Capped LIBOR Rate definition

Capped LIBOR Rate means 6.50%.

Capped LIBOR Rate means (i) during the initial term of the Loan, (A) for such time the Loan is a LIBOR Loan, four percent (4.00%), (B) for such time the Loan is a Base Rate Loan, a strike rate determined as of the date of purchase of the Substitute Interest Rate Protection Agreement which is expressed as a percentage equal to the difference between (1) the strike rate set forth in clause (A) immediately preceding minus (2) the positive or negative difference of (x) the weighted average of the Base Rate Spread minus (y) the weighted average of the Spread (for the avoidance of doubt, it being agreed by the parties that if this clause (2) results in a negative number, such amount is added to the strike rate, and if this clause (2) results in a positive number, such amount is subtracted from the strike rate), (C) for such time the Loan is a Substitute Rate Loan, a strike rate determined as of the date of purchase of the Interest Rate Cap Agreement which is expressed as a percentage equal to the difference between (1) the strike rate set forth in clause (A) minus (2) the positive or negative difference of (x) the weighted average of the Substitute Rate Spread minus (y) the weighted average of the Spread (for the avoidance of doubt, it being agreed by the parties that if this clause (2) results in a negative number, such amount is added to the strike rate, and if this clause (2) results in a positive number, such amount is subtracted from the strike rate), and (ii) during each Extended Term, the strike price such that the Debt Service Coverage Ratio as of the first day of such Extended Term is not less than 1.25x.

Capped LIBOR Rate means (i) during the first two (2) years of the initial term of the Loan, three percent (3%), and (ii) during the third (3rd) year of the initial term of the Loan and each Extension Term, the strike price such that the Debt Service Coverage Ratio is equal to 1.10x. For the purposes of this definition only, “Debt Service Coverage Ratio” shall mean a ratio, as reasonably determined by Lender, equal to Net Operating Income divided by the aggregate annual Debt Service on the Loan assuming LIBOR is equal to the strike rate under the Interest Rate Protection Agreement for, as applicable, the third (3rd) year of the initial term or the applicable Extension Term.

Examples of Capped LIBOR Rate in a sentence

• If Borrower obtains one (1) interest rate cap, the LIBOR strike rate under the Interest Rate Protection Agreement shall be equal to or less than the Capped LIBOR Rate, or if Borrower obtains more than one (1) interest rate cap, the blended LIBOR strike rate under the Interest Rate Protection Agreement, as determined by Lender, shall be equal to or less than the Capped LIBOR Rate.

• As a condition to Borrower exercising its right to extend the term of the Loan for any Extension Term, on or prior to the then applicable Maturity Date, Borrower shall (a) extend the term of the Interest Rate Protection Agreement delivered in connection with the closing of the Loan or (b) purchase a new Interest Rate Protection Agreement having a term ending not earlier than the extended Maturity Date and having a strike price equal to the then required Capped LIBOR Rate.

• The Interest Rate Protection Agreement shall have a strike price equal to or less than the Capped LIBOR Rate.

• If the Affiliated Hedge Party obtains one (1) Interest Rate Protection Agreement, the LIBOR strike rate under the Interest Rate Protection Agreement shall be equal to or less than the Capped LIBOR Rate, or if the Affiliated Hedge Party obtains more than one (1) Interest Rate Protection Agreement, the blended LIBOR strike rate under the Interest Rate Protection Agreement, as determined by Lender, shall be equal to or less than the Capped LIBOR Rate.

• If Borrower obtains one (1) interest rate cap, the LIBOR strike rate under the Interest Rate Protection Agreement shall be equal to or less than the Capped LIBOR Rate, or if Borrower obtains more than one (1) interest rate cap, the blended LIBOR strike rate under the Interest Rate Protection Agreement, as reasonably determined by Lender, shall be equal to or less than the Capped LIBOR Rate.

More Definitions of Capped LIBOR Rate

Capped LIBOR Rate means three and three quarters percent (3.75%).

Capped LIBOR Rate means 5.564% per annum.

Capped LIBOR Rate. ’ means, with respect to a LIBOR Cap, the rate as to which, if LIBOR increases above such rate, the counterparty is required to make payments based on the excess of LIBOR over such rate. See ‘‘—The Trust Assets and Mortgage Loans Generally’’ above for a listing of each Capped LIBOR Rate.

Capped LIBOR Rate means 7.25%.

Capped LIBOR Rate means 4.5%.

Capped LIBOR Rate means, with respect to any Interest Rate Protection Agreement in effect with respect to the Loan for the period from the Closing Date through July 8, 2006, 6.50%, and with respect to any Interest Rate Protection Agreement in effect with respect to the Loan thereafter, 7.00%.

Capped LIBOR Rate means seven percent (7%).