Examples of Commodity Hedging Agreement in a sentence
Enter into any Commodity Hedge Agreement if, after giving effect thereto the total volume of Hydrocarbons to be hedged under Commodity Hedging Agreements would exceed, at the time of entering into any Commodity Hedge Agreement, 80% of the projected PDP production from the Oil and Gas Properties of the Borrower and the Subsidiaries for the period during which such Commodity Hedging Agreement is in effect.
Holdings will not and will not permit any of its Subsidiaries to enter into any Commodity Hedge Agreement if, after giving effect thereto the total volume of Hydrocarbons to be hedged under Commodity Hedging Agreements would exceed, at the time of entering into any Commodity Hedge Agreement, 90% of the projected 2P production from the Oil and Gas Properties of Holdings and each of its Subsidiaries for the period during which such Commodity Hedging Agreement is in effect.
Each of the parties acknowledges that nothing in this Agreement limits the Borrowers’ or any Subsidiary Grantor’s rights under any Secured Commodity Hedging Agreement.
Pursuant to Section 8.16 of the Security Agreement, the Additional Secured Party hereby notifies the Collateral Agent that the Additional Secured Party is a Hedge Bank pursuant to the [ ], dated as of [ ], [between][among] [ ] and the Additional Secured Party (the “Additional Document”), which Additional Document is a Secured Commodity Hedging Agreement, under and as defined in the DIP Credit Agreement and is entitled to the benefit of the Security Agreement.
If either Borrower or any other Loan Party secures its obligations under any Eligible Commodity Hedging Agreement by granting a Lien on assets not constituting Collateral, then this Agreement shall not apply to such Eligible Commodity Hedging Agreement and the rights and remedies of the counterparty thereto (including rights of foreclosure, setoff and netting) shall not in any way be limited by this Agreement.