Replacement Rate Cap definition

Replacement Rate Cap means an interest rate cap from an Acceptable Counterparty with terms identical to the Rate Cap in all material respects.
Sample 1Sample 2Sample 3
Replacement Rate Cap means an interest rate cap from an Acceptable Counterparty with terms identical to the Rate Cap.
Sample 1Sample 2Sample 3
Replacement Rate Cap means an interest rate cap in a form substantially similar to the Rate Cap entered into in connection with the closing of the Loan or as may otherwise be approved by the Rating Agencies (provided that in no event shall the Replacement Rate Cap require the counterparty to deposit collateral and/or obtain a replacement rate cap if such counterparty is no longer an Acceptable Counterparty) from an Acceptable Counterparty with (a) a notional amount equal to the then outstanding principal balance of the Floating Rate Component, (b) a term of not less than two (2) years and (c) a LIBOR strike price not greater than the Capped LIBOR Rate.
Sample 1

Examples of Replacement Rate Cap in a sentence

  • Borrower shall take all actions reasonably requested by Lender to enforce Lender’s rights under the Rate Cap and any Replacement Rate Cap in the event of a default by the Acceptable Counterparty and shall not waive, amend or otherwise modify any of its rights thereunder.

  • At such time as the Loan is repaid in full, all of Lender’s right, title and interest in the Rate Cap and any Replacement Rate Cap shall terminate and Lender shall execute and deliver at Borrower’s sole cost and expense, such documents as may be required to evidence Lender’s release of the Rate Cap and any Replacement Rate Cap and to notify the Acceptable Counterparty of such release.

  • If the provider of the Rate Cap or any Replacement Rate Cap ceases to be an Acceptable Counterparty, Borrower shall obtain a Replacement Rate Cap at Borrower’s sole cost and expense within thirty (30) days of receipt of notice from Lender or Borrower’s obtaining knowledge that the provider is no longer an Acceptable Counterparty.

  • On or prior to the Payment Date in February, 2008, Borrower shall deliver to Lender a replacement Rate Cap Agreement with a term expiring not earlier than the Maturity Date and otherwise in form and substance acceptable to Lender which is issued by a Counterparty having a long-term unsecured debt rating of "AA-" (or its equivalent) or better from each Rating Agency (the "Replacement Rate Cap Agreement").

  • If the provider of the Rate Cap or any Replacement Rate Cap ceases to be an Acceptable Counterparty, Borrower shall obtain a Replacement Rate Cap at Borrower’s sole cost and expense within ten (10) days of receipt of notice from Lender or Borrower’s obtaining knowledge that the provider is no longer an Acceptable Counterparty.

  • In addition, in connection with any prepayment under this Section 2.5.4, Lender shall release the Lien on a portion of the Rate Cap or Replacement Rate Cap, as applicable, equal to the amount of the Loan prepaid hereunder, and Lender shall cooperate with Borrower in executing any documents or taking any actions reasonably required by Borrower to effectuate the release of such Lien.

  • In the event Borrower is required to purchase the initial Rate Cap Agreement, commencing on the Installment Due Date immediately following the effective date of the initial Rate Cap Agreement and continuing on each Installment Due Date thereafter until the purchase of the last required Replacement Rate Cap Agreement, Borrower must pay to Lender an amount equal to the Rate Cap Reserve Deposit.

  • As a condition to making the Loan, Lender has required Borrower to establish the Rate Cap Agreement Reserve Fund to ensure that adequate funds are available for, among other things, the purchase of the initial Rate Cap Agreement in the event of a Rate Cap Requirement Trigger Event and, if applicable, any Replacement Rate Cap Agreement.

  • Borrower must ensure that the Replacement Rate Cap Agreement is in full force and effect not later than the day immediately following the expiration of the then-existing Rate Cap Agreement.

  • Borrower shall be obligated to maintain the Rate Cap or a Replacement Rate Cap at all times that the Floating Rate Component of the Loan remains outstanding, subject to reduction in accordance with Section 2.5.4 as the Floating Rate Component is prepaid.

Related to Replacement Rate Cap

  • Replacement Rate has the meaning assigned thereto in Section 4.2.(b).

  • Replacement 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 replacement of the Interest Rate Cap 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 Cap Agreement” shall be such interest rate cap agreement approved in writing by each of the Rating Agencies and Lender with respect thereto.

  • Reference Interest Rate Replacement Adjustment means the first alternative set forth in the order below that can be determined by the Issuer or its designee as of the Reference Interest Rate Replacement Date:

  • Interest Rate Cap means a Cap.

