Hedge Requirements means the requirements of the Borrower to (i) within two (2) Business Days of the Original Closing Date, and on each Funding Date, each Payment Date, the date of any Takeout Transaction and, prior to March 31, 2022, any other date on which the Borrower delivers a Borrowing Base Certificate to the Administrative Agent, to enter into forward-starting interest rate swap agreements with a forward start date no later than the Facility Maturity Date to an aggregate DV01 exposure of within +/- 5.0% of the then present value of such forward-starting interest rate swap agreement according to the aggregate Expected Amortization Profile of the Aggregate Outstanding Advances and, to the extent the expected notional balance of the Aggregate Outstanding Advances is equal to or greater than $5,000,000, with an amortizing notional balance schedule which, after giving effect to such interest rate swap agreement, will cause not greater than 125.0% (or, solely during the Amendment Period, 140.0%) and not less than 75.0% of the aggregate Expected Amortization Profile of the Aggregate Outstanding Advancesto be subject to a fixed interest rate, with each such interest rate swap agreement being entered into at the market fixed versus LIBOR swap rate as at the date of the execution thereof and (ii) upon the election of the Borrower or no later than five (5) Business Days following the occurrence of a Hedge Trigger Event, and each Funding Date, each Payment Date, the date of any Takeout Transaction and, prior to March 31, 2022, any other date on which the Borrower delivers a Borrowing Base Certificate to the Administrative Agent thereafter, enter into one or more interest rate swap or cap agreements with a Hedge Counterparty, under which the Borrower will expect to, at all times until the Facility Maturity Date, receive on or about each Payment Date, an amount required to maintain a fixed interest rate or interest rate protection at then current market interest rates on not greater than 110.0% (or, solely during the Amendment Period, 140.0%) and not less than 90.0% of the Expected Amortization Profileexpected notional balance of the Aggregate Outstanding Advances through the Facility Maturity Date (determined after giving effect to Advances and payments made on the applicable Funding Date) (it being understood that an interest rate swap agreement entered into under clause (i) of this definition of “Hedge Requirements” (to the extent the effective date thereof is earlier than the F...
Hedge Requirements shall have the meaning specified in Section 3.03 of the Indenture and Servicing Agreement.
Hedge Requirements means the requirements of the Borrower to, within two (2) Business Days of each Borrowing Date, enter into and maintain according to the provisions hereof (for the avoidance of doubt, including breakage or modification to remain within the required amortizing schedule) one or more interest rate cap agreements for which the strike rate is not more than [***]%, [***]%, or [***]%, so long as all Hedge Agreements then in effect will have the same elected strike rate; provided that if the Borrower elects to reduce the strike rate across its Hedge Agreements, it must elect a rate no less than an amount equal to (i) the then current market rate of the expected amortization schedule minus (ii) [***]%, (x) entered into with a Qualifying Hedge Counterparty and (y) using an amortizing notional balance schedule that is not less than [***]% of the expected amortization schedule of the aggregate outstanding principal balance of the Loan Notes associated with the Advance made on such date (unless the notional amount of such interest rate cap agreements entered into in connection with prior Advances is sufficient to satisfy such notional balance requirement). Notwithstanding the foregoing, a Hedge Agreement may not contain additional termination dates based on the occurrence of a fixed date prior to the Maturity Date. Each interest rate cap agreement entered into in accordance with this definition shall have floating rate payments with a designated maturity of one month, and be on terms and conditions and pursuant to such documentation as shall be reasonably acceptable to the Administrative Agent. Notwithstanding the foregoing, the Borrower may enter into another type of derivative agreement in order to satisfy the Hedge Requirements that the Administrative Agent approves in writing prior to entering into such agreement, provided that such alternative derivative agreement is not materially adverse to the credit position of the Lenders as compared to the credit position of the Lenders under then existing Hedge Requirement.
Examples of Hedge Requirements in a sentence
If on any Hedge Determination Date, Funding Date or Payment Date, the Issuer has revoked its election, in whole or in part, to fund the Hedge Reserve Account, provided that the Implied Hedge Amount is equal to or greater than the Outstanding Note Balance and the Issuer has otherwise complied with the Hedge Requirements, amounts on deposit in the Hedge Reserve Account shall be deposited in the Collection Account as Available Funds.
This contribution limit would be in addition to the current limit for contributions to parties under the PPFA.
Upon the commencement of any Hedging Period occurring solely pursuant to clause (i) of the definition thereof, the Borrower may elect to, upon prior written notice to the Servicer, the Lenders and the Administrative Agent, deposit Hedge Reserve Amounts equal to the Hedge Reserve Account Required Balance in the Hedge Reserve Account; provided, that if a Hedge Purchase Event has occurred, the Borrower shall be required to satisfy the Hedge Requirements pursuant to Section 5.03(b) hereof.
Upon the commencement of any Hedging Period and at all times thereafter during such Hedging Period, the Borrower shall be party to one or more Hedge Transactions which collectively satisfy the Hedge Requirements or shall provide Hedge Reserve Amounts as set forth in this Section 5.03.
The Borrower shall comply with all Hedge Requirements and reporting obligations with respect thereto, including if the Borrower elects to change the strike rate among existing Hedge Agreements, they shall provide notice to the Administrative Agent by delivering an updated Borrowing Base Certificate demonstrating application of the new Advance Rate at least two (2) Business Days prior to the effective date of such Hedge Agreements, along with copies of the proposed Hedge Agreements.
