Rate Xxxxxx (a) between the Borrower and (i) DBNY or any of its Affiliates or (ii) any other bank or other financial institution whose long-term rating is at least A+ from S&P and A1 from Moody's and whose short-term unsecured debt obligation rating is at least A-1/P-1 by S&P and Moody's, respectively, and is reasonably acceptable to the Agent, (b) with an aggregate notional principal amount not less than the outstanding principal amount of the Advances and with a final maturity date which is the date of the last required Scheduled Payment of any Receivable in the Total Receivables Pool (if related to Facility A and the Receivables) and the latest legal final maturity of any Asset Backed Security in the Total Securities Pool (if related to Facility B and the Asset Backed Securities) or such earlier date (resulting from the usage of an ABS not greater than .5 with respect to the Receivables) approved by the Agent and the Rating Agencies, (c) each of which has an Interest Rate Cap Strike Price no greater than the Maximum Interest Rate Cap Strike Price, provided that Transferred ABS shall be hedged to yield 1.25% plus the one month Eurodollar Rate and (d) which are otherwise in form and substance reasonably acceptable to the Agent and the Rating Agencies.
