Common use of Initial Interest Rate Cap Clause in Contracts

Initial Interest Rate Cap. On or before the date hereof, Borrower shall obtain a Rate Cap with a notional amount equal to the Maximum Loan Amount for the benefit of Lender which provides for payments to be made by the Rate Cap Provider if, at any time during the term of the Loan, the LIBOR Rate exceeds the LIBOR Strike Rate. Each Rate Cap required hereunder must: (i) be issued by a Rate Cap Provider that satisfies the credit criteria set forth below in Section 2.07(c); (ii) be fully effective as of the Closing Date; (iii) permit Borrower’s interest in the Rate Cap to be assigned to Lender (and further assignable by Lender) without the payment of fees or costs and without Rate Cap Provider’s consent; (iv) contain no cross-defaults to any other agreements among Borrower, Rate Cap Provider and Lender, or any of their respective Affiliates; (v) contain no performance obligations of Borrower or Lender beyond Borrower’s payment of a one-time fee at the effective date of the Rate Cap Agreement; (vi) be evidenced by a Rate Cap Agreement acceptable to Lender in all respects in Lender’s sole good faith discretion and delivered to Lender on the Closing Date, fully executed, along with a legal opinion from Rate Cap Provider’s counsel (which may be in-house counsel) as to the authorization, execution and delivery by Rate Cap Provider and enforceability in accordance with its terms); (vii) comply with criteria issued by any of the Rating Agencies regarding interest rate cap agreements including, without limitation, the requirement for additional legal opinions from Rate Cap Provider’s counsel; (viii) otherwise be satisfactory to Lender in all respects; and (ix) have a notional amount equal to the Maximum Loan Amount.

Initial Interest Rate Cap. On or before the date hereof, Borrower shall obtain a Rate Cap with a notional amount equal to the Maximum Loan Amount principal amount of Note B for the benefit of Lender which provides for payments to be made by the Rate Cap Provider if, at any time during the first twelve (12) months of the term of the Loan, the LIBOR Rate exceeds the Strike Rate. In addition, (a) prior to expiration of such Rate Cap, Borrower shall obtain a replacement Rate Cap (the “First Replacement Rate Cap”) with a notional amount equal to the principal amount of Note B for the benefit of Lender which provides for payments to be made by the Rate Cap Provider if, at any time during the next following twelve (12) months of the term of the Loan, the LIBOR Rate exceeds the Strike Rate and (b) prior to expiration of the First Replacement Rate Cap, Borrower shall obtain a replacement Rate Cap with a notional amount equal to the principal amount of Note B for the benefit of Lender which provides for payments to be made by the Rate Cap Provider if, at any time during the remainder of the term of the Loan, the LIBOR Rate exceeds the Strike Rate. Each Rate Cap required hereunder must: (i) be issued by a Rate Cap Provider that satisfies the credit criteria set forth below in Section 2.07(c); (ii) be fully effective as of the Closing Date; (iii) permit Borrower’s interest in the Rate Cap to be assigned to Lender (and further assignable by Lender) without the payment of fees or costs and without the Rate Cap Provider’s consent; (iv) contain no cross-defaults to any other agreements among any Borrower, Rate Cap Provider and Lender, or any of their respective Affiliates; (v) contain no performance obligations of Borrower or Lender beyond Borrower’s payment of a one-time fee at the effective date of the Rate Cap Agreement; (vi) be evidenced by a Rate Cap Agreement acceptable to Lender in all respects in Lender’s sole good faith discretion and delivered to Lender on the Closing Date, fully executed, along with a legal opinion from Rate Cap Provider’s counsel (which may be in-house counsel) as to the authorization, execution and delivery by Rate Cap Provider and enforceability in accordance with its termsterms (provided, however, that Borrower shall have five (5) days from and including the Closing Date to deliver the foregoing documents as long as Lender receives confirmation satisfactory to Lender that the Rate Cap has been purchased and fully paid for by Borrower as of the Closing Date); (vii) comply with criteria issued by any of the Rating Agencies regarding interest rate cap agreements including, without limitation, the requirement for additional legal opinions from Rate Cap Provider’s counsel; and (viii) otherwise be satisfactory to Lender in all respects; respects and (ix) have a notional amount equal to the Maximum Loan Amountsatisfy Lender’s then-current Rate Cap requirements.

