Minimum Hedging. Within sixty (60) days following the Closing Date, the Borrower shall enter into Hedging Transactions covering at least forty-five percent (45%) of the Borrower’s and its Subsidiaries’ reasonably anticipated projected net production of oil and natural gas volumes from proved developed producing reserves of the Borrower and its Subsidiaries for twenty-four (24) months from the Closing Date at prices reasonably satisfactory to the Administrative Agent (the “Initial Hedging Requirement”). Thereafter, the Borrower shall maintain on a rolling twenty-four (24) months basis, Hedging Transactions covering at least forty-five percent (45%) of the Borrower’s and its Subsidiaries’ reasonably anticipated projected net production of oil and natural gas volumes from proved developed producing reserves of the Borrower and its Subsidiaries at prices reasonably satisfactory to the Administrative Agent.
Minimum Hedging. Within the timeframe set forth in Section 8.19(a), Borrower shall comply with the hedging requirements specified therein.
Minimum Hedging. Deliver to the Administrative Agent within 30 days after the Closing Date a certificate confirming that the Borrower and its Restricted Subsidiaries, if applicable, (a) are maintaining the Existing Swap Contracts and (b) have entered into additional Swap Contracts with Approved Counterparties reasonably acceptable to the Administrative Agent consisting of (i) costless collars with a minimum floor price per barrel and for at least the minimum notional volumes of crude oil per month set forth on Schedule 6.15 for the calendar year ending December 31, 2009, and (ii) swap transactions with respect to not less than the minimum notional volumes of crude oil and natural gas at or above the minimum price and for at least the minimum notional volumes per month set forth on Schedule 6.15 through December 31, 2012, or stating what (if any) additional Swap Contracts have been entered into. Upon the CONCHO AMENDED AND RESTATED CREDIT AGREEMENT request of the Majority Lenders, and to the extent each such Swap Contract allows, take all actions necessary to cause all of its right, title and interest in each Swap Contract to which it is a party to be collaterally assigned to the Administrative Agent, for the benefit of the Secured Parties. Upon the request of the Administrative Agent, the Borrower shall, within thirty (30) days of such request, provide to the Administrative Agent and each Lender copies of all agreements, documents, confirmations and instruments evidencing any Swap Contract to which the Borrower or any Restricted Subsidiary is then a party and not previously delivered to the Administrative Agent and Lenders, and such other information regarding such Swap Contracts as the Administrative Agent and Lenders may reasonably request. Failure by the Borrower to establish and maintain the Swap Contracts required by clause (b) of this Section 6.15 shall not result in the occurrence of a Default, provided that Required Lenders may request a Special Redetermination of the Borrowing Base and the Conforming Borrowing Base notwithstanding the restrictions placed on the number of Special Redeterminations the Required Lenders may request under Section 3.03.
Minimum Hedging. At any time any Permitted Second Lien Debt is outstanding, the Borrower will maintain in full force and effect Swap Agreements in respect of commodities reasonably acceptable to the Administrative Agent, covering aggregate notional volumes of not less than sixty percent (60%) of the reasonably anticipated projected production from Proved Developed Producing Oil and Gas Properties (as set forth on the most recently delivered Reserve Report) for the thirty-six (36) month period from the last day of the month in which such Permitted Second Lien Debt is outstanding.
Minimum Hedging. The Borrower shall enter into Hedge Transactions in amounts and at rates and prices at least sufficient to ensure that, as determined by the Technical Bank (acting reasonably in consultation with the Borrower) on a projected basis by reference to the then current Financial Model, the Borrower will not breach the provisions of Clause 21 (Financial Covenants) at any time on or before the Scheduled Maturity Date.
