Hxxxxx. Each Borrower will not, and will not permit any of its Subsidiaries to, enter into:
(a) any Interest Rate Hedge or Foreign Currency Hedge, except Interest Rate Hxxxxx and Foreign Currency Hxxxxx entered into in the Ordinary Course of Business and not for speculative purposes; or
(b) any commodity swaps, options or futures contracts or any similar transactions except fuel hedge agreements entered into in the Ordinary Course of Business and not for speculative purposes in an aggregate amount not to exceed $5,000,000 at any time (the “Fuel Hedge Threshold”) that (i) are for the purpose of selling, purchasing or hedging against fluctuations in the price of fuel (all grades, including diesel) to which the Borrowers have actual or reasonably expected exposure, and (ii) do not create, permit or suffer to exist any Lien on the Collateral other than Permitted Encumbrances. For the avoidance of doubt, for purpose of this Section 7.26(b), the aggregate amount in respect of any one or more fuel hedge agreements shall mean, (x) for any date on or after the date such fuel hedge agreements have been closed out and termination value(s) determined in accordance therewith, such termination value(s), and (y) for any date prior to the date referenced in clause (x), the mark-to-market value(s) for such fuel hedge agreement, as determined based upon one or more mid-market or other readily available quotations provided by any recognized dealer in such fuel hedge agreements. Notwithstanding the foregoing, to the extent the aggregate amount of fuel hxxxxx as calculated in this Section 7.26(b) exceeds the Fuel Hedge Threshold at any time, the Agent shall implement a Reserve against the Formula Amount and the Maximum Revolving Advance Amount in an amount equal to such excess (it being understood that such Reserve shall increase or decrease in an amount that corresponds to any increase or decrease in such excess) and the Borrowers shall be deemed to be in compliance solely with respect to this Section 7.26(b) as a result thereof.
Hxxxxx. The Hxxxxx Lease and Rights of Ways; - Permit Number WDW168 issued on November 20, 2009 to Everest Exploration, Inc. by the Texas Commission on Environmental Quality to conduct Class I underground injection under Chapter 27 of the Texas Water Code and the related Transfer of Class I UIC Permit Number WDW168 dated March 8, 2010 from Everest Exploration, Inc. to STMV; - Amendment Number 23 to Radioactive Material License Number R03626 issued on July 19, 2012 to STMV by the Texas Commission on Environmental Quality to receive, acquire, possess, transfer and dispose radioactive material listed therein and to use such radioactive materials for the purposes and at the places designated therein;
Hxxxxx. The Company shall not, nor shall the Company permit any of its Subsidiaries to, make or assume any Hxxxxx.
Hxxxxx. The Hxxxxx Lease and Rights of Ways; Permit Number WDW168 issued on November 20, 2009 to Everest Exploration, Inc. by the Texas Commission on Environmental Quality to conduct Class I underground injection under Chapter 27 of the Texas Water Code and the related Transfer of Class I UIC Permit Number WDW168 dated March 8, 2010 from Everest Exploration, Inc. to STMV; Amendment Number 23 to Radioactive Material License Number R03626 issued on July 19, 2012 to STMV by the Texas Commission on Environmental Quality to receive, acquire, possess, transfer and dispose radioactive material listed therein and to use such radioactive materials for the purposes and at the places designated therein; The Palangana Leases; Area Permit Number UR03070 issued on November 26, 2008 to STMV by the Texas Commission on Environmental Quality to conduct Class III underground injection wxxxx for in situ recovery of uranium and aquifer restoration under Chapter 27 of the Texas Water Code as amended by Amendment dated May 4, 2012 to Area Permit Number UR03070 issued on November 26, 2008 to STMV by the Texas Commission on Environmental Quality to conduct Class III underground injection wxxxx for in situ recovery of uranium and aquifer restoration under Chapter 27 of the Texas Water Code; Production Area Authorization PAA1 under Area Permit Number UR03070 issued on January 5, 2009 to STMV by the Texas Commission on Environmental Quality to operate Class III underground injection wxxxx for in situ recovery of uranium and aquifer restoration; Permit Number WDW418 issued on March 27, 2009 to STMV by the Texas Commission on Environmental Quality to conduct Class I underground injection under Chapters 26 and 27 of the Texas Water Code and Chapter 361 of the Texas Health and Safety Code Axx.; Amendment Number 3 to Radioactive Material License Number R06062 issued on April 5, 2011 to STMV by the Texas Commission on Environmental Quality; Production Area Authorization PAA2 under Area Permit Number UR03070 issued on June 9, 2011 to STMV by the Texas Commission on Environmental Quality to operate Class III underground injection wxxxx for in situ recovery of uranium and groundwater restoration; Radioactive Material License Number R06062 issued on March 14, 2012 to STMV by the Texas Commission on Environmental Quality to receive, acquire, possess, transfer and dispose radioactive material listed therein and to use such radioactive materials for the purposes and at the places designated therein; Perm...
