Unwinding of Designated Transactions Sample Clauses
The "Unwinding of Designated Transactions" clause outlines the process for reversing or closing out specific transactions that have been previously identified or designated under an agreement. Typically, this clause details the circumstances under which such transactions may be unwound, the steps each party must take, and how any resulting financial adjustments or obligations are to be handled. For example, it may apply if a hedging transaction is no longer needed due to a change in the underlying exposure. The core function of this clause is to provide a clear and orderly mechanism for terminating designated transactions, thereby managing risk and ensuring both parties understand their rights and responsibilities in such situations.
Unwinding of Designated Transactions. On or prior to any repayment or prepayment of the Loan under this Clause 8 or any other provision of this Agreement, the Borrower shall wholly or partially reverse, offset, unwind or otherwise terminate one or more of the continuing Designated Transactions to the extent necessary to ensure that the notional principal amount of the continuing Designated Transactions thereafter remaining does not and will not in the future (taking into account the scheduled amortisation) exceed the amount of the Loan as reducing from time to time thereafter pursuant to Clause 8.1.
Unwinding of Designated Transactions. On or prior to any repayment or prepayment of all or part of the Loan (including, without limitation, pursuant to clauses 4.2, 4.3 or 8.2.1(a) or any other provision of this Agreement), the Borrowers shall, upon the request of the Agent, wholly or partially reverse, offset, unwind, cancel, close out, net out or otherwise terminate one or more of the continuing Designated Transactions under the Master Swap Agreements or either of them so that the notional principal amount of the continuing Designated Transactions thereafter remaining under both Master Swap Agreements does not, and will not in the future (taking into account the scheduled amortisation), exceed the amount of the Loan as reducing from time to time thereafter pursuant to clause 4.1.
Unwinding of Designated Transactions. On or prior to any repayment or prepayment of all or part of the Loan (including, without limitation, pursuant to clauses 4.2, 4.3 or 8.2.1), the Borrowers shall upon the request of the Swap Provider wholly or partially reverse, offset, unwind, cancel, close out, net out or otherwise terminate one or more of the continuing Designated Transactions so that the notional principal amount of the continuing Designated Transactions thereafter remaining does not and will not in the future (taking into account the scheduled amortisation) exceed the amount of the Loan as reducing from time to time thereafter pursuant to clause 4.1.
Unwinding of Designated Transactions. On or prior to any repayment or prepayment under this Clause 7 or any other provision of this Agreement, the Borrower shall either:
(a) wholly or partially reverse, offset, unwind or otherwise terminate one or more of the continuing Designated Transactions so that the notional principal amount of the continuing Designated Transactions thereafter remaining does not and will not in the future (taking into account the scheduled amortisation) exceed the amount of the Loan as reducing from time to time thereafter pursuant to Clause 7.1; or
(b) provide the Bank with additional security in all respects acceptable to the Bank to secure the amount determined by the Bank to be equal to the difference between the notional principal amount of the continuing Designated Transactions and the amount of the Loan as reducing from time to time thereafter pursuant to Clause 7.1 Provided that in the case of a prepayment made pursuant to the sale of the Vessel, the Borrower may only carry out any of the matters referred to in this Clause 7.5 after (and not on or prior to) the prepayment is made due to the sale of the Vessel.
Unwinding of Designated Transactions. On or prior to any repayment or prepayment of all or part of the Loan (including, without limitation, pursuant to clause 4.3 following a Total Loss, pursuant to clauses 4.2 or 8.3 or any other provision of this Agreement), the Borrower shall upon the request of the Bank wholly or partially reverse, offset, unwind, cancel, close out, net out or otherwise terminate one or more of the continuing Designated Transactions so that the notional principal amount of the continuing Designated Transactions thereafter remaining does not and will not in the future (taking into account the scheduled amortisation) exceed the amount of the Loan as reducing from time to time thereafter pursuant to clause 4.1.
