Additional Limitations on Maximum Hedging Clause Samples

Additional Limitations on Maximum Hedging. The Borrower shall not, nor shall it permit any of its Restricted Subsidiaries to, (x) enter into, execute or otherwise assume any Hydrocarbon Hedge Contract if the aggregate notional volumes of crude oil, natural gas and natural gas liquids (each measured separately) covered by the Borrower and its Restricted Subsidiaries’ Hydrocarbon Hedge Contracts (when aggregated with other all Hydrocarbon Hedge Contracts then in effect and after giving effect to the Hydrocarbon Hedge Contracts to be entered into on such date) would exceed the volume limitations set forth below and for the periods set forth below, and (y) as of each Test Date, allow the aggregate notional volumes of crude oil, natural gas and natural gas liquids (each measured separately) covered by the Borrower and its Restricted Subsidiaries’ Hydrocarbon Hedge Contracts (when aggregated with other all Hydrocarbon Hedge Contracts then in effect and after giving effect to the Hydrocarbon Hedge Contracts, if any, to be entered into on such date) to exceed the volume limitations set forth below and for the periods set forth below: (i) for each full calendar month during the first twelve calendar months of the forthcoming sixty full calendar months following the date of determination, the greatest of (A) 75% of total Forecasted Production (from reserves of crude oil, natural gas and natural gas liquids (each measured separately)), (B) 85% of production from total projected Proven Reserves (from reserves of crude oil, natural gas and natural gas liquids (each measured separately)) (as detailed in the most recently delivered Engineering Report), and (C) 100% of the highest of the most recent three prior months’ actual production volume of crude oil, natural gas liquids and natural gas (each measured separately) (the “Actual Production”); (ii) for each full calendar month during the calendar months following the first twelve calendar months and prior to the last thirty-six full calendar months of the forthcoming sixty full calendar months following the date of determination, the greater of (A) 75% of total Forecasted Production (from reserves of crude oil, natural gas and natural gas liquids (each measured separately)) and (B) 85% of production from total projected Proven Reserves (from reserves of crude oil, natural gas and natural gas liquids (each measured separately)) (as detailed in the most recently delivered Engineering Report); or (iii) for each full calendar month during the last thirty-six full ca...