Common use of Commodity Transactions Clause in Contracts

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 the Lender pursuant to Section 12.1(e) or as projected in the most recent internally prepared engineering report delivered to the Lender 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, Borrower agrees to obtain the Lender's prior written consent to ▇▇▇▇ Hedging Agreements, which consent shall not be unreasonably withheld.

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 seventyeighty-five percent (7585%) of the total volume of such production projected in the most recent independent engineering report delivered to the Lender Agent pursuant to Section 12.1(e) or as projected in the most recent internally prepared engineering report delivered to the Lender 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 wellswells that are not included in the most recently delivered eng▇▇▇▇▇ing report, Borrower agrees to obtain the Lender's Required Lenders' prior written consent to ▇▇▇▇ such Hedging Agreements, which consent shall not be unreasonably withheld.

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 the Lender pursuant to Section 12.1(e) or as projected in the most recent internally prepared engineering report delivered to the Lender 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, Borrower agrees to obtain the Lender's prior written consent to ▇▇▇▇ such Hedging Agreements, which consent shall not be unreasonably withheld.