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 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 wells that are not included in the most recently delivered engxxxxxing report, Borrower agrees to obtain the Required Lenders' prior written consent to such Hedging Agreements, which consent shall not be unreasonably withheld.
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 seventy-five percent (75%) 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. The 1993 ISDA Commodity Derivatives Definitions, as supplemented by the 2000 Supplement (the “1993 Definitions”), are hereby incorporated by reference with respect to any “Transactions”, as defined in the 1993 Definitions, in commodities, except as otherwise specifically provided in the relevant Confirmation. In the event that there is any inconsistency between the 2000 Definitions and the 1993 Definitions, the 1993 Definitions will prevail with respect to any Transaction in commodities. The Confirmation for each such Transaction shall be substantially in the form of either (a) one of the Exhibits to the 1993 Definitions or, (b) in such other form as the parties may agree.
Commodity Transactions. 54 Section 13.11. Payments on Secured Subordinated Debt.............................................54 Section 13.12. Payments on Permitted Subordinated Promissory Notes ..............................54
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 wellx, Xxrrower agrees to obtain Bank's prior written consent to such Hedging Agreements.
Commodity Transactions. The Borrower and the Guarantor 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 Administrative Agent pursuant to Section 12.1(f) or as projected in the most recent internally prepared engineering report delivered to Administrative Agent pursuant to Section 12.1(h), whichever is more recent, to come from the Borrower's and the Guarantor'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 and/or Guarantor desires to enter into Hedging Agreements affecting new wellx, Xxrrower agrees to obtain Majority Banks' prior written consent to such Hedging Agreements.
Commodity Transactions. Section 12.10 of the Agreement is hereby deleted in its entirety and restated as follows:
Commodity Transactions. The 2005 ISDA Commodity Definitions, as published by the International Swaps and Derivatives Association, Inc. (“Commodity Definitions”) are incorporated by reference in this Agreement. In the event of any inconsistency between the Commodity Definitions and this Agreement, this Agreement will govern.
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 xxxxx that are not included in the most recently delivered engineering report and may enter into Hedging Agreements affecting such new xxxxx 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.
