Oil and Gas Hedge Transactions Sample Clauses

Oil and Gas Hedge Transactions. Borrower will not, and Borrower will not permit any of its Restricted Subsidiaries to, enter into Oil and Gas Hedge Transactions which would cause the volume of (a) (i) the aggregate notional volume of oil which is the subject of oil Oil and Gas Hedge Transactions in existence at any time to exceed seventy-five percent (75%) of Borrower's and its Restricted Subsidiaries' anticipated production of oil from proved, developed producing reserves during the entire term of such existing Oil and Gas Hedge Transactions, and (ii) the notional volume of oil with respect to which a settlement is required on a particular settlement date under such Oil and Gas Hedge Transactions to exceed seventy-five percent (75%) of Borrower's and its Restricted Subsidiaries' anticipated production of oil from proved, developed producing reserves for the period (a "SETTLEMENT PERIOD") from the immediately preceding settlement date under any oil Oil and Gas Hedge Transaction (or the commencement of such Oil and Gas Hedge Transactions in the event there is no prior settlement date) to such settlement date, and (b) (i) the aggregate notional volume of gas which is the subject of gas Oil and Hedge Transactions in existence at any time to exceed seventy-five percent (75%) of Borrower's and its Restricted Subsidiaries' anticipated production of gas from proved, developed producing reserves during the entire term of such existing Oil and Gas Hedge Transactions, and (ii) the notional volume of gas with respect to which a settlement is required on a particular settlement date under such gas Oil and Gas Hedge Transactions to exceed seventy-five percent (75%) of Borrower's and its Restricted Subsidiaries' anticipated production of gas from proved, developed producing reserves for any Settlement Period.
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Oil and Gas Hedge Transactions. Enter into Oil and Gas Hedge Transactions with the exception that Borrower and its Subsidiaries may enter into Oil and Gas Hedge Transactions as long as the volume of hydrocarbons with respect to which a settlement payment is calculated under such Oil and Gas Hedge Transactions does not exceed 80% of Borrower's and its Subsidiaries' anticipated production from proved, developed producing reserves during the period from the immediately preceding settlement date (or the commencement of the term of such Oil and Gas Hedge Transactions if there is no prior settlement date) to such settlement date.
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Oil and Gas Hedge Transactions. Within five (5) Domestic Business Days following the Signing Date (as defined in the First Amendment), Borrower shall purchase one or more commodity price floors or collars for crude oil and natural gas (i) with one or more Approved Counterparties, (ii) which have a floor strike price of not less than 95% of the quoted forward contract price per barrel (NYMEX/WTI basis adjusted equivalent) in respect of crude oil and per mcf (CIG basis) in respect of natural gas for delivery on a specified future date, (iii) which have aggregate notional volumes of at least the following percentages of Borrower’s and the Restricted Subsidiaries’ reasonably anticipated projected production of crude oil and natural gas from Proved Mineral Interests (as reflected in the most recent Reserve Report delivered to Administrative Agent pursuant to Section 4.1 hereof) for the following periods of time: (1) 40% for the last two Fiscal Quarters of 2009, (2) 70% for the calendar year 2010, and (3) 50% for the calendar year 2011, and (iv) which are otherwise on terms and conditions satisfactory to the Administrative Agent and in compliance with Section 9.11 of this Agreement. Borrower shall maintain the hedge position established by the Oil and Gas Hedge Transactions entered into pursuant to the preceding sentence during the periods specified thereby and shall neither assign, terminate or unwind any such Oil and Gas Hedge Transaction nor sell any Oil and Gas Hedge Transaction if the effect of such action (when taken together with any other Oil and Gas Hedge Transaction entered into contemporaneously with the taking of such action) would have the effect of canceling its positions under such Oil and Gas Hedge Transactions. Any replacement Oil and Gas Hedge Transaction entered into in connection with this Section 8.14 must be on terms and conditions satisfactory to the Administrative Agent and otherwise in compliance with Section 9.11 of this Agreement. Promptly upon entering into any Oil and Gas Hedge Transaction, Borrower shall provide to each Bank the certificate required by Section 8.1(n) hereof.”
