Required Hedge Rate definition
Required Hedge Rate means, a percentage equal to, for all Eligible Interest Rate Caps in effect as of any date of determination, the highest weighted average strike rate calculated at any time over the remaining hedge notional schedules under all such Eligible Interest Rate Caps then in effect, weighted based on the applicable notional amounts at such point in time; provided, that for the purposes of this Required Hedge Rate calculation, if at any time any interest rate cap agreement no longer qualifies as an Eligible Interest Rate Cap as a result of the Cap Counterparty no longer qualifying as an Eligible Cap Counterparty, the Required Hedge Rate will be determined inclusive of such interest rate cap agreement’s strike rate until such Cap Counterparty is replaced in accordance with Exhibit D.
Required Hedge Rate means, initially, the strike rate on the Interest Rate Cap Agreement (7.05%), and thereafter, to the extent the Issuer enters into more than one interest rate cap with respect to Series 2017-VFN, the highest weighted average strike rate of such interest rate caps (by reference to the notional amounts shown on the hedge notional schedules under all such interest rate caps in effect at such time). If at any time any interest rate cap no longer meets the Hedging Requirements, the Required Hedge Rate will be determined inclusive of such interest rate cap agreement’s strike rate until such time as such interest rate cap is replaced in accordance with the Hedging Requirements.
Required Hedge Rate means, initially, the sum of (i) the strike rate on the Interest Rate Cap Agreement (2.05%) plus (ii) 5.00%, and thereafter, to the extent the Issuer enters into more than one interest rate cap with respect to Series 2017-VFN, the highest weighted average strike rate of such interest rate caps (by reference to the notional amounts shown on the hedge notional schedules under all such interest rate caps in effect at such time). If at any time any interest rate cap no longer meets the Hedging Requirements, the Required Hedge Rate will be determined inclusive of such interest rate cap agreement’s strike rate until such time as such interest rate cap is replaced in accordance with the Hedging Requirements.
More Definitions of Required Hedge Rate
Required Hedge Rate means, a percentage equal to, for all Eligible Interest Rate Caps in effect as of any date of determination, the highest weighted average strike rate calculated at any time over the remaining hedge notional schedules under all such Eligible Interest Rate Caps then in effect, weighted based on the applicable notional amounts at such point in time; provided, that for the purposes of this Required Hedge Rate calculation, if at any time any interest rate cap agreement no longer qualifies as an Eligible Interest Rate Cap as a result of the Cap Counterparty no longer qualifying as an Eligible Cap Counterparty, the Required Hedge Rate will be determined inclusive of such interest rate cap agreement’s strike rate until such Cap Counterparty is replaced in accordance with Exhibit D. “Required Owners” shall mean, at any time, the Funding Agents representing Ownership Groups having in the aggregate at such time Ownership Group Percentages equal to at least 66-2/3%; provided, that, if at any time there exists one or more Defaulting Ownership Groups, “Required Owners” shall mean Funding Agents representing Non-Defaulting Ownership Groups having in the aggregate Non-Defaulting Ownership Group Percentages equal to 66-2/3%, where: “Non-Defaulting Ownership Group” shall mean, at any time, each Ownership Group other than a Defaulting Ownership Group; and “Non-Defaulting Ownership Group Percentage” shall mean, at any time, with respect to any Non-Defaulting Ownership Group, the percentage equivalent of a fraction, the numerator of which is the Ownership Group Purchase Limit of such Non-Defaulting Ownership Group and the denominator of which is the aggregate of the Ownership Group Purchase Limits of all Non-Defaulting Ownership Groups. Notwithstanding the foregoing, if at any time all Ownership Groups are Defaulting Ownership Groups, then “Required Owners” shall at such time be determined in accordance with the preceding sentence without giving effect to the proviso contained therein. “Requirements of Law” shall mean, as to any Person, any law, treaty, rule or regulation or determination of an arbitrator or a court or other Governmental Authority, in each case applicable to or binding upon such Person or any of its property or to which such Person or -44- ▇▇▇▇▇▇▇▇ T-Mobile (EIP) Third A&R RPAA NJ 231109207v1 736153181 19632398