Hydrocarbon Hedging. One or more Borrowers shall have Acceptable Hydrocarbon Hedge Agreements in place at all times effectively hedging at least 50% of the oil volumes of Borrowers. Borrowers will comply with all Acceptable Hydrocarbon Hedge Agreements existing or created on the Closing Date or entered into thereafter by any Borrower and not in violation of Section 6.15.
Hydrocarbon Hedging. One or more Borrowers shall have Acceptable Hydrocarbon Hedge Agreements in place effectively hedging at least 50% of the oil volumes of Borrowers, derived from the most recent third party engineering report received by Lender, covering the following periods: (a) within thirty (30) days of the effective date of the Third Amendment and at all times thereafter, covering the months of May through December of the 2015 calendar year and the months of January through October of the 20 16 calendar year; and (b) on or before May 31, 2015 and at all times thereafter, covering a period of not less than eighteen (18) consecutive months. Borrowers will comply with all Acceptable Hydrocarbon Hedge Agreements existing or created on the Closing Date or entered into thereafter by any Borrower and not in violation of Section 6.15.”
Hydrocarbon Hedging. On or before the Effective Date, the Borrower will enter into natural gas and crude oil Hedging Agreements with counterparties and on such other terms as are satisfactory to the Lender, that will enable the Borrower to obtain a net realized price of not less than (a) $2.20 per MMBtu of natural gas and (b) $17.50 per barrel of oil produced from its and each Borrower's Subsidiary's Hydrocarbon Interests on the volumes set forth on SCHEDULE IV (being an amount equal to 75% of the estimated production (for the period commencing as of the Effective Date and ending not earlier than the Stated Maturity Date for the Tranche B Loan) from proved developed producing reserves attributable to the Hydrocarbon Interests of the Borrower and its Subsidiaries as of the Effective Date), commencing no later than the date of the initial Loans hereunder.
Hydrocarbon Hedging. The Borrower will enter into natural gas and crude oil Hedging Agreements with Approved Hedge Counterparties and on such other terms as are reasonably satisfactory to the Administrative Agent, that will enable the Borrower to obtain the net realized prices of at least $5.00/MMBtu for natural gas and at least $50.00/bbl for crude oil] for Hydrocarbons produced from its and each Borrower’s Subsidiary’s Hydrocarbon Interests, for the volumes and for the time periods set forth on Part 1 of Schedule IV.
Hydrocarbon Hedging. At all times prior to the Stated Maturity Date, the Borrower will maintain the natural gas and crude oil Hedging 67 Credit Agrmt Agreements in the amounts set forth on Schedule IV hereto and with the Approved Hedge Counterparties that are party to such Hedge Agreements on or prior to the Effective Date and such other natural gas and crude oil Hedging Agreements with Approved Hedge Counterparties on terms and prices as may be reasonably satisfactory to the Administrative Agent.
Hydrocarbon Hedging. On or before the date of the initial Loans hereunder, the Borrower will enter into natural gas and crude oil Hedging Agreements with counterparties and on such other terms as are satisfactory to the Lender, that will enable the Borrower to obtain a net realized price of not less than (a) $1.75 per MMBtu of natural gas and (b) $16.00 per barrel of oil produced from its and each Borrower's Subsidiary's Hydrocarbon Interests on the volumes set forth on SCHEDULE IV (being an amount not less than 50% and not more than 70% of the estimated production (for the period commencing as of the Effective Date and ending twelve months later) from proved developed producing reserves attributable to the Hydrocarbon Interests of the Borrower and its Subsidiaries as of the Effective Date), commencing no later than the date of the initial Loans hereunder; PROVIDED, HOWEVER, that prior to the expiration of such twelve month period, the Borrower shall enter into Hedging Agreements covering the period beginning with the 13th month after the Effective Date and ending with the 18th month after the Effective Date, with respect to the volumes to be produced during such period.
