Subsequent Cap definition
Examples of Subsequent Cap in a sentence
A Subsequent Cap must have an effective date not later than the day following the last day of the Initial Cap Period or any Subsequent Cap Period.
Any Subsequent Cap must expire on the earliest of (1) a date which is not earlier than the fifth (5th) anniversary of the effective date of such Subsequent Cap, (2) the date on which the Credit Enhancement Agreement terminates or (3) the maturity date of the Bonds.
A Cap also shall be in place and maintained at all times during any other period that the Floating Rate is in effect (a "Subsequent Cap") whether or not a default shall have occurred under the applicable Cap Documents (as defined below) and shall be in place on the effective date of a conversion to a Floating Rate.
A Subsequent Cap must be fully executed and delivered on terms and conditions consistent with this Agreement and except as permitted by Section 4.2(f) shall have a Strike Rate (as hereinafter defined) equal to the Strike Rate for the Cap initially provided hereunder.
A Subsequent Cap must be fully executed and delivered on terms and conditions consistent with this Agreement.
Subject to the other terms of Article 16, additional Caps (each, a "Subsequent Cap") shall be purchased by Borrower (i) upon the expiration of the Cap in place for the Initial Cap Period, and (ii) if elected by the Borrower, at the time any Additional Variable Advance is made.
Lender or Borrower may require, not more often than quarterly, an increase or decrease, as the case may be, in the face amount of the Letter of Credit to increase or decrease, as the case may be, the face amount of the Letter of Credit to 125% of the then current estimate of the cost to acquire any required Subsequent Cap.
Prior to the Owner seeking any bids from any Counterparty for a Subsequent Cap, the Owner shall obtain the prior written consent of ▇▇▇▇▇▇▇ Mac.
Not later than the day following the last day of the Initial Cap Period or any Subsequent Cap Period, the Owner shall ensure that either (a) a Subsequent Cap is in full force and effect if the Bonds bear interest at the Floating Rate or (b) the Bonds have been converted to a Fixed Rate, in each case, in accordance with this Agreement and the other Borrower Documents.
The "Monthly Cap Escrow Payment" means, with respect to the first 36 months after the purchase of a Cap for less than the entire remaining term of any portion of the Variable Facility Commitment, an amount equal to one thirty-sixth (1/36) of 125% of the cost, as reasonably estimated quarterly by the Lender, to obtain any required Subsequent Cap plus any amount required to increase the Cap Escrow Fund to the amount then required to be funded in the Cap Escrow Fund based on the then current cost estimate.