Minimum Hedging Volumes. The Issuer and/or other Note Parties will (a) within 45 days after the Effective Date (or such later date with the consent of the Requisite Holders in their sole discretion), enter into Swap Agreements reasonably satisfactory to the Requisite Holders with Approved Counterparties pursuant to which the Note Parties have hedged notional volumes of not less than (x) 85% of the reasonably anticipated projected production (based on the Initial Reserve Report updated by the Issuer to include xxxxx brought into production prior to the Effective Date) of crude oil and natural gas, calculated separately, from Proved Developed Producing Reserves of Oil and Gas Properties of the Note Parties for each month during the subsequent thirty-six (36) calendar month period immediately following the Effective Date and (y) 60% of the reasonably anticipated projected production (based on the Initial Reserve Report updated by the Issuer to include xxxxx brought into production prior to the Effective Date) of crude oil and natural gas, calculated separately, from Proved Developed Producing Reserves of Oil and Gas Properties of the Note Parties for each month during the thirty-seven (37) to sixty (60) calendar month period immediately following the Effective Date and (b) maintain at all times Swap Agreements reasonably satisfactory to the Requisite Holders with Approved Counterparties pursuant to which the Note Parties shall hedge notional volumes of not less than 85% of the reasonably anticipated projected production (based on the then most recently delivered Reserve Report hereunder) of crude oil and natural gas, calculated separately, from Proved Developed Producing Reserves of Oil and Gas Properties of the Note Parties for each calendar quarter during the subsequent thirty-six (36) calendar month period immediately following any date of determination (in each case, as forecasted based upon the most recent Reserve Report delivered pursuant hereto (after, for the avoidance of doubt, giving effect to the acquisition of the Whitehorse Assets being acquired pursuant to the Whitehorse Acquisition Agreement on and as of the Effective Date)); provided, that to the extent the delivery of a new Reserve Report hereunder results in a failure to satisfy the requirements of this clause (b), the Note Parties shall have thirty (30) days following the delivery of such Reserve Report (or such later date with the consent of the Requisite Holders in their sole discretion) to enter into additional ...
Minimum Hedging Volumes. The Borrower and/or other Loan Parties will as soon as practical after the Petition Date (and in no case later than ten (10) Business Days after the Petition Date), enter into Swap Agreements satisfactory to the Requisite Lenders with Approved Counterparties pursuant to which the Loan Parties have hedged notional volumes of not less than 70% of the reasonably anticipated projected production (based on the Initial Reserve Report and updated by the Borrower to include xxxxx brought into production and exclude xxxxx permanently shut in (as determined by the Borrower in its reasonable discretion), in each case prior to the Closing Date) of crude oil and natural gas, calculated separately, from Proved Developed Producing Reserves of Oil and Gas Properties of the Loan Parties for each month during the subsequent twenty-four (24) calendar month period immediately following the Petition Date; provided that in each case, at least 50% of all such Swap Agreements shall be in the form of fixed for floating swaps and the remaining percentage may be in the form of costless collars or puts.
