Commodity Hedge Agreements Sample Clauses

Commodity Hedge Agreements. Enter into or in any manner be liable on any Commodity Hedging Agreement except those (a) approved by the Lender, (b) constituting not more than 75% of month production of proven producing reserves as forecast in Lender's most recent engineering evaluation, (c) where the strike prices in such agreements are not less than the prices used by the Lender in its most recent Borrowing Base determination, (d) where the maturities of such agreements shall be 24 months or less, and (e) where the Lender shall receive a security interest in the Commodity Hedge Agreements.
Sample 1
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Commodity Hedge Agreements. Assign, terminate or unwind any Commodity Hedge Agreements nor sell any Commodity Hedge Agreements if the effect of such action (when taken together with any other Commodity Hedge Agreements executed contemporaneously with the taking of such action) would have the effect of reducing the economic value supporting the Borrowing Base; provided that, notwithstanding the foregoing, the Borrower may assign, terminate or unwind Commodity Hedge Agreements with the effect of reducing the economic value supporting the Borrowing Base if it provides not less than 10 Business Days prior written notice of such intent to the Agent and the Lenders, and concurrently with such notice the Agent, with the approval of the Lenders as required pursuant to Section 9.9, shall have the right to adjust the Borrowing Base.
Sample 1
Commodity Hedge Agreements. Upon the occurrence and continuation of an Event of Default, promptly deliver to Lender all settlement proceeds delivered to Borrowers from Commodity Hedge Agreement counterparties for application against the Obligations.
Sample 1
Commodity Hedge Agreements. During the term of this Agreement, enter into any Commodity Hedge Agreements unless they (a) (i) are entered into in the ordinary course of business for the purpose of directly mitigating risks associated with Borrower’s liabilities and commitments and not for purposes of speculation or taking a “market view;” (ii) do not contain any provision exonerating the non-defaulting party from its obligation to make payments on outstanding transactions to the defaulting party, (iii) are entered into with or through a counterparty that has a credit rating satisfactory to Lender in its sole discretion (iv) do not cover monthly notional volumes of hydrocarbons that exceed in the aggregate ninety percent (90%) of the Proved Developed Producing Reserves that are projected to be produced from the Borrowing Base Oil and Gas Properties for the applicable period and with respect to the most recent Reserve Report or as otherwise determined as calculated by Lender and (v) not secured by any Properties of any Borrower or any Guarantor or (b) consists of put transactions on terms acceptable to Lender in its sole discretion.
Sample 1
Commodity Hedge Agreements. On each day, a detailed comprehensive daily report, in form and substance satisfactory to the Hedge Provider, describing all commodity Hedge Agreements of the Counterparty and its Subsidiaries then in effect with any other Person (other than the Hedge Provider), including the xxxx-to-market value of each such commodity Hedge Agreement determined by the Counterparty in accordance with GAAP, together with all collateral, Guarantees, letters of credit or other credit support provided by or on behalf of the Counterparty or any such Subsidiary with respect to such commodity Hedge Agreements;
Sample 1

Related to Commodity Hedge Agreements

  • Hedge Agreements On each date that any Hedge Agreement is executed by any Hedge Provider, Borrower and each other Loan Party satisfy all eligibility, suitability and other requirements under the Commodity Exchange Act (7 U.S.C. § 1, et seq., as in effect from time to time) and the Commodity Futures Trading Commission regulations.

  • Hedging Agreements The Borrower will not, and will not permit any of its Subsidiaries to, enter into any Hedging Agreement, other than Hedging Agreements entered into in the ordinary course of business to hedge or mitigate risks to which the Borrower or any Subsidiary is exposed in the conduct of its business or the management of its liabilities.

  • Secured Cash Management Agreements and Secured Hedge Agreements Except as otherwise expressly set forth herein, no Cash Management Bank or Hedge Bank that obtains the benefit of the provisions of Section 8.03, the Guaranty or any Collateral by virtue of the provisions hereof or any Collateral Document shall have any right to notice of any action or to consent to, direct or object to any action hereunder or under any other Loan Document or otherwise in respect of the Collateral (including the release or impairment of any Collateral) (or to notice of or to consent to any amendment, waiver or modification of the provisions hereof or of the Guaranty or any Collateral Document) other than in its capacity as a Lender and, in such case, only to the extent expressly provided in the Loan Documents. Notwithstanding any other provision of this Article IX to the contrary, the Administrative Agent shall not be required to verify the payment of, or that other satisfactory arrangements have been made with respect to, Secured Obligations arising under Secured Cash Management Agreements and Secured Hedge Agreements except to the extent expressly provided herein and unless the Administrative Agent has received a Secured Party Designation Notice of such Secured Obligations, together with such supporting documentation as the Administrative Agent may request, from the applicable Cash Management Bank or Hedge Bank, as the case may be. The Administrative Agent shall not be required to verify the payment of, or that other satisfactory arrangements have been made with respect to, Secured Obligations arising under Secured Cash Management Agreements and Secured Hedge Agreements in the case of a Facility Termination Date.

  • Hedging Arrangements To the extent any Affiliate of a Lender is a party to a Secured Hedging Agreement with the Borrower, such Affiliate of a Lender shall be deemed to appoint the Administrative Agent its nominee and agent, and to act for and on behalf of such Affiliate in connection with the Security Documents and to be bound by this Article IX.

  • Hedging Agreement Any termination payment shall be due by the Borrower under any Hedging Agreement and such amount is not paid within ten (10) Business Days of the due date thereof.

  • Commodity Contracts Such Grantor shall not have any commodity contract unless subject to a Control Agreement.

  • Swap Agreements The Borrower will not, and will not permit any of its Subsidiaries to, enter into any Swap Agreement, except (a) Swap Agreements entered into to hedge or mitigate risks to which the Borrower or any Subsidiary has actual exposure (other than those in respect of Equity Interests of the Borrower or any of its Subsidiaries), and (b) Swap Agreements entered into in order to effectively cap, collar or exchange interest rates (from fixed to floating rates, from one floating rate to another floating rate or otherwise) with respect to any interest-bearing liability or investment of the Borrower or any Subsidiary.

  • Hedging Contracts No Restricted Person will be a party to or in any manner be liable on any Hedging Contract, except:

  • Limitation on Hedge Agreements Enter into any Hedge Agreement other than Hedge Agreements entered into in the ordinary course of business, and not for speculative purposes.

  • Hedging Obligations 13 Holder............................................................. 13 Indebtedness....................................................... 13 Indenture ......................................................... 14

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