Hydrocarbon Hedging. The Borrower will (i) maintain and keep in force all Hedging Agreements entered into prior to the Effective Date (all of 70 which are listed on SCHEDULE IV), and (ii) after the Effective Date, enter into natural gas Hedging Agreements with counterparties having a S&P rating or a Xxxxx'x rating of at least AA or Aa2, respectively, and on such other terms as are satisfactory to the Lender, that will enable the Borrower to obtain a net realized price of not less than $2.75 per MMBtu of natural gas from 65% of the Incremental Proved Producing Reserves as may from time to time be established, but in no event later than thirty (30) days after each periodic redetermination of the Borrowing Base (for the period commencing as of such redetermination and ending not earlier than the Stated Maturity Date for the Tranche B Loan). Notwithstanding the foregoing, the Borrower need not enter into any Hedging Agreement that would result in an average net realized wellhead price of less than $2.50 per MMBtu.
Hydrocarbon Hedging. Commencing October 1, 1999, the Borrower will not, and will not permit any of its Subsidiaries to, enter into Hedging Agreements except those that (a) are with a Lender whose senior unsecured long term debt or certificates of deposit is rated at least A by Standard & Poor's Corporation or A2 by Moodx'x Xxxestors Service, Inc., such Lender's Affiliates or other counterparties reasonably acceptable to the Administrative Agent, (b) do not result in Hedging Obligations that are (i) at any time during the twenty-four (24) months immediately following the incurrence of such Hedging Obligation, in excess of seventy-five percent (75%) of the reasonably anticipated production of Hydrocarbons during such period from the proved developed producing Hydrocarbon reserves owned by the Borrower and its Subsidiaries according to the most recent Engineering Report delivered to the Administrative Agent or (ii) at any time following the end of such twenty four (24) month period, in excess of fifty percent (50%) of the reasonably anticipated production of Hydrocarbons during such period from the proved developed producing Hydrocarbon reserves owned by the Borrower and its Subsidiaries according to the most recent Engineering Report delivered to the Administrative Agent and (c) the amount of the Hedging Obligation for the particular Hydrocarbon (i.e. - gas or oil) must not be materially in excess of the proportion that such Hydrocarbon bears to the total amount of proved developed Hydrocarbon reserves owned by the Borrower and its Subsidiaries. (For example, if the Borrower and its Subsidiaries owned proved developed producing Hydrocarbon reserves that were 45% oil-producing Properties and 55% gas-producing Properties, then any Hedging Obligation of the Borrower or its Subsidiaries for oil could not be, during the initial 24 month period, materially more than 45% of 75% of the reasonably anticipated production of Hydrocarbons from the proved developed producing Hydrocarbon reserves owned by the Borrower and its Subsidiaries according to the most recent Engineering Report delivered to the Administrative Agent.) The Borrower has entered into no other Hedging Agreements other than those listed in Schedule V.
Hydrocarbon Hedging. The Borrower will not, and will not permit any of its Subsidiaries to, enter into Hydrocarbon Hedging Agreements except those that (a) are with counterparties reasonably acceptable to the Lender, (b) do not result in Hedging Obligations that are at any time in excess of sixty percent (60%) of the value of the proved developed producing Hydrocarbon reserves owned by the Borrower and its Subsidiaries according to the most recent Engineering Report delivered to the Lender and (c) the amount of the Hedging Obligation for the particular Hydrocarbon (i.e. - gas or oil) must not be materially in excess of the proportion that such Hydrocarbon bears to the total amount of proved developed Hydrocarbon reserves owned by the Borrower and its Subsidiaries. (For example, if the Borrower and its Subsidiaries owned proved developed producing Hydrocarbon reserves that were 45% oil-producing Properties and 55% gas-producing Properties, then any Hydrocarbon Hedging Obligation of the Borrower or its Subsidiaries for oil could not be materially more than 45% of 60% of the value of the proved developed producing Hydrocarbon reserves owned by the Borrower and its Subsidiaries according to the most recent Engineering Report delivered to the Lender.)
