COLLATERAL COVERAGE REQUIREMENTS Sample Clauses

COLLATERAL COVERAGE REQUIREMENTS. Unless otherwise agreed -------------------------------- by Lender, unused available funds under the Credit Facility after the initial $4,500,000.00 is drawn, shall only be available for draw by Borrower if the principal balance of the Note outstanding after the requested draw will be less than the sum of a) the actual costs of the oil and gas lease(s) purchased and/or reimbursed through the date of the requested draw with funds advanced under this Agreement, and b) 75% of Borrower's Proved Producing Reserves (as defined herein) from all sources, including the Proved Producing Reserves of Anadarko Petrosearch and TK Petrosearch plus all other subsidiaries of Borrower, as such Proved Producing Reserves are reflected in the most recent reserve report prepared by an independent petroleum engineer engaged by Borrower and otherwise qualified to calculate Proved Producing Reserves acceptable under Securities and Exchange Commission ("SEC") standards. For purposes hereof, the term Proved Producing Reserves shall mean the estimated quantities of crude oil, natural gas and natural gas liquids which, based upon engineering and geologic data, are expected to be recovered under existing economic and operating conditions from existing wells in reservoirs (incxxxxxg behind the pipe reservoirs) that have produced at any time during the twelve (12) months before the reporting date. If for any reason the Collateral Coverage Requirements fall below the minimum threshold amount described in this Section 1.6 and remain below such minimum threshold amount for thirty (30) consecutive days, then in such event Borrower and its subsidiaries shall cause additional collateral acceptable to Lender to be secured, pledged and encumbered by Lender's first and prior lien(s) and security interest(s), all at Borrower's expense.
Sample 1
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COLLATERAL COVERAGE REQUIREMENTS. (a) The definition of the term "Borrowing Base" set forth in Paragraph 12 of the Credit Agreement is hereby amended to read in its entirety as follows:
Sample 1
COLLATERAL COVERAGE REQUIREMENTS. To reflect the agreement of the parties to incorporate certain restrictions on availability of Loans under the Loan Documents based upon the designated "Collateral Value" of certain assets supporting such credit extensions, the parties hereto hereby agree that effective as of the Effective Date: (a) Paragraph 1(a) of the Credit Agreement is hereby amended to read in its entirety as follows:
Sample 1
COLLATERAL COVERAGE REQUIREMENTS. Unless otherwise agreed -------------------------------- in writing by Lender, unused available funds under the Amended and Restated Credit Line, shall only be available for draw by Borrower if at all times Borrower's Proved Developed Reserves (as defined herein) equal or exceed twenty-five percent (25%) of the outstanding principal and interest indebtedness under the Amended and Restated Note, and if the principal balance of the Note outstanding after the requested draw will be less than the following sum, to-wit: a) the actual costs of the oil and gas lease(s) purchased and/or reimbursed through the date of the requested draw with funds advanced under this Amended RCA, and b) the sum of 75% of Borrower's Proved Developed Reserves (as defined herein) and 50% of Borrower's Proved Undeveloped Reserves (as defined herein) from all sources pledged as collateral by the Borrower, including
Sample 1

Related to COLLATERAL COVERAGE REQUIREMENTS

  • Coverage Requirements (08/19) Contractor shall comply with the following insurance requirements:

  • Collateral Coverage Ratio ‌ (i) Within ten (10) Business Days after (x) the last day of March, June, September and December of each year (beginning with December 2020) or (y) any date on which an Appraisal is delivered pursuant to clause Error! Reference source not found. of Section 5.16 (each such date in clauses (x) and (y), a “CCR Reference Date” and the tenth Business Day after a CCR Reference Date, a “CCR Certificate Delivery Date”), the Parent shall deliver to the Administrative Agent a certificate of a Responsible Officer of the Parent containing a calculation of the Collateral Coverage Ratio (a “CCR Certificate”). (ii) If the Collateral Coverage Ratio with respect to any CCR Reference Date is less than 1.60 to 1.00, the Borrower shall, no later than ten (10) Business Days after the applicable CCR Certificate Delivery Date, (x) prepay any outstanding Loans such that following such prepayment, the Collateral Coverage Ratio with respect to such CCR Reference Date, recalculated by subtracting any such prepaid portion of the Loans, shall be no less than 1.60 to 1.00 and/or (y) designate Additional Collateral as additional Eligible Collateral and comply with Sections 5.13 and 5.15, collectively, in an amount such that following such designation, the Collateral Coverage Ratio with respect to such CCR Reference Date, recalculated by adding such Additional Collateral, shall be no less than 1.60 to 1.00. (iii) At the Parent’s request, the Lien on any Collateral will be released; provided, in each case, that the following conditions are satisfied or waived: (a) no Event of Default shall have occurred and be continuing, (b) either (x) after giving effect to such release, the Collateral Coverage Ratio is not less than 2.00 to 1.00 (or in the case of a swap or exchange of existing Additional Collateral with new Additional Collateral, less than 1.60 to 1.00) or (y) the Parent shall prepay or cause to be prepaid the Loans and/or shall designate Eligible Collateral as Additional Collateral and comply with Sections 5.13 and 5.15, collectively, in an amount necessary to cause the Collateral Coverage Ratio to not be less than 2.00 to 1.00 (or in the case of a swap or exchange of existing Additional Collateral with new Additional Collateral, less than‌

