Replacement Cap definition

Replacement Cap means, at the time of the replacement of any Existing Warrants with any Replacement Warrants, the total number of unissued shares of Common Stock that remain issuable upon the exercise of such Existing Warrants at such time and with respect to which such Existing Warrants will expire and be cancelled upon such replacement. For the avoidance of doubt, the Replacement Cap will be reduced on a share-for-share basis by any shares of Common Stock issued by the Corporation to the holders of the Existing Warrants prior to or in connection with any such replacement that results in a top-up adjustment to the Warrantholder pursuant to Section 12(vi).

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Replacement Cap is defined in Section 31.01.

Replacement Cap shall have the meaning set forth in Section 8.a. of this Agreement.

Examples of Replacement Cap in a sentence

• Upon purchase by Borrower of a Replacement Cap Agreement with an expiration date on or after the Maturity Date, Borrower will no longer be required to make Rate Cap Reserve Deposits.

• Commencing on the date the first installment of principal and/or interest is due under the Note and continuing on the same day for each successive month until the purchase of the last Replacement Cap Agreement, Borrower must pay to Lender an amount equal to the Rate Cap Reserve Deposit.

• 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.

• In the event that, for any reason, there are insufficient funds in the Rate Cap Agreement Reserve Fund to purchase a Replacement Cap Agreement, Borrower must fund the amount of any such deficiency, including amounts necessary to pay Attorneys’ Fees and Costs and the cost of the cap broker, if any.

• To secure Borrower’s payment obligations under the Loan, Borrower grants to Lender a security interest in the Cap Collateral, including any Replacement Cap Agreement.

• Borrower will comply with the applicable requirements of the ▇▇▇▇-▇▇▇▇▇ Act in purchasing any Replacement Cap Agreement.

• Lender will apply the funds in the Rate Cap Agreement Reserve Fund to the cost of the Replacement Cap Agreement, unless an Event of Default has occurred and is continuing, in which case Lender at its option may apply such funds to the Indebtedness in any amount and in any order as Lender determines in Lender’s Discretion.

• At least 60 days prior to the date on which an existing Cap Agreement terminates, Borrower must give Notice to and provide evidence satisfactory to Lender that Borrower will deliver a Replacement Cap Agreement.

• Borrower must ensure that the Replacement Cap Agreement is in full force and effect not later than the day immediately following the expiration of the then-existing Cap Agreement.

• As a condition to making the Loan, Lender has required Borrower to establish the Rate Cap Agreement Reserve Fund to ensure that adequate funds are available for, among other things, the purchase, if applicable, of any Replacement Cap Agreement.

More Definitions of Replacement Cap

Replacement Cap means, at the time of the replacement of any Existing Convertible Note Warrants with any Replacement Warrants, the total number of unissued shares of the Common Stock that remain issuable upon the exercise of such Existing Convertible Note Warrants at such time and with respect to which such Existing Convertible Note Warrants will expire and be cancelled upon such replacement. For the avoidance of doubt, the Replacement Cap will be reduced on a share-for-share basis by any shares of the Common Stock issued by the Company to the holders of the Existing Convertible Note Warrants prior to or in connection with any such replacement that results in a top-up issuance to the holder of Warrant-C pursuant to this Section 3.5.

Replacement Cap means, at the time of the replacement of any Convertible Note Warrants with any Replacement Warrants, the total number of unissued shares of Common Stock that remain issuable upon the exercise of such Convertible Note Warrants at such time and with respect to which such Convertible Note Warrants will expire and be cancelled upon such replacement. For the avoidance of doubt, the Replacement Cap will be reduced on a share-for-share basis by any shares of Common Stock issued by the Corporation to the holders of the Convertible Note Warrants prior to or in connection with any such replacement that results in a top-up adjustment to the Warrantholder pursuant to Section 12(vi).