Notice of Derivative Liquidation Sample Clauses

Notice of Derivative Liquidation. In the event that any Loan Party receives any notice of early termination of any Derivative Contract to which it is a party from any of its counterparties, or any Derivative Contract to which any such Person is a party is subject to a Derivative Liquidation, prompt written notice of the receipt of such early termination notice or such Derivative Liquidation (and in the case of a voluntary Derivative Liquidation of any Derivative Contract, no less than five (5) Business Days’ prior written notice thereof), as the case may be (a “Derivative Cancellation Notice”), setting forth in reasonable detail (and otherwise subject to the Borrower’s good faith estimate), (x) the effect of such Derivative Liquidation on the aggregate notional volume of crude oil, natural gas and natural gas liquids, subject to such Person’s Derivative Contracts and (y) the amount of net cash proceeds received by such Person as a result of such Derivative Liquidation, and (z) the aggregate notional volume of crude oil, natural gas and natural gas liquids affected by such Derivative Liquidation, together with all other Derivative Liquidations consummated since the most recent Scheduled Borrowing Base Determination date (or, prior to the first Scheduled Borrowing Base Determination Date, since the Closing Date), and certifying whether such volume exceeds three percent (3%) of the aggregate notional volume of crude oil, natural gas and natural gas liquids subject to the Derivative Contracts of the Parent, the Borrower and their respective Subsidiaries in effect as of the most recent Scheduled Borrowing Base Determination date (or, prior to the first Scheduled Borrowing Base Determination Date, the Closing Date), and any other details thereof requested by the Administrative Agent or any Lender;