Swap Reserve definition

Swap Reserve means any and all reserves which the Lender from time to time establishes, in its sole discretion, with respect to Swap Transactions.

Swap Reserve means the fluctuating reserve established by Agent against the applicable Borrowing Base in an amount equal to the aggregate Xxxx-to-Market Adjustment Amounts under all applicable Lender Interest Rate Agreements then outstanding. Agent shall adjust each Swap Reserve to reflect any change in any Xxxx-to-Market Adjustment Amount under a Lender Interest Rate Agreement as set forth in a certificate of the related Interest Rate Exchanger.

Swap Reserve shall have the meaning set forth in the definition of “Borrowing Base”

Examples of Swap Reserve in a sentence

• The Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Swap Reserve Fund and in all proceeds thereof.

• Funds on deposit in the Swap Reserve Fund on any Transfer Date, after giving effect to any withdrawals from the Swap Reserve Fund on such Transfer Date, shall be invested in such investments that will mature so that such funds will be available for withdrawal on or prior to the following Transfer Date.

• Funds on deposit in the Swap Reserve Fund shall be invested at the direction of the Servicer by the Trustee in Permitted Investments; provided, however, that, for purposes of the investment of funds on deposit in the Swap Reserve Fund, references in the definition of "Permitted Investments" to a rating of "A-1+" by Standard & Poor's shall be modified to require a rating of not lower than "A-1" by such Rating Agency.

• The Swap Reserve Fund shall be under the sole dominion and control of the Trustee for the benefit of the Class A Certificateholders, the Swap Counterparty and the Seller.

• If at any time the institution holding the Swap Reserve Fund ceases to be a Qualified Institution, the Seller shall notify the Trustee, and the Trustee upon being notified (or the Servicer on its behalf) shall, within 10 Business Days, establish a new Swap Reserve Fund meeting the conditions specified above with a Qualified Institution, and shall transfer any cash or any investments to such new Swap Reserve Fund.

More Definitions of Swap Reserve

Swap Reserve means, as of any date of determination, the amount of reserves that US Administrative Agent has established (based upon the Swap Counterparties’ reasonable determination of the credit exposure of the US Borrower and US Subsidiary Guarantors in respect of Hedging Arrangements with such Swap Counterparties).

Swap Reserve means the aggregate amount of reserves established by the Administrative Agent in amounts set forth in the written notices to the Administrative Agent from the Company (which amount may be established or increased (by further written notice from the Company to the Administrative Agent from time to time) as long as no Default or Event of Default exists and establishment of a Swap Reserve for such amount and all other Swap Obligations would not result in the total Revolving Exposures exceeding the lesser of (x) the total Commitment or (y) the Borrowing Base then in effect), and as such amount may be adjusted by the Administrative Agent based on such notices or otherwise increased, in its Permitted Discretion, from time to time in respect of Swap Obligations.

Swap Reserve means, with respect to all Swaps, the sum of the reserves determined by the relevant Swap Counterparties, each as specified in the relevant Swap documents or, if not so specified, in accordance with its customary methodology for similar agreements and, when used with respect to any single Swap, means the amount of the reserve determined by the Swap Counterparty thereto, provided that in no event shall the reserve with respect to any Swap exceed 100% of the face amount of the Senior Subordinated Notes covered thereby.

Swap Reserve means the aggregate amount of reserves established by Administrative Agent in amounts set forth in the written notices to the Administrative Agent referenced in the definition of “Pari Swap Obligations” and as such amount may be adjusted by the Administrative Agent based on such notices or otherwise increased, in its Permitted Discretion, from time to time in respect of Pari Swap Obligations.

Swap Reserve means any and all reserves which the Agent from time to

Swap Reserve means, at any time, an amount equal to 10% of the aggregate notional Dollar Equivalent amount of all Swap Contracts then in effect for the Borrowers; provided, that at such time as 10% of the aggregate notional Dollar Equivalent amount of all Swap Contracts of the Borrowers is less than $5,000,000, the Swap Reserve shall equal zero.

Swap Reserve means, as of any date of determination by Agent in its sole discretion that it desires to implement a Swap Reserve, the lesser of (a) $250,000 and (b) the amount of reserves that Agent has established (based upon the swap provider’s reasonable determination of the credit exposure in respect of then extant Permitted Swap Obligations; it being understood that if there are no Permitted Swap Obligations, the amount of reserves shall be zero) in respect of Permitted Swap Obligations then provided or outstanding; provided that, in order to qualify as a Swap Reserve, such reserve must be established on or substantially contemporaneous with the date that the relevant Lender or its Affiliate provides the applicable Swap Contract.