Extension Interest Rate Cap Agreement definition

Extension Interest Rate Cap Agreement means an interest rate cap confirmation between an Acceptable Counterparty and Borrower, relating to the Extension Term, which is, at all times, in substantially the form of Exhibit C (together with an interest rate cap agreement and schedules relating thereto, which are consistent in form and substance with the terms set forth in such confirmation).

Extension Interest Rate Cap Agreement means, following the Borrower’s exercise of its option to extend the Maturity Date pursuant to Section 5 of the Note, an Interest Rate Cap Agreement or Agreements (together with the confirmations and schedules relating thereto), each from an Acceptable Counterparty and satisfying the requirements set forth on Exhibit I hereto; provided that, to the extent any such interest rate cap agreement does not meet the foregoing requirements, an “Extension Interest Rate Cap Agreement” shall be such interest rate cap agreement as may be approved by each of the Rating Agencies (such approval to be evidenced by the receipt of a Rating Agency Confirmation).

Extension Interest Rate Cap Agreement means, following the Borrowers’ exercise of their option to extend the Maturity Date pursuant to Section 2.3.3.(b), an interest rate cap agreement or agreements (together with the confirmation and schedules relating thereto), each from an Acceptable Counterparty and satisfying the requirements set forth on Exhibit B hereto; provided that to the extent any such interest rate cap agreement does not meet the foregoing requirements an “Extension Interest Rate Cap Agreement” shall be such interest rate cap agreement as may be approved by the Lender in writing.

Examples of Extension Interest Rate Cap Agreement in a sentence

• Borrower shall deliver to Lender an executed counterpart of such Interest Rate Cap Agreement, Replacement Interest Rate Cap Agreement or Extension Interest Rate Cap Agreement (which shall, by its terms, authorize the assignment to Lender and require that payments be made directly to Lender) and notify the Counterparty of such assignment (either in such Interest Rate Cap Agreement, Replacement Interest Rate Cap Agreement or Extension Interest Rate Cap Agreement or by separate instrument).

• The notional amount of the Interest Rate Cap Agreement (or any Replacement Interest Rate Cap Agreement (Second Mezzanine) or Extension Interest Rate Cap Agreement, as applicable) may be reduced from time to time in amounts equal to any prepayment of the principal of the Loan made in accordance with the Loan Documents (Second Mezzanine), provided that the strike rate shall be equal to the Maximum LIBOR Pay Rate (Second Mezzanine).

• Mezzanine Borrower shall maintain the Interest Rate Cap Agreement (or any Replacement Interest Rate Cap Agreement (First Mezzanine) or Extension Interest Rate Cap Agreement) with an Acceptable Counterparty in effect and having a term extending through the Maturity Date and an initial notional amount equal to the Loan Amount, subject to reduction to reflect prepayments of principal amounts of the Loan.

• Mezzanine Borrower shall maintain the Interest Rate Cap Agreement (or any Replacement Interest Rate Cap Agreement (Second Mezzanine) or Extension Interest Rate Cap Agreement) with an Acceptable Counterparty in effect and having a term extending through the Maturity Date and an initial notional amount equal to the Loan Amount, subject to reduction to reflect prepayments of principal amounts of the Loan.

• The Interest Rate Cap Agreement (or any Replacement Interest Rate Cap Agreement (Second Mezzanine) or Extension Interest Rate Cap Agreement, as applicable) shall have a strike rate equal to the Maximum LIBOR Pay Rate (Second Mezzanine).

