Cap Payment means, for any Interest Period in which One-Month LIBOR (calculated in accordance with the Cap Agreement) exceeds 2.75%, an amount equal to the product of (x) the excess, if any, of One-Month LIBOR (calculated in accordance with the Cap Agreement) for the related Payment Date over 2.75%, (y) the notional amount of the cap for such Payment Date, as set forth in the Cap Agreement, and (z) a fraction, the numerator of which is the actual number of days elapsed in such Interest Period and the denominator of which is 360, which payment shall be deposited into the Collection Account by the Cap Counterparty on or before the second Business Day preceding the related Payment Date.

Cap Payment means any payment received by the Trust Collateral Agent under the Cap Agreement.

Examples of Cap Payment in a sentence

Alternatively, at Lender’s option, so long as there is no Event of Default, Lender may apply a Cap Payment received by Lender or Loan Servicer with respect to any month to the applicable monthly payment of accrued interest due under the Note if Borrower has paid in full the remaining portion of such monthly payment of principal and interest or interest only, as applicable.
Any Class Interest Rate Cap Payment shall be deposited into the Series Interest Funding Account.
All such investments must be payable on demand or mature on a Interest Rate Cap Payment Date, a Distribution Date or such other date as directed by the Certificateholders.
Alternatively, at Lender’s option so long as there is no Event of Default, Lender may apply a Cap Payment received by Lender or Loan Servicer with respect to any month to the applicable monthly payment of accrued interest due under the Note if Borrower has paid in full the remaining portion of such monthly payment of principal and interest or interest only, as applicable.
Any proceeds of such termination or sale shall, at the Servicer's election, either be (i) used to obtain a replacement Class Coupon Cap Agreement or (ii) applied as a Class Coupon Cap Payment in accordance with Section 8.

More Definitions of Cap Payment

Cap Payment. With respect to the Interest Rate Cap Agreement and for any Distribution Date, the amount, if any, required to be paid by the Cap Provider with respect to such Distribution Date under the Interest Rate Cap Agreement. Cap Provider: Goldman Sachs Mitsui Marine Derivative Products, L.P., a Delaware limitxx xxxxnxxxxxp, and its successors in interest, and any successor cap provider under any replacement Interest Rate Cap Agreement.

Cap Payment. With regard to each Cap Agreement and each Distribution Date on or prior to the Class I Termination Date, the excess, if any, of (a) the product of (i) the excess of LIBOR over the strike rate on the related Cap Agreement, (ii) the actual number of days elapsed in the related Accrual Period divided by 360 and (iii) the related notional amount over (b) the Cap Amount for the related Cap Agreement (so long as such calculation results in a positive number). The Cap Payment is subject to the verification and confirmation of the Cap Counterparties who are calculation agents for the Cap Agreements.

Cap Payment has the meaning defined in Section 3 hereof.

Cap Payment means, at any given time, a payment in the amount equal to (i) the then-applicable Cap Amount less (ii) 100% of all payments made in respect of the Purchased Assets received by the Purchaser pursuant to the Counterparty License Agreement or this Agreement through the date of such payment (determined net of any Indemnified Tax withheld in respect of any applicable payments). For the avoidance of doubt, the Cap Payment shall be calculated using the Cap Amount in effect on the date the Cap Payment is made to the Purchaser.

Cap Payment. With respect to the Cap Agreement and for any Distribution Date, the amount, if any, required to be paid by the Cap Provider on such Distribution Date under the Cap Agreement.

Cap Payment means, for any Interest Period in which [One-Month LIBOR] (calculated in accordance with the Cap Agreement) exceeds [__]%, an amount equal to the product of (x) the excess, if any, of [One-Month LIBOR] (calculated in accordance with the Cap Agreement) for the related Payment Date over [__]%, (y) [the notional amount of the cap for such Payment Date, as set forth in the Cap Agreement][the Note Balance of the Class [_] Notes immediately following the preceding Payment Date (or with respect to the first Payment Date, the Closing Date], and (z) a fraction, the numerator of which is the actual number of days elapsed in such Interest Period and the denominator of which is 360, which payment shall be deposited into the Collection Account by the Cap Counterparty on or before the second Business Day preceding the related Payment Date.]