Definition of Rate Cap Agreement


Rate Cap Agreement means that certain interest rate protection agreement (together with the confirmation and schedules relating thereto) with a notional amount which shall not at any time be less than the Principal Amount and a LIBOR Rate strike price equal to six percent (6%) entered into by Borrower in accordance with the terms hereof or of the other Loan Documents and any similar interest rate cap or collar agreements subsequently entered into in replacement or substitution therefor by Borrower with respect to the Loan.


Rate Cap Agreement means the written agreement evidencing the financial and performance terms of the Rate Cap purchased by Borrower from Rate Cap Provider which satisfies all requirements of Section 2.07 of this Loan Agreement.

Rate Cap Agreement means an agreement, device or arrangement designed to protect Borrower from fluctuations of interest rates, including interest rate cap or collar protection agreements or interest rate options.

Examples of Rate Cap Agreement in a sentence

Borrower shall comply with all of its obligations under the terms and provisions of the Interest Rate Cap Agreement.
Lender may require Borrower to make an additional deposit into the Rate Cap Agreement Reserve Fund.
If funding of the Rate Cap Agreement Reserve Fund has been deferred, Lender may require Borrower to begin making monthly deposits into the Rate Cap Agreement Reserve Fund.
Lender may require Borrower to increase the amount of monthly deposits to the Rate Cap Agreement Reserve Fund.
Borrower shall take all actions reasonably requested by Lender to enforce Lender’s rights under the Interest Rate Cap Agreement in the event of a default by the Counterparty and shall not waive, amend or otherwise modify any of its rights thereunder.



More definitions of Rate Cap Agreement

Rate Cap Agreement means an interest rate cap agreement including the related confirmation, obtained at the sole cost and expense of Borrower, issued by a Rate Cap Issuer with a notional amount equal to $7,000,000, pursuant to which Borrower will be protected against an increase in LIBOR over the Rate Cap Strike Rate for a period of not less than two (2) years provided, however, those interest rate cap agreements that are to be obtained after the initial Rate Cap Agreement shall have a minimum term of not less one (1) year. The Rate Cap Agreement shall be subject to the approval of Lender as to form and substance and shall be assignable to Lender, its successors and assigns.


Rate Cap Agreement means the Interest Rate Swap Stand Alone Transaction Rate Cap/Floor dated on or about the Original Closing Date between the Borrower and Bank of America which caps the 30 day Adjusted LIBOR Rate at not more than 6.5%, in form and substance acceptable to the Administrative Agent.