Common use of Limitation on Speculative Hedging Clause in Contracts

Limitation on Speculative Hedging. (a) Purchase, assume, or hold a speculative position in any commodities market or futures market or enter into any Swap Contract for speculative purposes, (b) be party to or otherwise enter into any Swap Contract which (i) is entered into for reasons other than as a part of its normal business operations as a risk management strategy and/or hedge against changes resulting from market conditions related to the Borrowers’ or their Subsidiaries’ operations, (ii) is longer than three years in duration, or (iii) obligates any Loan Party to any margin call requirements not permitted under this Agreement, or (c) materially change its Risk Management Policy without the Majority Lenders’ prior written consent.

Limitation on Speculative Hedging. (a) Purchase, assume, or hold a speculative position in any commodities market or futures market or enter into any Swap Contract for speculative purposes, (b) be party to or otherwise enter into any Swap Contract which (i) is entered into for reasons other than as a part of its normal business operations as a risk management strategy and/or hedge against changes resulting from market conditions related to the BorrowersBorrower’ or their Subsidiaries’ operations, (ii) is longer than three years in durationthe Maturity Date, or (iii) obligates any Loan Party to any margin call requirements not permitted under this Agreement, or (c) materially change its Risk Management Policy without the Majority Lenders’ Administrative Agent’s prior written consent.

Limitation on Speculative Hedging. (a) Purchase, assume, or hold a speculative position in any commodities market or futures market or enter into any Swap Contract for speculative purposes, (b) be party to or otherwise enter into any Swap Contract which (i) is entered into for reasons other than as a part of its normal business operations as a risk management strategy and/or hedge against changes resulting from market conditions related to the Borrowers’ Parent’s or their its Subsidiaries’ operations, (ii) is longer than three years in durationthe Maturity Date, or (iii) obligates any Loan Party to any margin call requirements not permitted under this Agreement, or (c) materially change its Risk Management Policy risk management policy without the Majority Lenders’ Administrative Agent’s prior written consent.

Limitation on Speculative Hedging. (a) Purchase, assume, or hold a speculative position in any commodities market or futures market or enter into any Swap Contract for speculative purposespurposes or taking a “market view”, (b) be party to or otherwise enter into any Swap Contract which (i) is entered into for reasons other than as a part of its normal business operations as a risk management strategy and/or hedge against changes resulting from market conditions related to the Borrowers’ Parent’s or their its Subsidiaries’ operations, (ii) is longer than three years in durationthe Maturity Date, or (iii) obligates any Loan Party to any margin call requirements not permitted under this Agreement, or (c) materially change its Risk Management Policy risk management policy without the Majority Lenders’ Administrative Agent’s prior written consent.

Limitation on Speculative Hedging. (a) Purchase, assume, or hold a speculative position in any commodities market or futures market or enter into any Swap Contract for speculative purposes, (b) be party to or otherwise enter into any Swap Contract which (i) is entered into for reasons other than as a part of its normal business operations as a risk management strategy and/or hedge against changes resulting from market conditions related to the Borrowers’ or their Subsidiaries’ operations, (ii) is longer than three years in duration, or (iii) obligates any Loan Party to any margin call requirements not permitted under this Agreement, or (c) materially change its Risk Management Policy without the Majority Lenders’ Administrative Agent’s prior written consent.