More Definitions of Hedge Requirements
Hedge Requirements means the requirements of the Borrower to (i) on the Second Amendment Effective Date, enter into an interest rate cap with a notional amount of no less than $[***] and a strike price of no greater than [***]%, and (ii) within two (2) Business Days of each Borrowing Date on or after the Second Amendment Effective Date, enter into additional interest rate caps or swaps to the extent necessary to cause the aggregate notional amount of the Borrower’s interest rate caps or swaps (including such additional interest rate caps or swaps) to be at least equal to one hundred percent (100%) of the Aggregate Outstanding Advances (after giving pro forma effect to the proposed borrowing on such Borrowing Date) upon terms and conditions reasonably acceptable to the Agent; provided, that, notwithstanding anything to the contrary contained in this Agreement, in connection with any interest rate swap or other types of interest rate derivative agreements entered into by the Borrower in order to satisfy the Hedge Requirements for aggregate notional amounts in excess of $[***], such interest rate swaps or other derivative agreements shall be provided by no more than one (1) additional Qualifying Hedge Counterparty and such interest rate swaps or other derivative agreements shall include such terms and conditions that are approved in writing by the Agent.
Hedge Requirements means the requirements of the Borrower to, within two (2) Business Days of each Borrowing Date, enter into and maintain according to the provisions hereof (for the avoidance of doubt, including breakage or modification to remain within the required amortizing schedule) one or more interest rate cap agreements for which the strike rate is not more than 0.89%, (x) entered into with a Qualifying Hedge Counterparty and (y) using an amortizing notional balance schedule that is not less than 90.0% of the expected amortization schedule of the aggregate outstanding principal balance of the Loan Notes associated with the Advance made on such date (unless the notional amount of such interest rate cap agreements entered into in connection with prior Advances is sufficient to satisfy such notional balance requirement). Each interest rate cap agreement entered into in accordance with this definition shall have floating rate payments with a designated maturity of one month, and be on terms and conditions and pursuant to such documentation as shall be reasonably acceptable to the Agent. Notwithstanding the foregoing, the Borrower may enter into another type of derivative agreement in order to satisfy the Hedge Requirements that the Agent approves in writing prior to entering into such agreement. [***] = Certain information has been excluded from this exhibit because it is both not material and would likely cause competitive harm to the company if publicly disclosed.
Hedge Requirements means the requirement that, at all times after the fifth Business Day following each Borrowing Date, Borrower shall have entered into one or more interest rate swap or cap agreements with a Qualifying Hedge Counterparty with an amortizing notional balance schedule, which, after giving effect to such interest rate swap or cap agreement, will cause not greater than 110.0% and not less than 80.0% of the aggregate Expected Amortization Profile of all outstanding Advances to be hedged to a fixed interest rate, with [***].
Hedge Requirements means the following requirements:
Hedge Requirements means the requirements of the Borrower to (i) on the Second Amendment Effective Date, enter into an interest rate cap with a notional amount of no less than $25,000,000 and a strike price of no greater than 4.25%, and (ii) within two
Hedge Requirements has the meaning specified in Section 3.3 of the Indenture.
Hedge Requirements. “Independent Engineering Report”, “Materially Adverse Cash Sweep Provisions”, “Material Adverse Effect”, “Material Project Documents”, “Minimum Payoff Amount”, “Partial Release Conditions”, “Solar Asset Portfolio Value”, “Solar Asset Portfolio Value (Non-Reduced Advance Rate)”, “Solar Asset Portfolio Value ([***])”, “Supplemental Reserve Account Deposit”, “Supplemental Reserve Account Required Balance”, “Takeout Transaction”, “Target Fund”, “Target Fund Approvals”, “Target Non-Qualifying Tax Equity Fund”, “Target Qualifying Tax Equity Fund”, “Target Tax Equity Opco”, “Target Wholly-Owned Subsidiary”, “Tax Equity Required Consent” or any of the component definitions of any thereof in a manner that would have the effect of increasing the Borrowing Base in any material respect without the written consent of the Super-Majority Lenders, except for any amendment to any such definition to (x) correct any scrivener error(s) or (y) clarify the meaning of any such definition; (xii) amend the definitions of “Borrowing Base”, “Eligible Solar Asset”, “Liquidity Reserve Account Required Balance”, “Post-PTO Reserve Account Required Balance”, or any of the component definitions of any thereof in a manner that would have the effect of increasing the Borrowing Base in any material respect without the written consent of all Lenders, except for any amendment to any such definition to (x) correct any scrivener error(s) or (y) clarify the meaning of any such definition; (xiii) amend the definition of Commitment or Exhibit E hereto without the consent of the Lender whose Commitment would be impacted thereby (it being understood that reductions of Commitments pursuant to Section 2.6(A) and increases in Commitments pursuant to Section 2.6(B) shall be governed by such Sections); (xiv) release or subordinate all or any material portion of the Collateral, or any Relevant Party from its obligations under the Collateral Documents or any membership interests without the written consent of each Lender, in each case, other than in connection with a disposition permitted hereunder; or (xv) effect an amendment pursuant to Section 10.29 or otherwise amend or waive compliance with paragraph 25 of Schedule II, in each case, without the consent of the Super-Majority Lenders. The Borrower agrees to provide notice to each party hereto of any amendments to or waivers of any provision of this Agreement; provided that the Borrower shall provide the Conduit