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

• Entry by the Issuer into the Interest Rate Cap Agreement does not completely eliminate the interest rate risk related to the Notes.

• The Rate Cap Agreement shall have an initial notional amount equal to the then outstanding principal balance of the Loan [and shall be for a term not less than the remaining term of the Loan][and shall be for a term not less than (i) the remaining term of the Loan (not including any extension option) if entered into prior to the initial Maturity Date and (ii) the remaining term of the applicable extension period if entered into during an extension period].

• In the event that any payment made by the Interest Rate Cap Provider under the Interest Rate Cap Agreement is subject to any withholding or deduction for or on account of tax as a result of a change in law and consequently the Interest Rate Cap Agreement is terminated, this may adversely impact the ability of the Issuer to meet its obligations under the Notes in full.

• On or before the Closing Date, the Issuer will enter into an Interest Rate Cap Agreement with the Interest Rate Cap Provider.

• In June 2016, the Company entered into an interest rate cap agreement, which became effective July 1, 2016, to hedge cash flows associated with interest rate fluctuations on variable rate debt, with a termination date of March 31, 2020 ("2016 Interest Rate Cap Agreement").

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 rate cap agreement dated as of ------------------ the Closing Date between the Issuer and the Rate Cap Provider, as amended from time to time, having a notional amount equal to the original principal amount of the Class A1 Notes and providing for payments to the Trustee in the event that LIBOR exceeds 9%.

Rate Cap Agreement means that certain Interest Rate Exchange Agreement, dated as of November 30, 1999 between Borrower and Warburg Dillon Read Swaps, LLC.