More Definitions of Extension Interest Rate Cap Agreement

Extension Interest Rate Cap Agreement means, following the Mezzanine Borrower's exercise of its option to extend the Maturity Date pursuant to Section 5 of the Mezzanine Note, an Interest Rate Cap Agreement or Agreements (together with the confirmations and schedules relating thereto), each from an Acceptable Counterparty and satisfying the requirements set forth on Exhibit I hereto; provided that, to the extent any such interest rate cap agreement does not meet the foregoing requirements, an "Extension Interest Rate Cap Agreement" shall be such interest rate cap agreement as may be approved by each of the Mezzanine Lender in its sole discretion). Fiscal Year shall mean the period commencing on the Closing Date and ending on and including December 31 of the calendar year in which the Closing Date occurs and thereafter each twelve month period commencing on January 1 and ending on December 31 until the Debt is repaid in full, or such other common fiscal year of Borrower as Borrower may select from time to time with the prior consent of Lender, such consent not to be unreasonably withheld. GAAP shall mean the generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board (or agencies with similar functions of comparable stature and authority within the accounting profession), or in such other statements by such entity as may be in general use by significant segments of the U.S. accounting profession, to the extent such principles are applicable to the facts and circumstances on the date of determination, as appropriately modified by the Uniform System, and as further modified for purposes of calculating Net Membership Cash Flow.

Extension Interest Rate Cap Agreement means, following the expiration of the then current Interest Rate Cap Agreement (First Mezzanine), an Interest Rate Cap Agreement or Agreements (together with the confirmations and schedules relating thereto), each from an Acceptable Counterparty and satisfying the requirements set forth on EXHIBIT I hereto; provided that, to the extent any such interest rate cap agreement does not meet the foregoing requirements, an "Extension Interest Rate Cap Agreement" shall be such interest rate cap agreement as may be approved by each of the Mezzanine Lender in its sole discretion).

Extension Interest Rate Cap Agreement means an interest rate cap agreement from an Acceptable Counterparty with terms identical to the Interest Rate Cap Agreement except that the same shall be effective in connection with the Extension Option.

Extension Interest Rate Cap Agreement means, following the Mezzanine Borrower’s exercise of its option to extend the Maturity Date pursuant to Section 5 of the Mezzanine Note, an Interest Rate Cap Agreement or Agreements (together with the confirmations and schedules relating thereto), each from an Acceptable Counterparty and satisfying the requirements set forth on Exhibit I hereto; provided that, to the extent any such interest rate cap agreement does not meet the foregoing requirements, an “Extension Interest Rate Cap Agreement” shall be such interest rate cap agreement as may be approved by each of the Mezzanine Lender in its sole discretion).

Extension Interest Rate Cap Agreement means, following the Borrower’s exercise of its option to extend the Maturity Date pursuant to Section 2.1.6, an Interest Rate Cap Agreement or Agreements (together with the confirmations and schedules relating thereto), each from an Acceptable Counterparty and satisfying the requirements set forth on Exhibit I hereto; provided that, to the extent any such interest rate cap agreement does not meet the foregoing requirements, an “Extension Interest Rate Cap Agreement” shall be such interest rate cap agreement as may be approved by Administrative Agent in its sole and absolute discretion. FF&E shall mean furniture, fixtures and equipment of the type customarily utilized in hotel properties in Washington, D.C. similar to the Property.

Extension Interest Rate Cap Agreement means, following the Issuers’ exercise of their option to extend the Maturity Date pursuant to Section 2.3.3 (b), an interest rate cap agreement or agreements (together with the confirmations and schedules relating thereto), each from an Acceptable Counterparty and satisfying the requirements set forth on Exhibit C hereto; provided that, to the extent any such interest rate cap agreement does not meet the foregoing requirements, an “Extension Interest Rate Cap Agreement” shall be such interest rate cap agreement as may be approved by each of the Rating Agencies (such approval to be evidenced by the receipt of a Rating Confirmation).

Extension Interest Rate Cap Agreement. (as defined in the Senior Mezzanine Loan Agreement) for the applicable Extension Term; and (v) Borrower shall have paid to Lender an extension fee in an amount equal to 0.75% of the Principal Indebtedness and all reasonable out-of-pocket expenses incurred by Lender in connection with such extension. If Borrower fails to exercise the extension option in accordance with the provisions of this Agreement, the extension option, and any subsequent extension option hereunder, will automatically cease and terminate.