Net Position. At no time will the Borrower allow its Net Position to exceed 2,000,000 MMBTUS of natural gas. At no time will the Borrower allow the sum of the following: (a) 25% of the Borrower’s Net Position Value, plus (b) Borrower’s Storage and Unhedged Transportation Exposure, plus (c) Borrower’s Below Index Sales Exposure, to exceed 33% of Borrower’s Net Working Capital at such time, where:
Net Position. If at any time the aggregate Net Position of a Loan Party or any Subsidiary exceeds the amounts set forth in the Risk Management and Credit Policy, the Loan Parties shall promptly notify the Agent, which notification shall explain the circumstances of such deviation and set forth a plan that provides in reasonable detail the actions the Loan Party or such Subsidiary proposes to take to reduce the applicable position deviation to an amount to achieve compliance with the Risk Management and Credit Policy. The Agent will, upon receipt of such notification, notify the Banks. If the Majority Banks determine in their sole discretion that such excess could reasonably be expected to have a Material Adverse Effect on the Loan Parties taken as a whole, then such failure to comply with the Risk Management and Credit Policy shall constitute an Event of Default and Agent shall promptly notify the Loan Parties of such determination. In any event, if the Loan Parties or any Subsidiary allow their aggregate Net Position to exceed the amounts set forth in the Risk Management and Credit Policy for a period exceeding three (3) Business Days, an Event of Default shall be deemed to have occurred.
Net Position. At no time will the Borrower allow the Net Position with respect to natural gas and crude oil/distillates to exceed the amounts specified below: Borrowing Base Sub-Cap in Effect Net Position for Natural Gas May Not Exceed Net Position for Crude Oil and Distillates for Crude Blending May Not Exceed $100,000,000 500,000 MMBtu 150,000 bbl $150,000,000 1,250,000 MMBtu 250,000 bbl $175,000,000 1,250,000 MMBtu 300,000 bbl $200,000,000 1,500,000 MMBtu 400,000 bbl $250,000,000 1,500,000 MMBtu 500,000 bbl $300,000,000 1,500,000 MMBtu 600,000 bbl” (q) Section 8.15 (Unhedged Transportation Exposure). Section 8.15 is amended to read as follows:
Net Position. If at any time the aggregate Net Position of a Loan Party exceeds the amounts set forth in the Risk Management and Credit Policy, the Loan Parties shall promptly notify the Agent, which notification shall explain the circumstances of such deviation and set forth a plan that provides in reasonable detail the actions the Loan Party proposes to take to reduce the applicable position deviation to an amount to achieve compliance with the Risk Management and Credit Policy. The Agent will, upon receipt of such notification, notify the Banks. If the Majority Banks determine in their sole discretion that such excess could reasonably be expected to have a Material Adverse Effect on the Loan Parties taken as a whole, then such failure to comply with the Risk Management and Credit Policy shall constitute an Event of Default and Agent shall promptly notify the Loan Parties of such determination. In any event, if the Loan Parties allow their aggregate Net Position to exceed the amounts set forth in the Risk Management and Credit Policy for a period exceeding three (3) Business Days, an Event of Default shall be deemed to have occurred.
Net Position. Represents the difference between all other elements in a statement of financial position. It may be stated as net investment in capital assets; restricted (distinguishing between major categories of restrictions); and unrestricted as defined by GASB 63. For purposes of this agreement, Net Position will be unrestricted, meaning the net amount of the assets, deferred outflows of resources, liabilities, and deferred inflows of resources that are not included in the determination of net investment in capital assets or the restricted component of net position.
Net Position. At no time will the Borrower allow the aggregate Net Position to exceed 2MM MMBTUs.
Net Position. At no time will the Borrower allow its Net Position with respect to Products which are Base Metals or Precious Metals multiplied by the current market price relating thereto based on the most recent daily pricing provided by a commodity pricing report or other source acceptable to the Administrative Agent and the Required Lenders to exceed any of: (a) $5,000,000 for all positions relating to the same Unhedgeable Metal; (b) $10,000,000 for all positions relating to all Unhedgeable Metals in the aggregate, (c) $10,000,000 for all positions relating to the same Hedgeable Metal, or (d) $20,000,000 in the aggregate for all of the Borrower’s positions, whether relating to Hedgeable Metals or Unhedgeable Metals. At no time will the Borrower allow its Net Position with respect to Products which are Grain multiplied by the current market price relating thereto based on the most recent daily pricing provided by a commodity pricing report or other source acceptable to the Administrative Agent and the Required Lenders to exceed any of: (a) $100,000 for all positions relating to the same Grain; or (b) $400,000 in the aggregate for all of the Borrower’s positions, relating to Grain.
