b'Our commercial debt facility, revolving credit facility and letter of credit facility require us tomaintain certain financial ratios, such as debt service coverage ratios and cash flow coverage ratios. Allof these restrictive covenants may limit our ability to expand or pursue our business strategies. Ourability to comply with these and other provisions of our commercial debt facility, revolving creditfacility and indenture governing the Senior Notes may be impacted by changes in economic or businessconditions, our results of operations or events beyond our control. The breach of any of thesecovenants could result in a default under our commercial debt facility, revolving credit facility andindenture governing the Senior Notes, in which case, depending on the actions taken by the lendersthereunder or their successors or assignees, such lenders could elect to declare all amounts borrowedunder our commercial debt facility, revolving credit facility and indenture governing the Senior Notes,together with accrued interest, to be due and payable and, in the case of the letter of credit facility, thebreach of any of the applicable covenants could result in a default, in which case the cash collateral weare required to maintain under the letter of credit facility would increase from 75% to 100% of alloutstanding letters of credit, and if such additional cash is not posted, the lenders thereunder couldelect to declare all amounts outstanding thereunder, together with accrued interest, to be due andpayable. If we were unable to repay such borrowings or interest, our lenders, successors or assigneescould proceed against their collateral. If the indebtedness under our commercial debt facility, revolvingcredit facility, letter of credit facility and indenture governing the Senior Notes were to be accelerated,our assets may not be sufficient to repay in full such indebtedness. In addition, the limitations imposedby the commercial debt facility, the revolving credit facility, the letter of credit facility and theindenture governing the Senior Notes on our ability to incur additional debt and to take other actionsmight significantly impair our ability to obtain other financing.Provisions of our Senior Notes could discourage an acquisition of us by a third party.Certain provisions of the indenture governing the Senior Notes could make it more difficult ormore expensive for a third party to acquire us, or may even prevent a third party from acquiring us.For example, upon the occurrence of a change of control triggering event (as defined in theindenture governing the Senior Notes), holders of the notes will have the right, at their option, torequire us to repurchase all of their notes or any portion of the principal amount of such notes. Bydiscouraging an acquisition of us by a third party, these provisions could have the effect of deprivingthe holders of our common stock of an opportunity to sell their common stock at a premium overprevailing market prices.Our level of indebtedness may increase and thereby reduce our financial flexibility.At December 31, 2018, we had $1,325.0 million outstanding and $375.0 million of committedundrawn capacity, which includes the $200 million in additional commitments secured in the fourthquarter of 2018, under our commercial debt facility, subject to borrowing base availability. As ofDecember 31, 2018, we had $325 million outstanding under the Corporate Revolver and the undrawnavailability was $75.0 million. As of December 31, 2018, there were seven outstanding letters of credittotaling $14.4 million under the letter of credit facility agreement and $525.0 million principal amountof Senior Notes outstanding. We also currently have, and may in the future incur, significant offbalance sheet obligations. In the future, we may incur significant indebtedness in order to makeinvestments or acquisitions or to explore, appraise or develop our oil and natural gas assets.Our level of indebtedness could affect our operations in several ways, including the following:\x7f a significant portion or all of our cash flows, when generated, could be used to service ourindebtedness;\x7f a high level of indebtedness could increase our vulnerability to general adverse economic andindustry conditions;63'