LIBOR Cap Strike Rate means 7% per annum.
LIBOR Cap Strike Rate means (i) with respect to the Interest Rate Cap Agreement in place as of the Closing Date, two and ninety-six hundredths percent (2.96%) per annum and (ii) with respect to any (x) Converted Interest Rate Protection Agreement, (y) Substitute Interest Rate Protection Agreement, or (z) Replacement Interest Rate Cap Agreement required in connection with the exercise of any Extension Option, and subject to Section 5.24(f), the Extension Term LIBOR Cap Strike Rate.
LIBOR Cap Strike Rate means (a) with respect to the Interest Rate Cap Agreement in place as of the Closing Date, two and ninety-one one hundredths percent (2.91%) per annum and (b) with respect to any Replacement Interest Rate Cap Agreement required in connection with the exercise of any Extension Option, a per annum rate of interest which, when added to the LIBOR Margin then in effect, would result in a Debt Service Coverage Ratio (calculated based on the then current Underwritten Net Cash Flow and assuming that the LIBOR Rate is equal to the sum of the LIBOR Margin plus the Extension LIBOR Strike Price) of not less than 1.30:1.00 (the “Extension LIBOR Strike Price”).
Examples of LIBOR Cap Strike Rate in a sentence
The Interest Rate Cap Agreement shall have a strike rate equal to the LIBOR Cap Strike Rate.
Share capital The Company may deal with its Share capital in any manner authorised by law.
The Interest Rate Cap Agreement during both the Initial Term (if required) and the Extension Term shall have a strike rate equal to the LIBOR Cap Strike Rate.
The notional amount of the Interest Rate Cap Agreement may be reduced from time to time in amounts equal to any prepayment of the principal of the Loan made in accordance with the Loan Documents (Mezzanine), provided that the strike rate shall be equal to the LIBOR Cap Strike Rate.
More Definitions of LIBOR Cap Strike Rate
LIBOR Cap Strike Rate means 6.5%.
LIBOR Cap Strike Rate means, (i) with respect to the Interest Rate Cap Agreement in effect through the second anniversary of the Closing Date, the Initial LIBOR Cap Strike Rate; and (ii) thereafter, a rate no higher than would imply a minimum 1.10x DSCR. Licenses shall have the meaning set forth in Section 4.1.23. Lien shall mean any mortgage, deed of trust, lien, pledge, hypothecation, assignment, security interest, or any other encumbrance or charge on or affecting Borrower, the Property, any portion thereof or any interest therein, including, without limitation, any conditional sale or other title retention agreement, any financing lease having substantially the same economic effect as any of the foregoing, the filing of any financing statement, and the filing of mechanic’s, materialmen’s and other similar liens and encumbrances. Loan shall mean the loan in the amount of up to One Hundred Fifteen Million and NO/100 Dollars ($115,000,000.00) made by Lenders to Borrower pursuant to this Agreement. Loan Documents shall mean, collectively, this Agreement, the Note, the Security Instrument, the Assignment of Leases, the Assignment of Agreements, the Environmental Indemnity, the Assignment of Management Agreement, the Assignment of Interest Rate Cap, the Operating Lease Subordination, the Account Agreement, the Recourse Guaranty, the UCC-1 financing statements and all other documents executed and/or delivered by Borrower or any of its Affiliates in connection with the Loan including any certifications or representations delivered by or on behalf of Borrower, any Affiliate of Borrower, the Manager, or any Affiliate of the Manager (including, without limitation, any certificates in connection with any legal opinions delivered on the date hereof), together with all of the Security Documents executed by the Transaction Parties.
LIBOR Cap Strike Rate means, (i) with respect to the Interest Rate Cap Agreement in effect during the two-year period following the Closing Date, the Initial LIBOR Cap Strike Rate; and (ii) from and after the second (2nd anniversary of the Closing Date and with respect to any Extension Interest Rate Cap Agreement, a rate equal to that sufficient to maintain a DSCR of 1.20x measured for the immediately preceeding four (4) Fiscal Quarters. LIBO Rate shall mean, with respect to any Interest Period, the average of interbank offered rates for dollar deposits having a maturity approximately equal to such Interest Period in the London market as set forth on Reuters Screen LIBOR01 Page (i.e., the LIBOR page), or any successor page, of the Reuters System, titled “British Banker Association Interest Settlement Rates” at approximately 11:00 a.m. (London time) two (2) Eurodollar Business Days prior to the first day of such Interest Period or if such rate is not then quoted, the arithmetic average as determined by Administrative Agent of the rates at which deposits in immediately available U.S. dollars in an amount equal to the amount of such LIBOR Rate Loan having a maturity approximately equal to such Interest Period are offered by four (4) reference banks to be selected by Administrative Agent in the London interbank market, at approximately 11:00 a.m. (London time) two (2) Eurodollar Business Days prior to the first day of such Interest Period.
LIBOR Cap Strike Rate means, (i) with respect to the Interest Rate Cap Agreement in effect prior to the Initial Maturity Date, the Initial LIBOR Cap Strike Rate; and (ii) with respect to any Extension Interest Rate Cap Agreement, a rate equal to that sufficient to maintain a DSCR of 1.10x measured for the period applicable to the Fiscal Quarter immediately preceding the Initial Maturity Date, the First Extended Maturity Date or the Second Extended Maturity Date, as applicable.
LIBOR Cap Strike Rate set forth in Section 1.1 of the Loan Agreement is hereby deleted in its entirety and replaced with the following: “LIBOR Cap Strike Rate” shall mean 4.00%.”
LIBOR Cap Strike Rate means 4.00%.”
LIBOR Cap Strike Rate means, (i) with respect to the Interest Rate Cap Agreement in effect through the Initial Maturity Date, the Initial LIBOR Cap Strike Rate; and (ii) with respect to any Extension Interest Rate Cap Agreement, a rate equal to that sufficient to maintain a DSCR of 1.20x measured for the immediately preceding four (4) Fiscal Quarters. LIBO Rate shall mean, with respect to any Interest Period, the rate per annum equal to the IntercontinentalExchange Group Inc.’s LIBOR Rate (“ICE LIBOR”), as published by Reuters (or other commercially available source providing quotations of ICE LIBOR as designated by the Administrative Agent from time to time) at approximately 11:00 a.m. (London time) two (2) Eurodollar Business Days prior to the first day of such Interest Period or if such rate is not then quoted, the arithmetic average as determined by Administrative Agent of the rates at which deposits in immediately available U.S. dollars in an amount equal to the amount of such LIBOR Rate Loan having a maturity approximately equal to such Interest Period are offered by four (4) reference banks to be selected by Administrative Agent in the London interbank market, at approximately 11:00 a.m. (London time) two (2) Eurodollar Business Days prior to the first day of such Interest Period. LIBO Rate Spread shall mean two and 25/100th percent (2.25%).