Derivatives Obligation definition
Derivatives Obligation means with respect to any Guarantor any obligation to pay or perform under any agreement, contract or transaction that constitutes a “swap” within the meaning of Section 1a(47) of the Commodity Exchange Act.
Derivatives Obligation as applied to any Person, means any direct or indirect liability, contingent or otherwise, of that Person: (a) under Interest Rate Agreements or (b) under any foreign exchange contract, currency swap agreement or other similar agreement or arrangement designed to protect that Person against fluctuations in currency values.
Examples of Derivatives Obligation in a sentence
No Person shall have any voting rights under any Loan Document solely as a result of the existence of obligations owed to it under any such Specified Derivatives Contract or in connection with any Specified Derivatives Obligation.
Each holder of a Secured Derivatives Obligation that represents an Unliquidated Secured Obligation shall provide or cause to be provided to the Administrative Agent and the Borrowers, not later than the last Business Day of each calendar week and at such other times as the Administrative Agent may reasonably request, the Estimated Liquidated Amount of such Unliquidated Secured Obligation.