Cap Agreement. To protect against fluctuations in interest rates, Borrower must obtain and maintain a Cap Agreement at all times so long as the Loan is outstanding. The initial Cap Agreement must be successfully bid no later than the Closing Date and be effective for an initial term ending not earlier than the third anniversary of the Closing Date. The initial Cap Agreement must be in a Notional Amount equal to the principal amount of the Loan on the Closing Date and have a Strike Rate that does not exceed the Original Strike Rate. The Cap Agreement, including any Replacement Cap Agreement, must be from a Cap Provider, be in a form acceptable to Lender, and obligate the Cap Provider to make monthly payments directly to Lender or to Loan Servicer on behalf of Lender in an amount equal to the excess of (i) the interest on the Notional Amount at the Index Rate over (ii) interest on the Notional Amount at the Strike Rate.
Cap Agreement. Promptly following the termination of the Cap Agreement due to an “Event of Default” or “Termination Event” (as each such term is defined in the Cap Agreement), the Issuer will use reasonable efforts to enter into a replacement cap agreement on terms similar to those of the terminated Cap Agreement with an Eligible Replacement Cap Counterparty unless the Indenture Trustee sells the Collateral pursuant to Section 5.6(a)(ii).
Cap Agreement. (a) The Depositor hereby directs the Trustee to execute and deliver on behalf of the Trust the Cap Agreement and authorizes the Trustee to perform its obligations thereunder on behalf of the Trust in accordance with the terms of the Cap Agreement.
Cap Agreement. The Trustee shall not designate a Group I Early Termination Date under the Group I Cap Agreement without the consent of the Group I Cap Controlling Person. The Trustee shall not designate a Group II Early Termination Date under the Group II Cap Agreement without the consent of the Group II Cap Controlling Person.
Cap Agreement. The Trustee is hereby authorized and directed to execute and deliver the Cap Agreement and to acknowledge the provisions thereof.
Cap Agreement. Any Cap Agreement is terminated and a replacement Cap Agreement is not put into place within 30 days of such termination in compliance with the Minimum Hedging Requirements.
Cap Agreement. Furthermore, in its post-argument brief, OCE contends that the CAP audit period was designed to review information generated up to the date DuPont signed to participate in the CAP. OCE’s Post-Argument Br. on Count II at 5. OCE asserts that DuPont signed the CAP Agreement on June 28, 1991. (However, the Consent Agreement, at 1, states that DuPont signed the CAP Agreement “on or about July 5, 1991,” and there is not yet support in the record before me for a specific date of June 28, 1991.) OCE also indicates a cutoff date of July 1, 1991 in its pre-argument briefs, where OCE states that DuPont had an ongoing obligation to report between July 1, 1991 and June 27, 1996. OCE’s Count II Response at 17, 20. Finally, at the oral argument, OCE put forth a cutoff date of February 1, 1991: “During what I’m calling the entire CAP development period, which was from announcement of the CAP in February of 1991 through the closing of the CAP in July of 1996, DuPont was obligated to stay in ongoing compliance with TSCA Section 8(e).” Oral Arg. Tr. at 59. Nevertheless, all three dates are prior to the September and November 1991 dates that OCE put forth to support Count II.
Cap Agreement. 6 CAP CLASS []-[] REALIZED LOSS AMORTIZATION AMOUNT.............................................................6 CAP CLASS []-[] REALIZED LOSS AMORTIZATION AMOUNT.............................................................7 CAP CLASS []-[] REALIZED LOSS AMORTIZATION AMOUNT.............................................................7 CAP CLASS []-[] REALIZED LOSS AMORTIZATION AMOUNT.............................................................7 CAP CLASS []-[] REALIZED LOSS AMORTIZATION AMOUNT.............................................................7 CAP CLASS []-[] REALIZED LOSS AMORTIZATION AMOUNT.............................................................7 CAP CLASS []-[] REALIZED LOSS AMORTIZATION AMOUNT.............................................................7 CAP CLASS []-[] REALIZED LOSS AMORTIZATION AMOUNT.............................................................7 CAP CLASS []-[] REALIZED LOSS AMORTIZATION AMOUNT.............................................................7
Cap Agreement. The Cap Supplemental Interest Trust Trustee shall deposit any amounts received from time to time with respect to the Cap Agreement into the Cap Contract Reserve Fund. The Cap Supplemental Interest Trust Trustee shall prepare and deliver any notices required to be delivered under the Cap Agreement. The Cap Provider shall act as calculation agent and/or shall terminate the Cap Agreement, in each case upon the occurrence of certain events of default or termination events to the extent specified in or pursuant to the Cap Confirmation. Upon any such termination, the Cap Provider will be obligated to pay the Cap Supplemental Interest Trust Trustee for the benefit of the Certificateholders an amount in respect of such termination. Any amounts received by the Cap Supplemental Interest Trust Trustee in respect of such termination shall be deposited and held in the Cap Contract Reserve Fund to pay Allocated Realized Loss Amounts and Net Rate Shortfall Carry-Forward Amounts on the Classes of Offered Certificates as provided in Section 4.11 hereof on the Distribution Dates following such termination to and including the Cap Agreement Scheduled Termination Date. On the Cap Agreement Scheduled Termination Date, after all other distributions to be made on such date have been made pursuant to the terms of this Agreement, if any such amounts received by the Cap Supplemental Interest Trust Trustee with respect thereto in respect of such termination remain in the Cap Contract Reserve Fund, such amounts shall be distributed by the Securities Administrator to the Holder of the Class C Certificate. The Cap Provider shall be an express third-party beneficiary of this Agreement to the extent of its express rights to receive any payments under this Agreement or any other express rights of each Cap Provider explicitly stated in this Agreement, and shall have the right to enforce such rights under this Agreement as if it were a party hereto. In the event that the Cap Provider fails to perform any of its obligations under the Cap Agreement (including, without limitation, its obligation to make any payment or transfer collateral), or breaches any of its representations and warranties thereunder, or in the event that any Event of Default, Termination Event, or Additional Termination Event (each as defined in the Cap Agreement) occurs with respect to the Cap Agreement, the Cap Supplemental Interest Trust Trustee shall, promptly following actual notice of such failure, breach or event, n...
Cap Agreement. The Trustee shall not designate an Early Termination Date under the Cap Agreement without the consent of the Controlling Person.