Minimum Hedging. (a) Subject to Section 6.17(b), the Borrower and/or other Loan Parties shall, on or before the date that is (I) 90 days after the Closing Date or (II) 30 days after the date of delivery of the most recent Reserve Report pursuant to Section 6.02(f), as applicable, enter into Swap Contracts in respect of Hydrocarbons entered into Not For Speculative Purposes the notional volumes for which (when aggregated with other commodity Swap Contracts then in effect) are no less than, as of such date of determination, (I) for the 24-month period following the Closing Date or (II) for the 24-month period following such date of delivery, as applicable, 70% of the reasonably anticipated projected Hydrocarbon production of natural gas of the Borrower and other Loan Parties (as forecast based upon, in the case of clause (I), the Initial Reserve Report or, in the case of clause (II), the most recent Reserve Report delivered pursuant to Section 6.02(f)).
Minimum Hedging. No later than 90 days after the Closing Date, with respect to each Project Company that is party to an SREC Agreement, the Borrower or such Project Company shall have entered into one or more Permitted Hedge Agreements (collectively) meeting the following requirements: (i) an initial hedge of at least 90% of the first vintage year of the SRECs, (ii) a hedge of at least 80% of the second vintage year of the SRECs, (iii) a hedge of at least 70% of the third vintage year of the SRECs and (iv) a maintenance hedge of no less than two vintage years of remaining SRECs. Section 6.18
Minimum Hedging. The Borrower and its Restricted Subsidiaries shall at all times maintain, Swap Contracts with Qualified Counterparties with respect to not less than 50% of forecasted production (on an aggregate barrel of oil equivalent basis) attributable to Oil and Gas Properties constituting PDP reserves described in the most recent Reserve Report for all periods through December 31, 2014 and thereafter on a rolling basis of not less than four quarters, but in no case past the Maturity Date”
Minimum Hedging. (a) The Credit Parties shall enter into and, subject to Section 9.16(b), maintain in effect at all times Swap Agreements with an Approved Counterparty in respect of commodities entered into Not for Speculative Purposes, the notional volumes of which are at least, (i) for each month during the twenty-four (24) calendar month period immediately following the Initial Funding Date, seventy-five percent (75%) of the reasonably anticipated projected production (measured on a Bbl basis and not, for the avoidance of doubt, on a volumetric basis) from the 113 Credit Parties’ Oil and Gas Properties constituting PDP Reserves (as set forth in the most recent Reserve Report delivered pursuant to the terms of this Agreement) of crude oil and (ii) for each month during the twenty-fifth (25) through thirty-sixth (36) calendar month period following the Initial Funding Date, fifty percent (50%) of the reasonably anticipated projected production (measured on a Bbl basis and not, for the avoidance of doubt, on a volumetric basis) from the Credit Parties’ Oil and Gas Properties constituting PDP Reserves (as set forth in the most recent Reserve Report delivered pursuant to the terms of this Agreement) of crude oil). Such Swap Agreements shall be Existing Swaps or otherwise in the form of fixed price swaps (at market prices) or “costless collars”.
Minimum Hedging. (a) On or before (i) December 31, 2021 (or such later date as the Administrative Agent may agree, in its discretion), the Borrower shall provide to the Administrative Agent reasonably satisfactory evidence that the Credit Parties have entered into Swap Agreements constituting Acceptable Hedge Transactions covering notional volumes of natural gas representing not less than twenty-five percent (25%), and (ii) March 31, 2022 (or such later date as the Administrative Agent may agree, in its discretion), the Borrower shall provide to the Administrative Agent reasonably satisfactory evidence that the Credit Parties have entered into Swap Agreements constituting Acceptable Hedge Transactions covering notional volumes of natural gas representing not less than fifty percent (50%), in each case, of the reasonably anticipated projected production of natural gas from the Credit Parties’ Proved Developed Producing Reserves as such projected production is set forth in the Initial Reserve Report or the Reserve Report most recently delivered pursuant to Section 8.12 for each quarter in the period of four (4) consecutive full calendar quarters commencing with (and including) the fifth calendar quarter after the Effective Date.
