Minimum Hedging Requirement. Within 30 days after the date upon which the Borrowing Base is automatically increased pursuant to Section 4.1 of this Second Amendment (the end of such 30 day period being the “Required Hedging Date”), the Borrower shall provide evidence to the Administrative Agent, in form and substance satisfactory to the Administrative Agent, that the Borrower has entered into Swap Agreements with one or more Approved Counterparties hedging reasonably anticipated proved developed producing production for natural gas evaluated in the most recently delivered Reserve Report related to the WPX Acquisition Properties as follows (the “Incremental Hedging Requirement”): Fourth quarter fiscal year 2014: 3,561,000 MMBtu; Fiscal year 2015: 16,635,000 MMBtu; Fiscal year 2016: 5,580,000 MMBtu; and Fiscal year 2017: 5,016,000 MMBtu. If the Borrower fails to timely deliver such evidence to the Administrative Agent by the Required Hedging Date, then, effective as of the Required Hedging Date, the Borrowing Base then in effect shall be reduced automatically by an amount, as determined by the Administrative Agent, equal to the Borrowing Base value contributed by the quantities which were not hedged by the Borrower pursuant to the Incremental Hedging Requirement.
Minimum Hedging Requirement. Within ten (10) Business Days after the first funding under any Permitted Advance Payment Agreement, the Credit Parties shall enter into and maintain Swap Contracts, the net notional volumes (when aggregated with other commodity Swap Contracts then in effect) for which are not less than one hundred percent (100%) of the minimum amount of production required to be sold under all Permitted Advance Payment Agreements on a monthly basis throughout the shortest of (i) the subsequent twelve (12) month period, (ii) the period ending on the first (1st) anniversary of the Revolving Credit Maturity Date and (iii) the tenor of such Permitted Advance Payment Agreements.
Minimum Hedging Requirement. At all times not less than seventy percent (70%) of the consolidated funded indebtedness (excluding the aggregate principal amount of all outstanding Loans plus the aggregate amount of all Letter of Credit Liabilities) of Holdings shall bear interest at a fixed rate or be the subject of one or more hedge arrangements which have the effect of making the indebtedness which is the subject of such hedge arrangements bear interest at a fixed rate.
Minimum Hedging Requirement. The Administrative Agent shall have received (a) evidence reasonably satisfactory to the Administrative Agent that Borrower and its Restricted Subsidiaries are party to Acceptable Commodity Hedging Transactions in the form of costless Page 5 collars, puts or fixed price swaps (and excluding, for the avoidance of doubt, three-way collars) with floor prices and/or strike prices, as applicable, that are not less than eighty-five percent (85%) of the applicable New York Mercantile Exchange forward curve price for crude oil (WTI) or natural gas, as applicable, at the time such Acceptable Commodity Hedging Transactions are entered into, to hedge notional amounts of crude oil and natural gas, as applicable, covering not less than, for each month during the eighteen (18) month period following the First Amendment Effective Date, fifty percent (50%) of the reasonably anticipated production of crude oil and natural gas, calculated separately, from Borrower and its Restricted Subsidiaries’ Proved Oil and Gas Properties constituting proved developed producing reserves as projected for such 18-month period in the Reserve Report prepared under the supervision of the chief engineer of Borrower and delivered to the Administrative Agent on October 16, 2023 and setting forth, as of September 30, 2023, the oil and gas reserves attributable to all of the Oil and Gas Properties of Borrower and its Restricted Subsidiaries and (b) a certificate of a Responsible Officer of the Borrower, in form and substance reasonably satisfactory to the Administrative Agent, setting forth that the Loan Parties have satisfied the foregoing hedging requirement described in clause (a) and providing supporting information reasonably satisfactory to the Administrative Agent demonstrating compliance thereof.
Minimum Hedging Requirement. Minimum Hedging Requirement. Within ten (10) Business Days after the first funding under any Permitted Advance Payment Agreement, the Credit Parties shall enter into and maintain Swap Agreements (with price floors reasonably satisfactory to the Administrative Agent), where net notional volumes (when aggregated with other commodity Swap Agreements then in effect) are not less than one hundred percent (100%) of the total amount of production required to be sold under all Permitted Advance Payment Agreements on a monthly basis sufficient to cover the monthly amortization payments under all then existing Permitted Advance Payment Agreements until the final scheduled payment thereunder.
