Replacement Interest Rate Protection Agreement definition

Replacement Interest Rate Protection Agreement herein (other than in the definition of “Interest Rate Protection Agreement”, the definition of “Replacement Interest Rate Protection Agreement” and as referenced in the first sentence of Section 5.24(a) hereof) shall be deemed to refer or relate, as applicable, to a Substitute Interest Rate Protection Agreement or a Converted Interest Rate Protection Agreement, as the case may be. Notwithstanding anything to the contrary set forth in this Section 5.24(f), Borrower shall not be required to obtain a Substitute Interest Rate Protection Agreement or Converted Interest Rate Protection Agreement, as applicable, during any period when the Loan is outstanding as a Base Rate Loan or Alternate Rate Loan if such a Substitute Interest Rate Protection Agreement or Converted Interest Rate Protection Agreement, as the case may be, is not then commercially available or would have a cost to Borrower that is not commercially reasonable, in which event Borrower and Lender shall work together to find a mutually agreeable alternative to a Substitute Interest Rate Protection Agreement or Converted Interest Rate Protection Agreement that would afford Lender substantially equivalent protection from increases in the applicable interest rate.

Replacement Interest Rate Protection Agreement shall have the meaning set forth in Section 2.8(c) hereof.

Replacement Interest Rate Protection Agreement means an interest rate cap from an Acceptable Counterparty with terms identical to the Interest Rate Protection Agreement.

Examples of Replacement Interest Rate Protection Agreement in a sentence

• Notwithstanding the foregoing, in the event the Counterparty is Xxxxx Fargo Bank, N.A. or any of its affiliates and neither Xxxxx Fargo Bank, N.A. nor any of its affiliates is the Lender, such Replacement Interest Rate Protection Agreement is only required to be delivered in the event there is any downgrade, withdrawal or qualification of the long-term unsecured debt rating of the Counterparty below an “A” by S&P and below an “A2” by Xxxxx’x.

• In furtherance of the foregoing, if Xxxxx Fargo Bank, N.A. and/or any of its affiliates are both Lender and Counterparty, then no Replacement Interest Rate Protection Agreement shall be required.

• In the event that the Counterparty is downgraded to A2 or lower by Xxxxx’x, a Replacement Interest Rate Protection Agreement shall be required regardless of the posting of collateral.

• If, in connection with Borrower’s exercise of any extension option pursuant to Section 5 of the Notes, Borrower delivers a Replacement Interest Rate Protection Agreement, all the provisions of this Article IX applicable to the Interest Rate Protection Agreement delivered on the Closing Date shall be applicable to the Replacement Interest Rate Protection Agreement.

• In furtherance of the foregoing, if Wxxxx Fargo Bank, N.A. and/or any of its affiliates are both Lender and Counterparty, then no Replacement Interest Rate Protection Agreement shall be required.

• If, in connection with Borrower’s exercise of any extension option pursuant to Section 5 of the Notes, Borrower delivers a Replacement Interest Rate Protection Agreement, all the provisions of this Article IX applicable to the Interest Rate Protection Agreement delivered on the Closing Date (as amended by the amendment to the Interest Rate Cap Agreement delivered as of the Amendment Effective Date) shall be applicable to the Replacement Interest Rate Protection Agreement.

• Notwithstanding the foregoing, in the event the Counterparty is Wxxxx Fargo Bank, N.A. or any of its affiliates and neither Wxxxx Fargo Bank, N.A. nor any of its affiliates is the Lender, such Replacement Interest Rate Protection Agreement is only required to be delivered in the event there is any downgrade, withdrawal or qualification of the long-term unsecured debt rating of the Counterparty below an “A” by S&P and below an “A2” by Mxxxx’x.

• In the event that the Counterparty is downgraded below A- by S&P, a Replacement Interest Rate Protection Agreement shall be required regardless of the posting of collateral.

• If at the expiration of the Interest Rate Protection Agreement LIBOR is equal to or greater than 5.5%, Borrower shall enter into a Replacement Interest Rate Protection Agreement.

More Definitions of Replacement Interest Rate Protection Agreement

Replacement Interest Rate Protection Agreement means an interest rate cap agreement from an Acceptable Counterparty with terms identical to the Interest Rate Protection Agreement except that the same shall be effective in connection with replacement of the Interest Rate Protection Agreement following a downgrade, withdrawal or qualification of the long-term unsecured debt rating of the Counterparty; provided that to the extent any such interest rate cap agreement does not meet the foregoing requirements, a “Replacement Interest Rate Protection Agreement” shall be such interest rate cap agreement approved in writing by Administrative Agent which approval shall not be unreasonably withheld, conditioned or delayed.

