Bridge Cap definition

Bridge Cap means 9.25% per annum for the first 120 days following December 16, 2013 and an additional 50 basis points per annum every 60 days thereafter; provided that (i) if the issue credit rating is less than Ba3 from ▇▇▇▇▇’▇ or less than BB- from S&P, such amounts shall increase by an additional 25 basis points per annum or (ii) if the issue credit rating is less than Ba3 from ▇▇▇▇▇’▇ and less than BB- from S&P, such amounts shall increase by an additional 50 basis points per annum; provided that in the event of a Demand Failure Event arising prior to the Closing Date where the proceeds were requested to be placed in escrow, the “Bridge Cap” shall thereafter be defined to be the greatest of (x) the yield on the Borrower’s outstanding 7.625% senior notes due 2024 plus 175 basis points per annum, (y) the yield of the ▇.▇. ▇▇▇▇▇▇ Global High Yield Index plus 300 basis points per annum and (z) such rate.
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Examples of Bridge Cap in a sentence

  • The Extended Term Loans shall bear interest at a rate per annum equal to the Bridge Cap Rate.

  • Notwithstanding the foregoing, the interest rate on the Initial Loans shall not at any time exceed the applicable Bridge Cap Rate as of such time.

  • Notwithstanding the foregoing, the interest rate in effect on the Initial Bridge Loans at any time prior to the Initial Bridge Loan Maturity Date shall not exceed an amount that causes the weighted average per annum yield to maturity payable by the Borrower with respect to the Bridge Facility and the Securities (as defined in the Fee Letter) (calculated in accordance with the Fee Letter) to exceed the Weighted Average Bridge Cap (as defined in the Fee Letter).

Related to Bridge Cap

  • Term Loan Amount means with respect to any Term Loan Lender, the amount equal to its Term Loan Percentage of the aggregate principal amount outstanding under the Term Loan.

  • WAC Cap With respect to the Mortgage Loans as of any Distribution Date, the product of (i) the weighted average of the Adjusted Net Mortgage Rates then in effect on the beginning of the related Due Period on the Mortgage Loans and (ii) a fraction, the numerator of which is 30 and the denominator of which is the actual number of days in the Interest Accrual Period related to such Distribution Date.

  • Maximum Loan Amount has the meaning set forth in Section 2.1(a).

  • Loan Cap means, at any time of determination, the lesser of (a) the Aggregate Commitments or (b) the Borrowing Base.

  • Bridge Notes means the series of notes, of which this Note is a part, dated on or about the date hereof, each of which are identical, other than the date of the Note, identity of the Holder and principal amount of this Note.