Replacement Interest Rate Cap definition

Replacement Interest Rate Cap means one or more Interest Rate Caps, which in combination with all other Interest Rate Caps then in effect, after giving effect to any planned cancellations of any presently outstanding Interest Rate Caps satisfies the Transferor's covenant contained in Section 3A of this Series Supplement to maintain Interest Rate Caps.

Replacement Interest Rate Cap means any interest rate cap having substantially the same terms and conditions as the form of interest rate agreement set forth in Exhibit D, in the case of a replacement to an Interest Rate Cap, and otherwise satisfying the conditions set forth in Section 4.12.

Replacement Interest Rate Cap means, with respect to the Class A ----------------------------- Interest Rate Cap or the Class B Interest Rate Cap, any substitute interest rate cap having substantially the same terms and conditions as such Interest Rate Cap and with respect to which the Interest Rate Cap Provider party thereto (a) is reasonably acceptable to the Trustee, (b) has either (i) a counterparty rating of at least Aa3 by Xxxxx'x and AAA by Standard & Poor's, or (ii) if not a counterparty rating, a long term unsecured debt or long term certificate of deposit rating of at least Aa3 by Xxxxx'x and a short term unsecured debt or short term certificate of deposit rating of A-1+ by Standard & Poor's, and (c) is acceptable to Xxxxx'x and Standard & Poor's.

Examples of Replacement Interest Rate Cap in a sentence

• If, at any time, the interest rate cap provider ceases to be an Acceptable Counterparty, Borrower shall replace the Interest Rate Cap Agreement with a Replacement Interest Rate Cap Agreement at Borrower’s sole cost and expense within ten (10) days of receipt of notice from Lender that the interest rate cap provider is no longer an Acceptable Counterparty.

• If, in connection with Borrower’s exercise of any Extension Option pursuant to Section 2.7, Borrower delivers a Replacement Interest Rate Cap Agreement, all the provisions of this Section 2.6 applicable to the Interest Rate Cap Agreement delivered on the Closing Date shall be applicable to the Replacement Interest Rate Cap Agreement.

• In the event that the Counterparty is downgraded (i) below BBB+ by S&P or Fitch (or, if such counterparty was an approved counterparty based on its short-term rating by S&P or Fitch, below “A-2” by S&P or “F-2” by Fitch) or (ii) below “Baa1” by Xxxxx’x, a Replacement Interest Rate Cap Agreement shall be required regardless of the posting of collateral.

• 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).

• If, in connection with Borrower’s exercise of any Extension Option pursuant to Section 2.7 hereof, Borrower delivers a Replacement Interest Rate Cap Agreement, all the provisions of this Section 2.6 applicable to the Interest Rate Cap Agreement delivered on the Closing Date shall be applicable to the Replacement Interest Rate Cap Agreement.

More Definitions of Replacement Interest Rate Cap

Replacement Interest Rate Cap means one or more interest rate cap agreements entered into in replacement of an Interest Rate Cap satisfying the conditions specified in Section 4.13.

Replacement Interest Rate Cap means any interest rate cap having the same terms and conditions as the interest rate agreement set forth in Exhibit D, in the case of a replacement to the Interest Rate Cap, and otherwise satisfying the conditions set forth in Section 4.12.

Replacement Interest Rate Cap means any replacement interest cap that has substantially similar terms and conditions as the Cap Agreement that it replaces and a Cap Provider that has an unsecured, unguaranteed short-term debt rating of at least A-1 from Standard & Poor's and of P-1 from Xxxxx'x and that otherwise satisfies the conditions set forth in Section 4.17.

Replacement Interest Rate Cap. AGREEMENT shall mean an interest rate cap agreement from an Approved Counterparty with terms identical to the Interest Rate Cap Agreement except that the same shall be effective as of (i) in connection with a replacement following a downgrade, withdrawal or qualification of the long-term unsecured debt rating of the Counterparty below "AA-" by S&P or the equivalent thereof by Xxxxx'x, the date required in Section 9.3(b) or (ii) in connection with a replacement related to an extension of the Maturity Date, the date required in Section 5(a)(ii) of the Note; provided that to the extent any such interest rate cap agreement does not meet the foregoing requirements, a Replacement Interest Rate Cap Agreement shall be such interest rate cap agreement approved in writing by Lender, and if the Loan or any portion thereof is included in a Securitization, each of the Rating Agencies with respect thereto.

Replacement Interest Rate Cap means an Interest Rate Cap from an Acceptable Counterparty with a LIBOR strike price equal to the Strike Price and otherwise on terms identical to the Interest Rate Cap being replaced except that the same shall be effective in connection with the replacement of the Interest Rate Cap following a downgrade, withdrawal or qualification of the long-term unsecured debt rating of the counterparty or an expiration of an existing Interest Rate Cap; provided, however, that to the extent any such Interest Rate Cap does not meet the foregoing requirements, a “Replacement Interest Rate Cap” shall be such Interest Rate Cap Approved by the Agent.

Replacement Interest Rate Cap means one or more Interest Rate ----------------------------- Caps, which, in combination with all other Interest Rate Caps then in effect, after giving effect to any planned cancellations of any presently outstanding Interest Rate Caps, aggregate outstanding principal amount of the Class A Certificates, the Class B Certificates and the CTO's satisfies the conditions set forth in Section 4A of this Series Supplement.]

Replacement Interest Rate Cap means, with respect to the Class A ----------------------------- Interest Rate Cap or the Class B Interest Rate Cap, any substitute interest rate cap having substantially the same terms and conditions as such Interest Rate Cap and with respect to which the Interest Rate Cap Provider party thereto (a) is reasonably acceptable to the Trustee, (b) has either (i) a financial program or counterparty rating of at least Aa3 by Xxxxx'x, AA+ by Standard & Poor's, and if rated by Fitch, at least AA- by Fitch or (ii) if not a financial program or counterparty rating, a long term unsecured debt or long term certificate of deposit rating of at least Aa3 by Xxxxx'x and, if rated by Fitch, AA- by Fitch, and a short term unsecured debt or short term certificate of deposit rating of A-1+ by Standard & Poor's, and (c) is acceptable to Xxxxx'x, Fitch and Standard & Poor's.