Interest Rate Cap. At all times during the term of the Loan Borrower shall maintain in effect an Interest Rate Protection Agreement having a term equal to the term of the Loan, with an initial notional amount equal to the amount of the Loan and with a Counterparty reasonably acceptable to Lender having a Minimum Counterparty Rating. If Borrower obtains one (1) interest rate cap, the LIBOR strike rate under the Interest Rate Protection Agreement shall be equal to or less than the Capped LIBOR Rate, or if Borrower obtains more than one (1) interest rate cap, the blended LIBOR strike rate under the Interest Rate Protection Agreement, as determined by Lender, shall be equal to or less than the Capped LIBOR Rate. The Interest Rate Protection Agreement shall be in form and substance substantially similar to the Interest Rate Protection Agreement in effect as of the date hereof. In the event of any downgrade or withdrawal of the rating of such Counterparty by any Rating Agency below the Minimum Counterparty Rating, Borrower shall replace the Interest Rate Protection Agreement not later than thirty (30) Business Days following receipt of notice from Lender of such downgrade or withdrawal with an Interest Rate Protection Agreement in form and substance reasonably satisfactory to Lender (and meeting the requirements set forth in this Section 2.5) from a Counterparty acceptable to Lender having a Minimum Counterparty Rating; provided, however, that if Lender is the Counterparty and any Rating Agency withdraws or downgrades the credit rating of Lender below the Minimum Counterparty Rating, Borrower shall not be required to replace the Counterparty under the Interest Rate Protection Agreement provided that within thirty (30) Business Days following Lender’s written notice to Borrower of such downgrade or withdrawal Lender posts additional collateral acceptable to the Rating Agencies securing its obligations under the Interest Rate Protection Agreement.
Interest Rate Cap. (i) The Interest Rate Cap Agreement constitutes the legal, valid and binding obligation of the Borrowers, enforceable against the Borrowers in accordance with its terms, subject only to applicable bankruptcy, insolvency and similar laws affecting rights of creditors generally, and subject, as to enforceability, to general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law).
Interest Rate Cap. To protect against fluctuations in interest rates during the term, pursuant to the terms of the Pledge, Interest Rate Cap Agreement, Borrower shall make arrangements for a Three-Month LIBOR-based interest rate cap in form and substance satisfactory to Lender with a counterparty satisfactory to Lender (“Interest Rate Cap”) to be in place and maintained at all times with respect to the portion of the Variable Facility Commitment which has been funded and remains Outstanding. As set forth in the Pledge, Interest Rate Cap Agreement, Borrower agrees to pledge its right, title and interest in the Interest Rate Cap to Lender as additional collateral for the Indebtedness.
Interest Rate Cap. It is the intent of the Bank and of Borrower that in no event shall interest be payable at a rate in excess of the maximum rate permitted by applicable law (the "Maximum Legal Rate"). Solely to the extent necessary to prevent interest under this Note from exceeding the Maximum Legal Rate, any amount that would be treated as excessive under a final judicial interpretation of applicable law shall be deemed to have been a mistake and automatically canceled, and, if received by the Bank, shall be refunded to Borrower.
Interest Rate Cap. RCFC shall have acquired and shall be maintaining in force one or more Series 2010-3 Interest Rate Caps in accordance with the terms of the Series 2010-3 Indenture.
