Purchase and Maintenance of Interest Rate Cap Sample Clauses

Purchase and Maintenance of Interest Rate Cap. The Borrower hereby covenants and agrees to hedge the variable interest expense of the Loan at all times during the term of the Loan by the purchase and maintenance of (i) an Interest Rate Cap (hereinafter referred to as the “Initial Interest Rate Cap”) (a) with a strike price of five percent (5.00%) or such other strike price as may be agreed to in writing by the Administrative Agent, in its sole and absolute discretion, (b) with a term that runs through April 1, 2026, and (c) which otherwise satisfies the other Minimum Rate Cap Requirements (ii) an Interest Rate Cap (hereinafter referred to as the “Second Interest Rate Cap”) which satisfies the following requirements: (a) the strike price is commensurate to the then current interest rate and the Lenders’ required protections with respect thereto, (b) the term runs from the date immediately following the last day of the term of the Initial Interest Rate Cap and continues through April 1, 2027, and (c) satisfies the other Minimum Rate Cap Requirements, and (iii) an Interest Rate Cap (hereinafter referred to as the “Third Interest Rate Cap”) which satisfies the following requirements: (a) the strike price is commensurate to the then current interest rate and the Lenders’ required protections with respect thereto, (b) the term runs from the date immediately following the last day of the term of the Second Interest Rate Cap and continues through the last day of the term of the Loan, and (c) satisfies the other Minimum Rate Cap Requirements. The Borrower hereby represents and warrants to the Administrative Agent that the Initial Interest Rate Cap has been purchased as of the Closing Date. The Borrower hereby covenants and agrees with the Administrative Agent that the Second Interest Rate Cap shall be purchased no later than April 1, 2026 and that the Third Interest Rate Cap shall be purchased no later than April 1, 2027. In addition to the foregoing, the Borrower hereby confirms and agrees that the rights and interests of the Borrower in and to the Initial Interest Rate Cap have been assigned to the Administrative Agent, for the benefit of the Lenders, pursuant to the terms, conditions, and provisions of the Assignment of Interest Rate Cap Agreement and that the rights and interests of the Borrower in and to the Second Interest Rate Cap and the Third Interest Rate Cap shall be assigned to the Administrative Agent, for the benefit of the Lenders, as additional collateral security for the Loan, pursuant to the t...
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Purchase and Maintenance of Interest Rate Cap. Within sixty (60) days after the date hereof, Borrower will deliver to Lender a fully executed interest rate cap agreement, in form and substance and with such financial institution having a claims paying ability by the Rating Agencies of "A" or higher and shall be otherwise acceptable to Lender in its reasonable discretion, in a notational amount equal to the Loan Amount, insuring against the risk that LIBOR shall at any time during the term of the Loan exceed a per annum rate of eight and one half percent (8.50%) (the "Interest Rate Cap Agreement"). Borrower shall maintain the Interest Rate Cap Agreement, or such supplement or replacement thereto as is approved by Lender in its reasonable discretion, throughout the entire term of the Loan, and Borrower shall not materially amend, modify or terminate the Interest Rate Cap Agreement without the prior written consent of Lender.
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Related to Purchase and Maintenance of Interest Rate Cap

  • Yield Maintenance Agreement The Trustee is hereby authorized and directed to, and agrees that it shall, enter into the Yield Maintenance Agreement on behalf of the Trust Fund.

  • MAINTENANCE OF CONDITIONS Conditions of employment in effect at the execution of this Agreement shall, except as improved herein, be maintained during the term of this Agreement.

  • Determination of Rate of Interest and calculation of Interest Amounts The Principal Paying Agent, in the case of Floating Rate Notes, and the Calculation Agent, in the case of Index Linked Interest Notes, will at or as soon as practicable after each time at which the Rate of Interest is to be determined, determine the Rate of Interest for the relevant Interest Period. In the case of Index Linked Interest Notes, the Calculation Agent will notify the Principal Paying Agent of the Rate of Interest for the relevant Interest Period as soon as practicable after calculating the same. The Principal Paying Agent will calculate the amount of interest (the “Interest Amount”) payable on the Floating Rate Notes or Index Linked Interest Notes for the relevant Interest Period by applying the Rate of Interest to: (i) in the case of Floating Rate Notes or Index Linked Interest Notes which are represented by a Global Note, the aggregate outstanding nominal amount of the Notes represented by such Global Note (or, if they are Partly Paid Notes, the aggregate amount paid up); or (ii) in the case of Floating Rate Notes or Index Linked Interest Notes in definitive form, the Calculation Amount; and, in each case, multiplying such sum by the applicable Day Count Fraction, and rounding the resultant figure to the nearest sub-unit of the relevant Specified Currency, half of any such sub-unit being rounded upwards or otherwise in accordance with applicable market convention. Where the Specified Denomination of a Floating Rate Note or an Index Linked Interest Note in definitive form is a multiple of the Calculation Amount, the Interest Amount payable in respect of such Note shall be the product of the amount (determined in the manner provided above) for each Calculation Amount and the amount by which the Calculation Amount is multiplied to reach the Specified Denomination without any further rounding.

  • Notifications of Outages and Maintenance In the event that a Registry Operator plans maintenance, it will provide notice to the ICANN emergency operations department, at least, twenty-­‐four (24) hours ahead of that maintenance. ICANN’s emergency operations department will note planned maintenance times, and suspend Emergency Escalation services for the monitored services during the expected maintenance outage period. If Registry Operator declares an outage, as per its contractual obligations with ICANN, on services under a service level agreement and performance requirements, it will notify the ICANN emergency operations department. During that declared outage, ICANN’s emergency operations department will note and suspend emergency escalation services for the monitored services involved.

  • Establishment and Maintenance of Records GRANTEE shall maintain records, including but not limited to, books, financial records, supporting documents, statistical records, personnel, property, and all other pertinent records sufficient to reflect properly: a. All direct and indirect costs of whatever nature claimed to have been incurred and anticipated to be incurred in the performance of this AGREEMENT; and b. All other matters covered by this AGREEMENT. Such records shall be maintained in accordance with requirements now or hereafter prescribed by the CITY.