Interest Rate Cap Agreements Sample Clauses

Interest Rate Cap Agreements. (a) On or prior to the Closing Date, Borrower shall obtain, and thereafter maintain in effect, an Initial Interest Rate Cap Agreement, which shall be coterminous with the initial term of the Loan and have a notional amount equal to the Loan Amount. Any Initial Interest Rate Cap Agreement shall have a LIBOR strike rate equal to or less than the LIBOR Strike Rate. (b) If Borrower exercises its option to extend the term of the Loan pursuant to Section 1.2(b), then on or prior to the commencement of the Extension Term Borrower shall obtain, and thereafter maintain in effect, an Extension Interest Rate Cap Agreement having (x) a term coterminous with the Extension Term, (y) a notional amount at least equal to the Principal Indebtedness as of the first day of the Extension Term, and (z) a LIBOR strike rate equal to or less than the LIBOR Strike Rate. (c) Borrower shall collaterally assign to Lender pursuant to an Assignment of Interest Rate Cap Agreement all of its right, title and interest in any and all payments under each Interest Rate Cap Agreement and shall deliver to Lender an executed counterpart of such Interest Rate Cap Agreement and obtain the consent of the Acceptable Counterparty to such collateral assignment (as evidenced by the Acceptable Counterparty’s execution of such Collateral Assignment of Interest Rate Cap Agreement). (d) Borrower shall comply with all of its obligations under the terms and provisions of each Interest Rate Cap Agreement. All amounts paid under an Interest Rate Cap Agreement shall be deposited directly into the Cash Management Account. Borrower shall take all actions reasonably requested by Lender to enforce Lender’s rights under the Interest Rate Cap Agreement in the event of a default by the counterparty thereunder and shall not waive, amend or otherwise modify any of its rights thereunder. (e) If, at any time during the term of the Loan, the counterparty to the Interest Rate Cap Agreement then in effect ceases to be an Acceptable Counterparty and thereafter fails to abide by the requirements set forth in such Interest Rate Cap Agreement with respect to ratings downgrades, then Borrower shall promptly obtain a replacement Interest Rate Cap Agreement satisfying the requirements set forth in paragraph (a) or (b) above, as applicable, with a counterparty that is an Acceptable Counterparty. (f) At Closing and at any time that Borrower obtains a replacement Interest Rate Cap Agreement pursuant to this Section 1.4, Borrower shall...

Interest Rate Cap Agreements. The Trustee is hereby authorized and directed to execute and deliver the Interest Rate Cap Agreements and to acknowledge the provisions thereof.

Interest Rate Cap Agreements. The Borrowers shall fail to obtain or maintain an Interest Rate Cap Agreement or a replacement thereof in accordance with Sections 2.16 and Section 2.18; provided, however, that any such failure shall not give rise to an Event of Default hereunder if such failure is unintentional on the part of the Loan Parties and reasonably susceptible of cure by the Loan Parties and is cured within ten (10) days after the earlier of the date on which (A) a Responsible Officer of a Loan Party obtains actual knowledge of such failure or (B) written notice thereof shall have been given to the Borrowers by the Administrative Agent or any Lender; then, and in any such event, the Administrative Agent (i) shall at the request, or may with the consent, of the Required Lenders, by notice to the Borrowers, declare the Commitments of each Lender and the obligation of each Lender to make Advances to be terminated, whereupon the same shall forthwith terminate, (ii) shall at the request, or may with the consent, of the Required Lenders, by notice to the Borrowers, declare the Loan, all interest thereon and all other amounts payable under this Agreement and the other Loan Documents to be forthwith due and payable, whereupon the Loan, all such interest and all such amounts shall become and be forthwith due and payable, without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived by the Borrowers; provided, however, that in the event of an actual or deemed entry of an order for relief with respect to any Loan Party under any Bankruptcy Law, (y) the Commitments of each Lender and the obligation of each Lender to make Advances shall automatically be terminated and (z) the Loan, all such interest and all such amounts shall automatically become and be due and payable, without presentment, demand, protest or any notice of any kind, all of which are hereby expressly waived by the Loan Parties, and (iii) shall at the request, or may with the consent of the Required Lenders, proceed to enforce its rights and remedies under the Loan Documents for the benefit of Lenders by appropriate proceedings.

