Common use of Limitation on Speculative Hedging Clause in Contracts

Limitation on Speculative Hedging. The Borrower shall not, and shall not permit any of its Subsidiaries to, purchase, assume, or hold a speculative position in any commodities market or futures market. Borrower may continue its current production hedging program policy, including swaps, puts, and collars, to reduce price risk on quantities less than its total production.

Limitation on Speculative Hedging. The Borrower shall not, and shall not permit any of its Subsidiaries to, purchase, assume, or hold a speculative position in any commodities market or futures market. Borrower may continue its current production swap hedging program policy, including swaps, puts, and collars, policy to reduce price risk on quantities less than its total production.

Limitation on Speculative Hedging. The Borrower shall not, and shall not permit any of its Subsidiaries to, purchase, assume, or hold a speculative position in any commodities market or futures market. Borrower (a) may establish and continue its current a production swap hedging program policy, including swaps, puts, and collars, policy to reduce price risk on quantities less than its total productionexpected production and may in connection therewith enter into Hedge Agreements regarding oil and gas prices and (b) may enter into Hedge Agreements for interest rates in the ordinary course of business.