Total Reserve Value Sample Clauses

Total Reserve Value. (a) Subject to interim adjustment under Section 8.13, Section 8.18 and Section 9.13, the initial Total Reserve Value shall be $943,359,901. The Borrower shall deliver to the Administrative Agent a Reserve Report Certificate, no later than March 1st and September 1st of each year reflecting the Total Reserve Value as of the immediately preceding January 1 and July 1, commencing September 1, 2009. In addition, the Borrower may, by notifying the Administrative Agent thereof, and the Administrative Agent may, at the direction of the Majority Lenders, by notifying the Borrower thereof, each elect to require the Total Reserve Value to be determined one additional time on a specified “as of” date between such regular determinations (which shall be the first day of a calendar month following the date of such notice), in which event the Borrower shall deliver to the Administrative Agent a certificate, in form reasonably satisfactory to the Administrative Agent, no later than three months after such specified date reflecting the Total Reserve value as of such specified date. The Borrower shall calculate the Total Reserve Value based upon the applicable definitions of this Agreement, and provide with each such certificate the Reserve Report and other information used by the Borrower in calculating the Total Reserve Value. (b) Upon receipt of such certificate, the Administrative Agent shall promptly review such certificate and, within five (5) Business Days, confirm to the Borrower and the Lenders that (i) the calculations used to determine the Total Reserve Value were based upon the pricing and other requirements set forth in the definition of Total Reserve Value and (ii) no mathematical or other errors or omissions have been made in such calculation. If facts under (i) or (ii) are ascertained to exist, the Administrative Agent and the Borrower shall cooperate to promptly calculate the proper amount of the Total Reserve Value. Otherwise, upon confirmation of such amount as the Total Reserve Value, such amount will be the Total Reserve Value until next adjusted or redetermined in accordance with the terms of this Agreement.
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Total Reserve Value. The definition of “Total Reserve Value” is hereby amended and restated in its entirety to read as follows:
Sample 1
Total Reserve Value. The initial Total Reserve Value shall be $93,722,000 for Oil and Gas Properties located in the State of North Dakota and $36,710,000 for Oil and Gas Properties located in the State of Texas. In connection with each semi-annual redetermination, the Borrower shall deliver to the Administrative Agent a certificate, in form reasonably satisfactory to the Administrative Agent, no later than April 1st and October 1st of each year, setting forth in sufficient detail the Borrower’s calculation of Total Reserve Value as of the immediately preceding January 1st and July 1st, commencing April 1, 2009. In addition, the Borrower may, by notifying the Administrative Agent thereof, and the Administrative Agent may, at the direction of the Required Lenders, by notifying the Borrower thereof, each elect to require the Total Reserve Value to be determined one additional time on a specified “as of” date between such regular determinations (which shall be the first day of a calendar month following the date of such notice), in which event the Borrower shall deliver to the Administrative Agent a certificate, in form reasonably satisfactory to the Administrative Agent, no later than three months after such specified date reflecting the Total Reserve Value as of such specified date. The Borrower shall calculate the Total Reserve Value based upon the applicable definitions of this Agreement, and provide with each such certificate the Reserve Report and other information used by the Borrower in calculating the Total Reserve Value. In addition to the foregoing, the Total Reserve Value shall be subject to further adjustment from time to time in accordance with Section 8.13 and Section 9.12.
Sample 1
Total Reserve Value. The initial Total Reserve Value shall be $75,634,000. In connection with each semi-annual redetermination, the Borrower shall deliver to the Administrative Agent a certificate, in form reasonably satisfactory to the Administrative Agent, no later than May 1st and November 1st of each year, setting forth in sufficient detail the Borrower’s calculation of Total Reserve Value as of the immediately preceding April 1st and October 1st, commencing May 1, 2009. The Borrower shall calculate the Total Reserve Value based upon the applicable definitions of this Agreement, and provide with each such certificate the Reserve Report and other information used by the Borrower in calculating the Total Reserve Value. In addition to the foregoing, the Total Reserve Value shall be subject to further adjustment from time to time in accordance with Section 9.12.
Sample 1
Total Reserve Value. (a) Subject to interim adjustment under Section 2.07(c), Section 8.13 and Section 9.11, the initial Total Reserve Value shall be $437,175,428. The Borrower shall deliver to the Administrative Agent a Reserve Report Certificate in accordance with Section 8.12, so that the Total Reserve Value may be redetermined semi-annually on or around November 1st and May 1st of each year (each, a “Scheduled Redetermination Date” and, together with each Interim Redetermination Date, as defined below, a “Redetermination Date”) which Reserve Report Certificate shall reflect the Total Reserve Value as of the immediately preceding June 30 and December 31, respectively, commencing May 1, 2012. The Borrower shall calculate the Total Reserve Value based upon the applicable definitions of this Agreement. (b) Upon receipt of a Reserve Report Certificate, the Administrative Agent shall promptly review such certificate and, within five (5) Business Days, confirm to the Borrower and the Lenders that (i) the calculations used to determine the Total Reserve Value were based upon the pricing and other requirements set forth in the definition of Total Reserve Value and (ii) no mathematical or other errors or omissions have been made in such calculation. If facts under (i) or (ii) are ascertained not to exist, the Administrative Agent and the Borrower shall cooperate to promptly calculate the proper amount of the Total Reserve Value. Otherwise, upon confirmation of such amount as the Total Reserve Value, such amount will be the Total Reserve Value until next adjusted or redetermined in accordance with the terms of this Agreement. (c) If the Borrower or any Subsidiary changes the material terms of any commodity-price Swap Agreement, terminates any such Swap Agreement or creates any off-setting positions in respect of any hedge positions under any such Swap Agreement (whether evidenced by a floor, put or Swap Agreement), then the Total Reserve Value shall be simultaneously reduced by an amount determined by the Majority Lenders not exceeding the economic consequences of such change, termination or creation of off-setting positions. (d) The Borrower may elect to redetermine the Total Reserve Value, by notifying the Administrative Agent thereof, one time during any six-month period, that it elects to cause the Total Reserve Value to be redetermined between Scheduled Redeterminations (each an “Interim Redetermination”) in accordance with this Section 2.07 (each an “Interim Redetermination Dat...
Sample 1
Total Reserve Value. The definition of Total Reserve Value is hereby amended by replacing “0” with “Section 2.07”.
Sample 1

