Common use of Swap Amounts Clause in Contracts

Swap Amounts. the Borrower shall not and shall not permit any of the other Loan Parties to enter into any Swap with any person unless such Swap is entered into for hedging purposes only in the ordinary course of business and not for speculative purposes, and shall not and shall not permit any of the other Loan Parties to enter into any Swap with any person if, as a result thereof, the Loan Parties would then have: (i) Interest Swaps in effect for an aggregate notional principal amount in excess of 70% of the Debt of the Trust determined on a consolidated basis in accordance with GAAP; (ii) Currency Swaps in effect for an aggregate amount in excess of the present value of 67% of the projected cash flow from the Oil and Gas Properties of the Borrower and all of the Designated Subsidiaries over the hedged period determined by discounting at the current discount rate used by the Agent in accordance with its customary practices and standards for oil and gas loans; or (iii) Commodity Swaps in effect for in excess of 67% of the projected net crude oil, natural gas or natural gas liquids production, as the case may be, of the Borrower and all of the Designated Subsidiaries from the Oil and Gas Properties over the hedged period;