Commodity Hedging. Maintain in effect and comply, in all material respects, with the provisions of the Minimum Required Commodity Hedge Agreements.
Commodity Hedging. Not, nor permit any of its Restricted Subsidiaries to, directly or indirectly, enter into or assume any Commodity Hedging Obligations except in the ordinary course of business and not for speculative purposes.
Commodity Hedging. Commodity hedging arrangements shall be with (i) any Lender or any affiliate of a Lender or (ii) an Approved Counterparty, shall not be for speculative purposes and shall be limited to no more than 85% of the reasonably anticipated forecasted production from the proved oil and gas properties of the Credit Parties (based on the most recent Reserve Report) for the period not exceeding 60 months from the date such hedging arrangement is created (collectively, the “Ongoing Xxxxxx”); provided that, in addition to the Ongoing Xxxxxx, in connection with a proposed acquisition (each, a “Proposed Acquisition”) by a Credit Party of oil and gas properties, the Credit Parties may also enter into incremental hedging contracts from and after the date on which such Credit Party signs a definitive acquisition agreement in connection with a Proposed Acquisition (but not earlier than 90 days prior to the anticipated closing date of the Proposed Acquisition) with respect to the reasonably anticipated forecasted production from the oil and gas reserves attributable to such Proposed Acquisition (based on the Borrower’s internal engineering reports) having notional volumes not in excess of 70% of such projected production for a period not exceeding 36 months from the date such hedging arrangement is created; provided further that if the Proposed Acquisition has not been consummated within 90 days after such definitive acquisition agreement was executed (or such longer period as to which the Administrative Agent may agree) or if the Proposed Acquisition terminates or is terminated, then within 15 days after the earlier of such 90 day period (or longer) or such termination, the Borrower shall novate, unwind or otherwise dispose of such incremental hedging contracts to the extent necessary to be in compliance with the hedging covenants concerning Ongoing Xxxxxx. It is understood that for purposes hereof, the following hedging agreements shall not be deemed speculative or entered into for speculative purposes: (a) any commodity hedging agreement intended, at inception of execution, to hedge or manage any of the risks related to existing and or forecasted oil and gas production (based on the most recently delivered Reserve Report) of the Borrower or its restricted subsidiaries (whether or not contracted) and (b) any hedging agreement intended, at the time of execution, (i) to hedge or manage the interest rate exposure associated with any debt securities, debt facilities or leases (e...
Commodity Hedging. Comply in all material respects with any Commodity Hedge Agreements entered into by the Borrower or any Domestic Subsidiary of the Borrower subsequent to the Closing Date and not in violation of the provisions of Section 6.1.
Commodity Hedging. Giving effect to the Loans and ABL DIP Credit Loans to be made on the Closing Date and the use of the proceeds thereof, no Obligor has any Commodity Hedging Obligations.
Commodity Hedging. Except as could not reasonably be expected to have a Material Adverse Effect, comply in all material respects with any Commodity Hedge Agreements entered into by the Borrower or any Subsidiary of the Borrower subsequent to the Closing Date and not in violation of the provisions of Section 6.1 and provide to the Agent, no later than the 30th day following the end of each calendar month, a report, in form reasonably acceptable to the Agent, reflecting (a) in the case of Oil and Gas Properties of the Borrower or any of the Guarantors located in the State of Texas or, regardless of location, operated by the Borrower or any of the Guarantors, the volumes of hydrocarbons produced from such Oil and Gas Properties during the calendar month preceding the calendar month in which such report is to be provided, (b) in the case of Oil and Gas Properties of the Borrower or any of the Guarantors located in the State of Wyoming or, regardless of location, not operated by the Borrower or any of the Guarantors, the volumes of hydrocarbons produced from such Oil and Gas Properties during the period covered by the information most recently received by the Borrower or the relevant Guarantor from the operator or operators of such Oil and Gas Properties and (c) the details of the notional amounts of hydrocarbons, as of the end of the calendar month preceding the calendar month in which such report is to be provided, under then existing Commodity Hedge Agreements to which any of the Borrower and the Guarantors is a party.”