Unwinding of Designated Transactions. (a) On or prior to any prepayment or repayment of all or any part of the Facility A Loans, that is not contemplated under paragraph (a) of Clause 8.2 (Drop Down) the Borrower shall wholly or partially reverse, offset, unwind or otherwise terminate pro rata across all the Hedging Banks one or more of the continuing Designated Transactions so that the aggregate notional principal amount of the continuing Designated Transactions thereafter remaining does not and will not in the future (taking into account scheduled amortisation) exceed the amount of the relevant Facility A Tranche.
(b) Paragraph (a) above shall not apply to any partial prepayment of the Loan which is made in order to prepay the whole Commitment of a Lender pursuant to Clause 7.1 (Illegality), Clause 7.4 (Right of repayment and cancellation in relation to a single Lender) or any other relevant provision of this Agreement (an “Applicable Lender”). In such a case, the relevant Borrower shall instead unwind or otherwise terminate all of the continuing Designated Transactions with the Hedging Bank which is the same entity as the Applicable Lender (or is its Affiliate).
Unwinding of Designated Transactions. On or prior to any repayment or prepayment of all or part of the Loan, the Borrower shall upon the request of the Bank wholly or partially reverse, offset, unwind, cancel, close out, net out or otherwise terminate one or more of the continuing Designated Transactions so that the notional principal amount of the continuing Designated Transactions thereafter remaining does not and will not in the future (taking into account the scheduled amortisation) exceed the amount of the Loan as reducing from time to time thereafter pursuant to clause 4.1.
Unwinding of Designated Transactions. On or prior to any repayment or prepayment of all or part of the Loan (including, without limitation, pursuant to clauses 4.2, 4.3 or 8.2.1(a) or any other provision of this Agreement), the Borrowers shall, upon the request of the Agent (acting on the instructions of the Banks), wholly or partially reverse, offset, unwind, cancel, close out, net out or otherwise terminate one or more of the continuing Designated Transactions at that time.
Unwinding of Designated Transactions. On or prior to any repayment or prepayment of the Loan under this Clause 8 (Repayment and Prepayment and Cancellation) or any other provision of this Agreement, the Borrowers shall at their sole discretion have the right to wholly or partially reverse, offset, unwind or otherwise terminate one or more of the continuing Designated Transactions so that the notional principal amount of the continuing Designated Transactions thereafter remaining does not and will not in the future (taking into account the scheduled amortisation) exceed the amount of the Loan as reducing from time to time thereafter pursuant to Clause 8.1 (Amount of repayment instalments).
Unwinding of Designated Transactions. On or prior to any repayment or prepayment of all or part of the Loan (including, without limitation, pursuant to clause 4.3 following a Total Loss, pursuant to clauses 4.2 or 8.2.1(a) or any other provision of this Agreement), the Borrowers shall upon the request of the Agent wholly or partially reverse, offset, unwind, cancel, close out, net out or otherwise terminate one or more of the continuing Designated Transactions so that the notional principal amount of the continuing Designated Transactions thereafter remaining does not and will not in the future (taking into account the scheduled amortisation) exceed the amount of the Loan as reducing from time to time thereafter pursuant to clause 4.1. 5 FEES, COMMITMENT COMMISSION AND EXPENSES
5.1 FEES The Borrowers shall pay to the Agent:
5.1.1 for its own account, on the first Drawdown Date and at yearly intervals thereafter, an agency fee of $5,000 per annum;
5.1.2 for distribution to the Banks pro rata according to their respective Commitments, an arrangement fee of $159,750 which has been paid on 30 May 2003; and
5.1.3 for distribution to the Banks pro rata according to their respective Commitments, on each of the dates falling at three (3) monthly intervals after the date of this Agreement until the last day of the Drawdown Period for the Newbuilding Advance and on the last day of such Drawdown Period, commitment commission computed from 26 May 2003 (in the case of the first payment of commitment commission) and from the date of the preceding payment of commission (in the case of each subsequent payment), at the rate of zero point three per cent (0.3%) per annum on the daily undrawn amount of the Newbuilding Advance. The fees referred to in clauses 5.1.1 and 5.1.2 and the commitment commission referred to in clause 5.1.3 shall be payable by the Borrowers, whether or not any part of the Total Commitment is ever advanced and shall be, in each case, non-refundable.