COMMITMENTS AND CONTINGENCIES Credit Facilities Sample Clauses

COMMITMENTS AND CONTINGENCIES Credit Facilities. Deepwater Holdings and Poseidon are parties to a credit agreement under which they have an outstanding obligation that may restrict the payment of distributions to their respective owners. In connection with its formation, Deepwater Holdings assumed Western Gulf Holdings' obligations under its $100 million revolving credit facility entered into in February 1999, and amended and restated that facility to, among other things, increase the commitment amount to $175 million. Deepwater Holdings' ability to borrow money under this credit facility is subject to certain customary terms and conditions, including borrowing base limitations. The credit facility is collateralized by substantially all of the material contracts and agreements of East Breaks, West Cameron Dehy and Deepwater Holdings, including Deepwater Holdings' ownership in Stingray, UTOS, West Cameron Dehy, and Western Gulf, and its subsidiaries HIOS and East Breaks, and matures in February 2004. As of March 15, 2000, Deepwater Holdings had $147 million outstanding under its credit facility bearing interest at an average floating rate of 7.2 percent and had $13.2 million available. Poseidon has a revolving credit facility, as amended, with a syndicate of commercial banks to provide up to $150.0 million for the construction and expansion of the Poseidon system and for other working capital needs. Poseidon's ability to borrow money under this facility is subject to certain customary terms and conditions, including borrowing base limitations. The facility is collateralized by a substantial portion of 51 EL PASO ENERGY PARTNERS, L.P. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED) Poseidon's assets and matures on April 30, 2001. As of December 31, 1999, 1998 and 1997, Poseidon had $150.0 million, $131.0 million and $120.5 million, respectively, outstanding under its credit facility bearing interest at an average floating rate of 7.8 percent, 6.9 percent, and 7.2 percent per annum, respectively. In June 1999, the Viosca Xxxxx revolving credit facility was repaid and cancelled concurrent with the closing of the Partnership's acquisition of the additional interest in Viosca Xxxxx. The Stingray credit facility was paid off and cancelled concurrent with the formation of Deepwater Holdings. Funds from the Deepwater Holdings credit facility were used to pay off the Stingray credit facility. Borrowings under the above mentioned credit facilities may be used for capital expenditures, inv...
Sample 1
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COMMITMENTS AND CONTINGENCIES Credit Facilities. Deepwater Holdings and Poseidon are parties to credit agreements under which they have an obligation that may restrict the payment of distributions to their respective owners. Hedging Activities We hedge a portion of our oil and natural gas production to reduce our exposure to fluctuations in the market prices of oil and natural gas and to meet certain requirements under our revolving credit facility. We use commodity price swap instruments whereby monthly settlements are based on differences between the prices specified in the commodity price swap agreement and the settlement prices of certain futures contracts quoted on the NYMEX or certain other indices. We settle the commodity price swap transactions by paying the negative difference or receiving the positive difference between the applicable settlement price and the price specified in the contract. The commodity price swap transactions we use differ from futures contracts in that there is no contractual obligation which requires or allows for the future delivery of the product. The credit risk from our price swap contracts is derived from the counterparty to the transaction, typically a major financial institution. We do not require collateral and do not anticipate non-performance by this counterparty, which does not transact a sufficient volume of transactions with us to create a significant concentration of credit risk. Gains or losses on hedging activities and the termination of any hedging instruments are initially deferred and included as an increase or decrease to oil and natural gas sales in the period in which the hedged production is sold. For the years ended December 31, 2000, 1999 and 1998, we recorded a net (loss) gain of $(15.0) million, $(2.3) million and $2.5 million, respectively, from such activities. As of December 31, 1998, we maintained two natural gas sales swap transactions, one covering the calendar year 1999, and one covering the calendar year 2000. Each of these swaps carried a notional amount of 10,000 MMbtu/d. Under these transactions, we received a fixed price and paid a variable price based on monthly natural gas futures contract settlement price as set by NYMEX. In January 1999, we elected to change the term of our 1999 swap to calendar year 2000. In January 1999 and 2000, under the terms of this transaction, we fixed the contract price at $1.6686 per MMbtu and $1.8050 per MMbtu, respectively, for each swap. Each of our derivative instruments expired in December 2000 and ...
Sample 1

Related to COMMITMENTS AND CONTINGENCIES Credit Facilities

  • COMMITMENT OF THE THREE PARTIES By signing7 this document, the staff member, the sending institution and the receiving institution/enterprise confirm that they approve the proposed mobility agreement. The sending higher education institution supports the staff mobility as part of its modernisation and internationalisation strategy and will recognise it as a component in any evaluation or assessment of the staff member. The staff member will share his/her experience, in particular its impact on his/her professional development and on the sending higher education institution, as a source of inspiration to others. The staff member and the beneficiary institution commit to the requirements set out in the grant agreement signed between them. The staff member and the receiving institution/enterprise will communicate to the sending institution any problems or changes regarding the proposed mobility programme or mobility period. The staff member Name: Signature: Date: The sending institution Name of the responsible person: Signature: Date: The receiving institution/enterprise Name of the responsible person: Signature: Date: 1 Adaptations of this template: In case the mobility combines teaching and training activities, the mobility agreement for teaching template should be used and adjusted to fit both activity types. In the case of mobility between Programme and Partner Countries, this agreement must be always signed by the staff member, the Programme Country HEI as beneficiary and the Partner Country HEI as sending or receiving organisation. In case of mobility from Partner Country HEIs to Programme Country enterprises the last box should be duplicated to include the signature of the Programme Country HEI (the beneficiary) and the receiving organisation (four signatures in total).

