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. 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. (a) The Depositor hereby directs the Trustee to execute and deliver on behalf of the Trust the Cap Assignment and authorizes the Trustee to perform its obligations thereunder and under the Cap Agreement on behalf of the Trust in accordance with the terms of the Cap Assignment and the Cap Agreement.
(b) If the rating of the Cap Provider's obligations is withdrawn or reduced (in the manner set forth in Section 12 of the Cap Agreement) below one of the Approved Rating Thresholds (as defined in Section 12 of the Cap Agreement), the Trustee shall, promptly after a Responsible Officer of the Trustee has received actual knowledge or written notice of the reduction or withdrawal of the rating (it being understood that the Trustee has no duty to monitor the ratings of the Cap Provider), request the Cap Provider to take actions required to be taken by the Cap Provider by Section 12 of the Cap Agreement.
(c) In the event that the Cap Agreement is canceled or otherwise terminated for any reason (other than the exhaustion of the interest rate protection provided thereby or replacement of the Cap Agreement by the Cap Provider in accordance with Section 3.30(b)), the Depositor shall, to the extent a replacement contract is available, direct the Trustee to obtain from a counterparty designated by the Depositor a replacement contract comparable to the Cap Agreement (which both such counterparty and such replacement contract shall be acceptable to the Trustee and the Holders of the Certificates entitled to at least 50% of the Voting Rights) providing interest rate protection which is equal to the then-existing protection provided by the Cap Agreement, provided, however, that if the cost of any such replacement contract providing the same interest rate protection would be greater than the amount of any early termination payment received by the Trustee under such Cap Agreement, the amount of interest rate protection provided by such replacement contract may be reduced to a level such that the cost of such replacement contract shall not exceed the amount of such early termination payment.
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. 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. (a) The Trustee is hereby directed to execute, deliver and perform its obligations under the Cap Agreement on the Closing Date and thereafter on behalf of the Holders of the Certificates. The Seller, the Servicer, the Depositor and the Certificateholders by acceptance of their Certificates acknowledge and agree that the Trustee shall execute, deliver and perform its obligations under the Cap Agreement and shall do so solely in its capacity as Trustee of the Trust Fund and not in its individual capacity.
(b) The Trustee is hereby directed to represent and warrant to the Cap Provider under the Cap Agreement that the beneficial owner for United States federal income tax purposes of payments made under the Cap Agreement is either:
(i) a "U.S. person" (as that term is used in section 1.1441-4(a)(3)(ii) of United States Treasury Regulations (the "Regulations")) for United States federal income tax purposes, or
(ii) a "non-U.S. branch of a foreign person" as that term is used in section 1.1441-4(a)(3)(ii) of the Regulations for United States federal income tax purposes, and a "foreign person" as that term is used in section 1.6041-4(a)(4) of the Regulations for United States federal income tax purposes.
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 3/6 Hybrid Loan Cap Agreement, the 5/6 Hybrid Loan Cap Agreement or the 7/6 Hybrid Loan Cap Agreement, as applicable.