Definition of Interest Rate Cap Provisions


Interest Rate Cap Provisions means the provisions contained in an interest rate protection agreement acceptable to Lender in its reasonable discretion, with a term equal to the lesser of (i) two (2) years or (ii) through the Maturity Date, which caps the LIBO Rate at a strike rate of not more than three and one-half percent (3.50%) and which is in an amount not less than the outstanding principal balance of the Loan and the Senior Loan at the time of the Interest Rate Cap Trigger Event or at the time of the extension (as applicable, if in conjunction with an extension of the Maturity Date).