Common use of Oil and Gas Hedge Transactions Clause in Contracts

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.

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 PERIODSettlement 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.

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 eighty percent (7580%) 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 eighty percent (7580%) of Borrower's and its Restricted Subsidiaries' anticipated production of oil from proved, developed producing reserves for the period (a "SETTLEMENT PERIODSettlement 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 Gas Hedge Transactions in existence at any time to exceed seventy-five eighty percent (7580%) 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 eighty percent (7580%) of Borrower's and its Restricted Subsidiaries' anticipated production of gas from proved, developed producing reserves for any Settlement Period.

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 eighty percent (7580%) of Borrower's ’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 eighty percent (7580%) of Borrower's ’s and its Restricted Subsidiaries' ’ anticipated production of oil from proved, developed producing reserves for the period (a "SETTLEMENT PERIOD"“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 eighty percent (7580%) of Borrower's ’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 eighty percent (7580%) of Borrower's ’s and its Restricted Subsidiaries' ’ anticipated production of gas from proved, developed producing reserves for any Settlement Period.