Required Hedges

Required Hedges. Swap Agreements entered into by the Borrower at prices reasonably acceptable to the Administrative Agent in respect of crude oil and natural gas, on not less than 50% (or such immaterially lower percentage as the Administrative Agent may agree in its sole discretion) of the projected production from the Loan Parties proved, developed, producing Oil and Gas Properties as reflected in the Fall 2019 Scheduled Redetermination Reserve Report, through December 31, 2021.