SWAP RESERVES definition
SWAP RESERVES means, an amount (reflected in Dollars) calculated as of the last day of each month and separately for the US Borrowers and the Canadian Borrowers, equal to such Borrowers' net liability under the Swap Agreements to which such Borrowers are a party, calculated in accordance with GAAP, with such calculation subject to review and approval by the Administrative Agent.
SWAP RESERVES means, an amount (reflected in Dollars), calculated as of the last day of each month and separately for the US Borrowers and the Canadian Borrowers, equal to such Borrowers' liability under the Swap Agreements to which such Borrowers are a party and any exposure of the Lenders or Secured Affiliates with respect to such Swap Agreements.
SWAP RESERVES means, an amount (reflected in Dollars) calculated as of the last day of each month and separately for the US Borrowers and the Canadian Borrowers, equal to such Borrowers' net liability under the Swap Agreements to which such Borrowers are a party, calculated in accordance with GAAP, with such calculation subject to review and approval by the Administrative Agent; provided, that without limiting the foregoing, (x) the Administrative Agent shall not be required to establish any Swap Reserve with respect to any Swap Agreement provided by any Lender (or any of its Affiliates) for which the applicable Lender has not requested in writing that the Administrative Agent establish such Swap Reserve in advance of actually providing such Swap Agreement to the Credit Parties, (y) the amount of any Swap Reserve requested by any Lender shall accurately reflect such Lender's estimate of the obligations of the applicable Credit Party under such Swap Agreement, and (z) the Administrative Agent shall not be responsible for adjusting the amount of any Swap Reserve from time to time without written notice from the applicable Lender requesting the Administrative Agent to make any such adjustment.