Common use of Minimum Hedged Volume Clause in Contracts

Minimum Hedged Volume. The Borrower and/or other Credit Parties shall, on or before June 30, 2020 (or by such later date as the Administrative Agent may agree in its sole discretion), enter into and maintain during the period commencing January 1, 2021 through December 31, 2021 (the “Minimum Hedging Period”), Swap Agreements the net notional volumes (when aggregated with other commodity Swap Agreements then in effect) for which are not less than forty percent (40%) of the reasonably anticipated crude oil, natural gas and natural gas liquids production (calculated in the aggregate and on a barrel of oil equivalent basis, as applicable) on a monthly basis throughout the Minimum Hedging Period from the Oil and Gas Properties which are classified as Proved Developed Producing Reserves (as forecast based upon the most recent Reserve Report delivered pursuant to Section 8.12(a)). Notwithstanding anything to the contrary contained herein, any failure to enter into the required xxxxxx for the Minimum Hedge Period shall not result in a Default or an Event of Default and shall instead result in the Required Lenders having the right to adjust the Borrowing Base by an amount not to exceed the Borrowing Base value (as determined by the Required Revolving Credit Lenders) of the Swap Agreements which, if entered into, would cure the Borrower’s failure to be in compliance with this Section 8.20 until the earlier to occur of (i) the cure of the Borrower’s failure to be in compliance with this Section 8.20 and (ii) the occurrence of the Scheduled Redetermination scheduled for November 1, 2020.

Minimum Hedged Volume. The Borrower and/or other Credit Parties shall, on or before June 30, 2020 (or by such later date as the Administrative Agent may agree in its sole discretion), enter into and maintain during the period commencing January 1, 2021 through December 31, 2021 (the “Minimum Hedging Period”), Swap Agreements the net notional volumes (when aggregated with other commodity Swap Agreements then in effect) for which are not less than forty percent (40%) of the reasonably anticipated crude oil, natural gas and natural gas liquids production (calculated in the aggregate and on a barrel of oil equivalent basis, as applicable) on a monthly basis throughout the Minimum Hedging Period from the Oil and Gas Properties which are classified as Proved Developed Producing Reserves (as forecast based upon the most recent Reserve Report delivered pursuant to Section 8.12(a)). Notwithstanding anything to the contrary contained herein, any failure to enter into the required xxxxxx for the Minimum Hedge Period shall not result in a Default or an Event of Default and shall instead result in the Required Revolving Credit Lenders having the right to adjust the Borrowing Base by an amount not to exceed the Borrowing Base value (as determined by the Required Revolving Credit Lenders) of the Swap Agreements which, if entered into, would cure the Borrower’s failure to be in compliance with this Section 8.20 until the earlier to occur of (i) the cure of the Borrower’s failure to be in compliance with this Section 8.20 and (ii) the occurrence of the Scheduled Redetermination scheduled for November 1, 2020.