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 in Section 1.02 of the Credit Agreement is amended and restated in its entirety as follows:
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.
EQUAL EMPLOYMENT OPPORTUNITY COMPLIANCE Equal Opportunity Required: Xxxxxx X.
EQUAL EMPLOYMENT OPPORTUNITY COMPLIANCE Equal Opportunity: Required Xxxxxx Homes submitted a Work Force Report for their San Diego employees dated, August 16, 2012, indicating a total of 46 employees in their Admin Work Force.
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.
Xxxxxx shall have obtained the Required Xxxxxx Vote in connection with the adoption of the Merger Agreement and Chase shall have obtained the Required Chase Vote in connection with the adoption of the Merger Agreement.
More Definitions of Required Xxxxxx
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 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.
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 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 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.
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 on not less than (a) 75% 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 each month beginning with the first full month following the Effective Date through the twelfth full month following the Effective Date, 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 each month beginning with the thirteenth full month following the Effective Date through the thirty-sixth full month following the Effective Date, as reflected in the Initial Reserve Report.