Replacement Cap Agreement Clause Samples
Replacement Cap Agreement. At least 60 days prior to the date on which an existing Cap Agreement terminates, Borrower must give Notice to and provide evidence satisfactory to Lender that Borrower will deliver a Replacement Cap Agreement. Borrower must ensure that the Replacement Cap Agreement is in full force and effect not later than the day immediately following the expiration of the then-existing Cap Agreement. Any Replacement Cap Agreement must satisfy the requirements for a Cap Agreement in this Loan Agreement and (i) have a term expiring not earlier than one year from its effective date, (ii) have a Strike Rate that does not exceed the Original Strike Rate, and (iii) be in a Notional Amount equal to the outstanding principal balance due under the Note on the effective date of the Replacement Cap Agreement.
Replacement Cap Agreement. Upon a request by the Insurer ------------------------- pursuant to Section 4.05 of the Insurance Agreement, the Trust Collateral Agent shall enter into a Replacement Cap Agreement (as such term is defined in Section 4.05 of the Insurance Agreement) with a replacement cap or providers in form and substance satisfactory to the Insurer.
Replacement Cap Agreement. At least 60 days prior to the date on which an existing Cap Agreement terminates, Borrower will give Notice to and provide evidence satisfactory to Lender that Borrower will deliver the Replacement Cap Agreement. Borrower will ensure that the Replacement Cap Agreement is in full force and effect not later than the day immediately following the expiration of the then-existing Cap Agreement.
Replacement Cap Agreement. UPON A REQUEST BY THE INSURER PURSUANT TO SECTION 4.05 OF THE INSURANCE AGREEMENT, THE TRUST COLLATERAL AGENT SHALL ENTER INTO A REPLACEMENT CAP AGREEMENT (AS SUCH TERM IS DEFINED IN SECTION 4.05 OF THE INSURANCE AGREEMENT) WITH A REPLACEMENT CAP OR PROVIDERS IN FORM AND SUBSTANCE SATISFACTORY TO THE INSURER............................................................................. 73 Exhibit A - Form of Subsequent Transfer Agreement Exhibit B - Form of Servicer's Certificate Exhibit C - Form of Preliminary Servicer's Certificate SALE AND SERVICING AGREEMENT dated as of August 10, 1998, among AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 1998-C, a Delaware business trust (the "Issuer"), AFS FUNDING CORP., a Nevada corporation (the "Seller"), and AMERICREDIT FINANCIAL SERVICES, INC., a Delaware corporation (the "Servicer"), and BANK ONE, NA, a national banking association, in its capacity as Backup Servicer and Trust Collateral Agent.
Replacement Cap Agreement. At least 60 days prior to the date on which an existing Cap Agreement terminates, Borrower must give Notice to and provide evidence satisfactory to Lender that Borrower will deliver a Replacement Cap Agreement. Borrower must ensure that the Replacement Cap Agreement is in full force and effect not later than the termination date of the then-existing Cap Agreement day immediately following the expiration of the then-existing Cap Agreement. Borrower must purchase all necessary Replacement Cap Agreements. Any Replacement Cap Agreement must (i) have a term which extends to the earlier of not earlier than one year from its effective date (a) not less than two years from the effective date of the Replacement Cap Agreement, or (b) the maturity date of the Loan, (ii) have a Strike Rate that does not exceed the Original Strike Rate, and (iii) be in a Notional Amount equal to the outstanding Indebtedness on the effective date of the Replacement Cap Agreement.