Interest Rate Cap. On or prior to the Effective Date, the Maguire Members shall, on behalf of and for the benefit of the Seniox Xxxxxnine Borrower and the Junior Mezzanine Borrower, purchase and thereafter maintain in effect in accordance with the Loan Documents until the third anniversary of the Effective Date (or the date on which the Property is sold, if earlier), an interest rate cap agreement with a counterparty acceptable to the Senior Mezzanine Lender and the Junior Mezzanine Lender and having a credit rating of at least "AA" from Standard & Poor's (the "Interest Rate Cap"). The Interest Rate Cap shall have a term of at least 36 months commencing on the Effective Date and a notional amount equal to the combined principal amount of the New Mezzanine Debt on the Effective Date. The Maguire Members shall on or prior to the delivery of an Extension Noxxxx xxtend the term of the Interest Rate Cap for an additional one year period covering a notional amount equal to the combined principal amount of the New Mezzanine Debt as of the date of the Extension Notice (any such extension to the Interest Rate Cap, a "Supplemental Cap"). The Interest Rate Cap shall have a LIBOR strike price of 400 basis points for the first year, 500 basis points for the second year and 600 basis points for the third year and the Supplemental Cap shall have a LIBOR strike price of 500 basis points. The Interest Rate Cap and Supplemental Cap shall be paid for by the Maguire Members in full in advance as set forth above, shall be collxxxxxxxy assigned by the Maguire Members, and, if necessary, the Senior Mezzanine Borrower anx xxx Xunior Mezzanine Borrower, to the Senior Mezzanine Lender and the Junior Mezzanine Lender as security for the New Subordinated Debt in a manner satisfactory to the Senior Mezzanine Lender and the Junior Mezzanine Lender. The failure by the Maguire Members to purchase or maintain the Interest Rate Cap or any Xxxxxxmental Cap in accordance with the foregoing shall constitute a Trigger Event; provided, however, if such Supplemental Cap or Interest Rate Cap no longer satisfies the requirements under the Loan Documents other than due to any action or omission of the Maguire Members, such event shall not constitute a Trigger Event if xxx Xxxuire Members shall, not later than 3 Business Days prior to the exxxxxxxon of any grace period provided for under the Loan Documents obtain a replacement Supplemental Cap or Interest Rate Cap that satisfies the requirements under the Loan Documen...
Interest Rate Cap. Borrower shall have delivered to the Lender the interest rate cap in a form acceptable to the Lender from a Qualified Interest Rate Cap Provider with a notional amount equal to the outstanding Principal Indebtedness (including the requested Advance) and a strike rate equal to 5.50% and the fully executed Collateral Assignment of Hedge.
Interest Rate Cap. If (i) (A) any Interest Rate Cap Agreement is terminated for any reason by the Counterparty or (B) the Counterparty under any Interest Rate Cap Agreement defaults in the performance of its monetary obligations under the Interest Rate Cap Agreement, and Borrower does not, within ten (10) days (1) replace the Interest Rate Cap Agreement with an interest rate cap agreement in a notional amount equal to Principal Indebtedness as of the date of such termination and with a creditworthy Counterparty satisfactory to Lender and otherwise on terms and conditions satisfactory to Lender, and (2) deliver to Lender, in form and substance reasonably satisfactory to Lender (x) an assignment of the replacement Interest Rate Cap Agreement, (y) a recognition letter from the Counterparty to the replacement Interest Rate Cap Agreement acknowledging the assignment of the replacement Interest Rate Cap Agreement, and (z) following a securitization, a Rating Confirmation ((1) and (2) above are collectively herein referred to as the “Replacement Cap Requirements”) or (ii) any Interest Rate Cap Agreement is terminated for any reason by Borrower and Borrower has not, at the time of such termination, fully satisfied the Replacement Cap Requirements or (iii) Borrower does not obtain the Extension Interest Rate Cap Agreement in accordance with Section 2.7(e) and/or fails to satisfy the Replacement Cap Requirements on or before May 31, 2010.
Interest Rate Cap. Borrower shall, within ninety (90) days of the Amendment Effective Date, enter into a Hedge Agreement protecting against fluctuations in interest rates, in amounts and for periods of time reasonably satisfactory to Administrative Agent, which agreements shall provide for coverage in a minimum amount of at least 50% of the initial principal amount of the Term Loan made on the Amendment Effective Date for a period of at least three (3) years.
Interest Rate Cap. (a) On the date hereof, Borrower has delivered an Interest Rate Protection Agreement to Administrative Agent, which has been approved by Administrative Agent (the “
