Required Xxxxxx means Swap Agreements entered into by the Borrower at prices reasonably acceptable to the Administrative Agent on not less than (a) 70% of the reasonably projected production from the Proved Reserves classified as “Developed Producing Reserves” attributable to any Oil and Gas Properties of the Loan Parties for each of crude oil and natural gas, calculated separately, through April 23, 2023 as reflected in the Initial Reserve Report and (b) 50% of the reasonably projected production from the Proved Reserves classified as “Developed Producing Reserves” attributable to any Oil and Gas Properties of the Loan Parties for each of crude oil and natural gas, calculated separately, for a rolling 36 months period thereafter as reflected in the most recently delivered Reserve Report. Notwithstanding the foregoing, if the Borrower and the Required Lenders agree in writing (including by email), then the Required Xxxxxx may instead be Swap Agreements entered into by the Borrower on a percentage of projected production from the Oil and Gas Properties of the Loan Parties for each of crude oil and natural gas, calculated separately, on terms and conditions (including pricing, percentages, notional volumes, the projections upon which such percentages and notional volumes are based, tenor and other terms and conditions) that are reasonably acceptable to the Required Lenders and agreed to by the Borrower.
Required Xxxxxx has the meaning given such term in the Commitment Letter.
Required Xxxxxx means Swap Agreements entered into by the Borrower at prices reasonably acceptable to the Administrative Agent (a) in respect of crude oil, on not less than 50% of the projected production from the Proved Reserves classified as “Developed Producing Reserves” attributable to the Oil and Gas Properties of the Loan Parties as reflected in the July 1st reserve report delivered pursuant to the Existing Credit Agreement, through December 31, 2019, and (b) in respect of natural gas, on not less than 50% of the projected production from the Proved Reserves classified as “Developed Producing Reserves” attributable to the Oil and Gas Properties of the Loan Parties as reflected in the July 1st reserve report delivered pursuant to the Existing Credit Agreement, through December 31, 2019.
Examples of Required Xxxxxx in a sentence
Within fifteen (15) Business Days of the Effective Date (or such later date as the Administrative Agent may agree), the Borrower shall enter into 100% of the Required Xxxxxx described in clause (a) of the definition thereof, and at all times thereafter the Borrower shall establish and maintain the Required Xxxxxx described in clause (b) of the definition thereof.
Any Required Xxxxxx transferred shall be considered as our debt due to you and not as Client Money, therefore it will be returned to you on completion of your trade(s), subject to any repayment obligation by you.
If a Drafted Rookie accepts the Required Xxxxxx described in Article 6, Section 3, then the player must be paid in his first season at the rate of the Minimum Allotment multiplied by the Year-One Rookie Compensation Pool.
Each Required Xxxxxx, by their execution hereof, hereby authorizes and directs the Administrative Agent to execute and deliver this Third Amendment on the date hereof.
Mental Health Evaluation Summary (Required Xxxxxx Health documentation).
More Definitions of Required Xxxxxx
Required Xxxxxx means Swap Agreements entered into by the Borrower at prices reasonably acceptable to the Administrative Agent in respect of crude oil and natural gas, on not less than 50% of the projected production from the Proved Reserves classified as “Developed Producing Reserves” attributable to the Oil and Gas Properties of the Loan Parties as reflected in the Initial Reserve Report, for a period through at least twenty-four (24) months after the Closing Date. “Required Lenders” means (a) at any time while no Loans or LC Exposure are outstanding, Lenders having at least sixty-six and two thirds percent (66-2/3%) of the Aggregate Maximum Credit Amounts and (b) at any time while any Loans or LC Exposure are outstanding, Lenders holding at least sixty-six and two thirds percent (66-2/3%) of the outstanding aggregate principal amount of the Loans and participation interests in Letters of Credit (without regard to any sale by a Lender of a participation in any Loan under Section 12.04(c)). “Reserve Report” means (a) the Initial Reserve Report and (b) any other subsequent report, in form and substance reasonably satisfactory to the Administrative Agent, setting forth, as of the dates set forth in Section 8.12(a) (or such other date in the event of an Interim Redetermination) the oil and gas reserves attributable to the proved Oil and Gas Properties of the Borrower and the Guarantors, together with a projection of the rate of production and future net income, taxes, operating expenses and capital expenditures with respect thereto as of such date, based upon the economic and pricing assumptions consistent with the Administrative Agent’s lending requirements at the time. “Reserve Report Certificate” has the meaning assigned to such term in Section 8.12(c) and is to be substantially in the form of Exhibit I. “Responsible Officer” means, as to any Person, the chief executive officer, the president, any Financial Officer, chief operating officer, general counsel, or any vice president of such Person, and any other senior officer designated as such in writing to the Administrative Agent. Unless otherwise specified, all references to a Responsible Officer herein shall mean a Responsible Officer of the Borrower. “Restricted Payment” means any dividend or other distribution or return of capital (whether in cash, securities or other Property) with respect to any Equity Interests in any Person, or any payment (whether in cash, securities or other Property), including any sinking fun...
