Common use of Excluded Swap Obligation Clause in Contracts

Excluded Swap Obligation. With respect to any Guarantor, (a) any Swap Obligation if, and to the extent that, all or a portion of the guarantee of such Guarantor of, or the grant by such Guarantor of a security interest to secure, such Swap Obligation (or any guarantee thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation, or order of the Commodity Futures Trading Commission (or the applicable or official interpretation of any thereof) (i) by virtue of such Guarantor’s failure to constitute an “eligible contract participant,” as defined in the Commodity Exchange Act and the regulations thereunder (determined after giving effect to any applicable keepwell, support, or other agreement for the benefit of such Guarantor and any and all applicable guarantees of such Guarantor’s Swap Obligations by other Loan Parties), at the time the guarantee of (or grant of such security interest by, as applicable) such Guarantor becomes or would become effective with respect to such Swap Obligation or (ii) in the case of a Swap Obligation that is subject to a clearing requirement pursuant to section 2(h) of the Commodity Exchange Act, because such Guarantor is a “financial entity,” as defined in section 2(h)(7)(C) of the Commodity Exchange Act, at the time the guarantee of (or grant of such security interest by, as applicable) such Guarantor becomes or would become effective with respect to such Swap Obligation or (b) any other Swap Obligation designated as an “Excluded Swap Obligation” of such Guarantor as specified in any agreement between the relevant Loan Parties and Hedge Provider applicable to such Swap Obligation.

Excluded Swap Obligation. With “Excluded Swap Obligation” means, with respect to any a Guarantor, (a) any Swap Obligation if, and to the extent that, all or a portion of the guarantee of such Guarantor of, or the grant by such Guarantor of a security interest to secure, as applicable, such Swap Obligation (or any guarantee thereof) is or becomes illegal or unlawful under the Commodity Exchange Act or any rule, regulation, or order of the Commodity Futures Trading Commission (or the applicable application or official interpretation of any thereof) (i) ), by virtue of such Guarantor’s failure for any reason to constitute an “eligible contract participant,” as defined in the Commodity Exchange Act and the regulations thereunder (determined after giving effect to any applicable keepwell, support, or other agreement for the benefit of such Guarantor and any and all applicable guarantees of such Guarantor’s Swap Obligations by other Loan Parties), at the time the guarantee Guaranty of (such Guarantor, or the grant of such security interest by, as applicable) by such Guarantor becomes or would become effective with respect to such Swap Obligation or (ii) in the case of a Swap Obligation that is subject to a clearing requirement pursuant to section Section 2(h) of the Commodity Exchange ActAct (or any successor provision thereto), because such a Guarantor is a “financial entity,” as defined in section 2(h)(7)(CSection 2(h)(7)(C)(i) of the Commodity Exchange ActAct (or any successor provision thereto), at the time the guarantee Guaranty of (such Guarantor, or the grant of such security interest by, as applicable) by such Guarantor becomes or would become effective with respect to such related Swap Obligation. If a Swap Obligation or (b) any other arises under a master agreement governing more than one Swap Obligation, such exclusion shall apply only to the portion of such Swap Obligation designated that is attributable to Swap Obligations for which such Guaranty or security interest or joint and several liability, as an “Excluded Swap Obligation” of such Guarantor as specified in any agreement between the relevant Loan Parties and Hedge Provider applicable to such Swap Obligationapplicable, is or becomes illegal or unlawful.

Excluded Swap Obligation. With The definition of “Excluded Swap Obligation” is added to read as follows: “Excluded Swap Obligation” means, with respect to any GuarantorLoan Party, (a) any Swap Obligation if, and to the extent that, all or a portion of the guarantee Guarantee of such Guarantor Loan Party of, or the grant by such Guarantor Loan Party of a security interest to secure, such Swap Obligation (or any guarantee Guarantee thereof) is or becomes illegal or unlawful under the Commodity Exchange Act or any rule, regulation, regulation or order of the Commodity Futures Trading Commission (or the applicable application or official interpretation of any thereof) (i) by virtue of such GuarantorLoan Party’s failure for any reason to constitute an “eligible contract participant” as defined in the Commodity Exchange Act (for the avoidance of doubt, giving effect to all provisions of the Loan Documents at the time of such Guarantee or the grant of such security interest) at the time the Guarantee of such Loan Party or a grant by such Loan Party of a security interest, would otherwise have become effective with respect to such Swap Obligation but for such Loan Party’s failure to constitute an “eligible contract participant,” as defined in at such time.” If a Swap Obligation arises under a master agreement governing more than one swap, such exclusion shall apply only to the Commodity Exchange Act and the regulations thereunder (determined after giving effect to any applicable keepwell, support, or other agreement for the benefit portion of such Guarantor and any and all applicable guarantees of such Guarantor’s Swap Obligations by other Loan Parties), at the time the guarantee of (or grant of such security interest by, as applicable) such Guarantor becomes or would become effective with respect to such Swap Obligation or (ii) in the case of a Swap Obligation that is subject attributable to a clearing requirement pursuant to section 2(h) of the Commodity Exchange Act, because swaps for which such Guarantor is a “financial entity,” as defined in section 2(h)(7)(C) of the Commodity Exchange Act, at the time the guarantee of (Guarantee or grant of such security interest by, as applicable) such Guarantor is or becomes or would become effective excluded in accordance with respect to such Swap Obligation or the first sentence of this definition. (b) any other Swap Obligation designated as an “Excluded Swap Obligation” of such Guarantor as specified in any agreement between the relevant Loan Parties and Hedge Provider applicable to such Swap Obligation.vi)

Excluded Swap Obligation. With “Excluded Swap Obligation” means, with respect to any a Guarantor, (a) any Swap Obligation if, and to the extent that, all or a portion of the guarantee of such Guarantor of, or the grant by such Guarantor of a security interest to secure, such Swap Obligation (or any guarantee thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation, regulation or order of the Commodity Futures Trading Commission (or the applicable application or official interpretation of any thereof) (i) by virtue of such Guarantor’s failure for any reason to constitute an “eligible contract participant,” as defined in the Commodity Exchange Act and the regulations thereunder (determined after giving effect to any applicable keepwell, support, or other agreement for the benefit of such Guarantor and any and all applicable guarantees of such Guarantor’s Swap Obligations by other Loan Parties), at the time the guarantee of (such Guarantor, or the grant of such security interest byinterest, as applicable) such Guarantor becomes or would become effective with respect to such Swap Obligation or (ii) in the case of a Swap Obligation that is subject to a clearing requirement pursuant to section Section 2(h) of the Commodity Exchange ActAct (or any successor provision thereto), because such Guarantor is a “financial entity,” as defined in section 2(h)(7)(CSection 2(h)(7)(C)(i) of the Commodity Exchange ActAct (or any successor provision thereto), at the time the guarantee of (or grant of such security interest by, as applicable) such Guarantor becomes or would become effective with respect to such related Swap Obligation. If a Swap Obligation or (b) any other arises under a master agreement governing more than one swap, such exclusion shall apply only to the portion of such Swap Obligation designated as an “Excluded Swap Obligation” of that is attributable to swaps for which such Guarantor as specified in any agreement between the relevant Loan Parties and Hedge Provider applicable to such Swap Obligationguarantee or security interest is or becomes illegal.