Required Xxxxxx. The Borrowers shall (i) no later than five (5) Business Days after the First Amendment Effective Date (or such later date as the Administrative Agent may agree in its sole discretion), enter into and at all times thereafter maintain, Swap Agreements at prices reasonably acceptable to the Administrative Agent (it being understood and agreed that Swap Agreements in respect of (1) crude oil at prices no less per barrel than a minimum of ten percent (10%) below the prevailing West Texas Intermediate settlement price as published by the New York Mercantile Exchange at the time such trade is entered into, and (2) natural gas at prices no less per Million Metric British Thermal Unit than a minimum of ten percent (10%) below the prevailing Xxxxx Hub settlement price as published by the New York Mercantile Exchange at the time such trade is entered into (the minimum pricing set forth in preceding clauses (1) and (2) are herein referred to, together, as the “Minimum Swap Agreement Prices”) are reasonably acceptable to the Administrative Agent) in respect of crude oil and natural gas in notional volumes no less than seventy-five percent (75%) of the anticipated production from Proved Hydrocarbon Interests of the Credit Parties comprised of crude oil and natural gas classified as “proved developed producing” reserves as reflected in the most recently delivered Reserve Report for a period through at least 12 months immediately following the First Amendment Effective Date, and (ii) no later than 15 calendar days after the First Amendment Effective Date (or such later date as the Administrative Agent may agree in its sole discretion), enter into and at all times thereafter maintain, Swap Agreements at prices reasonably acceptable to the Administrative Agent (it being understood and agreed that Swap Agreements in respect of crude oil and natural gas at prices of no less than the respective Minimum Swap Agreement Price are reasonably acceptable to the Administrative Agent) in respect of crude oil and natural gas in notional volumes no less than fifty percent (50%) of the anticipated production from Proved Hydrocarbon Interests of the Credit Parties comprised of crude oil and natural gas classified as “proved developed producing” reserves as reflected in the most recently delivered Reserve Report for the period from 13 months immediately following the First Amendment Effective Date through at least 24 months immediately following the First Amendment Effective Date, in each ...
Required Xxxxxx. On or before fifteen (15) days after the date of this Loan Agreement, Borrower and Guarantors, as applicable, will enter into Hedge Transactions covering crude oil and natural gas meeting the following requirements: (i) Hedge Transactions involving in the aggregate at lease fifty percent (50%) of Borrower’s and Guarantors’ anticipated production from its proved developed producing oil and gas properties (as forecast in Lender’s most recent engineering valuation of the Properties); (ii) Hedge Transactions for a period of not less than twenty-four months; (iii) Hedge Transactions resulting in a fixed price or floor price per barrel equal to or greater than $100.00 per barrel or $4.00 mcf of natural gas, or otherwise at hedging prices acceptable to Lender; and (iv) Hedge Transactions that are assignable to Lender as additional security for the Secured Obligations.
Required Xxxxxx. (A) Except to the extent expressly permitted by Part 12(a)(xiv), Party B shall not directly or indirectly enter into any transaction for the sale of Energy with any Customer involving a fixed forward price unless prior to, or contemporaneously with, entering into any such sale transaction, Party B shall have entered into a Swap Transaction, Option Transaction or physical forward transaction with Party A in respect of an equal notional or actual quantity of Energy (unless Party A determines that a lower quantity is appropriate to take into account such factors as Party A determines reasonable, including Party A’s forecast of Party B’s Customer attrition/churn or forecast modifications), with a lower fixed forward price with respect to physically settled transactions or with a floating price index with respect to a Swap Transaction that xxxxxx the market price of Energy at the relevant Delivery Point of such sale transaction, all in form and substance reasonably satisfactory to Party A;
Required Xxxxxx in a husband-like manner;
Required Xxxxxx. The Borrower or Parent will, no later than May 6, 2020, enter into the Required Xxxxxx and provide reasonably satisfactory evidence thereof to the Administrative Agent.”
Required Xxxxxx. (a) The Issuer shall maintain, at all times on and after the date of the Closing Date, Xxxxxx in the form of either one or more interest rate swaps or one or more interest rate caps, in each case, (i) between the Issuer and an Eligible Counterparty, (ii) with an aggregate notional amount that equals or, in the case of an interest rate cap only, exceeds the aggregate Outstanding Amount of the Floating Rate Notes of the relevant Class on the Closing Date and as of any date of determination thereafter, (iii) that, in the case of an interest rate swap, provides for the payment on each Payment Date to the Hedge Counterparty of interest at a fixed rate per annum and for payment to the Issuer of a floating rate per annum equal to LIBOR plus an applicable spread, based upon a notional amount equal to the Outstanding Amount of the relevant Class of Floating Rate Notes, (iv) that, in the case of an interest rate cap, has an effective strike rate based on LIBOR plus an applicable spread, in each case based upon a notional amount equal to the Outstanding Amount of the relevant Class of Floating Rate Notes, and that provides for payments on each Payment Date to the Issuer equal to any positive difference between LIBOR and the effective strike rate for such Floating Rate Interest Accrual Period, (v) with a final maturity date which is the date of the last required scheduled payment on the Receivables, (vi) with respect to which the Indenture Trustee has received a Hedge Assignment, (vii) which is either (I) substantially in the form of Exhibit F or (II) otherwise in form and substance reasonably acceptable to the Indenture Trustee acting at the direction of the Controlling Class and (viii) a copy of which has been delivered to the Indenture Trustee.
Required Xxxxxx. The Borrower will, within thirty (30) days (or such later date as the Administrative Agent may agree in its sole discretion) after the Closing Date enter into the Required Xxxxxx and provide reasonably satisfactory evidence thereof to the Administrative Agent.
Required Xxxxxx. On or before three (3) business days after the date of this Loan Agreement, Guarantors will enter into Hedge Transactions covering crude oil and natural gas meeting the following requirements: (i) Hedge Transactions resulting in at least seventy percent (70%) of Guarantors’ anticipated production from their proved developed producing oil and gas properties (as forecast in Lender’s most recent engineering valuation of the Properties) in the aggregate; (ii) Hedge Transactions for a period of not less than forty-eight (48) months; (iii) Hedge Transactions resulting in a fixed price or floor price per barrel or mcf equal to the prevailing NYMEX swap price or, if approved by Lender, a regional basis swap price, or otherwise at hedging prices acceptable to Lender; and (iv) Hedge Transactions that are assignable to Lender as additional security for the Loans.
Required Xxxxxx. Unless Agent agrees in writing to the contrary, Borrowers shall maintain the Hedge Transactions described in Schedule 2 attached and meeting the following requirements: (i) the Hedge Transactions shall cover the volumes set forth in Schedule 2 attached; (ii) the Hedge Transactions shall cover the periods set forth in Schedule 2 attached; and (iii) the Hedge Transactions shall have a fixed price or floor price per barrel equal to or greater than set forth in Schedule 2 attached. Within thirty (30) days of the date of this Loan Agreement, Borrowers shall provide evidence to Agent that all of the Existing Hedge Transactions described in Schedule 3 attached have been assigned from Parent to TEC.
Required Xxxxxx. The Borrower shall enter into and maintain the Required Xxxxxx.