Net Position. At no time will the Borrower allow its Net Position with respect to Products multiplied by the current market price relating thereto based on the most recent daily pricing provided by a commodity pricing report or other source acceptable to the Administrative Agent to exceed: (a) $5,000,000 for all positions relating to the same Unhedgeable Metal; (b) $10,000,000 for all positions relating to all Unhedgeable Metals in the aggregate, (c) $8,000,000 for all positions relating to the same Hedgeable Metal, and (d) $25,000,000 in the aggregate for all of the Borrower’s positions, whether relating to Hedgeable Metals or Unhedgeable Metals.
Net Position. The aggregate liabilities (excluding amounts owed to it by any of its subsidiaries which are consolidated with the Borrower under normal course funding arrangements) owed to the Borrower by its affiliates (which term shall for this purpose include any person that is controlled directly or indirectly by the Borrower and another person on a 50/50 basis), which affiliates are not Designated Subsidiaries or Non-Recourse Subsidiaries, net of the aggregate liabilities owed by the Borrower to such affiliates (excluding management fees and borrowed monies owed by the Borrower) will not exceed $5 million at any time; provided that the payment terms, or agreed terms of repayment or due date of any amount which may become owed to the Borrower or any subsidiary by any affiliate (other than a subsidiary of the Borrower) may not be extended or amended without the approval of the Lenders, acting reasonably.
Net Position. Crude Oil Crude Oil bbl bbl Long Position Short Position ( ) ( ) Net Position Exhibit C Natural Gas Liquids Natural Gas Liquids bbl bbl Long Position Short Position ( ) ( ) Net Position Petroleum Products Petroleum Products bbl bbl Long Position Short Position ( ) ( ) Net Position To the best of my knowledge, the aggregate Net Position for the Loan Parties has at no time exceeded the applicable limitation set forth in Section 7.17 of that certain Seventh Amended and Restated Credit Agreement, dated to be effective as of July 31, 2013 by and among Spark, SEG, AES and related entities, Société Générale, and the other financial institutions which may become parties thereto (the “Credit Agreement”). Terms not defined herein have the meanings assigned to them in the Credit Agreement. Very truly yours, SPARK ENERGY HOLDINGS, LLC, a Texas limited liability company By: Name: Title: Responsible Officer Exhibit C EXHIBIT D FORM OF COLLATERAL POSITION REPORT Société Générale, as Administrative Agent Two Lincoln Centre 0000 XXX Xxxxxxx, Xxxxx 0000 Xxxxxx, XX 00000 Attention: Xxxxx Xxxxxxx Facsimilie: 000 000 0000 Email: xxxxx.xxxxxxx@xxxxx.xxx Re: Seventh Amended and Restated Credit Agreement, dated as of July 31, 2013 (as amended or supplemented from time to time, the “Agreement”), by and among Spark Energy Ventures, LLC (“Parent”), Spark Energy Holdings, LLC (“SEH”), Spark Energy, L.P. (“Spark”), Spark Energy Gas, LP (“SEG”), Associated Energy Services, LP (“AES”), Société Générale, and the other financial institutions which may become a party thereto (collectively, the “Banks”). Ladies and Gentlemen: The undersigned Responsible Officer (as that term is defined in the Agreement), who is authorized to act on behalf of SEH, Spark, SEG and AES, delivers the attached report to the Banks and certifies to the Banks that it is in compliance with the Agreement. Further, the undersigned hereby certifies that the undersigned has no knowledge of any Defaults or Events of Default under the Agreement which exist as of the date of this letter. The undersigned also certifies that the amounts set forth on the attached report constitute all Collateral which has been or is being used in determining availability for a Letter of Credit or advance under the Working Capital Line as of the preceding date. This certificate and attached report are submitted pursuant to Subsection 7.02(b) of the Agreement. Very truly yours, SPARK ENERGY HOLDINGS, LLC, a Texas limited liability company By: Na...
