Permitted Hedging. (A) The Company shall not create, incur, assume or permit to exist any obligation under any Swap Contract relating to Crude Oil and Product, other feedstocks, other refined petroleum products or other hydrocarbons other than Specified Hedging Agreements that (I) reference Crude Oil or Products (each as defined in the S&O Agreement), (II) are executed at market prices and are settled based on one or more indices that are highly correlated to the purchase prices and sales prices of the referenced Crude Oil or Products and (III) have a term not exceeding 18 months; provided that, notwithstanding the foregoing, the Company and its Subsidiaries shall not be in breach of this Section 5(b)(iv)(A) by entering into the S&O Agreement and entering into any transactions thereunder or contemplated thereby.
Appears in 2 contracts
Samples: Pledge and Security Agreement (Par Pacific Holdings, Inc.), Pledge and Security Agreement (Par Petroleum Corp/Co)
Permitted Hedging. (A) The Company shall not create, incur, assume or permit to exist any obligation under any Swap Contract relating to Crude Oil and Product, other feedstocks, other refined petroleum products or other hydrocarbons other than Specified Hedging Agreements that (I) reference Crude Oil or Products (each as defined in the S&O Agreement)Products, (II) are executed at market prices and are settled based on one or more indices that are highly correlated to the purchase prices and sales prices of the referenced Crude Oil or Products Products, and (III) have a term not exceeding 18 months; provided that, notwithstanding the foregoing, the Company and its Subsidiaries shall not be in breach of this Section 5(b)(iv)(A18.5(c)(iii)(A) by entering into the S&O this Agreement and entering into any transactions thereunder or contemplated thereby.
Appears in 2 contracts
Samples: Supply and Offtake Agreement (Par Pacific Holdings, Inc.), Supply and Offtake Agreement (Par Pacific Holdings, Inc.)