  • Collateral Covenants Until the Revolving Credit Facility has been terminated and all the Secured Obligations have been paid in full, unless the Required Lenders shall otherwise consent in the manner provided in Section 15.9:

  • Insurance Coverage Requirements Without limiting CONTRACTOR’s duty to indemnify, CONTRACTOR shall maintain in effect throughout the term of this Agreement a policy or policies of insurance with the following minimum limits of liability:

  • Special Coverages Tenant shall carry “Builder’s All Risk” insurance in an amount approved by Landlord covering the construction of the Tenant Improvements, and such other insurance as Landlord may require, it being understood and agreed that the Tenant Improvements shall be insured by Tenant pursuant to the Lease immediately upon completion thereof. Such insurance shall be in amounts and shall include such extended coverage endorsements as may be reasonably required by Landlord, and in form and with companies as are required to be carried by Tenant as set forth in the Lease.

  • Additional Coverage To the extent that insurance coverage provided by Consultant maintains higher limits than the minimums appearing in Exhibit B, City requires and shall be entitled to coverage for higher limits maintained.

  • ADDITIONAL COVERAGES We cover the following in addition to the limits of liability: A. Claim Expenses 1. Expenses we incur and costs taxed against an "insured" in any suit we defend;

  • Maintenance Requirements The Contractor shall ensure and procure that at all times during the Maintenance Period, the Project Highway conforms to the maintenance requirements set forth in Schedule-E (the “Maintenance Requirements”).

  • Review of insurance requirements The Security Trustee shall be entitled to review the requirements of this Clause 13 from time to time in order to take account of any changes in circumstances after the date of this Agreement which are, in the opinion of the Majority Lenders, significant and capable of affecting the Owners or the Ships and their insurance (including, without limitation, changes in the availability or the cost of insurance coverage or the risks to which the Owners may be subject), and may appoint insurance consultants in relation to this review at the cost of the Borrower.

  • Environmental Covenants The Borrower covenants and agrees that: (i) all uses and operations on or of each Project, whether by the Borrower or any other Person, shall be in compliance with all Environmental Laws and permits issued pursuant thereto; (ii) except for Releases incidental to the Use of Hazardous Substances permitted by clause (iii) below and in compliance with all Applicable Laws, the Borrower shall not permit a Release of Hazardous Substances in, on, under or from any Project; (iii) the Borrower shall not knowingly permit Hazardous Substances in, on, or under any Project, except those that are in compliance with all Environmental Laws and of types and in quantities customarily used in the ownership, operation and maintenance of buildings similar to the Projects (i.e., materials used in cleaning and other building operations) and shall undertake to supervise and inspect activities occurring on the Projects as may be reasonably prudent to comply with the foregoing obligation; (iv) except as disclosed in Schedule 8.11 or as specifically described in the Environmental Reports, the Borrower shall not permit any underground storage tanks to be in, on, or under any Project, and shall operate, maintain, repair and replace any such underground storage tank so disclosed in compliance with all Applicable Laws; (v) Reserved; (vi) the Borrower shall keep each Project free and clear of all Liens and other encumbrances imposed pursuant to any Environmental Law, whether due to any act or omission of the Borrower or any other Person (collectively, “Environmental Liens”); (vii) notwithstanding clause (iii) above, the Borrower shall not, or knowingly permit any other Person to, install any asbestos or asbestos containing materials on any Project, and shall upon and following the Closing Date implement, comply with and maintain in effect an operations and maintenance program with respect to any existing asbestos or asbestos containing materials located at any Project; (viii) the Borrower shall cause the Remediation of such Hazardous Substances present on, under or emanating from any Project, or migrating onto or into any Project, in accordance with this Agreement and applicable Environmental Laws subject to the right to contest such Remediation in accordance with Section 7(a) of the Environmental Indemnity; and (ix) the Borrower shall provide the Administrative Agent, the Lenders and their representatives (A) with access, upon prior reasonable notice, at reasonable times (during normal business hours) to all or any portion of any Project for purposes of inspection; provided that such inspections shall not unreasonably interfere with the operation of such Project or the tenants or occupants thereof, and shall be subject to the rights of tenants under their Leases, and the Borrower shall cooperate with the Administrative Agent, the Lenders and their representatives in connection with such inspections, including, but not limited to, providing all relevant information and making knowledgeable persons available for interviews and (B) promptly upon request, copies of all environmental investigations, studies, audits, reviews or other analyses conducted by or that are in the possession or control of the Borrower in relation to any Project, whether heretofore or hereafter obtained.

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