Common use of Assignment to Lender as Collateral Clause in Contracts

Assignment to Lender as Collateral. The Rate Cap and each replacement of a Rate Cap (including each Rate Cap that Borrower is required to provide in connection with the extension of the Maturity Date) shall be assigned to Lender as security for the Debt. Borrower acknowledges that Borrower’s assignment of the Rate Cap to Lender shall not be deemed completed until such time as Borrower has delivered to Lender a written acknowledgement from the Rate Cap Provider of Borrower’s assignment of the Rate Cap to Lender that is acceptable to Lender in all respects. All payments made by the Rate Cap Provider shall be made directly to the Cash Management Account and shall be subject to the terms of the Cash Management Agreement, provided that if a Lockbox Account is in effect, then such payments shall be deposited into the Lockbox Account in accordance with this Agreement and the Lockbox Agreement. Failure by the Rate Cap Provider to make any payment under the Rate Cap shall not relieve Borrower of any of its obligations to make any payments hereunder or under any other Loan Documents.

Assignment to Lender as Collateral. The Rate Cap or Rate Swap, as applicable, and each replacement of a Rate Cap (including or Rate Swap and each Rate Cap or Rate Swap that Borrower is required to provide in connection with the extension of the Maturity Date) Date shall be assigned to Lender as security for the Debtcollateral. Borrower acknowledges that Borrower’s 's assignment of the Rate Cap or Rate Swap, as applicable, to Lender shall not be deemed completed until such time as Borrower has delivered to Lender a written acknowledgement from the Rate Cap Provider or Rate Swap Provider of Borrower’s 's assignment of the Rate Cap or Rate Swap, as applicable, to Lender that is acceptable to Lender in all respects. All payments made by the Rate Cap Provider or Rate Swap Provider shall be made directly to the Cash Management Account and shall be subject to the terms of the Cash Management Agreement, provided that if a Lockbox Account is in effect, then such payments shall be deposited into the Lockbox Account in accordance with this Agreement and the Lockbox AgreementDeposit Account. Failure by the Rate Cap Provider or Rate Swap Provider to make any payment under the Rate Cap or Rate Swap shall not relieve Borrower of any of its obligations to make any payments hereunder or under any other Loan Documents.

Assignment to Lender as Collateral. The Rate Cap and each replacement of a Rate Cap (including and each Rate Cap that Borrower is required to provide in connection with the extension of the Maturity Date) ; shall be assigned to Lender as security for the Debtcollateral. Borrower acknowledges that Borrower’s assignment of the Rate Cap to Lender shall not be deemed completed until such time as Borrower has delivered to Lender a written acknowledgement from the Rate Cap Provider of Borrower’s assignment of the Rate Cap to Lender that is acceptable to Lender in all respects. All payments made by the Rate Cap Provider shall be made directly to the Cash Management Account and shall be subject to the terms of the Cash Management Agreement, provided that if a Lockbox Account is in effect, then such payments shall be deposited into the Lockbox Account in accordance with this Agreement and the Lockbox AgreementAccount. Failure by the Rate Cap Provider to make any payment under the Rate Cap shall not relieve Borrower of any of its obligations to make any payments hereunder or under any other Loan Documents.