Asset Coverage Test. If as of the last day of any Test Period either (i) an Investment Grade Period is not in effect or (ii) the Borrower does not have both (A) a Rating from Xxxxx’x of Baa3 or better and (B) a Rating from S&P of BBB- or better, the Borrower will not permit the ratio of the PV-9 of its and its Restricted Subsidiaries’ Oil and Gas Properties reflected in the most recently delivered Reserve Report or Interim PV-9 Report to Consolidated Funded Debt as of such date to be less than 1.50 to 1.00; provided that, for the purposes of this Section 10.11(c), no more than 35% of the Borrower’s and its Restricted Subsidiaries’ Oil and Gas Properties may be attributable to Proved Reserves that are not then categorized as Proved Developed Producing Reserves.
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Samples: Credit Agreement, Credit Agreement (Range Resources Corp), Credit Agreement (Range Resources Corp)
Asset Coverage Test. If as of the last day of any Test Period either (i) an Investment Grade Period is not in effect or (ii) the Borrower does not have both (A) a Rating from Xxxxx’x of Baa3 or better and (B) a Rating from S&P of BBB- or better, the The Borrower will not permit the ratio of the PV-9 of its and its Restricted Subsidiaries’ Oil and Gas Properties reflected in the most recently delivered Reserve Report or Interim PV-9 Report to Consolidated Funded Debt as of the last day of any Test Period ending during any Investment Grade Period if, as of such date date, the Borrower does not have both (i) a Rating from Xxxxx’x of Baa3 or better and (ii) a Rating from S&P of BBB- or better, to be less than 1.50 to 1.00; provided that, for the purposes of this Section 10.11(c), no more than 35% of the Borrower’s and its Restricted Subsidiaries’ Oil and Gas Properties may be attributable to Proved Reserves that are not then categorized as Proved Developed Producing Reserves.
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