Cap Cost definition

Cap Cost means either (i) with respect to each date of determination, an amount equal to the average price quoted by each Committed Purchaser to sell the Issuer a cap agreement on such date of determination as described in Section 7.01(c) without regard to whether One-Month LIBOR exceeds 5.00% per annum or (ii) if the Issuer has purchased a cap agreement under Section 7.01(c), zero.
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Examples of Cap Cost in a sentence

  • The parties hereto acknowledge that for the period from the date hereof through December 31, 2000, the Cap Cost is $206,000, and such amount will be held back from availability under the Loans for purposes of the Initial Funding and any subsequent fundings during such period.

  • After each calculation of the Unhedged Advances Interest Rate Cap Cost, the Borrower shall deposit into the Interest Reserve Deposit Account an amount sufficient to bring the balance in the account to an amount equal to the sum of the Base Account Amount plus the Unhedged Advances Interest Rate Cap Cost.

  • Notwithstanding anything in this Section 5.01 to the contrary, the Borrower hereby agrees and acknowledges that absent gross negligence or willful misconduct, the calculation of the Interest Rate Cap Cost by the Lender shall be conclusive and binding on the Borrower.

  • After each calculation of an Interest Rate Cap Cost, if the Interest Rate Cap Deficit is greater than zero (0), the Borrower shall deposit into the Interest Reserve Deposit Account an amount equal to such Interest Rate Cap Deficit.

  • After each calculation of an Interest Rate Cap Cost, if the Interest Rate Cap Deficit is less than zero (0) (an “Interest Rate Cap Surplus”), the Lender shall instruct the Interest Reserve Deposit Account Bank to pay to the Borrower (upon the Borrower’s request) from the Interest Reserve Deposit Account an amount equal to such Interest Rate Cap Surplus.

  • Notwithstanding anything in this Section 5.03 to the contrary, the Borrower hereby agrees and acknowledges that absent gross negligence or willful misconduct, the calculation of the Interest Rate Cap Cost by the Lender shall be conclusive and binding on the Borrower.

  • The total amount held back as of any date shall be the Cap Cost in effect for such date, as the same may increase or decrease in accordance with the foregoing.