Common use of Hedging of interest rate risks Clause in Contracts

Hedging of interest rate risks. The Borrower shall by no later than 30 days from each Drawdown Date enter into such Designated Transactions with the Swap Bank (or swap transactions with another bank or financial institution) whereby for the period on and from the relevant Drawdown Date up to and including the Final Maturity Date, it will hedge all or the major part of the interest risk under this Agreement in respect of that Advance (but in any event not less than 50 per cent. of the interest rate risk at any time during the aforesaid period). The Borrower shall grant the Swap Bank a right or first refusal to quote for all such interest rate swaps (by means of Designated Transactions). If the Borrower ▇▇▇▇▇▇ its interest risk with a bank or financial institution other than the Swap Bank it shall deliver to the Agent within 30 days of the relevant Drawdown Date evidence satisfactory to the Agent of its compliance with the terms of this Clause 11.20.