Commodity Hedging. To the extent Utilization at any time exceeds 25%, Borrower shall either (a) immediately prepay the entire amount of such excess to Administrative Agent, for the ratable account of Revolving Credit Lenders, or (b)within 3 Business Days of such occurrence, enter into, and thereafter maintain, Acceptable Commodity Hedging Agreements at strike prices acceptable to Administrative Agent covering at least 75% of Projected Production of natural gas for the first full 12 months after such occurrence and 50% of Projected Production of natural gas for the succeeding 6 months.
Commodity Hedging. Concurrently with the date that that the Reserve Report is required to be delivered pursuant to Section 8.11, commencing March 1, 2025, the Borrower shall, and shall cause the Restricted Subsidiaries to, enter into and maintain Swap Agreements with Approved Counterparties in the form of swaps, collars (other than “three-way collars”), floors or other types reasonably acceptable to the Administrative Agent pursuant to which the Borrower and the Restricted Subsidiaries shall hedge notional volumes covering:
(a) at least 80% of the aggregate of the reasonably anticipated projected production of crude oil and natural gas, calculated on a quarterly basis (as forecasted based on the then most recently delivered Reserve Report hereunder) from the Borrowing Base Properties constituting Proved Developed Producing Reserves and the Shelduck wxxxx identified to the Administrative Agent prior to the Effective Date for crude oil and natural gas for the period commencing on the first day of the first full calendar month following such date of determination and ending on December 31, 2028; and
(b) at least 80% of the aggregate of the reasonably anticipated projected production of natural gas liquids (which may, at the Borrower’s option, be calculated on a BOE Basis), calculated on a quarterly basis (as forecasted based on the then most recently delivered Reserve Report hereunder) from the Borrowing Base Properties constituting Proved Developed Producing Reserves and the Shelduck wxxxx identified to the Administrative Agent prior to the Effective Date for natural gas liquids for the period commencing on the first day of the first full calendar month following such date of determination and ending on December 31, 2026.
Commodity Hedging. As promptly as practicable, and in any event within ten (10) days after the Effective Date, the Borrower will, or will cause its Subsidiaries to, enter into, and thereafter until the Obligations have been indefeasibly paid in full and all Commitments have terminated and all Letters of Credit have terminated or expired, crude oil Hedging Agreements on such terms and with such parties as shall be reasonably satisfactory to the Administrative Agent, with respect to 75% of crude oil production as of the Effective Date (for the period commencing as of the Effective Date and ending not earlier than the date which is two years after the Effective Date) from the "proved developed producing oil and gas reserves" (as defined in the standards and guidelines of the U.S. Securities and Exchange Commission) which are attributable to the Hydrocarbon Interests of the Borrower and its Subsidiaries as set forth in the Borrowing Base Report delivered as of the Effective Date; provided that at no time, until the Obligations have been indefeasibly paid in full and all Commitments have terminated and all Letters of Credit have terminated or expired, shall Borrower and its Subsidiaries have crude oil Hedging Agreements in place with respect to more than 85% of crude oil production from the "proved developed producing oil and gas reserves" (as defined in the standards and guidelines of the U.S. Securities and Exchange Commission) which are attributable to the Hydrocarbon Interests of the Borrower and its Subsidiaries as set forth in the most recently delivered Reserve Report.
Commodity Hedging. As promptly as practicable, the Borrowers will enter into, and thereafter maintain in effect at all times for the months of December, 2005, and January, February and March of 2006 (the "Hedging Period"), one or more Hedging Transactions in respect of Borrowers' Petroleum Products assuring a liquidation value of not less than 70% of the average of the lower of Borrowers' cost or the prevailing Petroleum Inventory Market Price of Eligible Petroleum Inventory, Eligible Petroleum Inventory-Not-Received and Eligible Positive Exchange Agreement Balances, with such Hedging Transactions to be described in reasonable detail in each Borrowing Base Certificate delivered during the Hedging Period.