Interest Rate Cap Agreements. On or prior to the Closing Date, Borrower shall enter into, and Borrower shall thereafter maintain in effect, one or more Interest Rate Cap Agreements in an aggregate notional amount not less than the aggregate outstanding balance of the Floating Rate Loans from time to time. The Interest Rate Cap Agreement entered into on or prior to the Closing Date shall have a LIBOR strike price equal to (i) prior to the Payment Date in April 2004, 11.01%, (ii) from the Payment Date in April 2004 to the Payment Date in April 2006, 12.94%, and (iii) from the Payment Date in April 2006 to the Seven-Year Maturity Date, 11.00%, and shall have a notional balance equal to (i) prior to the Payment Date in April 2004, not less than the sum of the outstanding principal balances of the Five-Year Floating Rate Loan and the Seven-Year Floating Rate Loan, and (ii) from and after the Payment Date in April 2004, not less than the outstanding principal balance of the Seven-Year Floating Rate Loan. In addition, on or prior to any extension of the Five Year Maturity Date, the Borrowers shall enter into and deliver, and shall maintain through the maturity of the Five-Year Maturity Date as extended, an additional Interest Rate Cap Agreement with a notional amount not less than the outstanding principal balance of the Five-Year Floating Rate Loan and a LIBOR strike price equal to 8.93%. Each Interest Rate Cap Agreement shall be collaterally assigned to Lender pursuant to a collateral assignment in form and substance reasonably satisfactory to Lender, which assignment shall be consented to by the applicable Counterparty.

Interest Rate Cap Agreements. The Class A-2-A Interest Rate Cap Agreement, the Class A-3-A Interest Rate Cap Agreement, the Class A-4-B Interest Rate Cap Agreement, the Class M-1 Cap Agreement, the Class M-2 Cap Agreement, the Class M-3 Cap Agreement, the Class M-4 Cap Agreement and the Class M-5 Cap Agreement. Interest Rate Cap Agreement Counterparty: Credit Suisse International.

Interest Rate Cap Agreements. (a) On or before the Closing Date, Borrowers shall enter into an Interest Rate Cap Agreement with an Acceptable Counterparty for the period from the Closing Date through May 11, 2012, with a LIBOR strike price (the “Strike Price”) equal to five percent (5.0%) (such Interest Rate Cap Agreement, the “Initial Interest Rate Cap Agreement”). (b) On or prior to Second Interest Rate Cap Agreement Delivery Date, in lieu of making the applicable Back-End Amortization Payment due and payable on such date pursuant to Section 2.6(b), Borrower may enter into an Interest Rate Cap Agreement with an Acceptable Counterparty for the Second Interest Rate Cap Period with a Strike Price equal to a Strike Price which when added to the Spread in effect on the Second Interest Rate Cap Agreement Delivery Date would produce a Debt Service Coverage Ratio of 1.10 to 1.00, as calculated by Administrative Agent (the “Second Interest Rate Cap Agreement”). (c) On or prior to Third Interest Rate Cap Agreement Delivery Date, in lieu of making the applicable Back-End Amortization Payment due and payable on such date pursuant to Section 2.6(b), Borrower may enter into an Interest Rate Cap Agreement with an Acceptable Counterparty for the Third Interest Rate Cap Period with a Strike Price equal to a Strike Price which when added to the Spread in effect on the Third Interest Rate Cap Agreement Delivery Date would produce a Debt Service Coverage Ratio of 1.10 to 1.00, as calculated by Administrative Agent (the “Third Interest Rate Cap Agreement”). (d) On or prior to Fourth Interest Rate Cap Agreement Delivery Date, in lieu of making the applicable Back-End Amortization Payment due and payable on such date pursuant to Section 2.6(b), Borrower may enter into an Interest Rate Cap Agreement with an Acceptable Counterparty for the Fourth Interest Rate Cap Period with a Strike Price equal to a Strike Price which when added to the Spread in effect on the Fourth Interest Rate Cap Agreement Delivery Date would produce a Debt Service Coverage Ratio of 1.10 to 1.00, as calculated by Administrative Agent (the “Fourth Interest Rate Cap Agreement”). (e) On the Closing Date, and if Borrowers elect to deliver the Second Interest Rate Cap Agreement, the Third Interest Rate Cap Agreement and the Fourth Interest Rate Cap Agreement, as applicable, on each of the Second Interest Rate Cap Agreement Delivery Date, Third Interest Rate Cap Agreement Delivery Date and Fourth Interest Rate Cap Agreement Delivery Date, Bo...

