Substitute Interest Rate Protection Agreement definition

Substitute Interest Rate Protection Agreement means an interest rate cap agreement between an Acceptable Counterparty and Borrower, obtained by Borrower and collaterally assigned to Lender pursuant to this Agreement and shall contain each of the following:

Substitute Interest Rate Protection Agreement shall have the meaning set forth in Section 5.24(f) hereof.

Substitute Interest Rate Protection Agreement shall have the meaning set forth in Section 2.2.7(h) hereof.

Examples of Substitute Interest Rate Protection Agreement in a sentence

• Subject to Section 2.2.4(e), at any time that the Loan is a Base Rate Loan or a Substitute Rate Loan, Borrower shall maintain a Substitute Interest Rate Protection Agreement.

• All the provisions of this Section 2.6 applicable to the Interest Rate Protection Agreement delivered on the Closing Date shall be applicable to the Substitute Interest Rate Protection Agreement, and in connection with the delivery of the Substitute Interest Rate Protection Agreement, Borrower shall enter into a replacement collateral assignment of such Substitute Interest Rate Protection Agreement, which collateral assignment shall be in the same form as the Assignment of Interest Rate Cap Agreement.

• Your annual leave entitlement is 38 days’ pro-rata per year, compromising 8 public holidays and 30 working days, of which 5 or 6 days are taken over the Christmas closure.

• Notwithstanding the foregoing, Lender acknowledges and agrees that Borrower shall have the right, in lieu of delivering a new Substitute Interest Rate Protection Agreement to satisfy the foregoing, to modify the then existing Interest Rate Protection Agreement so that it satisfies the conditions set forth in the definition of “Substitute Interest Rate Protection Agreement” herein.

• From and after the date of any LIBOR Conversion, all references to “Interest Rate Protection Agreement” and “Replacement Interest Rate Protection Agreement” herein (other than in the definition of “Interest Rate Protection Agreement” and the definition of “Replacement Interest Rate Protection Agreement”) shall be deemed to refer or relate, as applicable, to a Substitute Interest Rate Protection Agreement.

More Definitions of Substitute Interest Rate Protection Agreement

Substitute Interest Rate Protection Agreement means an interest rate cap agreement that (i) is commonly provided by borrowers to lenders of loans similar to the Loan with similar floating rate indexes, (ii) provides to Lender and Borrower (as determined by Lender in its sole but good faith discretion), for the term of the Substitute Interest Rate Protection Agreement, a hedge against rising interest rates that is no less beneficial to Borrower and Lender than that which was provided by the Interest Rate Protection Agreement being replaced by the Substitute Interest Rate Protection Agreement, (iii) satisfies the requirements set forth in Section 9.16(a) above, (iv) with respect to which Borrower has satisfied the requirements set forth in Section 9.16(b) and (d), and (v) with respect to which the requirements in Section 9.16(c) and (f) shall apply. From and after the date of any LIBOR Conversion, all references to “Interest Rate Protection Agreement” and “Replacement Interest Rate Protection Agreement” herein (other than in the definition of “Interest Rate Protection Agreement” and the definition of “Replacement Interest Rate Protection Agreement”) shall be deemed to refer or relate, as applicable, to a Substitute Interest Rate Protection Agreement. Notwithstanding the foregoing, Lender acknowledges and agrees that Borrower shall have the right, in lieu of delivering a new Substitute Interest Rate Protection Agreement to satisfy the foregoing, to modify the then existing Interest Rate Protection Agreement so that it satisfies the conditions set forth in the definition of “Substitute Interest Rate Protection Agreement” herein.