Common use of Required Xxxxxx Clause in Contracts

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 case so long as an Approved Counterparty is available (as reasonably determined by the Administrative Agent in consultation with the Borrowers) to enter into such Swap Agreements.

Required Xxxxxx. The Borrowers shall (i) no later than five (5) Business Days after any date on which Availability is less than fifty percent (50%) of the First Amendment Effective Date then-existing Borrowing Base (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 Datesuch aforesaid date, and (ii) no later than 15 calendar days after any date on which Availability is less than fifty percent (50%) of the First Amendment Effective Date then-existing Borrowing Base (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 such aforesaid date through at least 24 months immediately following the First Amendment Effective Date, in each case so long as an Approved Counterparty is available (as reasonably determined by the Administrative Agent in consultation with the Borrowers) to enter into such Swap Agreements.

Required Xxxxxx. The Borrowers shall (i) no later than five (5) Business Days after any date on which Availability is less than fifty percent (50%) of the First Amendment Effective Date then-existing Borrowing Base (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 Xxx 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 Datesuch aforesaid date, and (ii) no later than 15 calendar days after any date on which Availability is less than fifty percent (50%) of the First Amendment Effective Date then-existing Borrowing Base (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 such aforesaid date through at least 24 months immediately following the First Amendment Effective Date, in each case so long as an Approved Counterparty is available (as reasonably determined by the Administrative Agent in consultation with the Borrowers) to enter into such Swap Agreements.

Required Xxxxxx. The Borrowers shall (i) no later than five (5) 5 Business Days after the First Amendment Effective Closing 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 of no less than $35.00 per barrel than a minimum of ten percent (10%) below as determined by 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 of no less than $2.00 per Million Metric British Thermal Unit than a minimum of ten percent (10%) below as determined by 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 tocollectively, 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 Closing Date, and (ii) no later than 15 calendar days after the First Amendment Effective Closing 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%) 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 the a period from 13 months immediately following the First Amendment Effective Date through at least 24 months immediately following the First Amendment Effective Closing Date, and (iii) no later than 30 calendar days after the Closing 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 50% of the anticipated production from Proved Hydrocarbon Interests of the Credit Parties comprised of crude oil and natural gas classified as “proved developing producing” reserves as reflected in the most recently delivered Reserve Report through at least 36 months immediately following the Closing Date, in each case so long as an Approved Counterparty is available (as reasonably determined by the Administrative Agent in consultation with the Borrowers) to enter into such Swap Agreements.