Commodity Hedging Transactions. (a) Subject to Section 7.15(b) below, if Utilization is less than or equal to 50% (the “Utilization Threshold”), Borrower shall enter into, and thereafter as of the last day of each fiscal quarter of the Borrower (each such date, the “Hedge Testing Date”), maintain, Commodity Hedging Transactions, fixing a price acceptable to Administrative Agent for a term of 12 months from such date, covering at least 50% of the monthly Projected Production of oil and natural gas (calculated separately) from the proved, developed producing Oil and Gas Properties of Borrower and its Subsidiaries based on the most recently delivered Reserve Report, and which are otherwise in compliance with Section 8.17 and on terms acceptable to Administrative Agent in its sole discretion;
Appears in 4 contracts
Samples: Credit Agreement (Granite Ridge Resources, Inc.), Credit Agreement (Granite Ridge Resources, Inc.), Credit Agreement (Granite Ridge Resources, Inc.)