  • Periodic Interest Rate Cap As to each adjustable rate Mortgage Loan, the maximum increase or decrease in the Mortgage Interest Rate on any Adjustment Date pursuant to the terms of the Mortgage Note.

  • Reference Interest Rate Replacement Date means the earliest to occur of the following events with respect to the then-current Reference Interest Rate

  • Initial Rate Cap With respect to each Adjustable Rate Mortgage Loan and the initial Adjustment Date therefor, a number of percentage points per annum that is set forth in the Mortgage Loan Schedule and in the related Mortgage Note, which is the maximum amount by which the Mortgage Interest Rate for such Adjustable Rate Mortgage Loan may increase or decrease from the Mortgage Interest Rate in effect immediately prior to such Adjustment Date.

  • Net Rate Cap For any Distribution Date and (i) each of the Class I-A and the Class II-A Certificates, the weighted average of the Net Rates of the Mortgage Loans in the related Loan Group as of the beginning of the related Due Period, weighted on the basis of the Stated Principal Balances thereof as of the preceding Distribution Date, as adjusted to an effective rate reflecting the accrual of interest on the basis of a 360-day year and the actual number of days elapsed in the related Interest Accrual Period and (ii) each of the Class M Certificates and the Class B Certificates, the weighted average of the Net Rates on the Mortgage Loans in each Loan Group, weighted in proportion to the results of subtracting from the aggregate Stated Principal Balance of each Loan Group, the Certificate Principal Balance of the related classes of Senior Certificates, as adjusted to an effective rate reflecting the accrual of interest on the basis of a 360-day year and the actual number of days elapsed in the related Interest Accrual Period. For federal income tax purposes, the Net Rate Cap (a) with respect to the Class I-A Certificates, is equal to the Uncertificated REMIC II Pass-Through Rate for the REMIC II Regular Interests LT1, LT2 and LT-Y1, (b) with respect to the Class II-A Certificates, is equal to the Uncertificated Pass-Through Rate for the REMIC II Regular Interests LT5, LT6 and LT-Y2 and (c) with respect to the Class M Certificates and Class B Certificates is the weighted average of the Uncertificated REMIC II Pass-Through Rates on the LT-Y1 and LT-Y2 REMIC II Regular Interests, weighted on the basis of their respective Uncertificated Principal Balances.

  • Reference Interest Rate Replacement means the first alternative set forth in the order below that can be determined by the Issuer or its designee as of the Reference Interest Rate Replacement Date:

  • Replacement Date has the meaning set forth in Section 2.08(b).

  • Replacement Reference Rate means a reference rate which is:

  • Replacement Price means the price, determined by Buyer in a commercially reasonable manner, at which Buyer purchases (if at all) substitute SRECs having the same or subsequent Reporting Year as those SRECs not delivered by Seller for the deficiency or, absent such a purchase, the Market Price for such quantity of SRECs at or during the time that Seller fails to deliver the SRECs, provided that the Market Price shall never exceed the solar alternative compliance payment.

  • Applicable Interest Period for each Credit Facility has the meaning specified for that Credit Facility in the Credit Facility Schedule; provided, however, that, at any time that the Applicable Prime Rate is the Applicable Index Rate, Applicable Interest Period shall mean the period commencing as of the most recent Applicable Interest Rate Determination Date and continuing until the next Applicable Interest Rate Determination Date or such earlier date as the Applicable Prime Rate shall no longer be the Applicable Index Rate; and provided, further, that, at any time the Libor Rate Index is adjusted as set forth in the definition thereof, or re-implemented following invocation of the Applicable Prime Rate as permitted herein, the Applicable Interest Period shall mean the period commencing as of such adjustment or re-implementation and continuing until the next Applicable Interest Rate Determination Date, if any.

  • Reference Interest Rate Replacement Conforming Changes means, with respect to any Reference Interest Rate Replacement, any technical, administrative or operational changes (including changes to the definition of "Interest Period", timing and frequency of determining rates and making payments of interest, changes to the definition of "Corresponding Tenor" solely when such tenor is longer than the Interest Period and other administrative matters) that the Issuer or its designee decides may be appropriate to reflect the adoption of such Reference Interest Rate Replacement in a manner substantially consistent with market practice (or, if the Issuer or its designee decides that adoption of any portion of such market practice is not administratively feasible or if the Issuer or its designee determines that no market practice for use of the Reference Interest Rate Replacement exists, in such other manner as the Issuer or its designee determines is reasonably necessary).

