LIBOR Strike Rate means (1) with respect to the Initial Interest Rate Cap Agreement, 5.25%; and (2) with respect to any Extension Interest Rate Cap Agreement, 2.00%.”
LIBOR Strike Rate means (1) with respect to the Initial Interest Rate Cap Agreement, 5.25%; and (2) with respect to any Extension Interest Rate Cap Agreement, the lesser of (x) 6% and (y) the interest rate that would result in a DSCR of 1.0x as of the first day of the Extension Term.
LIBOR Strike Rate is hereby deleted in its entirety and the following is inserted in lieu thereof:
Examples of LIBOR Strike Rate in a sentence
Any Initial Interest Rate Cap Agreement shall have a LIBOR strike rate equal to or less than the LIBOR Strike Rate.
On or before the date hereof, Borrower shall obtain a Rate Cap with a notional amount equal to the Maximum Loan Amount for the benefit of Lender which provides for payments to be made by the Rate Cap Provider if, at any time during the term of the Loan, the LIBOR Rate exceeds the LIBOR Strike Rate.
Any Initial Interest Rate Cap Agreement shall have a LIBOR strike rate equal to or less than the then-applicable LIBOR Strike Rate.
The related Loan Documents require a LIBOR Strike Rate of 5.65% through the initial Maturity Date.
Any Interest Rate Cap Agreement shall have a LIBOR strike rate equal to or less than the LIBOR Strike Rate.
More Definitions of LIBOR Strike Rate
LIBOR Strike Rate. For any Distribution Date and Corridor Contract, the applicable LIBOR Strike Rate set forth in the related Confirmation for such Distribution Date.
LIBOR Strike Rate means 4.75%.
LIBOR Strike Rate means (a) 4.50% until the Maturity Date; (b) for each Extension Term, a rate per annum that when added to the Margin it achieves a Debt Service Coverage Constant Ratio of at least 1.33:1.0 (calculated as of the commencement date of each Extension Term based on the most current financial information provided by Borrower pursuant to Section 9.11).
LIBOR Strike Rate means, (a) with respect to the initial term of the Loan, 4.5%, and (b) with respect to each Extension Term, if any, the greater of (x) 4.5% and (y) the rate which would result in a DSCR equal to 1.05 for the most recently concluded Test Period, calculated on a pro forma basis as if such LIBOR Strike Rate were applicable to such Test Period and as if the Principal Indebtedness throughout such Test Period were equal to the Principal Indebtedness at the time of extension (in each case excluding from the determination of DSCR for such Test Period the effect of any Mortgaged Property released from the Collateral prior to the commencement of the applicable Extension Term).
LIBOR Strike Rate. With respect to the Class 2-A-1 and each Distribution Date to and including the Distribution Date in February 2009, 4.40%. With respect to the Class 2-A-2 and each Distribution Date to and including the Distribution Date in June 2011, 4.15%.
LIBOR Strike Rate. For any Distribution Date, the applicable LIBOR Strike Rate set forth in Schedule VII hereto for such Distribution Date.
LIBOR Strike Rate means, with respect to any Extension Interest Rate Cap Agreement, the greater of (x) 4.5% and (y) the rate which would result in a DSCR equal to 1.05 for the most recently concluded Test Period ending as of August 31, calculated on a pro forma basis as if such LIBOR Strike Rate were applicable to such Test Period and as if the Principal Indebtedness and the Mezzanine Loan Principal Indebtedness throughout such Test Period were equal to the Principal Indebtedness and the Mezzanine Loan Principal Indebtedness on (i) the Modification Closing Date (after the required $10,000,000 principal payment due on the Modification Closing Date and any other voluntary payment of principal on the Modification Closing Date, if any), with respect to the Extension Interest Rate Cap Agreement required under Section 4.12 of the Third Omnibus Amendment, or (ii) upon the commencement of the applicable Extension Term (after taking into consideration any principal payment made in connection with the applicable Extension Term permitted under the Third Omnibus Amendment), with respect to each Extension Interest Rate Cap Agreement provided pursuant to Section 2.1(b)(3) of the Third Omnibus Amendment, in each case excluding from the determination of DSCR for such Test Period any principal prepayment and any reduction in Operating Income and Operating Expenses as a result of any Mortgaged Property previously released from the Collateral.”