Eligible Interest Rate Cap Agreement definition

Eligible Interest Rate Cap Agreement means, at any time, an Interest Rate Cap entered into by the Borrower that meets all of the following conditions: (i) it is in substantially the form as is reasonably acceptable to the Administrative Agent and the Borrower; (ii) it has a fixed rate at the time of purchase of such Interest Rate Cap no greater than the applicable Maximum Interest Rate Strike Price; (iii) it designates “USD-LIBOR-BBA” (as defined in the ISDA Definitions) as the floating rate option with a designated maturity of one month; (iv) it provides that any Interest Rate Cap Payments shall be made directly to the Collection Account; and (v) it includes an acknowledgment by the Interest Rate Cap Provider of the collateral assignment of the applicable Interest Rate Cap by the Borrower to the Administrative Agent, on behalf of the Lenders.
Sample 1Sample 2Sample 3
Eligible Interest Rate Cap Agreement means, at any time, an Interest Rate Cap entered into by the Borrower that meets all of the following conditions: (i) it is in substantially the form as is reasonably acceptable to the Administrative Agent and the Borrower; (ii) it has a fixed rate at the time of purchase of such Interest Rate Cap no greater than the applicable Maximum Interest Rate Strike Price; (iii) it designates “Term SOFR” as the floating rate option with a designated maturity of one month; (iv) it provides that any Interest Rate Cap Payments shall be made directly to the Collection Account; and (v) it includes an acknowledgment by the Interest Rate Cap Provider of the collateral assignment of the applicable Interest Rate Cap by the Borrower to the Administrative Agent, on behalf of the Lenders.
Sample 1Sample 2
Eligible Interest Rate Cap Agreement. An interest rate cap agreement that: (i) is on a standard ISDA form; (ii) is an amortizing interest rate cap with a maturity date that is no earlier than the final scheduled payment date with respect to the last maturing Receivable in the Trust; (iii) is purchased in a minimum notional amount of at least $100,000,000; (iv) is issued by a bank or other financial institution whose short term unsecured debt obligations are rated A-1+/P-1 by Standard & Poor's and Moody's, respectively or that it is otherwise acceptable to Xxxxxx; (v) has a capped interest rate equal to a 30-day LIBOR rate of 9.50% per annum; (vi) provides that any payments made by the counterparty shall be made directly to the Collection Account; (vii) provides that it may not be materially amended, terminated, waived or assigned by the counterparty without the prior written consent of the Note Majority and the Certificate Majority; (viii) provided that it may be sold by the Trust on any Trust Property Liquidation Date on which not less than all of the Receivables in the Trust are disposed pursuant to Section 9.1; and (ix) is otherwise in form and substance reasonably satisfactory to Xxxxxx.
Sample 1

More Definitions of Eligible Interest Rate Cap Agreement

Eligible Interest Rate Cap Agreement. An interest rate cap agreement that: (i) is on a standard ISDA form; (ii) is an amortizing interest rate cap with a maturity date that is no earlier than the final scheduled payment date with respect to the last maturing Receivable in the Trust; (iii) is issued by a bank or other financial institution whose short term unsecured debt obligations are rated A-1+/P-1 by Standard & Poor's and Xxxxx'x, respectively or that it is otherwise acceptable to JPMD; (iv) has a capped interest rate equal to a 30-day LIBOR rate of 9.50% per annum; (v) provides that any payments made by the counterparty shall be made directly to the Collection Account; (vi) provides that it may not be materially amended, terminated, waived or assigned by the counterparty without the prior written consent of the Note Majority and the Certificate Majority; (vii) provides that it may be sold by the Trust on any Trust Property Liquidation Date on which not less than all of the Receivables in the Trust are disposed pursuant to Section 9.1; and (viii) is otherwise in form and substance reasonably satisfactory to JPMD.
Sample 1

Related to Eligible Interest Rate Cap Agreement

  • Interest Rate Cap means the establishment of an upper limit for a variable interest rate.

  • Applicable Interest Rate means the rate of interest prescribed under the Act from time to time;

  • Interest Rate Swap means any interest rate swap transaction entered into pursuant to the Agreement between Party A and Party B as evidenced by a Confirmation;

  • Prime Interest Rate means the publicly quoted variable annual basic rate of interest, published from time to time by the bankers of FUNDI as being their prime rate and as certified by the auditors of FUNDI, whose appointment it shall not be necessary to prove. Details of such bankers will be provided to the Applicant when so requested in writing.