  • Subsequent Rate Period means, with respect to any Series of RVMTP Shares, the period consisting of seven calendar days, but adjusted in each case to reflect any changes when the regular calendar day that is a Rate Determination Date is not a Business Day, from, and including, the first calendar day following the Initial Rate Period of such Series to, and including, the next Rate Determination Date for such Series and any period thereafter from, and including, the first calendar day following a Rate Determination Date for shares of such Series to, and including, the next succeeding Rate Determination Date for shares of such Series.

  • Interest Rate Cap Agreement means, as applicable, an Interest Rate Cap Agreement (together with the confirmation and schedules relating thereto) in form and substance reasonably satisfactory to Lender between Borrower and an Acceptable Counterparty or a Replacement Interest Rate Cap Agreement.

  • Periodic Mortgage Rate Cap With respect to an Adjustable Rate Mortgage Loan, the periodic limit on each Mortgage Rate adjustment as set forth in the related Mortgage Note.

  • Incremental Term Loan Maturity Date means the final maturity date of any Incremental Term Loan, as set forth in the applicable Incremental Term Loan Assumption Agreement.

  • Replacement Value means the price, including accrued interest, at which Equivalent Securities to the Borrowed Securities could be purchased in the principal market for such securities at the time of election by State Street under Section 13.1 hereof.

  • Applicable Interest Rate means, (i) with respect to each Revolving Credit Advance and Term Loan Advance, the Eurodollar-based Rate or the Base Rate, and (ii) with respect to each Swing Line Advance, the Base Rate or, if made available to the Borrower by the Swing Line Lender at its option, the Quoted Rate, in each case as selected by the Borrower from time to time subject to the terms and conditions of this Agreement.

  • Reference Interest Rate Transition Event means the occurrence of one or more of the following events with respect to the then-current Reference Interest Rate:

  • Reset Interest Period means each period from (and including) any Reset Date and ending on (but excluding) the next Reset Date.

  • Subsequent Interest Period has the meaning specified in Section 307.

  • Interest Rate Cap Provider if any, shall mean the entity listed as the Interest Rate Cap Provider in the Series Term Sheet, in its capacity as obligor under the Class Interest Rate Caps, or if any Replacement Class Interest Rate Caps or Qualified Substitute Cap Arrangements are obtained pursuant to Section 15, the obligor with respect to such Replacement Class Interest Rate Caps or Qualified Substitute Cap Arrangements.

  • Mortgage Interest Rate Cap With respect to an Adjustable Rate Mortgage Loan, the limit on each Mortgage Interest Rate adjustment as set forth in the related Mortgage Note.

  • Applicable Interest Rate Margin means (a) as to any Base Rate Advance, the applicable rate per annum set forth below under the caption “Base Rate Spread” and (b) as to any LIBO Rate Advance, the applicable rate per annum set forth below under the caption “LIBO Rate Spread”, determined by reference to the higher of (i) the rating of Mondelēz’s long-term senior unsecured Debt from Standard & Poor’s (or, if there shall be no outstanding rated long-term senior unsecured Debt of Mondelēz, the long-term company, issuer or similar rating established by Standard & Poor’s for Mondelēz) and (ii) the rating of Mondelēz’s long-term senior unsecured Debt from Moody’s (or, if there shall be no outstanding rated long-term senior unsecured Debt of Mondelēz, the long-term company, issuer or similar rating established by Moody’s for Mondelēz), in each case on such date: A or higher by Standard & Poor’s A2 or higher by Moody’s 0.000 % 0.835 % A- by Standard & Poor’s A3 by Moody’s 0.000 % 0.940 % BBB+ by Standard & Poor’s Baa1 by Moody’s 0.045 % 1.045 % BBB by Standard & Poor’s Baa2 by Moody’s 0.150 % 1.150 % Lower than BBB by Standard & Poor’s Lower than Baa2 by Moody’s 0.250 % 1.250 % provided that if on any date of determination (x) a rating is available on such date from only one of Standard & Poor’s and Moody’s but not the other, the Applicable Interest Rate Margin shall be determined by reference to the then available rating; (y) no rating is available from either of Standard & Poor’s or Moody’s, the Applicable Interest Rate Margin shall be determined by reference to the rating of any other nationally recognized statistical rating organization designated by Mondelēz and approved in writing by the Required Lenders and (z) no rating is available from any of Standard & Poor’s, Moody’s or any other nationally recognized statistical rating organization designated by Mondelēz and approved in writing by the Required Lenders, the Applicable Interest Rate Margin shall be 0.250% as to any Base Rate Advance and 1.250% as to any LIBO Rate Advance.