Common use of Interest Rate Collar Clause in Contracts

Interest Rate Collar. Upon the establishment of an Interest Rate Collar on the Floating Rate, the Borrower shall, for each Interest Period during the Conversion Period, pay interest on the principal amount of the Loan withdrawn and outstanding from time to time to which said Conversion applies at said Floating Rate, unless such Floating Rate during said Conversion Period: (i) exceeds the upper limit of such Interest Rate Collar, in which case, for the relevant Interest Period, the Borrower shall pay interest on such principal amount at a rate equal to such upper limit; or (ii) falls below the lower limit of said Interest Rate Collar, in which case, for the relevant Interest Period, the Borrower shall pay interest on such principal amount at a rate equal to such lower limit.

Interest Rate Collar. Upon the establishment of an Interest Rate Collar on the Floating Rate, the Borrower shall, for each Interest Period during the Conversion Period, pay interest on the principal amount of the Loan withdrawn and outstanding from time to time to which said Conversion applies at said Floating Rate, unless such Floating Rate during said Conversion Period: (i) exceeds the upper limit of such Interest Rate Collar, in which case, for the relevant Interest Period, the Borrower shall pay interest on such principal amount at a rate equal to such upper limit; or (ii) falls below the lower limit of said Interest Rate Collar, in which case, for the relevant Interest Period, the Borrower shall pay interest on such principal amount at a rate equal to such lower limit.. Loans for which Legal Agreements incorporate the 2017 Loan Regulations