Definition of Interest Rate Cap Security Agreement


Interest Rate Cap Security Agreement means an Interest Rate Cap Security Agreement, in form and substance reasonably satisfactory to Collateral Agent, executed by Borrower in favor of Collateral Agent (on behalf of the Lenders).

Examples of Interest Rate Cap Security Agreement in a sentence

Substantially concurrently with entering into the Cap Agreement, Borrower shall deliver to Lender an Interest Rate Cap Security Agreement, duly executed and delivered by Borrower in favor of Lender, together with the consent of the Counterparty to such collateral assignment.
Within three Business Days after the Closing Date, Borrower shall deliver to Lender the Counterparty's signature to the Notice of Security Interest and Acknowledgment, substantially in the form of Exhibit B to the Interest Rate Cap Security Agreement executed by Borrower in favor of Lender.
Substantially concurrently with entering into the Cap Agreement, Borrowers shall deliver to Administrative Agent an Interest Rate Cap Security Agreement, duly executed and delivered by Borrowers in favor of Administrative Agent (on behalf of the Lenders), together with the consent of the Counterparty to such collateral assignment, which consent shall be substantially in the form of the exhibit to the Interest Rate Cap Security Agreement or otherwise in a form reasonably acceptable to the Counterparty.