Common use of Hedging of interest rate risks Clause in Contracts

Hedging of interest rate risks. The Borrower shall deliver to the Agent by no later than 30 April 2006 the duly signed Hedge Strategy Letter (in a form and on terms acceptable to the Agent which letter shall be prepared in consultation with, and with the assistance of, the Agent), and shall from time to time, enter into such Designated Transactions with a Swap Bank in order to implement the hedging strategy outlined in the Hedge Strategy Letter whereby for a period of at least 5 years from the Drawdown Date of the relevant Advance it will hedge all or the major part of the interest rate risk under this Agreement and the Senior Loan Agreement (but in any event not less than 60 per cent. of the interest rate risk under this Agreement and the Senior Loan Agreement outstanding at any time during the aforesaid 5-year period).

Hedging of interest rate risks. The Borrower shall deliver to the Agent by no later than 30 April 2006 the duly signed Hedge Strategy Letter (in a form and on terms acceptable to the Agent which letter shall be prepared in consultation with, and with the assistance of, the Agent), and shall from time to time, enter into such Designated Transactions with a Swap Bank in order to implement the hedging strategy outlined in the Hedge Strategy Letter whereby for a period of at least 5 years from the Drawdown Date of the relevant Advance it will hedge all or the major part of the interest rate risk under this Agreement and the Senior Junior Loan Agreement (but in any event not less than 60 per cent. percent of the interest rate risk under this Agreement and the Senior Junior Loan Agreement outstanding at any time during the aforesaid 5-year period).