Sample 1
Oil and Gas Hedge Transactions. Borrower will not, nor will Borrower permit any other Credit Party to, enter into any Oil and Gas Hedge Transactions which would cause the amount of (a) oil which is the subject of Oil and Gas Hedge Transactions in existence at such time to exceed seventy-five percent (75%) of Borrower’s anticipated production of oil from Proved Producing Mineral Interests during the term of such existing Oil and Gas Hedge Transactions, and (b) gas which is the subject of Oil and Gas Hedge Transactions in existence at such time to exceed seventy-five percent (75%) of Borrower’s anticipated production of gas from Proved Producing Mineral Interests during the term of such existing Oil and Gas Hedge Transactions, which Oil and Gas Hedge Transactions shall not, in any case, have a tenor of greater than three (3) years.
Sample 1
Oil and Gas Hedge Transactions. No Borrower will, and no Borrower will permit any of its Restricted Subsidiaries to, enter into Oil and Gas Hedge Transactions which would cause the volume of (a) (i) the aggregate notional volume of oil which is the subject of oil Oil and Gas Hedge Transactions in existence at any time to exceed seventy-five percent (75%) of any such Borrower's and its Restricted Subsidiaries' anticipated production of oil from proved, developed producing reserves during the entire term of such existing Oil and Gas Hedge Transactions, and (ii) the notional volume of oil with respect to which a settlement is required on a particular settlement date under such oil Oil and Gas Hedge Transactions to exceed (A) [ninety percent (90%)] of any such Borrower's and its Restricted Subsidiaries' anticipated production of oil from proved, developed producing reserves for the period (a "Settlement Period") from the immediately preceding settlement date under any oil Oil and Gas Hedge Transaction (or the commencement of such Oil and Gas Hedge Transaction in the event there is no prior settlement
Sample 1
Oil and Gas Hedge Transactions. Neither Borrower nor Guarantor will enter into any Oil and Gas Hedge Transaction which would cause, as of any date, the amount of Hydrocarbons which are the subject of Oil and Gas Hedge
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Oil and Gas Hedge Transactions. Borrower will not cancel, terminate, violate or otherwise breach the terms of, and shall maintain in full force and effect, the Oil and Gas Hedge Transactions that Borrower is required to enter into pursuant to Section SECTION 8.3.
Sample 1
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Oil and Gas Hedge Transactions. (a) Borrower will not, and Borrower will not permit any of its Restricted Subsidiaries to, enter into Oil and Gas Hedge Transactions (which Oil and Gas Hedge Transactions shall not have a tenor of greater than four (4) years) which would cause the aggregate notional volumes of oil and/or the aggregate notional volumes of gas to exceed the following percentages of its “forecasted production from Proved Mineral Interests” (as defined below) during any applicable period as measured from the effective date of the most recent Reserve Report delivered to Administrative Agent pursuant to Section 5.1 hereof: Year Hedged Percentage Limitation Oil Gas Year One 85 % 85 % Year Two 80 % 80 % Year Three 80 % 80 % Year Four 80 % 80 %
Sample 1
Oil and Gas Hedge Transactions. Borrower will not, nor will Borrower permit any other Credit Party to, enter into any Oil and Gas Hedge Transactions which would cause the amount of (a) oil which is the subject of Oil and Gas Hedge Transactions in existence at such time to exceed seventy-five percent (75%) of Borrower’s anticipated production of oil from Proved Producing Mineral Interests (as reflected in the Reserve Report in effect on the Closing Date and then, when available, the most recent Reserve Report delivered to Administrative Agent pursuant to Section 5.1 hereof) during the term of such existing Oil and Gas Hedge Transactions, and (b) gas which is the subject of Oil and Gas Hedge Transactions in existence at such time to exceed seventy-five percent (75%) of Borrower’s anticipated production of gas from Proved Producing Mineral Interests (as reflected in the Reserve Report in effect on the Closing Date and then, when available, the most recent Reserve Report delivered to Administrative Agent pursuant to Section 5.1 hereof) during the term of such existing Oil and Gas Hedge Transactions, which Oil and Gas Hedge Transactions shall not, in any case, have a tenor of greater than three (3) years.
Sample 1