Hxxxxx. On or before January 1, 1997, G. Hxxxxx xxxll (a) assume, and cause the leasing/financing company or bank leasing to Hansxx'x xxx Mercedes Benz automobile being used by G. Hxxxxx (xxe "Mercedes") to assign to him, all obligations under said lease, (b) be responsible for and obtain in his own name insurance for the Mercedes, (c) be responsible for all maintenance, repair and all other costs and expenses associated with or relating to the Mercedes.
Hxxxxx. (a) At the Closing and except as otherwise agreed between Buyer and Seller, Seller shall cause all then existing hxxxxx associated with the Companies and the Business including hxxxxx which are held by or in the name of Seller or its Affiliates (other than the Companies) and are attributable to the Companies and the Business (the “Business-Related Hedge Arrangements”) to be held by the Companies. Schedule 6.10 includes a listing of the Business-Related Hedge Arrangements as of the date hereof (other than hxxxxx with customers and frac spread hxxxxx entered into the ordinary course of business). To the extent that Seller or its Affiliates (other than the Companies) incur any costs in breaking, terminating, substituting or transferring hedge arrangements in connection with the foregoing covenant or clause (b) below (“Hedge Transfer Breakup Costs”) then Buyer will bear such Hedge Transfer Breakup Costs as provided in Section 2.2,
(b) The Parties acknowledge that between the date hereof and the Closing, it is anticipated that the Business-Related Hedge Arrangements as existing on the date hereof will change based upon decisions and recommendations by the risk management committees of Buyer and Seller.
Hxxxxx. At Closing, (a) Sellers shall cause the termination, liquidation and unwinding of any Hedging Contracts that are binding upon or applicable to any Company Group Member or their respective Assets (or for which any Company Group Member has liability), including those set forth on Schedule 6.15 (the “Company Hxxxxx”) that are then in effect, (b) the Purchase Price shall be adjusted pursuant to Section 2.4(a)(x) with respect to the Company Hxxxxx and (c) and a portion of the Closing Payment shall be disbursed to the applicable Company Hedge counterparties in an amount equal to the Hedge Losses attributable to such Company Hxxxxx, if any, payable in connection with such termination, liquidation and unwinding.
Hxxxxx. There are no futures, options, swaps, or other derivatives with respect to the sale of Hydrocarbons from the Assets that will be binding on the Assets after Closing.
Hxxxxx. Enter into, or permit any Subsidiary to, enter into (i) any Hedge, except (a) Qualifying Hxxxxx, (b) Permitted Hxxxxx and (c) Hxxxxx entered into in the ordinary course of business in order to effectively cap, collar or exchange interest rates (from fixed to floating rates, from one floating rate to another floating rate or otherwise) with respect to any interest-bearing liability or investment of such Credit Party or any Subsidiary, (ii) any Hedge against any change in the price of natural gas if after giving effect to such Hedge, more than 70% (on a volumetric basis) of Forecasted Annual Production of natural gas for the year in which such Hedge is entered into or for any of the three subsequent calendar years would be covered by Hxxxxx to which any Credit Party Entity is a party, or (iii) any Hedge against any change in the price of oil if after giving effect to such Hedge, more than 70% (on a volumetric basis) of Forecasted Annual Production of oil for the year in which such Hedge is entered into or for any of the three subsequent calendar years would be covered by Hxxxxx to which any Credit Party Entity is a party. For purposes of any Collar, the volume hedged will be the notional volume of the put that constitutes a portion of such Collar, and the call that constitutes a portion of such Collar shall not be taken into account. Until the delivery of the first December 31 Engineering Report delivered after the Effective Date, the Forecasted Annual Production for oil and natural gas shall be as follows for the following years: 2007 0.753 MBO/day 841 MMcf/day 2008 0.866 MBO/day 914 MMcf/day 2009 0.713 MBO/day 774 MMcf/day 2010 0.559 MBO/day 634 MMcf/day
Hxxxxx. Attached hereto as Schedule 2 is a description of each Hedge related to the Bonds, the counterparty to such Hedge, the current ratings of such counterparty, termination events for each Hedge, including any termination upon downgrade of the counterparty and any collateralization requirements. The Issuer has not cross-defaulted any obligation under a Hedge with its obligations under any other instrument.
