Required Swap Agreements Sample Clauses

Required Swap Agreements. Not later than 20 days following the Sixth Amendment Effective Date (or such longer period as the Administrative Agent may agree in its sole discretion) (the “Required Swap Date”), the Borrower shall or shall have caused another Loan Party to, enter into and maintain Swap Agreements with one or more Approved Counterparties to hedge notional amounts of crude oil and natural gas, as applicable, covering not less than (a) for each calendar month during the period of 24 consecutive full calendar months following the Required Swap Date, seventy percent (70%) of the Projected Production from the total Proved Developed Producing Reserves of the Borrower and its Subsidiaries for such calendar month, calculated separately; and (b) for each calendar month during the period of 12 consecutive full calendar months following the period of 24 consecutive months specified in clause (a), fifty percent (50%) of the Projected Production from the total Proved Developed Producing Reserves of the Borrower and its Subsidiaries for such calendar month, calculated separately.
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Required Swap Agreements. Within forty-five (45) days following the initial borrowing under the Term Loan Agreement (or such later date as the Administrative Agent may agree to in its reasonable discretion), the Company will enter into one or more transactions of the type described in the definition of “Swap Agreements” with one or more financial institutions acceptable to the Administrative Agent in its reasonable discretion, effecting a hedging transaction pursuant to which the Company either (a) fixes the LIBOR component of interest cost at the prevailing swap rate at the time of execution or (b) limits the maximum effective LIBOR rate for the initial interest period(s) selected by the Company under the Term Loan Agreement at a level not in excess of 0.50% above the prevailing LIBOR rate for such interest period(s) at the time of execution (or a combination of the foregoing), in each case in respect of a notional amount of at least 50% of the projected outstanding principal amount of the Term Loans, such transaction(s) to be maintained until the later of (i) three (3) years following the Effective Date and (ii) the date on which the Company’s Total Net Leverage Ratio is less than 2.00 to 1.00.
Sample 1
Required Swap Agreements. Beginning June 30, 2021, and as of the date of any Swap Agreement Certificate delivered hereunder, the Borrower shall enter into and maintain Swap Agreements with one or more Approved Counterparties to hedge the Projected Production of crude oil and natural gas for a period of twenty-four (24) months from the relevant date of measurement (a “Hedge Period”) in accordance with the following:
Sample 1
Required Swap Agreements. The Loan Parties shall have entered into the Required Swap Agreements as of the Closing Date; provided that, subject to the Loan Parties using commercially reasonable efforts to enter into the Required Swap Agreements, if such Required Swap Agreements have not been entered into as of the Closing Date, the entering into of such Required Swap Agreements shall not be a condition to the occurrence of the Closing Date and shall instead be required pursuant to Section 8.20. The Administrative Agent shall notify the Borrower and the Lenders of the Closing Date, and such notice shall be conclusive and binding. Notwithstanding the foregoing, the obligations of the Lenders to make Loans and of the Issuing Bank to issue Letters of Credit hereunder shall not become effective unless each of the foregoing conditions is satisfied (or waived pursuant to Section 12.02) at or prior to 5:00 p.m., New York City time, on November 15, 2019 (and, in the event such conditions are not so satisfied or waived, the Commitments shall terminate at such time).
Sample 1
Required Swap Agreements. Subject to Section 9.19 below, Borrowers, in their discretion, may enter into Swap Agreements as long as Borrowers’ Utilization (hereafter defined) is equal to or less than 35%. Borrowers, or the applicable Borrower, shall enter into Swap Agreements with an Approved Counterparty of no less than 50% of the reasonably anticipated projected production from proved, developed, producing Oil and Gas Properties of the Borrowers with a tenor based on Borrowers’ Utilization as set forth in the following sentence for each month during the period which such Swap Agreement is in effect for each of crude oil and natural gas, calculated separately, on a rolling 24-month basis if Borrower’s Utilization is 50% or greater or a 12-month rolling basis if Borrower’s Utilization is greater than 35% but less than 50%. Borrowers shall have until March 18, 2022 to either achieve a Utilization of 35% or less or to place the appropriate hxxxxx via Swap Agreements based upon the thresholds set forth above. For the purposes hereof, the term “Utilization” means, as of any day, the fraction expressed as a percentage, the numerator of which is the Revolving Exposure on such day, and the denominator of which is the Borrowing Base in effect on such day.