Related to Oil and Gas Hedge Transactions

  • Hedge Transactions The Loan Parties will not, and will not permit any of their Subsidiaries to, enter into any Hedge Transaction, other than Hedge Transactions entered into in the ordinary course of business to hedge or mitigate risks to which the Loan Parties are exposed in the conduct of their business or the management of their liabilities. Solely for the avoidance of doubt, the Borrower acknowledges that a Hedge Transaction entered into for speculative purposes or of a speculative nature (which shall be deemed to include any Hedge Transaction under which any Loan Party is or may become obliged to make any payment (i) in connection with the purchase by any third party of any common stock or any Debt or (ii) as a result of changes in the market value of any common stock or any Debt) is not a Hedge Transaction entered into in the ordinary course of business to hedge or mitigate risks.

  • Hedging Contracts No Restricted Person will be a party to or in any manner be liable on any Hedging Contract, except:

  • Oil and Gas Properties The Borrower will and will cause each Subsidiary to, at its own expense, do or cause to be done all things reasonably necessary to preserve and keep in good repair, working order and efficiency all of its Oil and Gas Properties and other material Properties including, without limitation, all equipment, machinery and facilities, and from time to time will make all the reasonably necessary repairs, renewals and replacements so that at all times the state and condition of its Oil and Gas Properties and other material Properties will be fully preserved and maintained, except to the extent a portion of such Properties is no longer capable of producing Hydrocarbons in economically reasonable amounts. The Borrower will and will cause each Subsidiary to promptly: (i) pay and discharge, or make reasonable and customary efforts to cause to be paid and discharged, all delay rentals, royalties, expenses and indebtedness accruing under the leases or other agreements affecting or pertaining to its Oil and Gas Properties, (ii) perform or make reasonable and customary efforts to cause to be performed, in accordance with industry standards, the obligations required by each and all of the assignments, deeds, leases, sub-leases, contracts and agreements affecting its interests in its Oil and Gas Properties and other material Properties, (iii) cause each Subsidiary to do all other things necessary to keep unimpaired, except for Liens described in Section 9.02, its rights with respect to its Oil and Gas Properties and other material Properties and prevent any forfeiture thereof or a default thereunder, except to the extent a portion of such Properties is no longer capable of producing Hydrocarbons in economically reasonable amounts and except for dispositions permitted by Sections 9.16 and 9.17. The Borrower will and will cause each Subsidiary to operate its Oil and Gas Properties and other material Properties or cause or make reasonable and customary efforts to cause such Oil and Gas Properties and other material Properties to be operated in a safe, careful, and efficient manner in accordance with the practices of the industry and in compliance with all applicable contracts and agreements and in compliance in all material respects with all Governmental Requirements, including the Environmental Laws.

  • Hedging Agreements The Borrower will not, and will not permit any of its Subsidiaries to, enter into any Hedging Agreement, other than Hedging Agreements entered into in the ordinary course of business to hedge or mitigate risks to which the Borrower or any Subsidiary is exposed in the conduct of its business or the management of its liabilities.

  • Oil and Gas Matters (a) Except as has not had and would not reasonably be expected to have a Company Material Adverse Effect, and except for property (i) sold or otherwise disposed of in the ordinary course of business since the date specified in the reserve report prepared by the Company Reserve Engineer relating to the Company’s interests referred to therein and dated as of December 31, 2021 (the “Company Reserve Report”) or (ii) reflected in the Company Reserve Report or in the Company SEC Documents as having been sold or otherwise disposed of (other than transactions effected after the date hereof in accordance with Section 6.1(b)(v)), the Company and its Subsidiaries have good and defensible title to all Oil and Gas Properties forming the basis for the reserves reflected in the Company Reserve Report and in each case as attributable to interests owned by the Company and its Subsidiaries, free and clear of any Encumbrances, except for Permitted Encumbrances. For purposes of the foregoing sentence, “good and defensible title” means that the Company’s or one and/or more of its Subsidiaries’, as applicable, title (as of the date hereof and as of the Closing) to each of the Oil and Gas Properties held or owned by them (or purported to be held or owned by them) beneficially or of record with any applicable Governmental Entity that (1) entitles the Company (and/or one or more of its Subsidiaries, as applicable) to receive (after satisfaction of all Production Burdens applicable thereto), not less than the net revenue interest share shown in the Company Reserve Report of all Hydrocarbons produced from such Oil and Gas Properties throughout the productive life of such Oil and Gas Properties (other than decreases in connection with operations in which the Company and/or its Subsidiaries may be a non-consenting co-owner, decreases resulting from reversion of interests to co-owners with respect to operations in which such co-owners elected not to consent, decreases resulting from the establishment of pools or units, and decreases required to allow other working interest owners to make up past underproduction or pipelines to make up past under deliveries, in each case, to the extent occurring after the date of the Company Reserve Report) and (2) obligates the Company (and/or one or more of its Subsidiaries, as applicable) to bear a percentage of the costs and expenses for the maintenance and development of, and operations relating to, such Oil and Gas Properties, of not greater than the working interest shown on the Company Reserve Report for such Oil and Gas Properties (other than any positive difference between such percentage and the applicable working interest shown on the Company Reserve Report for such Oil and Gas Properties that are accompanied by a proportionate (or greater) increase in the net revenue interest in such Oil and Gas Properties).

