Hedging Reserve means a reserve under the Borrowing Base Limitation equal to the lesser of (i) One Million Dollars ($1,000,000) and (ii) the aggregate amount of Net Hedging Obligations outstanding from time to time (determined in the manner set forth herein) maintained by the Company for the benefit of those Banks or their Affiliates which provide Hedging Agreements to the Company or any Domestic Subsidiary under or in connection with this Agreement, and allocated to such Banks or their Affiliates in the amounts so determined and reported by the Company in its quarterly Borrowing Base Certificates or any updated Borrowing Base Certificates from time to time submitted by the Company hereunder; provided that the adequacy of the amounts established by the Company for the applicable exposure under a Hedging Agreement shall be subject to review and approval by the Majority Banks and each affected Bank, from time to time at the request of such Banks.
Hedging Reserve means a Reserve determined by the Collateral Agent in its reasonable credit judgment and giving effect to the aggregate amount owing by Borrower or the applicable Borrowing Base Guarantor to a counterparty to a Specified Hedging Agreement, less the amount such counter-party owes Borrower or the applicable Borrowing Base Guarantor, as applicable, thereunder, less the aggregate amount of Property pledged to cash collateralize such obligation (other than the Collateral granted under the Loan Documents), in each case based on a mxxx-to-market analysis and with due regard to recent market volatility as of the last Business Day of the month (or if not available, the nearest prior Business Day for which such evaluation is available).
Hedging Reserve means, as of any date of determination, an amount determined by Agent in its reasonable credit judgment to reflect as of such date, the aggregate termination values of (i) all Hedging Agreements then in effect which constitute Hedging Obligations and (ii) all Swap Related Reimbursement Obligations, in the event such Hedging Agreements or the relevant hedging arrangement with respect to any Swap Related Reimbursement Obligations were to be terminated on such date after taking into account the effect of any legally enforceable netting agreement relating to such Hedging Agreements or any such hedging agreement related to a Swap Related Reimbursement Obligation.
Examples of Hedging Reserve in a sentence
The unrealized exchange gains or losses on transactions related to foreign currency borrowing which qualify as effective hedge are recognized in the Hedging Reserve Account.
The gain or loss on designated hedging instruments that qualify as effective hedges is recorded in the Hedging Reserve Account and is recognised in the statement of Profit and Loss in the same period or periods during which the hedged transaction affects Profit and Loss.
Amounts accumulated in Hedging Reserve Account are reclassified to profit and loss in the same periods during which the forecasted transaction affects profit and loss.
For forecasted transactions, any cumulative gain or loss on the hedging instrument recognised in Hedging Reserve Account is retained there until the forecasted transaction occurs.
Changes in the intrinsic value of these contracts that are designated and effective as hedges of future cash flows are recognised directly in Hedging Reserve Account under Reserves and Surplus, net of applicable deferred income taxes.
More Definitions of Hedging Reserve
Hedging Reserve means any reserve established by the Administrative Agent in its Reasonable Credit Judgment in respect of Hedging Obligations based upon the credit exposure of any Hedge Banks to a Borrower in respect of Hedging Obligations, as notified by such Hedge Bank in writing to the Administrative Agent.
Hedging Reserve means a reserve determined by the Administrative Agent in its reasonable credit judgment and giving effect to the aggregate amount owing to Loan Parties by a counterparty to a Hedging Agreement, less the amount the applicable Loan Party owes such counterparty thereunder, less the aggregate amount of Property pledged to cash collateralize such obligation (other than the Collateral granted under the Loan Documents), in each case valued on a xxxx-to-market basis as of the last Business Day of the month (or if not available, the nearest prior Business Day for which such evaluation is available). The Administrative Agent shall endeavor to provide the Borrower with no less than 2 Business Days prior notice of any such Hedging Reserve; provided, that the failure to provide such notice shall not affect the application of such Hedging Reserve.
Hedging Reserve means, as of any date of determination, a reserve determined by the Collateral Agent in its Reasonable Credit Judgment (with due regard to recent market volatility) and giving effect to the aggregate amount owing to the Loan Parties by a counterparty to a Hedging Agreement, less the amount the Loan Parties owe such counterparty thereunder, less the aggregate amount of Property pledged to collateralize or otherwise secure such obligation (other than the Collateral granted under the Loan Documents), in each case valued by the Collateral Agent in its Reasonable Credit Judgment based on the information provided to the Collateral Agent pursuant to Section 5.15(f) on a mxxx-to-market basis as of the last Business Day of the month (or if not available, the nearest prior Business Day for which such evaluation is available); provided, that the Collateral Agent, in its Reasonable Credit Judgment, may adjust such reserve from time to time to reflect changes in market volatility and other relevant factors that may be reported to the Collateral Agent by the counterparty to such Hedging Agreement. Notwithstanding anything in this definition to the contrary, in the event that a counterparty to any Hedging Agreement elects to report to the Collateral Agent the amount of the Obligations with respect to such Hedging Agreement within the last 30 days of such date of determination, the Collateral Agent shall at all times, unless otherwise consented to by such counterparty, maintain a Hedging Reserve with respect to such Obligations of at least the amount so reported; provided, however, to the extent that the Collateral Agent increases the Hedging Reserve based on such reports, the Collateral Agent shall notify the Administrative Borrower and such increase in the Hedging Reserve will not take effect for five (5) Business Days from the date of receipt by the Administrative Borrower of such notice with respect to any determination of Excess Availability or Average Excess Availability.
Hedging Reserve means a reserve determined by the Collateral Agent in its Permitted Discretion and giving effect to the aggregate amount owing to the applicable Borrower by a counterparty to a Hedging Agreement, less the amount the applicable Borrower owes such counterparty thereunder, less the aggregate amount of Property pledged to cash collateralize such obligation (other than the Collateral granted under the Loan Documents), in each case valued on a xxxx-to-market basis as of the last Business Day of the month (or if not available, the nearest prior Business Day for which such evaluation is available).
Hedging Reserve means all reserves which the Agent from time to time establishes in its reasonable credit judgment for Hedging Agreements then provided or outstanding which shall, at all times, be at least an amount that is equal to all Hedging Exposure in respect to such Hedging Agreements outstanding.
Hedging Reserve means any reserve established by the Administrative Agent (or, during a Co-Collateral Agent Period, the Administrative Agent and the Co-Collateral Agents) in its Reasonable Credit Judgment in respect of Hedging Obligations based upon the credit exposure of any Hedge Banks to a Borrower in respect of Hedging Obligations, as notified by such Hedge Bank in writing to the Administrative Agent with a copy to the Co-Collateral Agents.
Hedging Reserve means a reserve established by the Administrative Agent in its Reasonable Credit Judgment in respect of Hedging Obligations based upon the credit exposure of any Hedge Banks to any Loan Party in respect of any Hedging Obligations, as notified by such Hedge Bank in writing to the Administrative Agent; provided that (x) the maximum amount of Hedging Reserves in respect of each Hedge Bank shall not exceed the lesser of (i) the actual credit exposure of such Hedge Bank to the Loan Parties and (ii) the aggregate Designated Amounts with respect to such Hedge Bank and (y) the aggregate maximum amount of Hedging Reserves shall in no event exceed the lesser of (i) $25,000,000 and (ii) the actual credit exposure of all Hedge Banks to the Loan Parties.