Sample 1
Required Swap Agreements. (a) On or prior to the date that is 30 days after the Second Amendment Effective Date (or such later date as the Lender may agree in its sole discretion), the Borrower shall enter into one or more Swap Agreements with the Lender or an Affiliate of the Lender which effectively enable the Borrower to protect itself against the risk of interest rate fluctuations as to an aggregate notional amount no less than (i) $13,000,000 (subject to Section 5.20(b)) of the outstanding principal amount from time to time of the Floating Rate Term Loan, hedged through the fiscal quarter ending May 31, 2025; and (ii) $5,000,000 (subject to Section 5.20(b)) of the outstanding principal amount from time to time of the Floating Rate Term Loan, hedged through the fiscal quarter ending May 31, 2024 (collectively, the “Required Swap Agreements”).
Sample 1
Required Swap Agreements. (a) The Loan Parties shall satisfy the Hedging Requirements (as defined in the Eleventh Amendment) on or prior to the date applicable to such requirement specified in the Eleventh Amendment and (b) on or prior to the last day of each Fiscal Quarter commencing after the Eleventh Amendment Closing Date, the Loan Parties shall enter into (at then market prices) and thereafter maintain Swap Agreements with Approved Counterparties pursuant to which the Loan Parties shall hedge notional volumes not less than 50% of the reasonably anticipated projected production (based on the then most recently delivered Reserve Report hereunder (and after giving effect to the CHK STX Acquisition)) of crude oil and natural gas, calculated separately, from Proved Developed Producing Reserves from the Loan Parties’ Oil and Gas Properties for each month during the subsequent twenty-four (24) calendar month period immediately following the end of such Fiscal Quarter.
Sample 1
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Required Swap Agreements. Subject to Section 9.19 below: (i) if the aggregate Revolving Exposure of all Lenders is greater than 30% of the PV-9 (calculated on a roll forward basis), Borrowers shall enter into Swap Agreements with an Approved Counterparty of at least 50% of the reasonably anticipated projected production from proved, developed, producing Oil and Gas Properties of the Borrowers (or more current reports of production approved by Agent) but no more than 85% of such projected volumes for periods of up to, but not in excess of 24 months (ii) if the aggregate Revolving Exposure of all Lenders is less than or equal to 30% but greater than 20% of the PV-9 (calculated on a roll forward basis), Borrowers shall enter into Swap Agreements with an Approved Counterparty of at least 50% of its current volumes of the reasonably anticipated projected production from proved, developed, producing Oil and Gas Properties of the Borrowers for periods of up to, but not in excess of 12 months; and (iii) Borrowers, in their discretion, may enter into Swap Agreements with an Approved Counterparty if the aggregate Revolving Exposure of all Lenders is less than or equal to 20% of the PV-9 (calculated on a roll forward basis). For the purposes hereof, the roll forward PV-9 shall be determined by Agent in accordance with the procedures set forth in Section 2.06 above.
Sample 1
Required Swap Agreements. The Borrower shall or shall cause another Loan Party to: (a) not later than the date falling 90 days following the Closing Date (or such longer period as the Administrative Agent may agree in its sole discretion, provided that such longer period shall not expire after the date falling 120 days following the Closing Date) (the “Required Swap Date”), enter into and maintain Swap Agreements with one or more Approved Counterparties to hedge notional amounts of crude oil and natural gas, as applicable, covering not less than, for each calendar month during the period of 36 consecutive full calendar months following the Closing Date, commencing with the first calendar month for which a Swap Agreement is available, eighty percent (80%) of the Projected Production from the total Proved Developed Producing Reserves of the Borrower and its Subsidiaries for such calendar month, calculated separately (as such production is set forth in the Initial Reserve Report); and (b) as at the date of each Swap Agreement Certificate, for each calendar month during the period of twenty-four (24) months immediately following the date of each Swap Agreement Certificate, enter into and maintain Swap Agreements with one or more Approved Counterparties to ensure that the notional amounts of crude oil and natural gas hedged, as applicable, cover not less than, for each calendar month of such period, seventy-five percent (75%) of the Projected Production from the total Proved Developed Producing Reserves of the Borrower and its Subsidiaries for such calendar month, calculated separately.
Sample 1

