Mortgage Coverage Sample Clauses

Mortgage Coverage. The Administrative Agent shall be reasonably satisfied that, upon recording the Mortgages, in each case, in the appropriate filing offices, it shall have a first priority Lien on at least 85% of the PV-9 of the Borrowing Base Properties.
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Mortgage Coverage. The Administrative Agent shall be reasonably satisfied that, upon recording the Mortgages in the appropriate filing offices, it shall have a first priority Lien on at least 85% of the PV-9 of the Borrowing Base Properties; provided that Excepted Liens of the type described in clauses (a) to (d), (f), (i), (m) and (n) of the definition thereof (and subject to the provisos at the end of such definition) (the “Excepted Mortgaged Property Liens”) may exist.
Sample 1
Mortgage Coverage. The Administrative Agent shall have received duly executed and notarized deeds of trust/mortgages or amendments and supplements to existing deeds of trust/mortgages in form satisfactory to the Administrative Agent, to the extent necessary so that the Mortgaged Properties represent at least 80% of the total value of the proved Oil and Gas Properties of the Borrower and the Subsidiaries evaluated in the most recently delivered Reserve Report.
Sample 1
Mortgage Coverage. Within thirty (30) days from the Effective Date (or such longer time as determined by Administrative Agent) Borrower shall mortgage to Administrative Agent additional oil and gas properties evaluated in the October 2016 Reserve Report such that the aggregated Recognized Value of all oil and gas properties then under mortgage is at least 85% of the Recognized Value of all Proved Mineral Interests evaluated in the October 2016 Reserve Report.
Sample 1
Mortgage Coverage. Within forty-five (45) days after the Effective Date (or such longer time as determined by Administrative Agent) Borrower shall (i) mortgage to Administrative Agent additional oil and gas properties evaluated in the April 2017 Reserve Report such that the aggregated Recognized Value of all oil and gas properties then under mortgage is at least 85% of the Recognized Value of all Proved Mineral Interests evaluated in the April 2017 Reserve Report, and (ii) deliver favorable opinions of counsel to the Loan Parties acceptable to Administrative Agent as to enforceability of such Oil and Gas Mortgages delivered in connection with this Section 7(a) and such other matters reasonably requested by Administrative Agent, in form and substance reasonably satisfactory to Administrative Agent.
Sample 1

Related to Mortgage Coverage

  • Insurance Coverage The Company and each Subsidiary maintains in full force and effect insurance coverage that is customary for comparably situated companies for the business being conducted and properties owned or leased by the Company and each Subsidiary, and the Company reasonably believes such insurance coverage to be adequate against all liabilities, claims and risks against which it is customary for comparably situated companies to insure.