Required Xxxxxx means Hedge Contracts entered into by the Borrower at prices and structure reasonably acceptable to the Administrative Agent on notional volumes equal to not less than (a) 87.5% of its reasonably anticipated production from the PDP Reserves attributable to any Oil and Gas Properties of the Loan Parties through November 2022 as reflected in the Initial Engineering Report, and (b) 62.5% of its reasonably anticipated production from the PDP Reserves attributable to any Oil and Gas Properties of the Loan Parties for each rolling 24 month period thereafter, as reflected in the most recently delivered Engineering Report.
Required Xxxxxx in Section 1.02 of the Credit Agreement is amended and restated in its entirety as follows:
Required Xxxxxx means Swap Agreements entered into by the Borrower or Parent at prices reasonably acceptable to the Administrative Agent on not less than 50% of the aggregate projected production of crude oil and natural gas from the Proved Reserves classified as “Developed Producing Reserves” attributable to the Oil and Gas Properties of the Loan Parties as reflected in the Reserve Report prepared by Netherland, Xxxxxx & Associates, Inc., as of December 31, 2019, for the period from April 1, 2020 through March 31, 2022 (provided that any volumes with respect to crude oil shall be calculated on an Mcf equivalent basis).
Required Xxxxxx means Swap Agreements entered into by the Borrower at prices acceptable to the Administrative Agent (and in any event, in the case of (x) crude oil, at least equal to (i) $50.00/bbl for the calendar years 2015-2017 and (ii) $55.00/bbl for the calendar years 2018-2019 and (y) floors with respect to natural gas, at a price no more than 10% below spot market prices at the time such Swap Agreements are entered into) on not less than (a) 50% of the production from the Proved Reserves classified as “Developed Producing Reserves” attributable to any Oil and Gas Properties of the Loan Parties for each of crude oil and natural gas, calculated separately, through the end of calendar year 2019 as reflected in the Initial Reserve Report and (b) 50% of the production from the Proved Reserves classified as “Developed Producing Reserves” attributable to any Oil and Gas Properties of the Loan Parties for each of crude oil and natural gas, calculated separately, for a rolling 36 months period thereafter as reflected in the most recently delivered Reserve Report.
Required Xxxxxx means Swap Agreements entered into by the Borrower at prices reasonably acceptable to the Administrative Agent in respect of crude oil and natural gas, on not less than 50% (or such immaterially lower percentage as the Administrative Agent may agree in its sole discretion) of the projected production from the Loan Parties proved, developed, producing Oil and Gas Properties as reflected in the Fall 2019 Scheduled Redetermination Reserve Report, through December 31, 2021.
Required Xxxxxx means Hedge Contracts entered into by the Borrower at prices reasonably acceptable to the Administrative Agent on not less than 65% of the production from the PDP Reserves as reflected in the initial Engineering Report for each of crude oil and natural gas, calculated separately for a 36 month period beginning as of the first day of the month in which the Effective Date occurs.