Hedging Program Sample Clauses

Hedging Program. CFC will maintain at all times a Hedging Program for CFC and its Subsidiaries consistent with their Hedging Program in effect at and as of the Effective Date with such changes thereto as CFC reasonably deems appropriate for the conduct of its ongoing business.

Hedging Program. Enter into and maintain at all times after the Closing Date during the relevant period, Derivative Contracts for the purpose of hedging prices on the Oil and Gas thereafter expected to be produced by the Borrower or any of its Restricted Subsidiaries, which contracts shall (a) at all times through the third anniversary of the Closing Date cover not less than 70% of the Borrower’s and its Subsidiaries’ aggregate Projected Oil and Gas Production anticipated to be sold in the ordinary course of such Persons’ business during such three-year period, (b) thereafter, roll forward on a annual basis in order to cover not less than 50% of the Borrower’s and its Subsidiaries’ aggregated Projected Oil and Gas Production anticipated to be sold in the ordinary course of such Person’s business during the ensuing four fiscal quarters and (c) otherwise be in form and substance reasonably acceptable to the Administrative Agent. As used in this Agreement, the term “Projected Oil and Gas Production” means the projected production of oil or gas (measured by volume unit or BTU equivalent, not sales price) for the term of the contracts from Oil and Gas Properties and interests owned by the Borrower and its Subsidiaries which have attributable to them Proved Developed Producing Reserves, as such production is projected in the most recent Reserve Report delivered pursuant to Section 7.2(c), after deducting projected production from any Oil and Gas Properties sold or under contract for sale that had been included in such report and after adding projected production from any Oil and Gas Properties or Hydrocarbon Interests that had not been reflected in such report but that are reflected in a separate or supplemental reports prepared on the same basis as the reports delivered pursuant to Section 7.2(c) above and otherwise are satisfactory to the Administrative Agent.

Hedging Program. At all times when the Percentage Outstanding exceeds seventy-five (75%), the Borrower shall enter into and maintain in effect a hedging program (the "Hedging Program") consisting of Permitted Hedge Agreements that are mutually satisfactory to the Agent, the Required Banks and the Borrower. Without limiting the foregoing, the Borrower acknowledges the Agent's and the Banks' general expectation that at such time the Permitted Hedge Agreements comprising the Hedging Program (i) shall in no contract fix a price for a term of more than three (3) years, and (ii) in the aggregate shall cover no more than seventy-five (75%) percent of the Borrower's projected oil and gas PDP production set forth in the most recent third party engineering report.

Hedging Program. The Borrower shall at all times maintain a Hedging Program which represents a reasonable means for the Borrower to hedge certain interest rate risks associated with the mortgage banking business, and is a customary and standard Hedging Program comparable to that of other similarly situated mortgage banking companies.

Hedging Program. (a) At all times when the Percentage Outstanding exceeds seventy-five (75%) percent, the Borrower shall enter into and maintain in effect a hedging program (the “Hedging Program”) consisting of Permitted Hedge Agreements that are mutually satisfactory to the Agent, the Required Lenders and the Borrower. (b) The Borrower’s commodity Hedge Agreements (i) shall in no contract fix a price for a term of more than three (3) years, and (ii) in the aggregate shall not cover Obligated Volumes that exceed eighty five (85%) percent of the Borrower’s projected oil and gas PDP production set forth in the most recent engineering report (third party or internal, as applicable) used in the Borrowing Base re-determination, all as further provided in the definition of Permitted Commodity Xxxxxx. (c) If any Hedge Agreement of the Borrower or any Subsidiaries is used in the calculation of the Borrowing Base, then such Hedge Agreement shall not be cancelled, liquidated or unwound (including by obtaining an opposite position) if such action, when aggregated with all other such actions and with all sales and dispositions under clause (v) of Subsection 6.8(b) made during the time period between any two successive scheduled Borrowing Base redetermination dates, would cause the Material Value Change Amount to exceed in the aggregate five (5%) percent of the then effective Borrowing Base, without the prior written consent of the Agent and the Required Lenders.

