Common use of Interest Rate Swap Clause in Contracts

Interest Rate Swap. Borrower and Lender or an affiliate of Lender (“Lender Parties”) may. from time to time, enter into an agreement including, but not limited to, an International Swap Dealers Association, Inc. (ISDA) Master Agreement or other arrangement which provides for an interest rate, currency, equity, credit or commodity swap, cap, floor or collar, spot or foreign currency exchange transaction, cross currency rate swap, currency option, any combination of, or option with respect to, any of the foregoing or similar transactions (collectively, a “Swap Transaction”), for the purpose of hedging Borrower’s exposure to fluctuations in interest rates, exchange rates, currency, stock, portfolio or loan valuations or commodity prices, together with schedules and documents related thereto and confirmations issued in connection therewith (all such agreements, arrangements, schedules, documents and confirmations, as the same may hereafter be renewed, extended, supplemented, increased or modified and in effect from time to time, are hereinafter referred to collectively as “Swap Documents”). Borrower represents, warrants, covenants and agrees that all Swap Documents executed by Borrower shall be included under the term Loan Documents. The indebtedness evidenced by the Note and any of the related documents including all principal and interest together with all other indebtedness and costs and expenses for which Borrower is responsible under the Note, or under any of the related documents, or under any of the Swap Documents to any of the Lender Parties including, without limitation, all assessments, losses, fees, penalties, costs and amounts of any kind or nature due from Borrower to any of the Lender Parties under or in connection with any Swap Documents (collectively, the “Swap Indebtedness”) shall, for all purposes of this Note, be considered as Obligations of Borrower to Lender under the Note and, notwithstanding anything contained herein or in any of the other Loan Documents to the contrary, all such Swap Indebtedness due from Borrower to any of the Lender Parties under any such Swap Documents shall further be considered to be part of the indebtedness owing by ▇▇▇▇▇▇▇▇ to Lender under the Note, hereunder and under each of the other Loan Documents, the repayment of which shall be secured by all of the Loan Documents. Notwithstanding any other provisions of the Loan Documents, Borrower shall not have the right to prepay the Note, in whole or in part, while any Swap Documents are in effect, unless such prepayment is approved in writing by Lender in its sole and absolute discretion and simultaneously with or prior to any such prepayment Borrower shall fully pay and perform any and all liabilities and obligations of any nature whatsoever arising under the Swap Documents. Prepayment of the principal amount of the Note, in whole or in part, whether voluntary or involuntary, will be subject to payment by Borrower to Lender of all assessments, losses, fees and costs of any kind or nature incurred by Lender under any and all Swap Documents by and between Borrower and Lender, which arise, directly or indirectly, as a result of such prepayment. Moreover, at no time during the term of the Swap Transaction may the then principal balance of the loan be less than the then remaining notional amount of the Swap Transaction and any prepayment of the Note below the notional amount will require an equivalent reduction in the notional amount under the Swap Documents. This prepayment penalty provision is only applicable if Borrower and ▇▇▇▇▇▇ have entered into a Swap Transaction evidenced by separate Swap Documents.

Interest Rate Swap. Borrower and Lender or an affiliate of Lender (“Lender Parties”) may. , from time to time, enter into an agreement including, but not limited to, an International Swap Dealers Association, Inc. (ISDA) Master Agreement or other arrangement which provides for an interest rate, currency, equity, credit or commodity swap, cap, floor or collar, spot or foreign currency exchange transaction, cross currency rate swap, currency option, any combination of, or option with respect to, any of the foregoing or similar transactions (collectively, a “Swap Transaction”), for the purpose of hedging Borrower’s exposure to fluctuations in interest rates, exchange rates, currency, stock, portfolio or loan valuations or commodity prices, together with schedules and documents related thereto and confirmations issued in connection therewith (all such agreements, arrangements, schedules, documents and confirmations, as the same may hereafter be renewed, extended, supplemented, increased or modified and in effect from time to time, are hereinafter referred to collectively as “Swap Documents”). Borrower represents, warrants, covenants and agrees that all Swap Documents executed by Borrower shall be included under the term Loan Documents. The indebtedness evidenced by the Note and any of the related documents including all principal and interest together with all other indebtedness and costs and expenses for which Borrower is responsible under the Note, or under any of the related documents, or under any of the Swap Documents to any of the Lender Parties including, without limitation, all assessments, losses, fees, penalties, costs and amounts of any kind or nature due from Borrower to any of the Lender Parties under or in connection with any Swap Documents (collectively, the “Swap Indebtedness”) shall, for all purposes of this Note, be considered as Obligations of Borrower to Lender under the Note and, notwithstanding anything contained herein or in any of the other Loan Documents to the contrary, all such Swap Indebtedness due from Borrower to any of the Lender Parties under any such Swap Documents shall further be considered to be part of the indebtedness owing by ▇▇▇▇▇▇▇▇ to Lender under the Note, hereunder and under each of the other Loan Documents, the repayment of which shall be secured by all of the Loan Documents. Notwithstanding any other provisions of the Loan Documents, Borrower shall not have the right to prepay the Note, in whole or in part, while any Swap Documents are in effect, unless such prepayment is approved in writing by Lender in its sole and absolute discretion and simultaneously with or prior to any such prepayment Borrower shall fully pay and perform any and all liabilities and obligations of any nature whatsoever arising under the Swap Documents. Prepayment of the principal amount of the Note, in whole or in part, whether voluntary or involuntary, will be subject to payment by Borrower to Lender of all assessments, losses, fees and costs of any kind or nature incurred by Lender under any and all Swap Documents by and between Borrower and Lender, which arise, directly or indirectly, as a result of such prepayment. Moreover, at no time during the term of the Swap Transaction may the then principal balance of the loan be less than the then remaining notional amount of the Swap Transaction and any prepayment of the Note below the notional amount will require an equivalent reduction in the notional amount under the Swap Documents. This prepayment penalty provision is only applicable if Borrower and ▇▇▇▇▇▇ have entered into a Swap Transaction evidenced by separate Swap Documents.