Hedging Condition definition

Hedging Condition means the circumstance that as of the later of (x) the date that is 90 days following the Closing Date and (y) April 1, 2012, the Borrower shall have entered into Hedge Agreements in respect of commodities the net notional volumes for which are not less than 50% of the reasonably anticipated projected Hydrocarbon production from the Credit Parties’ total Proved Developed Producing Reserves as forecast based upon the Initial Reserve Report for a term of five years (or for a shorter period if an equal amount of such notional volumes is hedged on a weighted-average basis (e.g., 100% of such anticipated production for a period of 2.5 years)).

Hedging Condition means, in respect of a Hedge Agreement or a Hedge Transaction, receipt by the Collateral Manager of legal advice from reputable legal counsel to the effect that the entry into such arrangements shall not require any of the Issuer, its directors or officers or the Collateral Manager or its directors, officers or employees to register with the United States Commodities Futures Trading Commission as a commodity pool operator or a commodity trading advisor pursuant to the United States Commodity Exchange Act of 1936, as amended.

Hedging Condition means that, as of any date of determination, the average Excess Spread for the three most recently elapsed calendar months is less than the sum of (i) the average of the Minimum Excess Spread determined as of the end of each of such three calendar months, plus (ii) 0.40%.

Examples of Hedging Condition in a sentence

• Although the Issuer shall, subject to the satisfaction of the Hedging Condition, enter into Currency Hedge Transactions to hedge any currency exposure relating to such Non-Euro Obligations, fluctuations in exchange rates may lead to the proceeds of the Collateral Obligations being insufficient to pay all amounts due to the respective Classes of Notes.

• Subject to the satisfaction of the Hedging Condition and the Portfolio Profile Tests, the Collateral Manager, on behalf of the Issuer, may purchase Non-Euro Obligations, provided that such Non-Euro Obligations otherwise satisfy the Eligibility Criteria.

• Subject to the satisfaction of the Hedging Condition and the limit in the Portfolio Profile Tests to Non-Euro Obligations comprising no more than 20.0 per cent.

• In addition, pursuant to the Collateral Management and Administration Agreement, the Collateral Manager, acting on behalf of the Issuer, is authorised to enter into the Hedge Transactions in order to mitigate such interest rate mismatch from time to time, subject to receipt in each case of Rating Agency Confirmation in respect thereof and subject to satisfaction of the Hedging Condition, discussed in "Commodity Pool Regulation" above.

• Although the Issuer shall, subject to the satisfaction of the Hedging Condition, enter into Currency Hedge Transactions to hedge any currency exposure relating to such Non-Euro Obligations, fluctuations in exchange rates may lead to the proceeds of the Collateral Obligations being insufficient to pay all amounts due to the respective Classes of Noteholders or may result in a decrease in value of the Collateral for the purposes of sale hereof upon enforcement of the security over it.

More Definitions of Hedging Condition

Hedging Condition means the circumstance that, as of the date that is 60 days following the Closing Date, the Borrower shall have delivered to the Administrative Agent reasonably satisfactory evidence demonstrating that the Credit Parties have entered into Hedging Transactions with approved counterparties with respect to not less than 50% of the quarterly projected production of oil and natural gas, calculated separately, from Proved Developed Producing Reserves included in the Initial Reserve Report for each quarter during the period of twenty-four (24) consecutive months immediately following the Closing Date at prices acceptable to the Administrative Agent.

Hedging Condition means, with respect to a Hedge Transaction, either (a) the Collateral Manager is satisfied that, at the time such Hedge Transaction is entered into by the Issuer, such Hedge Transaction complies with the U.S. Commodity Futures Trading Commission ("CFTC") interpretation concerning securitisation vehicle exemption from the definition of "commodity pool" or (b) the Collateral Manager obtains legal advice of reputable legal counsel that such Hedge Transaction will not cause the Issuer or the Collateral Manager to be required to register as a "commodity pool operator" with the CFTC with respect to the Issuer.

Hedging Condition means the circumstance that as of the date that is 90 days following the Closing Date, the Borrower shall have entered into or be subject to Hedge Agreements in respect of commodities the net notional volumes for which are not less than 40% of the reasonably anticipated projected Hydrocarbon production on a forward basis from the Credit Parties’ total Proved Developed Producing Reserves as forecast based upon the Initial Reserve Report for a term of five years (or for a shorter period if an equal amount of such notional volumes is hedged on a weighted-average basis (e.g., 80% of such anticipated production for a period of 2.5 years)). It is understood and agreed that the Hedging Condition is satisfied as of the Closing Date.

Hedging Condition means, in respect of a Hedge Agreement or a Hedge Transaction, each of the Permitted Securities Condition and the CPO Condition are satisfied.

Hedging Condition means that on or before the thirtieth (30th) day following the Closing Date, the Borrower shall have entered into or be subject to Hedge Agreements in respect of oil and gas commodities (but excluding natural gas liquids) the net notional volumes for which are not less than (a) with respect to crude oil, 65% for each month during the period from the Closing Date through September 30, 2022 and (b) with respect to natural gas, 50% for each month during the period from the Closing Date through September 30, 2021, in each case, of the reasonably anticipated projected Hydrocarbon production on a forward basis from the Credit Parties’ total Proved Developed Producing Reserves as forecasted for such period (based upon the Initial Reserve Reports).

Hedging Condition means that:

Hedging Condition means the circumstance that as of the later of (x) the date that is 90 days following the Closing Date and