Interest Cap definition

Interest Cap. With respect to the Lender and the Capital, with respect to any Accrual Period, the amount of Interest payable for such Accrual Period determined based on an Interest Rate for each day during such Accrual Period equal to the Benchmark (or if a Benchmark Unavailability Period has occurred and is continuing, the Base Rate) plus 0.10%.

Interest Cap means an amount specified as such in the applicable Final Terms; “Interest Floor” means an amount specified as such in the applicable Final Terms;

Interest Cap. With respect to any Distribution Date, an amount equal to the product of (i) the weighted average Outstanding Amount of the Notes during the period with respect to which interest is being paid, (ii) a fraction, the numerator of which is the number of days with respect to which interest is being paid and the denominator of which is 360 and (iii) the Interest Cap Rate.

Examples of Interest Cap in a sentence

• The Trustee shall, at the direction of the Servicer, request a copy of the audited annual consolidated financial statements of the Interest Cap Provider, prepared in accordance with accounting principles that are generally accepted in its place of domicile.

• The Trustee shall not be responsible for the legality or validity of this Agreement or the Deferred Interest Cap Agreements or the validity, priority, perfection or sufficiency of the security for the Certificates issued or intended to be issued hereunder.

• The amount specified by the Collateral Manager of all or a portion of the interest that accrued on Collateral Obligations that were purchased prior to the Closing Date, which interest has not been received by the Issuer as of the Closing Date, in an amount that will not exceed the Warehouse Accrued Interest Cap (as defined in the Closing Date Certificate).

• The Borrowers shall upon the request of the Agent provide to the Agent evidence that the Interest Cap is in effect.

• The Interest Cap required under §7.24 shall be extended to a date not earlier than the Maturity Date (as extended) at the strike rate and for the notional amount required pursuant to §7.24.

• An Assignment of Hedge Agreement by the Borrowers to the Agent for the benefit of the Lenders, as the same may be modified and amended, pursuant to which the Interest Cap described in §7.24 is pledged as security for the Obligations, and any financing statements that may be delivered in connection therewith, such assignment to be in form and substance satisfactory to Agent.

• From and after the date hereof, the Borrowers shall at all times own and maintain in full force and effect the Interest Cap as required by this Agreement.

• The Agent shall have received evidence satisfactory to Agent that the Borrowers have acquired the Interest Cap.

• The Central Bank of Kenya has been working on a risk-based lending model to price loans since the Interest Cap law was repealed in 2019.

• In connection with the Interest Cap, the Borrowers shall execute and deliver to Agent for the benefit of the Lenders the Assignment of Hedge.

More Definitions of Interest Cap

Interest Cap means a cap set under regulation 22 for the purpose of determining the maximum rate of interest payable under regulation 21;

Interest Cap shall have the meaning specified in the Fee Letter.