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. Maintain in effect and comply, in all material respects, with the provisions of the Minimum Required Commodity Hedge Agreements.
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. 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. 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. 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, Sixth Amendment to Credit Agreement 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. 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. (i) any Derivative Transactions to be entered into by the Borrower at any time during the Security Period relating to gold price hedging (Commodity Transactions) shall, subject to paragraph (a)(viii) below, be entered into only with the Hedging Banks pursuant to the Hedging Documents;
Commodity Hedging. Liquidate, terminate or fail to be in compliance, in all material respects, with any Commodity Hedge Agreement or Interest Rate Hedge Agreement to which it is a party as of the Closing Date or to which it becomes a party subsequent to the Closing Date and not in violation of the provisions of Section 6.1.
Commodity Hedging. The Financing Documentation will include customary maximum hedging conditions based upon production levels to be agreed and substantially consistent with the Existing Credit Agreement. It being understood and agreed that the commodity xxxxxx in place prior to the Restructuring Effective Date shall (a) remain in effect following the Restructuring Effective Date and shall be “rolled” into the Revolving Credit Facility and (b) not be subject to rights of set-off.
