Total Proved PW10% to Total Debt. The Borrower will not, as of any Test Date, permit the ratio of (i) Total Proved PW10% as in effect on such Test Date to (ii) Total Debt as of such Test Date to be less than 1.50 to 1.00. For purposes hereof, “Test Date” means (A) the date of any scheduled redetermination of the Borrowing Base under the Senior Revolving Credit Agreement, beginning as of Xxxxx 0, 0000, (X) the date of any interim redetermination of the Borrowing Base under the Senior Revolving Credit Agreement, (C) the date of any material acquisition or material disposition, or (D) such other date during each calendar year, if any, as selected by the Administrative Agent at the request of any Lender and notified to the Borrower at least 10 Business Days in advance, provided that the Administrative Agent shall select no more than one additional testing date during any calendar year.
