Common use of Swap Agreements for MGP Volumes Clause in Contracts

Swap Agreements for MGP Volumes. If, at any time including, without limitation, pursuant to Section 10.02(a), (a) the Master General Partner withdraws any of its ownership interest in a Participating Partnership in the form of a working interest in such Participating Partnership’s Oil and Gas Properties and (b) such Participating Partnership has entered into any Swap Agreements that are secured by assets of such Participating Partnership pursuant to the Designated Partnership Hedge Facility with respect to any production from such Oil and Gas Properties, then substantially contemporaneously with any such withdrawal, the Borrower shall cause the Master General Partner to enter into any novation, amendment or other agreement to reflect that any obligations arising under any Swap Agreement in respect of the notional volumes of the production of such Oil and Gas Properties attributable to the working interests so withdrawn (such volumes, the “MGP Volumes”) are no longer secured pursuant to the Designated Partnership Hedge Facility. Upon execution of such novation, amendment or other agreement, any such Swap Agreement in respect of the MGP Volumes shall be deemed to be a Secured Swap Agreement hereunder.

Swap Agreements for MGP Volumes. If, at any time time, including, without limitation, pursuant to Section 10.02(a), (a) the Master General Partner withdraws any of its ownership interest in a Participating Partnership in the form of a working interest in such Participating Partnership’s Oil and Gas Properties and (b) such Participating Partnership has entered into any Swap Agreements that are secured by assets of such Participating Partnership pursuant to the Designated Partnership Hedge Facility with respect to any production from such Oil and Gas Properties, then substantially contemporaneously with any such withdrawal, the Borrower shall cause the Master General Partner to enter into any novation, amendment or other agreement to reflect that any obligations arising under any Swap Agreement in respect of the notional volumes of the production of such Oil and Gas Properties attributable to the working interests so withdrawn (such volumes, the “MGP Volumes”) are no longer secured pursuant to the Designated Partnership Hedge Facility. Upon execution of such novation, amendment or other agreement, any such Swap Agreement in respect of the MGP Volumes shall be deemed to be a Secured Swap Agreement hereunder.

Swap Agreements for MGP Volumes. If, at any time including, without limitation, pursuant to Section 10.02(a), (a) the Master General Partner withdraws any of its ownership interest in a Participating Partnership in the form of a working interest in such Participating Partnership’s Oil and Gas Properties and (b) such Participating Partnership has entered into any Swap Agreements that are secured by assets of such Participating Partnership pursuant to the Designated Partnership Hedge Facility with respect to any production from such Oil and Gas Properties, then substantially contemporaneously with any such withdrawal, the Borrower shall cause the Master General Partner to enter into any novation, amendment or other agreement to reflect that any obligations arising under any Swap Agreement in respect of the notional volumes of the production of such Oil and Gas Properties attributable to the working interests so withdrawn (such volumes, the “MGP Volumes”) are no longer secured pursuant to the Designated Partnership Hedge Facility. Upon execution of such novation, amendment or other agreement, any such Swap Agreement in respect of the MGP Volumes shall be deemed to be a Secured Swap Agreement hereunder.