Common use of Hedging Program Clause in Contracts

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 eighty (80%) percent of the Borrower’s projected oil and gas PDP production set forth in the most recent third party engineering report.

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 '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 eighty seventy-five (8075%) percent of the Borrower’s 's projected oil and gas PDP production set forth in the most recent third party engineering report.

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 eighty (80%) percent of the Borrower’s projected oil and gas PDP production set forth in the most recent third party engineering report.

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 Lender and the Borrower. Without limiting the foregoing, the Borrower acknowledges the Agent’s and the Banks' Lender's 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 eighty seventy-five (8075%) percent of the Borrower’s 's projected oil and gas PDP production set forth in the most recent third party engineering report.