Lumber Hedging definition

Lumber Hedging. Agreement shall mean any lumber futures contract or similar agreement or arrangement entered into by the Borrower designed to protect the Borrower against fluctuations in the price of lumber actually used in the ordinary course of the Borrower's business. Maintenance Capital Expenditures shall mean, for any period, the sum of all Capital Expenditures made by the Borrower for (i) the maintenance and repair of any property, facilities or equipment and (ii) the replacement of any obsolete property, facilities or equipment. Majority Lenders shall mean, at any time, those Lenders (i) then owed or holding in the aggregate more than fifty percent (50%) of the Total Commitments or (ii) if the Commitments are terminated, those Lenders then owed or holding in the aggregate more than fifty percent (50%) of the outstanding principal amount of Revolving Loans (or if the Commitments are terminated and no Revolving Loans are outstanding, those Lenders then holding more than fifty percent (50%) of the aggregate participation interests in Letters of Credit then outstanding).
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Lumber Hedging. Agreement shall mean any lumber futures contract or similar -------------------------- agreement or arrangement entered into by the Borrower as traded on the Chicago Mercantile Exchange or any comparable exchanges, designed to protect the Borrower against fluctuations in the price of lumber actually used in the ordinary course of the Borrower's business. Maintenance Capital Expenditures shall mean, for any period, the sum of all --------------------------------- Capital Expenditures made by the Borrower for (i) the maintenance and repair of any property, facilities or equipment and (ii) the replacement of any obsolete property, facilities or equipment. Majority Lenders shall mean, at any time, those Lenders (i) then owed or holding ---------------- in the aggregate at least fifty-one percent (51%) of the Total Commitments or (ii) if the Commitments are terminated, those Lenders then owed or holding in the aggregate at least fifty-one percent (51%) of the outstanding principal amount of Revolving Loans (or if the Commitments are terminated and no Revolving Loans are outstanding, those Lenders then holding at least fifty-one percent (51%) of the aggregate participation interests in Letters of Credit then outstanding).
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Examples of Lumber Hedging in a sentence

  • The Borrower shall not, and shall not permit any of its Subsidiaries to, engage in any speculative hedging or similar transactions (other than Interest Rate Agreements and Lumber Hedging Agreements, to the extent otherwise permitted hereunder).

  • The Borrower shall not, and shall not permit any of its Subsidiaries to, directly or indirectly, open, maintain or otherwise have any checking, savings or other accounts at any bank or other financial institution, or any other account where money is or may be deposited or maintained with any Person, other than the Disbursement Account, Lumber Hedging Accounts and the Blocked Accounts and other accounts set forth on Schedule B.

  • In no event shall the Agent have any liability to the Borrower or any Lender for any losses incurred under or in connection with any Interest Rate Agreement or Lumber Hedging Agreement.

  • The Borrower shall provide the Agent, (i) promptly, and in any event within five (5) Business Days after a default by any party under any Interest Rate Agreement or Lumber Hedging Agreement, with a written statement describing such default and an explanation of any actions being taken with respect thereto, and (ii) with such other information regarding any Interest Rate Agreements or Lumber Hedging Agreements as the Agent may reasonably request.

  • The ----------------------------------------------------------- Borrower shall provide the Agent, (i) promptly, and in any event within five (5) Business Days after a default by any party under any Interest Rate Agreement or Lumber Hedging Agreement, with a written statement describing such default and an explanation of any actions being taken with respect thereto, and (ii) with such other information regarding any Interest Rate Agreements or Lumber Hedging Agreements as the Agent may reasonably request.

  • The Borrower ------------------------------------------------------- shall provide the Agent, (i) promptly, and in any event within five (5) Business Days after a default by any party under any Interest Rate Agreement or Lumber Hedging Agreement, with a written statement describing such default and an explanation of any actions being taken with respect thereto, and (ii) with such other information regarding any Interest Rate Agreements or Lumber Hedging Agreements as the Agent may reasonably request.