  • Hedging Arrangements To the extent any Affiliate of a Lender is a party to a Secured Hedging Agreement with the Borrower, such Affiliate of a Lender shall be deemed to appoint the Administrative Agent its nominee and agent, and to act for and on behalf of such Affiliate in connection with the Security Documents and to be bound by this Article IX.

  • Brokerage Transactions Subject to the provisions of this Section 5 ---------------------- and absent instructions from the Investment Adviser or the Trust, the Subadviser will have full discretionary authority to place orders for the purchase and sale of securities for the account of the Fund with such brokers or dealers as it may select. In the selection of such brokers or dealers and the placing of such orders, the Subadviser is directed at all times to seek for the Fund the most favorable execution and net price available. It is also understood, however, that it is desirable for the Fund that the Subadviser have access to supplemental investment and market research and security and economic analyses provided by certain brokers who may execute brokerage transactions at higher commissions to the Fund than may result when allocating brokerage to other brokers solely on the basis of seeking the most favorable price and efficient execution. Therefore, the Subadviser is authorized to place orders for the purchase and sale of securities for the Fund with such certain brokers, subject to applicable laws and regulations and review by the Investment Adviser and the Trust's Board of Trustees from time to time with respect to the extent and continuation of this practice. It is understood that the services provided by such brokers may be useful to the Subadviser in connection with its services to other clients. On occasions when the Subadviser deems the purchase or sale of a security to be in the best interests of the Fund as well as other clients of the Subadviser, the Subadviser, to the extent permitted by applicable laws and regulations, may, but shall be under no obligation to, aggregate the securities to be sold or purchased in order to obtain the most favorable price or lower brokerage commissions and efficient execution. In such event, allocation of securities so sold or purchased, as well as the expenses incurred in the transaction, will be made by the Subadviser in the manner the Subadviser considers to be the most equitable and consistent with its fiduciary obligations to the Fund and to such other clients. The Subadviser will report on such allocations at the request of the Investment Adviser, the Fund or the Trust's Board of Trustees, providing such information as the number of aggregated trades to which the Fund was a party, the broker(s) to whom such trades were directed and the basis of the allocation for the aggregated trades. Subject to the foregoing provisions of this Section 5 and at the direction of the Investment Adviser or the Trust, the Subadviser may also consider sales of Fund shares as a factor in the selection of brokers or dealers for a Fund's portfolio transactions. In connection with purchases or sales of portfolio securities for the account of the Fund, neither the Subadviser nor any of its affiliated persons, will act as a principal or agent or receive directly or indirectly any compensation in connection with the purchase or sale of investment securities by the Fund, except as permitted by applicable law and with the express written consent of the Trust and the Investment Adviser. The Subadviser will advise the Fund's custodian and the Investment Adviser on a prompt basis of each purchase and sale of a portfolio security, specifying the name of the issuer, the description and amount or number of shares of the security purchased or sold, the market price, commission and gross or net price, trade date, settlement date and identity of the effecting broker or dealer, and such other information as may be reasonably required.

  • Hedging Agreement Any termination payment shall be due by the Borrower under any Hedging Agreement and such amount is not paid within ten (10) Business Days of the due date thereof.

  • Gas Contracts No Credit Party, as of the date hereof or as disclosed to the Administrative Agent in writing, (a) is obligated in any material respect by virtue of any prepayment made under any contract containing a “take-or-pay” or “prepayment” provision or under any similar agreement to deliver Hydrocarbons produced from or allocated to any of the Borrower’s and its Subsidiaries’ Oil and Gas Properties at some future date without receiving full payment therefor at the time of delivery or (b) except as has been disclosed to the Administrative Agent, has produced gas, in any material amount, subject to balancing rights of third parties or subject to balancing duties under Legal Requirements.

  • Secured Hedge Agreements and Secured Cash Management Agreements No Cash Management Bank or Hedge Bank that obtains the benefits of Section 10.4 or any Collateral by virtue of the provisions hereof or of any Security Document shall have any right to notice of any action or to consent to, direct or object to any action hereunder or under any other Loan Document or otherwise in respect of the Collateral (including the release or impairment of any Collateral) other than in its capacity as a Lender and, in such case, only to the extent expressly provided in the Loan Documents. Notwithstanding any other provision of this Article XI to the contrary, the Administrative Agent shall not be required to verify the payment of, or that other satisfactory arrangements have been made with respect to, Secured Cash Management Agreements and Secured Hedge Agreements unless the Administrative Agent has received written notice of such Secured Cash Management Agreements and Secured Hedge Agreements, together with such supporting documentation as the Administrative Agent may request, from the applicable Cash Management Bank or Hedge Bank, as the case may be.

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