Definition of Pledge, Interest Rate Cap Agreement


Pledge, Interest Rate Cap Agreement means a Pledge, Interest Rate Cap Reserve and Security Agreement executed by the Borrower and Lender in form and substance satisfactory to Lender in connection with a Variable Loan or a variable rate Additional Loan, as the same may be amended, restated, modified or supplemented from time to time.

Examples of Pledge, Interest Rate Cap Agreement in a sentence

As set forth in the Pledge, Interest Rate Cap Agreement, Borrower agrees to pledge its right, title and interest in the Interest Rate Cap to Lender as additional collateral for the Indebtedness.
Without the prior written consent of Lender, or unless otherwise required by the Pledge, Interest Rate Cap Agreement, Borrower will not enter into or guarantee, provide security for or otherwise undertake any form of contingent obligation with respect to any Hedging Arrangement.
To protect against fluctuations in interest rates during the term, pursuant to the terms of the Pledge, Interest Rate Cap Agreement, Borrower shall make arrangements for a One-Month LIBOR-based interest rate cap in form and substance satisfactory to Lender with a counterparty satisfactory to Lender (Interest Rate Cap) to be in place and maintained at all times with respect to the portion of the Variable Loan which remains Outstanding.
To protect against fluctuations in interest rates during the term, pursuant to the terms of the Pledge, Interest Rate Cap Agreement, Borrower shall make arrangements for a Three-Month LIBOR-based interest rate cap in form and substance satisfactory to Lender with a counterparty satisfactory to Lender (Interest Rate Cap) to be in place and maintained at all times with respect to the portion of the Variable Facility Commitment which has been funded and remains Outstanding.
To protect against fluctuations in interest rates during the term, pursuant to the terms of the Pledge, Interest Rate Cap Agreement, Borrower shall make arrangements for a LIBOR-based interest rate cap in form and substance satisfactory to Lender with a counterparty satisfactory to Lender (LIBOR Interest Rate Cap) to be in place and maintained at all times with respect to the portion of the Variable Facility Commitment which has been funded and remains Outstanding.