Commodity Price Protection. (a) If requested in writing by Agent, within ten Business Days after such request, the Loan Parties shall enter into and maintain Hedging Agreements that (i) cover up to 50% of the Projected Oil and Gas Production consisting of crude oil and natural gas liquids and up to 50% of the Projected Oil and Gas Production consisting of natural gas (consisting of swaps, costless collars or put options or a combination all three), in each case, measured at the time of entry into such Hedging Agreement, of the Loan Parties’ and their Subsidiaries’ aggregate Projected Oil and Gas Production anticipated to be sold in the ordinary course of such Persons’ business for the period requested by Agent (but, in any event, such period shall not extend beyond the date that is six months after the Maturity Date), and having minimum floor prices that are acceptable to Agent in its reasonable discretion and (ii) comply with Section 6.15. Agent may also require extensions of any Hedging Agreements up to six months beyond the Maturity Date while Loans or any other Obligations remain outstanding.
Commodity Price Protection. (a) Upon the request of the Required Lenders, the Loan Parties shall enter into and maintain Hedging Agreements (consisting of swaps, costless collars, put options or a combination of all three, at Borrower’s discretion) that (i) are for not more than 80% of the Projected Product ion, measured at the time of entry into such Hedging Agreement, of Borrower’s and its Subsidiaries’ aggregate Projected Production anticipated to be sold in the ordinary course of such Persons’ business and having minimum floor prices that are acceptable to Agent in its sole discretion and (ii) comply with Section 6.16.
Commodity Price Protection. (a) On or before the Closing Date, enter into, and at all times thereafter maintain, (i) Qualified Hedging Agreements for not less than 50% of the Projected Oil and Gas Production for each month, for the aggregate crude oil and natural gas, calculated separately, (A) during the succeeding 12-month period following the Closing Date for crude oil and (B) during the period of months 2 through 12 following the Closing Date for natural gas; provided that, the Borrower may satisfy the requirements set forth in this Section 5.11(a)(i)(B) for natural gas by hedging additional crude oil volumes (the “Additional Oil Xxxxxx”) during the period of months 1 through 6 following the Closing Date (it being agreed and understood that for purposes of calculating the Additional Oil Xxxxxx for any month, one (1) barrel of crude oil shall be equal to 30 Mmbtu of natural gas) and (ii) Qualified Hedging Agreements for not less than 25% of Projected Oil and Gas Production for each month, for each of crude oil and natural gas, calculated together, during the period of months 13 through 24 following the Closing Date (the Qualified Hedge Agreements described in the foregoing clauses (i) and (ii) collectively, the “Closing Date Hedging Agreements”). All Closing Date Hedging Agreements shall be described on Schedule 5.11(a). For purposes of this Section 5.11(a), Projected Oil and Gas Production shall be as detailed in the Initial Reserve Report.
Commodity Price Protection. (a) Upon request by the Agent, the Loan Parties shall enter into and maintain Hedging Agreements that (i) are for not less than 50% of the Projected Oil and Gas Production consisting of crude oil and natural gas liquids and not less than 50% of the Projected Oil and Gas Production consisting of natural gas (consisting of swaps, costless collars or put options or a combination all three), in each case, measured at the time of entry into such Hedging Agreement, of Borrower’s and its Subsidiaries’ aggregate Projected Oil and Gas Production anticipated to be sold in the ordinary course of such Persons’ business for a period of not less than 42 months (which may be required in the sole discretion of Agent to be extended beyond the Maturity Date if any Loans remain outstanding after such date), and having minimum floor prices that are acceptable to Agent in its sole discretion and (ii) comply with Section 6.15.
Commodity Price Protection. (a) Not later than September 30, 2023, enter into and maintain Qualified Hedging Agreements for (x) not less than an average of 27 MBbl/d for the 12-month period ending September 30, 2024 and (y) not less than an average of 15 MBbl/d for the 12-month period ending September 30, 2025.
Commodity Price Protection. No later than the Closing Date, Borrower shall enter into and thereafter maintain Qualified Hedging Agreements that (i) provide fixed price protection of Borrower’s and its Subsidiaries’ aggregate Projected Oil and Gas Production anticipated to be sold in the ordinary course of such Persons’ business of at least the volumes set forth on Schedule 5.11 and with a tenor lasting to the Maturity Date, and having minimum floor prices that are reasonably acceptable to Lender (“Initial Hedging”). Lender may require extension of Qualified Hedging Agreements beyond the Maturity Date while any Loans remain outstanding.
