Net Position. At no time will the Borrower allow its Net Position to exceed 2,000,000 MMBTUS of natural gas. At no time will the Borrower allow the sum of the following: (a) 25% of the Borrower’s Net Position Value, plus (b) Borrower’s Storage and Unhedged Transportation Exposure, plus (c) Borrower’s Below Index Sales Exposure, to exceed 33% of Borrower’s Net Working Capital at such time, where:
Net Position. If at any time the aggregate Net Position of a Loan Party or any Subsidiary exceeds the amounts set forth in the Risk Management and Credit Policy, the Loan Parties shall promptly notify the Agent, which notification shall explain the circumstances of such deviation and set forth a plan that provides in reasonable detail the actions the Loan Party or such Subsidiary proposes to take to reduce the applicable position deviation to an amount to achieve compliance with the Risk Management and Credit Policy. The Agent will, upon receipt of such notification, notify the Banks. If the Majority Banks determine in their sole discretion that such excess could reasonably be expected to have a Material Adverse Effect on the Loan Parties taken as a whole, then such failure to comply with the Risk Management and Credit Policy shall constitute an Event of Default and Agent shall promptly notify the Loan Parties of such determination. In any event, if the Loan Parties or any Subsidiary allow their aggregate Net Position to exceed the amounts set forth in the Risk Management and Credit Policy for a period exceeding three (3) Business Days, an Event of Default shall be deemed to have occurred.
Net Position. Net position of the System is classified in four components. Net position for investment in capital assets equals the balance of capital assets, net of accumulated depreciation, reduced by amounts due under outstanding borrowings used to finance the purchase or construction of those assets. Restricted expendable net position relates to noncapital net assets that must be used for a particular purpose, as specified by creditors, grantors, or contributors external to the System, including amounts deposited with trustees as required by revenue bond indentures. Restricted nonexpendable net position is equal the principal portion of permanent endowments. Unrestricted net position is the remaining net position that does not meet the definition of net investment in capital assets or restricted net position. When both restricted and unrestricted resources are available for use, the System uses the restricted resources first, then unrestricted resources as needed. Resources restricted by donors or grantors for specific operating purposes are reported in other operating revenue to the extent used in the period.
Net Position. Unrestricted net position shall be determined for both the Hendersonville System and the Laurel Park System as of June 30, 2024. Any unrestricted net position for the Hendersonville System in excess of ten percent (10%) of its operating budget for FY 2023-24 shall be distributed to the City of Hendersonville (after deducting Statutory Distribution Requirements for the Hendersonville System) with the City’s first quarterly distribution from the Blue Ridge ABC System. Any unrestricted fund balance for the Laurel Park System in excess of ten percent (10%) of its operating budget for FY 2023- 24 shall be distributed to the Town of Laurel Park with the Town’s first quarterly distribution from the Blue Ridge ABC System, and the Town shall comply with the Statutory Distribution Requirements for the Laurel Park System with respect to the fund balance so distributed to the Town.
Net Position. At no time will the Borrower allow the Net Position with respect to natural gas and crude oil/distillates to exceed the amounts specified below: Borrowing Base Sub-Cap in Effect Net Position for Natural Gas May Not Exceed Net Position for Crude Oil and Distillates for Crude Blending May Not Exceed (q) Section 8.15 (Unhedged Transportation Exposure). Section 8.15 is amended to read as follows:
Net Position. At no time will the Borrower allow its Net Position with respect to Products which are Base Metals or Precious Metals multiplied by the current market price relating thereto based on the most recent daily pricing provided by a commodity pricing report or other source acceptable to the Administrative Agent and the Required Lenders to exceed any of: (a) $5,000,000 for all positions relating to the same Unhedgeable Metal; (b) $10,000,000 for all positions relating to all Unhedgeable Metals in the aggregate, (c) $10,000,000 for all positions relating to the same Hedgeable Metal, or (d) $20,000,000 in the aggregate for all of the Borrower’s positions, whether relating to Hedgeable Metals or Unhedgeable Metals. At no time will the Borrower allow its Net Position with respect to Products which are Grain multiplied by the current market price relating thereto based on the most recent daily pricing provided by a commodity pricing report or other source acceptable to the Administrative Agent and the Required Lenders to exceed any of: (a) $100,000 for all positions relating to the same Grain; or (b) $400,000 in the aggregate for all of the Borrower’s positions, relating to Grain.