Related to Required Swap Agreements

  • Swap Agreements The Borrower will not, and will not permit any of its Subsidiaries to, enter into any Swap Agreement, except (a) Swap Agreements entered into to hedge or mitigate risks to which the Borrower or any Subsidiary has actual exposure (other than those in respect of Equity Interests of the Borrower or any of its Subsidiaries), and (b) Swap Agreements entered into in order to effectively cap, collar or exchange interest rates (from fixed to floating rates, from one floating rate to another floating rate or otherwise) with respect to any interest-bearing liability or investment of the Borrower or any Subsidiary.

  • Swap Agreement The Depositor hereby directs the Securities Administrator to execute and deliver on behalf of the Trust the Swap Agreement and authorizes the Securities Administrator to perform its obligations thereunder on behalf of the Supplemental Interest Trust in accordance with the terms of the Swap Agreement. The Depositor hereby authorizes and directs the Securities Administrator to ratify on behalf of the Supplemental Interest Trust, as the Supplemental Interest Trust’s own actions, the terms agreed to by the Depositor in relation to the Swap Agreement, as reflected in the Swap Agreement, and the Securities Administrator hereby so ratifies the Swap Agreement. If based upon a notice from the valuation agent pursuant to section 4(c) of the credit support annex, the Securities Administrator determines that a delivery amount exists, then the Securities Administrator shall demand such amount pursuant to section 3(a) of the credit support annex. The Securities Administrator shall amend the Swap Agreement in accordance with its terms and as requested in writing by a party to the Swap Agreement to cure any ambiguity in or correct or supplement any provision of, the Swap Agreement; provided, however, that any such amendment will not have a material adverse effect to a Certificateholder as evidenced by a written confirmation from each Rating Agency that such amendment would not result in the reduction or withdrawal of the then current ratings of any outstanding Class of Certificates. The Swap Agreement shall not part of any REMIC. The Swap Provider is the calculation agent under the Swap Agreement and shall calculate all amounts pursuant to the Swap Agreement and notify the Securities Administrator of all such amounts. The Depositor hereby directs the Securities Administrator to execute, deliver and perform its obligations under the Swap Agreement on the Closing Date and thereafter on behalf of the Holders of the Offered Certificates and the Class M-10 and Class M-11 Certificates. The Seller, the Depositor, the Servicer and the Holders of the Offered Certificates and the Class M-10 and Class M-11 Certificates by their acceptance of such Certificates acknowledge and agree that the Securities Administrator shall execute, deliver and perform its obligations under the Swap Agreement and shall do so solely in its capacity as Securities Administrator of the Supplemental Interest Trust and not in its individual capacity. The Depositor hereby instructs the Securities Administrator to make any and all demands for Eligible Collateral (as defined in the ISDA Master Agreement) under the Swap Agreement from the Swap Provider in satisfaction of the Delivery Amount (as defined in the ISDA Master Agreement) requirement. The Depositor hereby instructs the Securities Administrator to deliver notice to the Swap Provider upon any failure of the Swap Provider to transfer the Delivery Amount (as defined in the ISDA Master Agreement) pursuant to an Approved Credit Support Document (as defined in the Swap Agreement).

  • Collateral Matters; Swap Agreements The benefit of the Security Instruments and of the provisions of this Agreement relating to any collateral securing the Indebtedness shall also extend to and be available to those Lenders or their Affiliates which are counterparties to any Swap Agreement with the Borrower or any of its Subsidiaries on a pro rata basis in respect of any obligations of the Borrower or any of its Subsidiaries which arise under any such Swap Agreement while such Person or its Affiliate is a Lender, but only while such Person or its Affiliate is a Lender, including any Swap Agreements between such Persons in existence prior to the date hereof. No Lender or any Affiliate of a Lender shall have any voting rights under any Loan Document as a result of the existence of obligations owed to it under any such Swap Agreements.