Initial Interest Rate Cap. On If Borrower elects to provide a Rate Cap, then on or before the date hereof, Borrower shall obtain a Rate Cap with a notional amount equal to the Maximum Loan Amount (less any amount provided by the Rate Swap) for the benefit of Lender which provides for payments to be made by the Rate Cap Provider if, at any time during the term of the Loan, the LIBOR Rate exceeds the LIBOR Strike Rate. Each Rate Cap required hereunder must: (i) be issued by a Rate Cap Provider that satisfies the credit criteria set forth below in Section 2.07(c2.07(d); (ii) be fully effective as of the Closing Date; (iii) permit Borrower’s 's interest in the Rate Cap to be assigned to Lender (and further assignable by Lender) without the payment of fees or costs and without the Rate Cap Provider’s 's consent; (iv) contain no cross-defaults to any other agreements among any Borrower, Rate Cap Provider and Lender, or any of their respective Affiliates; (v) contain no performance obligations of Borrower or Lender beyond Borrower’s 's payment of a one-time fee at the effective date of the Rate Cap Agreement; (vi) be evidenced by a Rate Cap Agreement acceptable to Lender in all respects in Lender’s sole good faith discretion and delivered to Lender on the Closing Date, fully executed, along with a legal opinion from Rate Cap Provider’s 's counsel (which may be maybe in-house counsel) as to the authorization, execution and delivery by Rate Cap Provider and enforceability in accordance with its terms); terms (vii) comply with criteria issued by any of the Rating Agencies regarding interest rate cap agreements including, without limitation, the requirement for additional legal opinions from Rate Cap Provider’s 's counsel; (viii) otherwise be reasonably satisfactory to Lender in all respects; and (ix) have a notional amount equal to the Maximum Loan AmountAmount (less any amount provided by the Rate Swap).

Initial Interest Rate Cap. On or before the date hereofcommencement of the Extension Term, if applicable, Borrower shall obtain a Rate Cap with a notional amount equal to the Maximum Loan Amount for the benefit of Lender which provides for payments to be made by the Rate Cap Provider if, at any time during the term of the LoanExtension Term, the LIBOR Rate exceeds the LIBOR Strike Rate. Each Rate Cap required hereunder must: (i) be issued by a Rate Cap Provider that satisfies the credit criteria set forth below in Section 2.07(c); (ii) be fully effective as of the Closing Datecommencement of the Extension Term; (iii) permit Borrower’s 's interest in the Rate Cap to be assigned to Lender (and further assignable by Lender) without the payment of fees or costs and without the Rate Cap Provider’s 's consent; (iv) contain no cross-defaults to any other agreements among any Borrower, Rate Cap Provider and Lender, or any of their respective Affiliates; (v) contain no performance obligations of Borrower or Lender beyond Borrower’s 's payment of a one-time fee at the effective date of the Rate Cap Agreement; (vi) be evidenced by a Rate Cap Agreement acceptable to Lender in all respects in Lender’s sole good faith discretion and delivered to Lender on prior to the Closing Datecommencement of the Extension Term, fully executed, along with together with, if required by Lender, a legal opinion from Rate Cap Provider’s 's counsel (which may be maybe in-house counsel) as to the authorization, execution and delivery by Rate Cap Provider and enforceability in accordance with its termsterms (provided, however, that Borrower shall have 5 days from and including the commencement date of the Extension Term to deliver the foregoing documents as long as Lender receives confirmation satisfactory to Lender that the Rate Cap has been purchased and fully paid for by Borrower as of the commencement date of the Extension Term); (vii) comply with criteria issued by any of the Rating Agencies regarding interest rate cap agreements including, without limitation, the any requirement for additional legal opinions from Rate Cap Provider’s 's counsel; (viii) otherwise be satisfactory to Lender in all respects; and (ix) have a notional amount equal to the Maximum Loan Amount.

Initial Interest Rate Cap. On or before the date hereof, Borrower shall obtain (i) a Rate Cap with a notional amount equal to the Maximum Loan Amount for the benefit of Lender which provides for payments to be made by the Rate Cap Provider if, at any time during the term of the Loan, the LIBOR Rate exceeds the LIBOR Strike Rate, or (ii) a Rate Swap Agreement acceptable to Lender in its sole discretion. Each Rate Cap required hereunder must: (i) be issued by a Rate Cap Provider that satisfies the credit criteria set forth below in Section 2.07(c); (ii) be fully effective as of the Closing Date; (iii) permit Borrower’s interest in the Rate Cap to be assigned to Lender (and further assignable by Lender) without the payment of fees or costs and without the Rate Cap Provider’s consent; (iv) contain no cross-defaults to any other agreements among any Borrower, Rate Cap Provider and Lender, or any of their respective Affiliates; (v) contain no performance obligations of Borrower or Lender beyond Borrower’s payment of a one-time fee at the effective date of the Rate Cap Agreement; (vi) be evidenced by a Rate Cap Agreement acceptable to Lender in all respects in Lender’s sole good faith discretion and delivered to Lender on the Closing Date, fully executed, along with a legal opinion from Rate Cap Provider’s counsel (which may be maybe in-house counsel) as to the authorization, execution and delivery by Rate Cap Provider and enforceability in accordance with its terms); terms (vii) comply with criteria issued by any of the Rating Agencies regarding interest rate cap agreements including, without limitation, the requirement for additional legal opinions from Rate Cap Provider’s counsel; (viii) otherwise be reasonably satisfactory to Lender in all respects; and (ix) have a notional amount equal to the Maximum Loan Amount.