Approved Swap Agreement definition

Approved Swap Agreement means a Swap Agreement with any Approved Counterparty entered into in the ordinary course of business by any Credit Party for purposes of fixing prices and not for speculative purposes. For the avoidance of doubt, Approved Swap Agreements must be in the form of puts, floors, swap agreements and collars, but shall exclude put options, “put spreads”, and “three way collars” (as such terms are commonly understood by swap dealers); provided that the price floor for any such put or collar shall be set at an amount no less than 15% below the Five Year Strip Price, determined as of the date of purchase of such put or collar.

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Approved Swap Agreement means each agreement authorized by the Board constituting a “bond enhancement agreement” under Section 65.461, Texas Education Code, as amended, and/or a “credit agreement” under Chapter 1371, Texas Government Code, as amended, in relation to the payment or exchange of payments on PUF Bonds.

Approved Swap Agreement means each interest rate, currency or other similar swap or hedging agreement between Borrower and any Lender, as amended or replaced from time to time.

Examples of Approved Swap Agreement in a sentence

Any obligation owed to a Lender under the Approved Swap Agreement shall rank pari passu with the Obligations under the Loan Documents.
Each Approved Swap Agreement shall be secured by the Lien of the Collateral Documents (a) on a pari passu basis to the extent of the associated Swap Termination Value, and (b) to the extent of any excess, on a basis which is in all respects subordinated to all other Obligations.
Each Approved Swap Agreement shall be secured by the Lien of the Collateral Documents (a) on a pari ---- passu basis to the extent of the associated Swap Termination Value, and (b) to ----- the extent of any excess, on a basis which is in all respects subordinated to all other Obligations.
Any obligation owed to a Bank under an Approved Swap Agreement shall rank pari passu with the Obligations under the Loan Documents up to an amount equal to the risk assessment factor then generally utilized by the Administrative Agent in assessing similar interest rate protection agreements times the notional amount of Indebtedness covered by that Approved Swap Agreement, and shall be subordinate to the Obligations under other Loan Documents to the extent of any excess over such amount.
Accordingly, the Swap Agreement constitutes an Approved Swap Agreement and a Parity Swap Agreement (as defined in the Restated Indenture).

More Definitions of Approved Swap Agreement

Approved Swap Agreement means each interest rate, currency or

Approved Swap Agreement means an agreement with respect to the exchange of payments representing interest rates entered into by the Joint Venture in compliance with and according to the terms of the US$ Senior Loan Contract.

Approved Swap Agreement means each Swap Agreement between Borrower and a Lender.

Approved Swap Agreement means either (i) an interest rate swap agreement, interest rate cap or other agreement of a type described in Section 2.12 with respect to which the Agency’s obligations to make payments is a subordinate obligation issued pursuant to Section 5.16 or (ii) a Parity Swap Agreement which, in either case, has been approved as not causing a reduction or withdrawal of the rating then assigned to Bonds, by each Rating Agency.

Approved Swap Agreement means each interest rate, currency or other similar swap or hedging agreement between Borrower and any Lender, either as originally executed or as the same may from time to time be supplemented, modified, amended, renewed, extended, replaced or supplanted.

Approved Swap Agreement means either (i) an interest rate swap agreement, interest rate cap or other agreement of a type described in Section 2.12 with respect to which the Authority’s obligations to make payments is a subordinate obligation issued pursuant to Section 5.16 or (ii) a Parity Swap Agreement which, in either case, has been approved as not causing a reduction or withdrawal of the rating then assigned to Bonds, by each Rating Agency which has assigned a rating to any Outstanding Bonds at the request of the Authority.

Approved Swap Agreement the term "Lender" shall also include any Affiliate of a Lender which enters into a Swap Agreement which expressly relates to the Indebtedness evidenced by this Agreement and the Loan Documents.