Designated Swap Obligations

Designated Swap Obligations. As of any date, Swap Obligations that are Finance Obligations and that have been designated in writing by the Company in its sole discretion (or designated in the Borrowing Base Certificate most recently delivered on or prior to such date) to the Administrative Agent as 'Designated Swap Obligations'; provided that in each case such designation shall not become effective until the third Business Day following the Administrative Agent's receipt of such designation (it being acknowledged and... agreed that, unless so designated, no Reserve in respect of such Swap Obligation will be instituted or maintained). View More