Replacement Interest Rate Protection Agreement means, collectively, one or more interest rate protection agreements from an Acceptable Counterparty with a strike price no greater than the Strike Price (or, if the Alternate Strike Price Condition has been satisfied, the Alternate Strike Price) and on other terms substantially similar to the Interest Rate Protection Agreement (or as otherwise reasonably acceptable to Administrative Agent) except that the same shall be effective as of the date required in Section 2.2.7(c) or (x) if such interest rate protection agreement is delivered in connection with an extension of the Maturity Date pursuant to Section 2.8 shall meet the requirements set forth in Section 2.8(c) and (y) if such interest rate protection agreement is delivered in connection with an Index Rate Conversion, shall meet the requirements set forth in Section 2.2.7(h).

Replacement Interest Rate Protection Agreement herein (other than in the definition of “Interest Rate Protection Agreement”, the definition of “Replacement Interest Rate Protection Agreement” and as referenced in the first sentence of Section 2.2.7(a) hereof) shall be deemed to refer or relate, as applicable, to a Substitute Interest Rate Protection Agreement or a Converted Interest Rate Protection Agreement, as the case may be. Notwithstanding anything to the contrary set forth in this Section 2.2.7, Borrower shall not be required to obtain a Substitute Interest Rate Protection Agreement or Converted Interest Rate Protection Agreement, as applicable, during any period when the Loan is outstanding as a Prime Rate Loan (a) if the Index Rate Conversion occurs prior to a Rated Securitization, if such a Substitute Interest Rate Protection Agreement or Converted Interest Rate Protection Agreement, as the case may be, is (1) not then commercially available at commercially reasonable rates and (2) not required for commercial mortgage loans similar to the Loan or (b) if the Index Rate Conversion occurs following a Rated Securitization, if a Substitute Interest Rate Protection Agreement or Converted Interest Rate Protection Agreement, as the case may be, is not then commercially available. If Borrower is not required to obtain a Substitute Interest Rate Protection Agreement or Converted Interest Rate Protection Agreement pursuant to the terms of this Section 2.2.7, then Borrower and Xxxxxx shall work together to find a mutually agreeable alternative to a Substitute Interest Rate Protection Agreement or Converted Interest Rate Protection Agreement that would afford Lender substantially equivalent protection from increases in the interest rate.

Replacement Interest Rate Protection Agreement means an interest rate cap agreement from a Qualified Counterparty with terms that are the same in all material respects as the terms of the Interest Rate Protection Agreement except that the same shall be effective as of (i) in connection with a replacement pursuant to Section 2.9.3(c) following a downgrade, withdrawal or qualification of the long-term unsecured debt rating of the Counterparty, the date required in Section 2.9.3(c) or (ii) in connection with a replacement (or extension of the then-existing Interest Rate Protection Agreement) in connection with an extension of the then applicable Maturity Date pursuant to Section 2.17, the date required in Section 2.17; provided, that to the extent any such interest rate cap agreement does not meet the foregoing requirements, a Replacement Interest Rate Protection Agreement shall be such interest rate cap agreement approved in writing by Agent.

Replacement Interest Rate Protection Agreement means collectively, one or more interest rate protection agreements from an Approved Counterparty with terms that are the same in all material respects as the terms of the Interest Rate Protection Agreement, except that (i) the same shall be effective as of (A) in connection with a replacement following a downgrade, withdrawal or qualification of Counterparty, the date required in Section 9.3(c) or (B) in connection with a replacement related to an extension of the Maturity Date, the date required in Section 5(a)(ii) of the Note, and (ii) the notional amount shall be the Principal Amount then outstanding; provided that to the extent any such interest rate protection agreement does not meet the foregoing requirements, a Replacement Interest Rate Protection Agreement shall be such interest rate cap agreement approved in writing by Lender, or if the Loan or any portion thereof is included in a Securitization, each of the Rating Agencies with respect thereto.

Replacement Interest Rate Protection Agreement means, collectively, one or more interest rate protection agreements from an Acceptable Counterparty with a strike price of not less than the Strike Price and on other terms substantially similar to the Interest Rate Protection Agreement (or as otherwise reasonably acceptable to Administrative Agent) except that the same shall be effective as of the date required in Section 2.2.7(c) or if such interest rate protection agreement is delivered in connection with an extension of the Maturity Date pursuant to Section 2.8 shall meet the requirements set forth in Section 2.8(c); provided that to the extent any such interest rate protection agreements do not meet the foregoing requirements, a “Replacement Interest Rate Protection Agreement” shall be such interest rate protection agreements approved in writing by the Administrative Agent with respect thereto.