Definition of Collateral Assignment of Interest Rate Cap Agreement


Collateral Assignment of Interest Rate Cap Agreement means that certain Collateral Assignment of Interest Rate Cap Agreement, to be dated on or before the Rate Cap Purchase Date and to be executed by Borrower in connection with the Loan for the benefit of Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. Borrower shall deliver to Lender a new Collateral Assignment of Interest Rate Cap Agreement in substantially the same form as the prior Collateral Assignment of Interest Rate Cap Agreement and otherwise reasonably acceptable to Lender in connection with each Replacement Interest Rate Cap Agreement.

Examples of Collateral Assignment of Interest Rate Cap Agreement in a sentence

Borrower shall collaterally assign to Lender, pursuant to the Collateral Assignment of Interest Rate Cap Agreement, all of its right, title and interest to receive any and all payments under the Interest Rate Cap Agreement, and shall deliver to Lender an executed counterpart of such Interest Rate Cap Agreement (which shall, by its terms, authorize the assignment to Lender and require that payments be paid directly into an account pledged to Lender as provided above in this Section 2.2.7).
Lender or its counsel shall have received a fully executed Interest Rate Cap Agreement and a Collateral Assignment of Interest Rate Cap Agreement, together with an opinion of counsel in form and substance satisfactory to it, or shall have received reasonably satisfactory evidence that same will be delivered promptly following the Closing Date.
Borrower shall take all actions reasonably requested by Collateral Agent to enforce Collateral Agents rights under the Interest Rate Cap Agreement in the event of a default by the Counterparty and, except as set forth in the Collateral Assignment of Interest Rate Cap Agreement, shall not waive, amend or otherwise modify any of its rights thereunder.
Lender or its counsel shall have received a fully executed Interest Rate Cap Agreement and a Collateral Assignment of Interest Rate Cap Agreement, together with an opinion of counsel in form and substance satisfactory to it, or shall have received reasonably satisfactory evidence that same will be delivered promptly following the Original Closing Date.
Assignment of Interest Rate Cap shall mean that certain Collateral Assignment of Interest Rate Cap Agreement made by Borrower to Lender when required by this Agreement as security for the Loan, consented to by the Counterparty, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time.