  • Banking Services and Swap Agreements Each Lender or Affiliate thereof providing Banking Services for, or having Swap Agreements with, any Loan Party or any Subsidiary or Affiliate of a Loan Party shall deliver to the Administrative Agent, promptly after entering into such Banking Services or Swap Agreements, written notice setting forth the aggregate amount of all Banking Services Obligations and Swap Agreement Obligations of such Loan Party or Subsidiary or Affiliate thereof to such Lender or Affiliate (whether matured or unmatured, absolute or contingent). In furtherance of that requirement, each such Lender or Affiliate thereof shall furnish the Administrative Agent, from time to time after a significant change therein or upon a request therefor, a summary of the amounts due or to become due in respect of such Banking Services Obligations and Swap Agreement Obligations. The most recent information provided to the Administrative Agent shall be used in determining which tier of the waterfall, contained in Section 2.18(b), such Banking Services Obligations and/or Swap Agreement Obligations will be placed.

  • Securities Contract; Swap Agreement The parties hereto intend for (i) the Transaction to be a “securities contract” and a “swap agreement” as defined in the Bankruptcy Code (Title 11 of the United States Code) (the “Bankruptcy Code”), and the parties hereto to be entitled to the protections afforded by, among other Sections, Sections 362(b)(6), 362(b)(17), 546(e), 546(g), 555 and 560 of the Bankruptcy Code, (ii) a party’s right to liquidate the Transaction and to exercise any other remedies upon the occurrence of any Event of Default under the Agreement with respect to the other party to constitute a “contractual right” as described in the Bankruptcy Code, and (iii) each payment and delivery of cash, securities or other property hereunder to constitute a “margin payment” or “settlement payment” and a “transfer” as defined in the Bankruptcy Code.

  • Hedging Agreements The Borrower will not, and will not permit any of its Subsidiaries to, enter into any Hedging Agreement, other than Hedging Agreements entered into in the ordinary course of business to hedge or mitigate risks to which the Borrower or any Subsidiary is exposed in the conduct of its business or the management of its liabilities.

  • Hedging Arrangements To the extent any Affiliate of a Lender is a party to a Secured Hedging Agreement with the Borrower, such Affiliate of a Lender shall be deemed to appoint the Administrative Agent its nominee and agent, and to act for and on behalf of such Affiliate in connection with the Security Documents and to be bound by this Article IX.

  • Hedge Agreements On each date that any Hedge Agreement is executed by any Hedge Provider, Borrower and each other Loan Party satisfy all eligibility, suitability and other requirements under the Commodity Exchange Act (7 U.S.C. § 1, et seq., as in effect from time to time) and the Commodity Futures Trading Commission regulations.

  • Servicing Arrangements AmeriCredit, as Servicer (the “Servicer”), AFS SenSub Corp., as Seller (“Seller”), AmeriCredit Automobile Receivables Trust 2012-4 (the “Trust”) and the Trustee entered into a Sale and Servicing Agreement dated as of September 10, 2012 (as amended, supplemented and otherwise modified from time to time, the “Sale and Servicing Agreement”), relating to the Receivables (as such term is defined in the Sale and Servicing Agreement), pursuant to which the Receivables were sold, transferred, assigned, or otherwise conveyed to the Trust. The Sale and Servicing Agreement contemplates the engagement of a processor and includes terms for the opening of the Lockbox Account (as defined herein), and the Indenture contemplates that the Lockbox Account will be assigned and pledged to the Trust Collateral Agent. The Sale and Servicing Agreement does not include specific terms for the provision of data processing services and deposit of remittance items. Such terms are set forth in this Lockbox Account Agreement (the “Agreement”). All capitalized terms used herein and not otherwise defined herein shall have the meanings specified in the Sale and Servicing Agreement.

  • Swap Contracts The Company shall not and shall not permit any of its Subsidiaries to enter into any Swap Contracts, other than Swap Contracts entered into by the Company or its Subsidiaries pursuant to which the Company or such Subsidiary has hedged its reasonably estimated interest rate, foreign currency or commodity exposure, and which are non-speculative in nature.

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