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) 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. (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. 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 the Lenders by appropriate proceedings.
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. Borrower shall provide Lender with an Extension Interest Rate Cap Agreement (i) on the Modification Closing Date pursuant to Section 4.12 below, and (ii) prior to the commencement of each of the Extension Terms pursuant to Section 2.1(b)(3) above.
Interest Rate Cap Agreements. (a) Issuers shall maintain the Interest Rate Cap Agreement with an Acceptable Counterparty in effect and having a term extending through July 14, 2006 and an initial notional amount equal to the Outstanding Principal Amount. The Interest Rate Cap Agreement shall have a strike rate equal to an amount such that the maximum interest rate paid by Issuers 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 Notes in accordance with Section 2.4 hereof; provided that the strike rate shall be equal to an amount such that the maximum interest rate paid by Issuers 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 Class A-2-A Interest Rate Cap Agreement, the Class A-3-A Interest Rate Cap Agreement, the Class A-4-B Interest Rate Cap Agreement, the Class M-1 Cap Agreement, the Class M-2 Cap Agreement, the Class M-3 Cap Agreement, the Class M-4 Cap Agreement and the Class M-5 Cap Agreement. Interest Rate Cap Agreement Counterparty: Credit Suisse International.
Interest Rate Cap Agreements. (a) On or before the Closing Date, Borrowers shall enter into an Interest Rate Cap Agreement with an Acceptable Counterparty for the period from the Closing Date through May 11, 2012, 50 with a LIBOR strike price (the “Strike Price”) equal to five percent (5.0%) (such Interest Rate Cap Agreement, the “Initial Interest Rate Cap Agreement”).