Interest Rate Cap Agreements. (a) On the Closing Date, the Borrowers shall have obtained, and thereafter shall maintain in effect, an Interest Rate Cap Agreement, which shall be have a term expiring no earlier than the last day of the Interest Period in which the Initial Maturity Date occurs and which shall have a notional amount which shall not at any time be less than the Outstanding Principal Balance. As a condition precedent to each extension of the Maturity Date pursuant to Section 2.16, the Borrowers shall obtain, and thereafter shall maintain in effect, the Replacement Interest Rate Cap Agreements described in Section 2.16(a)(iii), 2.16(b)(iii) or 2.16(c)(iii), as applicable. Any failure to comply with the preceding two sentences shall be an Event of Default in accordance with Section 6.01(n). Each Interest Rate Cap Agreement shall have a strike rate not higher than the (i) Strike Price until the initial Maturity Date and (ii) thereafter, the Strike Price (Extension Options). If more than one Interest Rate Cap Agreement and/or Replacement Interest Rate Cap Agreement exists, such agreements shall collectively have a notional amount which shall not at any time be less than the Outstanding Principal Balance.

Interest Rate Cap Agreements. The Borrower may enter into Interest Rate Cap Agreements on or prior to the Effective Date for notional amounts, in the aggregate at the time of the execution thereof, not in excess of seventy-five percent (75%) of the aggregate principal amount of Loans outstanding on the Effective Date.

Interest Rate Cap Agreements. The Borrower shall maintain the Initial Rate Cap Agreement in effect, without reduction to reflect prepayments of principal amounts of the Loan, through and including the Initial Maturity Date. Prior to any extension of the Initial Maturity Date pursuant to Section 1.4, the Borrower shall enter into the Extension Rate Cap Agreement, and shall maintain the Extension Rate Cap Agreement in effect, without reduction to reflect prepayments of principal amounts of the Loan, through and including the Extended Maturity Date. At all times, the Borrower shall enter into and maintain such additional Interest Rate Agreements as shall be necessary to ensure that not less than 65% of all interest-bearing Indebtedness of Borrower and its Subsidiaries accrues interest at a fixed or hedged rate.

Interest Rate Cap Agreements. (a) The Servicer hereby represents that Fashion Service Corp has obtained and assigned to the Trust (i) the Class A Cap Agreement in favor of the Trust for the benefit of the Class A Certificateholders and (ii) the Class B Cap Agreement in favor of the Trust for the benefit of the Class B Certificateholders, the Class C Certificateholders and the Class D Certificateholders. The Class A Cap Agreement shall entitle the Trust to receive monthly the Class A Cap Payment, if any, as set forth in the Class A Cap Agreement. The Class B Cap Agreement shall entitle the Trust to receive monthly the Class B Cap Payment, if any, as set forth in the Class B Cap Agreement. Each Interest Rate Cap Agreement provides that the Trust shall not be required to make any payment thereunder. (b) Upon the effectiveness of any Replacement Interest Rate Cap Agreement, the Interest Rate Cap Agreement being replaced shall terminate and the applicable Interest Rate Cap Provider shall be released of all future obligations thereunder, provided that such replaced Interest Rate Cap Provider shall not be released from any obligations which have previously accrued thereunder and shall continue to be obligated to perform such obligations. (c) The Trustee hereby appoints the Servicer to act as calculation agent under the Interest Rate Cap Agreements and the Servicer accepts such appointment.