Asset Coverage Ratio. The Borrower will not permit the Asset Coverage Ratio to be less than 1.50 to 1 at any time.
Asset Coverage Ratio. The Borrower will not permit the Asset Coverage Ratio at the last day of any fiscal quarter of the Borrower to be less than 2.00 to 1 at any time.
Asset Coverage Ratio. Such Borrower shall at all times maintain an Asset Coverage Ratio at least equal to its Permitted Asset Coverage Ratio or such other more restrictive ratio as may be set forth in the most recent Prospectus or most recent SAI (if applicable) of such Borrower or as required by the Act.
Asset Coverage Ratio. The Borrower shall not at any time permit its Asset Coverage Ratio to be less than 8 to 1 or such other more restrictive ratio as may be set forth in any prospectus with respect to the Borrower.
Asset Coverage Ratio. The Asset Coverage Ratio to be less than 2.00 to 1.00.
Asset Coverage Ratio. The Borrower shall maintain at all times an Asset Coverage Ratio of not less than 1.00:1.
Asset Coverage Ratio. After the Restatement Effective Date, the Borrower will not permit the Asset Coverage Ratio to be less than 2.10 to 1 at any time.
Asset Coverage Ratio. Such Borrower shall at all times maintain an Asset Coverage Ratio of its Designated Borrower Asset Coverage Ratio Percentage or such other more restrictive ratio as may be set forth in the most recent Prospectus or most recent SAI (if applicable) to such Mauritius Parent Borrower.
Asset Coverage Ratio. The Company will not permit the Asset Coverage Ratio as of the last Business Day of any fiscal quarter of the Company to be less than 1.50:1.00.
Asset Coverage Ratio. (a) The Company will not permit the Asset Coverage Ratio at any time during any period specified below to be less than the ratio set forth opposite such period: In addition, for so long as any Bank Credit Agreement is in effect and the Borrowing Base therein is being calculated, at no time shall Indebtedness and Other Liabilities exceed 115% of the Borrowing Base then in effect; provided however, that if at any time the Borrowing Base shall cease to be calculated under the Bank Credit Agreement, then (x) the Leverage Ratio as of the end of each fiscal quarter of the Company (commencing with the fiscal quarter ended immediately preceding the date Borrowing Base is no longer being calculated) shall not be greater than the Permitted Leverage Ratio and (y) the Asset Coverage Ratio shall no longer be tested pursuant to this Section 10.8, it being understood that the Leverage Ratio contained in this Section 10.8 is an independent obligation in addition to the requirements, if any, imposed under Section 10.10.
(b) The Present Value of Proved Reserves will be determined and adjusted periodically as follows:
(i) The calculation of Present Value of Proved Reserves will be determined from the most recent Reserve Report.
(ii) Subject to clause (iv) below, upon any sale by the Company or any Subsidiary of any Petroleum Property including but not limited to a sale of a lesser interest such as a royalty or a net profit interest to the extent the sale of such lesser interest is not considered to create a Lien (other than the sale of hydrocarbons after severance occurring in the ordinary course of the Company’s or such Subsidiary’s business), the calculation of Present Value of Proved Reserves shall be reduced, effective on the date of consummation of such sale or sales, by an amount equal to the Present Value of Proved Reserves attributable to Proved Reserves included in such sale or sales.
(iii) Subject to clause (iv) below, upon acquisition or development by the Company or any Subsidiary of any Petroleum Property owned directly by the Company or any Subsidiary and not reflected in the most recent Reserve Report, the calculation of Present Value of Proved Reserves shall be increased in an amount equal to the Present Value of Proved Reserves attributable to such Petroleum Property.
(iv) The Present Value of Proved Reserves will be determined and adjusted or re-determined and re-adjusted under each of clauses (ii) and (iii) above each such time that, individually or togeth...
