Interest Rate Cap Agreements. (a) On or prior to the Closing Date, Borrower shall obtain, and thereafter maintain in effect, an Initial Interest Rate Cap Agreement, which shall be coterminous with the initial term of the Loan and have a notional amount equal to the Loan Amount. Any Initial Interest Rate Cap Agreement shall have a LIBOR strike rate equal to or less than the LIBOR Strike Rate.
Interest Rate Cap Agreements. The Trustee is hereby authorized and directed to execute and deliver the Interest Rate Cap Agreements and to acknowledge the provisions thereof.
Interest Rate Cap Agreements. (a) Within five Business Days after the date hereof, Borrower shall obtain, and thereafter maintain in effect (unless replaced pursuant to Section 1.4(e)), an Initial Interest Rate Cap Agreement, which shall be coterminous with the initial term of the Loan and have a notional amount that is not less than the Principal Indebtedness. Any Initial Interest Rate Cap Agreement shall have a LIBOR strike rate equal to or less than the then-applicable LIBOR Strike Rate.
Interest Rate Cap Agreements. (a) On or prior to the Closing Date, Borrowers shall obtain from an Acceptable Counterparty, and thereafter maintain in effect, an Interest Rate Cap Agreement, having a term extending through the Maturity Date and an initial notional amount equal to the Loan Amount. The Interest Rate Cap Agreement shall have a strike rate equal to an amount such that the maximum interest rate paid by Borrowers after giving effect to payments made under the Interest Rate Cap Agreement shall equal no more than the Maximum Pay Rate. The notional amount of the Interest Rate Cap Agreement may be reduced from time to time and in an amount equal to any prepayment that is applied to reduce the principal balance of the Loan in accordance with Section 2.4 hereof or as a result of any Directed Paydowns that is applied by Lender to reduce the principal balance of the Loan; provided that the strike rate shall be equal to an amount such that the maximum interest rate paid by Borrowers after giving effect to payments made under the Interest Rate Cap Agreement shall equal no more than the Maximum Pay Rate.
Interest Rate Cap Agreements. The Borrowers shall fail to obtain or maintain an Interest Rate Cap Agreement or a replacement thereof in accordance with Sections 2.16 and Section 2.18; provided, however, that any such failure shall not give rise to an Event of Default hereunder if such failure is unintentional on the part of the Loan Parties and reasonably susceptible of cure by the Loan Parties and is cured within ten (10) days after the earlier of the date on which (A) a Responsible Officer of a Loan Party obtains actual knowledge of such failure or (B) written notice thereof shall have been given to the Borrowers by the Administrative Agent or any Lender; then, and in any such event, the Administrative Agent (i) shall at the request, or may with the consent, of the Required Lenders, by notice to the Borrowers, declare the Commitments of each Lender and the obligation of each Lender to make Advances to be terminated, whereupon the same shall forthwith terminate, (ii) shall at the request, or may with the consent, of the Required Lenders, by notice to the Borrowers, declare the Loan, all interest thereon and all other amounts payable under this Agreement and the other Loan Documents to be forthwith due and payable, whereupon the Loan, all such interest and all such amounts shall become and be forthwith due and payable, without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived by the Borrowers; provided, however, that in the event of an actual or deemed entry of an order for relief with respect to any Loan Party under any Bankruptcy Law, (y) the Commitments of each Lender and the obligation of each Lender to make Advances shall automatically be terminated and (z) the Loan, all such interest and all such amounts shall automatically become and be due and payable, without presentment, demand, protest or any notice of any kind, all of which are hereby expressly waived by the Loan Parties, and (iii) shall at the request, or may with the consent of the Required Lenders, proceed to enforce its rights and remedies under the Loan Documents for the benefit of Lenders by appropriate proceedings. 110
Interest Rate Cap Agreements. (a) On or prior to the Closing Date, Borrower shall obtain from an Acceptable Counterparty, and thereafter maintain in effect, an Interest Rate Cap Agreement, having a term extending through the Maturity Date and a notional amount equal to the Loan Amount. The Interest Rate Cap Agreement shall have a strike rate equal to the Strike Rate.
Interest Rate Cap Agreements. (a) Borrowers shall maintain the Interest Rate Cap Agreement with an Acceptable Counterparty in effect and having a term extending through April 14, 2007 and an initial notional amount equal to the Loan Amount. The Interest Rate Cap Agreement shall have a strike rate equal to an amount such that the maximum interest rate paid by Borrowers after giving effect to payments made under the Interest Rate Cap Agreement shall equal no more than the Maximum Pay Rate. The notional amount of the Interest Rate Cap Agreement may be reduced from time to time and in an amount equal to any prepayment which is applied to reduce the principal balance of the Loan in accordance with Section 2.4 hereof or as a result of any Directed Paydown that is applied by Lender to reduce the principal balance of the Loan; provided that the strike rate shall be equal to an amount such that the maximum interest rate paid by Borrowers after giving effect to payments made under the Interest Rate Cap Agreement shall equal no more than the Maximum Pay Rate.
Interest Rate Cap Agreements. (a) Within five (5) Business Days of the date of each Advance pursuant to Section 2.02, the applicable Borrowers shall have obtained, and thereafter maintain in effect, an Interest Rate Cap Agreement, which shall be have a term expiring no earlier than the second anniversary of the Closing Date and have a notional amount which shall not at any time be less than the Outstanding Principal Balance. On or prior to the second anniversary of the Closing Date, the Borrowers shall have obtained, and thereafter maintain in effect, an Interest Rate Cap Agreement, which shall be have a term expiring no earlier than the then effective Maturity Date and have a notional amount which shall not at any time be less than the Outstanding Principal Balance. Any failure to comply with the preceding sentence shall be an Event of Default in accordance with Section 6.01(n). Each Interest Rate Cap Agreement shall have a strike rate not higher than the Strike Price. If more than one Interest Rate Cap Agreement and/or Replacement Interest Rate Cap Agreement exists, such agreements shall collectively have a notional amount which shall not at any time be less than the Outstanding Principal Balance.
Interest Rate Cap Agreements. (a) The Servicer hereby represents that Fashion Service Corp has obtained and assigned to the Trust (i) the Class A Cap Agreement in favor of the Trust for the benefit of the Class A Certificateholders and (ii) the Class B Cap Agreement in favor of the Trust for the benefit of the Class B Certificateholders, the Class C Certificateholders and the Class D Certificateholders. The Class A Cap Agreement shall entitle the Trust to receive monthly the Class A Cap Payment, if any, as set forth in the Class A Cap Agreement. The Class B Cap Agreement shall entitle the Trust to receive monthly the Class B Cap Payment, if any, as set forth in the Class B Cap Agreement. Each Interest Rate Cap Agreement provides that the Trust shall not be required to make any payment thereunder.
Interest Rate Cap Agreements. The Borrower shall maintain the Initial Rate Cap Agreement in effect, without reduction to reflect prepayments of principal amounts of the Loan, through and including the Initial Maturity Date. Prior to any extension of the Initial Maturity Date pursuant to Section 1.4, the Borrower shall enter into the Extension Rate Cap Agreement, and shall maintain the Extension Rate Cap Agreement in effect, without reduction to reflect prepayments of principal amounts of the Loan, through and including the Extended Maturity Date. At all times, the Borrower shall enter into and maintain such additional Interest Rate Agreements as shall be necessary to ensure that not less than 65% of all interest-bearing Indebtedness of Borrower and its Subsidiaries accrues interest at a fixed or hedged rate.
