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. Commencing from and after March 31, 2022, the Borrower shall maintain Hedge Agreements (other than three-way collars) with one or more Approved Counterparties hedging minimum notional volumes of (i) at least 75% of the reasonably projected production of crude oil from Oil and Gas Properties classified as “proved developed producing” in the Reserve Report most recently delivered to the Administrative Agent, for each full calendar month during the period from and including the first full calendar month following each Minimum Hedging Requirement Date (as hereinafter defined) through and including the 24th full calendar month following each such Minimum Hedging Requirement Date and (ii) at least 50% of the reasonably projected production of crude oil from Oil and Gas Properties classified as “proved developed producing” in the Reserve Report most recently delivered to the Administrative Agent, for each full calendar month during the period from and including the 25th full calendar month following each such Minimum Hedging Requirement Date through and including the 36th full calendar month following each such Minimum Hedging Requirement Date; provided, that in the case of each of the foregoing clauses (i) and (ii), the notional volumes hedged under such Hedge Agreements shall be deemed reduced by the notional volumes of any short puts or other similar derivatives having the effect of exposing the Borrower or any other Loan Party to commodity price risk below the “floor” created by such Hedge Agreements of the Loan Parties for each applicable calendar month. On or prior to the date each Reserve Report (other than the Initial Reserve Report) is required to be delivered by the Borrower pursuant to Section 8.11(a) (each, a “Minimum Hedging Requirement Date”), the Borrower shall deliver evidence in form and substance satisfactory to the Administrative Agent that it has entered into Hedge Agreements to be in compliance with this Section 8.17 as of such Minimum Hedging Requirement Date.
2.4 Section 9.18 of the Credit Agreement is hereby amended and restated in its entirety to read in full as follows:
Minimum Hedging. Within the timeframe set forth in Section 8.19(a), Borrower shall comply with the hedging requirements specified therein.
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.
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. 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. (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)).
(b) If the Borrower has made commercially reasonable efforts to obtain the required minimum hedging described above, and has not received offers to provide such levels of Hydrocarbon hedging at quoted rates reflective of market bids and offers for similar secured transactions (as reasonably determined by the Borrower), the Borrower shall be deemed to have complied with the foregoing requirements to the extent that it maintains and/or enters into, as applicable, such levels of commodity hedging at such quoted rates reflective of market bids and offers.
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 two years or to the Maturity Date.
Minimum Hedging. The Administrative Agent shall have received evidence satisfactory to it that the Borrower has entered into Swap Agreements with one or more Approved Counterparties hedging minimum notional volumes of at least fifty percent (50%) of the reasonably projected production of crude oil and natural gas, each calculated separately, from the proved developed producing Oil and Gas Properties evaluated in the Novo Acquisition Reserve Report (excluding, for purposes of clarity, production attributable to the NOG Disposition Assets) for each full calendar month during the period from and including the second full calendar month following the Ninth Amendment Effective Date through and including December 31, 2024.
Minimum Hedging. (a) On or prior to the date that is thirty (30) days after the Third Amendment Effective Date (or such longer period as the Administrative Agent may agree in its sole discretion), the Borrower shall provide evidence to the Administrative Agent, in form and substance reasonably satisfactory to the Administrative Agent, that the Loan Parties shall have entered into Swap Agreements with one or more Approved Counterparties hedging minimum notional volumes of at least 75% of the reasonably projected production of crude oil and natural gas, calculated on a combined basis and on a barrel of oil equivalent basis, from proved developed producing Oil and Gas Properties evaluated in the Third Amendment Reserve Reports (on a combined basis), for each of the 24 full calendar months following such date; and (b) on April 1 and October 1 of each year, commencing with April 1, 2021 (each, a “Minimum Hedging Requirement Date”), the Borrower shall provide evidence to the Administrative Agent, in form and substance reasonably satisfactory to the Administrative Agent, that the Loan Parties have entered into Swap Agreements with one or more Approved Counterparties hedging minimum notional volumes of at least 75% of the reasonably projected production of crude oil and natural gas, calculated on a combined basis and on a barrel of oil equivalent basis, from proved developed producing Oil and Gas Properties evaluated in the Reserve Report most recently delivered to the Administrative Agent, for 24 full calendar months following such Minimum Hedging Requirement Date (provided that the Loan Parties shall not be required to hedge volumes attributable to the reasonably projected production from offshore Oil and Gas Properties for the months of August, September or October).
2.6 Amendment to Section 9.04(c). Section 9.04(c) is hereby amended and restated in its entirety to read as follows:
