Designated Transactions. The Borrowers hereby undertake that on the Drawdown Date in respect of an Advance they shall hedge the interest rate payable in respect of such Advance for the period for which such Advance is scheduled to be outstanding by entering into a Designated Transaction with the Swap Bank pursuant to the Master Agreement.
Appears in 3 contracts
Sources: Amending and Restating Agreement (TBS International PLC), Amending and Restating Agreement (TBS International PLC), Loan Agreement (TBS International LTD)