Hedging Program. Itself, and shall cause each Subsidiary Guarantor to maintain at all times a Hedging Program consistent with the Hedging Program for such Person in effect at and as of the Effective Date.

Hedging Program. The Company's Hedging Program --------------- represents a reasonable means for the Company to hedge certain interest rate risks associated with the mortgage banking business, and is a customary and standard Hedging Program comparable to that of other mortgage banking companies. The Company shall not alter or modify its Hedging Program without the consent of the Majority Lenders; provided, however, that consent shall be deemed given to any new Hedging Program proposed in writing by the Company to the Lenders if the Company is not notified of the objection to such new Hedging Program by Lenders holding at least 33.3333% of the Aggregate Percentage Shares within five (5) Business Days of receipt of notice thereof from the Company.

Hedging Program. Not later than the fifteenth (15th) day following the First Amendment Effective Date, the Company shall, and shall cause its Subsidiaries to, enter into, and shall maintain at all times thereafter during the relevant period, Derivative Contracts for the purpose of hedging prices on the Oil and Gas thereafter expected to be produced by the Company or any of its Subsidiaries, which contracts shall (a) at all times through the third anniversary of the First Amendment Effective Date cover not less than 50% of the Company's and its Subsidiaries' aggregate Projected Oil and Gas Production anticipated to be sold in the ordinary course of such Persons' business during such three-year period, (b) thereafter, roll forward on a basis in order to cover not less than 50% of the Company's and its Subsidiaries' aggregate Projected Oil and Gas Production anticipated to be sold in the ordinary course of such Persons' business during the ensuing twelve (12) fiscal quarters and (c) otherwise be in form and substance reasonably acceptable to the Administrative Agent. The Company shall provide copies to the Administrative Agent of all Derivative Contracts then in effect not later than the fifteenth (15th) day following the First Amendment Effective Date, and thereafter contemporaneously with the delivery of each Reserve Report as prescribed by Section 7.2(c)(i) beginning with the delivery of the Reserve Report required to be delivered on or before October 1, 2007. Delivery of such copies at such times shall be accompanied by delivery of a certificate of a Responsible Officer, certifying that the Company is in compliance with the requirements of this Section 7.16." (f) Section 8.1(e) is hereby amended and restated in its entirety to read as follows:

Hedging Program. Subject to the provisions of Section 7.3, the Borrower shall not assign, terminate or unwind any of the Hedging Contracts reflected in the hedging positions set forth on a certificate delivered pursuant to Section 6.2(a) or sell any of such Hedging Contracts if the effect of such action (when taken together with any other Hedging Contracts executed contemporaneously with the taking of such action) would have the effect of canceling its positions under such Hedging Contracts unless such actions (a) are undertaken (i) with prior written notice to and approval from (which approval shall not be unreasonably withheld or delayed) the Agent and (ii) for the purpose of repositioning volumes for later or earlier months, for the purpose of eliminating production obligations in anticipation of temporary production shutdowns due to storms or other force majeure events, for the purpose of eliminating production obligations while maintaining hedge volumes and minimum prices for the Borrower or any of its Subsidiaries or for the purpose of placing such obligations under other Hedging Contracts that provide higher minimum prices for the Borrower or any of its Subsidiaries, and (b) are in compliance with the restrictions set forth in Section 7.3. As of the date of any determination or redetermination of the Borrowing Base, the Borrower shall maintain hedging positions that are acceptable to the Agent, acting reasonably.

Hedging Program. The Company shall maintain Derivative Contracts, subject to the restrictions set forth in Section 8.10(a) which fix a floor price during calendar year 2006 of at least $35.00 per barrel of oil equivalent on a notional volume of at least 5,000 barrels of oil equivalent per day.