  • Credit Facilities 22 2.1 Loans....................................................................... 22 2.2 Letters of Credit........................................................... 22 2.3 Commitments................................................................. 25

  • Commitment of Current Revenues Only In the event that, during any term hereof, the Commissioners Court does not appropriate sufficient funds to meet the obligations of County under this Agreement, County may terminate this Agreement upon ninety (90) days written notice to Company. County agrees, however, to use reasonable efforts to secure funds necessary for the continued performance of this Agreement. The parties intend this provision to be a continuing right to terminate this Agreement at the expiration of each budget period of County. Agreements for the acquisition, including lease of real or personal property under Tex. Loc. Govt. Code §271.903: In the event that, during any term hereof, the Commissioner’s Court does not appropriate sufficient funds to meet the obligations of County under this Agreement, County may terminate this Agreement upon ninety (90) days written notice to Company, County agrees, however, to use a best efforts attempt to obtain and appropriate funds for payment of the Agreement. The parties intend this provision, if applicable, to be a continuing right to terminate this at the expiration of each budget period of County in accordance with Tex. Loc. Govt. Code §271.903 (Xxxxxx Supp. 1996).

  • Commitments of the BUYER 1.1 The BUYER undertakes that no official of the BUYER, connected directly or indirectly with the contract, will demand, take a promise for or accept, directly or through intermediaries, any bribe, consideration, gift, reward, favour or any material or immaterial benefit or any other advantage from the BIDDER, either for themselves or for any person, organisation or third party related to the contract in exchange for an advantage in the bidding process, bid evaluation, contracting or implementation process related to the contract.

  • Specific Commitments Investments in respect of a particular undertaking of one of the Contracting Parties with respect to nationals and companies of the other Contracting Party shall be governed, without prejudice to the provisions of this Agreement, the terms of that commitment to the extent that it is more favourable provisions than those laid down in this Agreement.

  • Additional Commitments The Parties may negotiate commitments with respect to measures affecting trade in services not subject to scheduling under Article 106 (National Treatment) or Article 107 (Market Access), including those regarding qualifications, standards or licensing matters. Such commitments shall be inscribed in a Party's Schedule.

  • Other Commitments (1) If provisions in the legislation of either Contracting Party or rules of international law entitle investments by investors of the other Contracting Party to treatment more favourable than is provided for by this Agreement, such provisions shall to the extent that they are more favourable prevail over this Agreement.

  • COMMITMENT OF THE PARTIES By signing9 this document, the teaching staff member, the sending institution/enterprise and the receiving institution confirm that they approve the proposed mobility agreement. The sending higher education institution supports the staff mobility as part of its modernisation and internationalisation strategy and will recognise it as a component in any evaluation or assessment of the teaching staff member. The teaching staff member will share his/her experience, in particular its impact on his/her professional development and on the sending higher education institution, as a source of inspiration to others. The teaching staff member and the beneficiary institution commit to the requirements set out in the grant agreement signed between them. The teaching staff member and the receiving institution will communicate to the sending institution/enterprise any problems or changes regarding the proposed mobility programme or mobility period. The teaching staff member Name: Signature: Date: The sending institution/enterprise Name of the responsible person: Signature: Date: The receiving institution Name of the responsible person: Signature: Date: 1 Adaptations of this template: In case the mobility combines teaching and training activities, this template should be used and adjusted to fit both activity types. In the case of mobility between Programme and Partner Country HEIs, this agreement must be always signed by the staff member, the Programme Country HEI and the Partner Country HEI (three signatures in total). In the case of invited staff from enterprises to teach in Partner Country HEIs, this agreement must be signed by the participant, the Programme Country HEI as beneficiary; the Partner Country HEI receiving the staff member and the Programme Country enterprise (four signatures in total). An additional space will be added for signature of the Programme Country HEI organising the mobility. For invited staff from enterprises to teach in Programme Country HEIs, it will be sufficient with the signature of the staff member, the Programme Country HEI and the sending organisation (three signatures in total, same as in mobility between Programme Countries).

  • Financial Commitment 4.1. The cost associated with the representative season (refer representative season handbook) MUST be paid with the signing of this agreement.

  • Lenders KeyBank, the other lending institutions which are party hereto and any other Person which becomes an assignee of any rights of a Lender pursuant to §18 (but not including any participant as described in §18). The Issuing Lender shall be a Lender, as applicable. The Swing Loan Lender shall be a Lender.

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