Net Position. Crude Oil Crude Oil Long Position Short Position ( ) ( ) Net Position Natural Gas Liquids Natural Gas Liquids Long Position Short Position ( ) ( ) Net Position Petroleum Products Petroleum Products Long Position Short Position ( ) ( ) Net Position To the best of my knowledge, the aggregate Net Position for the Loan Parties has at no time exceeded the applicable limitation set forth in Section 7.17 of that certain Seventh Amended and Restated Credit Agreement, dated to be effective as of July 31, 2013 by and among Spark, SEG, AES and related entities, Société Générale, and the other financial institutions which may become parties thereto (the “Credit Agreement”). Terms not defined herein have the meanings assigned to them in the Credit Agreement. Very truly yours, SPARK ENERGY HOLDINGS, LLC, a Texas limited liability company By: Name: Title: Responsible Officer Société Générale, as Administrative Agent Two Lincoln Centre 0000 XXX Xxxxxxx, Xxxxx 0000 Xxxxxx, XX 00000 Attention: Xxxxx Xxxxxxx Facsimilie: 000 000 0000 Email: xxxxx.xxxxxxx@xxxxx.xxx Re: Seventh Amended and Restated Credit Agreement, dated as of July 31, 2013 (as amended or supplemented from time to time, the “Agreement”), by and among Spark Energy Ventures, LLC (“Parent”), Spark Energy Holdings, LLC (“SEH”), Spark Energy, L.P. (“Spark”), Spark Energy Gas, LP (“SEG”), Associated Energy Services, LP (“AES”), Société Générale, and the other financial institutions which may become a party thereto (collectively, the “Banks”). Ladies and Gentlemen: The undersigned Responsible Officer (as that term is defined in the Agreement), who is authorized to act on behalf of SEH, Spark, SEG and AES, delivers the attached report to the Banks and certifies to the Banks that it is in compliance with the Agreement. Further, the undersigned hereby certifies that the undersigned has no knowledge of any Defaults or Events of Default under the Agreement which exist as of the date of this letter. The undersigned also certifies that the amounts set forth on the attached report constitute all Collateral which has been or is being used in determining availability for a Letter of Credit or advance under the Working Capital Line as of the preceding date. This certificate and attached report are submitted pursuant to Subsection 7.02(b) of the Agreement. Very truly yours, SPARK ENERGY HOLDINGS, LLC, a Texas limited liability company By: Name: Title: Responsible Officer To: Société Générale, as Administrative Agent Two Lincoln ...
Net Position. At no time will the Borrower allow its Net Position to ------------ exceed 2,500,000 MMBTUS of natural gas.
Net Position. At no time will the Borrower allow its Net Position with respect to Products multiplied by the current market price relating thereto based on the most recent daily pricing provided by a commodity pricing report or other source acceptable to the Administrative Agent to exceed: (a) $5,000,000 for all positions relating to the same Unhedgeable Metal; (b) $10,000,000 for all positions relating to all Unhedgeable Metals in the aggregate, (c) $8,000,000 for all positions relating to the same Hedgeable Metal, and (d) $25,000,000 in the aggregate for all of the Borrower’s positions, whether relating to Hedgeable Metals or Unhedgeable Metals.
Net Position. Represents the difference between all other elements in a statement of financial position. It may be stated as net investment in capital assets; restricted (distinguishing between major categories of restrictions); and unrestricted as defined by GASB 63. For purposes of this agreement, Net Position will be unrestricted, meaning the net amount of the assets, deferred outflows of resources, liabilities, and deferred inflows of resources that are not included in the determination of net investment in capital assets or the restricted component of net position.
