Commodity Transactions Clause Samples

Commodity Transactions. Borrower shall not enter into any speculative commodity transactions of any type or Hedging Agreement relating to the sale of aggregate Hydrocarbons production in excess of ninety percent (90%) of the total volume of such production projected in the most recent independent engineering report delivered to Lender pursuant to Section 11.1(d), or quarterly internally generated engineering report of Borrower as reviewed and approved by Lender, to come from Borrower’s proved developed producing reserves during the term of such Hedging Agreement. Notwithstanding the foregoing, the maximum duration of any permitted Hedging Agreement shall not exceed forty-two (42) months.

Commodity Transactions. Neither Company nor any other Restricted Person shall enter into any Hedging Agreements other than Hedging Agreements permitted under Section 7.6(l).

Commodity Transactions. 58 7.11. Restriction of Amendments to First Lien Credit Documents....................................58

Commodity Transactions. 47 Section 13.11. Intentionally Deleted.....................................47 Section 13.12. Payments on Permitted Subordinated Debt...................47

Commodity Transactions. The Borrower shall not enter into any speculative commodity transactions of any type or Hedging Agreement relating to the sale of aggregate Hydrocarbons production in excess of seventy-five percent (75%) of the total volume of such production projected in the most recent independent engineering report delivered to Bank pursuant to Section 11.1(f) or as projected in the most recent internally prepared engineering report delivered to Bank pursuant to Section11.1(h), whichever is more recent, to come from the Borrower's proved developed producing reserves during the term of such Hedging Agreement. Notwithstanding the foregoing, the maximum duration of any permitted Hedging Agreement shall not exceed twenty-four (24) months. In addition, if Borrower desires to enter into Hedging Agreements affecting new well▇, ▇▇rrower agrees to obtain Bank's prior written consent to such Hedging Agreements.

Commodity Transactions. The Borrower shall not enter into any speculative commodity transactions of any type or Hedging Agreement relating to the sale of aggregate Hydrocarbons production in excess of eighty-five percent (85%) of the total volume of such production projected in the most recent independent engineering report delivered to the Agent pursuant to Section 12.1(e) or as projected in the most recent internally prepared engineering report delivered to the Agent pursuant to Section 12.1(g), whichever is more recent, to come from the Borrower's proved developed reserves during the term of such Hedging Agreement (it being understood and agreed that for purposes of determining compliance with such 85% cap, the Borrower may in good faith take into account the pro forma effect on such projected production of new ▇▇▇▇▇ that are not included in the most recently delivered engineering report and may enter into Hedging Agreements affecting such new ▇▇▇▇▇ subject to compliance with such 85% cap). Notwithstanding the foregoing, the maximum duration of any permitted Hedging Agreement shall not exceed forty-eight (48) months; provided that, with respect to any Hedging Agreement with a duration in excess of 24 months, no more than 50% of the amount of the projected production to come from proved developed producing reserves may be subject to hedging arrangements pursuant to such Hedging Agreement during the period from and including the twenty-fifth month of such Hedging Agreement to and including the forty-eighth month of such Hedging Agreement.

Commodity Transactions. 54 Section 13.11. Payments on Secured Subordinated Debt.............................................54 Section 13.12. Payments on Permitted Subordinated Promissory Notes ..............................54

Commodity Transactions. Neither any Borrower nor any of its Subsidiaries shall, at any time, engage in any speculative transactions with respect to commodities.

Commodity Transactions. The Borrower shall not enter into any speculative commodity transactions of any type or Hedging Agreement relating to the sale of aggregate Hydrocarbons production in excess of 85% of the total volume of such production projected in the most recent Reserve Report delivered to the Administrative Agent pursuant to Section 5.01(e) or Section 5.01(g), as applicable, to come from the Borrower’s proved developed reserves during the term of such Hedging Agreement (it being understood and agreed that for purposes of determining compliance with such 85% cap, the Borrower may in good faith take into account the pro forma effect on such projected production of new ▇▇▇▇▇ that are not included in the most recent Reserve Report and may enter into Hedging Agreements affecting such new ▇▇▇▇▇ subject to compliance with such 85% cap). Notwithstanding the foregoing, the maximum duration of any permitted Hedging Agreement shall not exceed 48 months; provided that, with respect to any Hedging Agreement with a duration in excess of 24 months, no more than 50% of the amount of the projected production to come from proved developed producing reserves may be subject to hedging arrangements pursuant to such Hedging Agreement during the period from and including the twenty-fifth month of such Hedging Agreement to and including the forty-eighth month of such Hedging Agreement.