Rate Cap Agreement definition

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 or “Cap Agreement” means any interest rate cap agreement, interest rate swap agreement or other interest rate-hedging contract or agreement, in a form acceptable to Funding Lender, obtained by Borrower from a Rate Cap Provider as a requirement of any Financing Document or as a condition of Funding Lender’s making the Funding Loan.

Examples of Rate Cap Agreement in a sentence

• Borrower acknowledges that the terms of the Interest Rate Cap Agreement may prohibit public sales, that the Rate Cap Collateral may not be of the type appropriately sold at public sales, and that such sales may be prohibited by law.

• The Interest Rate Cap Agreement shall have a strike rate equal to the Strike Price.

• If the initial Cap Agreement terminates prior to the Maturity Date, Lender will establish the Rate Cap Agreement Reserve Fund on the Closing Date.

• Borrower shall take all actions reasonably requested by Lender to enforce Borrower’s rights under the Interest Rate Cap Agreement in the event of a default by the Counterparty thereunder and shall not waive, amend or otherwise modify any of its rights thereunder.

• To the extent there are funds in the Rate Cap Agreement Reserve Fund in excess of the cost of the Replacement Cap Agreement, such funds may be applied to pay Attorneys’ Fees and Costs related to the Replacement Cap Agreement and to pay the cap broker, if any.

More Definitions of Rate Cap Agreement

Rate Cap Agreement means any interest rate cap agreement or other hedge agreement collaterally assigned to the Funding Lender as required under the Continuing Covenant 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.

Rate Cap Agreement has the meaning ascribed to it in the recitals of this Agreement.

Rate Cap Agreement has the meaning given in the Exhibit D to this Note Purchase Agreement.

Rate Cap Agreement means the interest rate cap agreement, dated as of the date hereof, between the Company (as assignee of the Seller) and the Rate Cap Provider.

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.

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.