Related to Total Reserve Value

  • Required Reserve Amount So long as this Warrant remains outstanding, the Company shall at all times keep reserved for issuance under this Warrant a number of shares of Common Stock at least equal to 100% of the maximum number of shares of Common Stock as shall be necessary to satisfy the Company’s obligation to issue shares of Common Stock under the Warrants then outstanding (without regard to any limitations on exercise) (the “Required Reserve Amount”); provided that at no time shall the number of shares of Common Stock reserved pursuant to this Section 1(g) be reduced other than in connection with any exercise of Warrants or such other event covered by Section 2(c) below. The Required Reserve Amount (including, without limitation, each increase in the number of shares so reserved) shall be allocated pro rata among the holders of the Warrants based on the number of shares of Common Stock issuable upon exercise of Warrants held by each holder thereof on the Issuance Date (without regard to any limitations on exercise) (the “Authorized Share Allocation”). In the event that a holder shall sell or otherwise transfer any of such holder’s Warrants, each transferee shall be allocated a pro rata portion of such holder’s Authorized Share Allocation. Any shares of Common Stock reserved and allocated to any Person which ceases to hold any Warrants shall be allocated to the remaining holders of Warrants, pro rata based on the number of shares of Common Stock issuable upon exercise of the Warrants then held by such holders thereof (without regard to any limitations on exercise).

  • Additional Reserve Costs (a) If and so long as any Lender is required after the date hereof to make special deposits with the Bank of England, to maintain reserve asset ratios or to pay fees, in each case in respect of such Lender’s Eurocurrency Loans in any Designated Foreign Currency, such Lender may require the relevant Borrower to pay, contemporaneously with each payment of interest on each of such Loans, additional interest on such Loan at a rate per annum equal to the Mandatory Costs Rate calculated in accordance with the formula and in the manner set forth in Exhibit C hereto. (b) If and so long as any Lender is required to comply with reserve assets, liquidity, cash margin or other requirements of any monetary or other authority (including any such requirement imposed by the Board or by European Central Bank or the European System of Central Banks, but excluding requirements reflected in the Mandatory Costs Rate) in respect of any of such Lender’s Eurocurrency Loans, such Lender may require the relevant Borrower to pay, contemporaneously with each payment of interest on each of such Lender’s Eurocurrency Loans subject to such requirements, additional interest on such Loan at a rate per annum specified by such Lender to be the cost to such Lender of complying with such requirements in relation to such Loan. (c) Any additional interest owed pursuant to paragraph (a) or (b) above shall be determined by the relevant Lender, which determination shall be presumed correct in the absence of facts or circumstances indicating that it has been made in error, and notified to the relevant Borrower (with a copy to the Applicable Agent) at least five Business Days before each date on which interest is payable for the relevant Loan, and such additional interest so notified to the relevant Borrower by such Lender shall be payable to the Applicable Agent for the account of such Lender on each date on which interest is payable for such Loan.

  • Additional Reserve Requirements The Borrower shall pay to each Lender, (i) as long as such Lender shall be required to maintain reserves with respect to liabilities or assets consisting of or including Eurocurrency funds or deposits (currently known as “Eurocurrency liabilities”), additional interest on the unpaid principal amount of each Eurocurrency Rate Loan equal to the actual costs of such reserves allocated to such Loan by such Lender (as determined by such Lender in good faith, which determination shall be conclusive), and (ii) as long as such Lender shall be required to comply with any reserve ratio requirement or analogous requirement of any other central banking or financial regulatory authority imposed in respect of the maintenance of the Commitments or the funding of the Eurocurrency Rate Loans, such additional costs (expressed as a percentage per annum and rounded upwards, if necessary, to the nearest five decimal places) equal to the actual costs allocated to such Commitment or Loan by such Lender (as determined by such Lender in good faith, which determination shall be conclusive), which in each case shall be due and payable on each date on which interest is payable on such Loan, provided the Borrower shall have received at least 10 days’ prior notice (with a copy to the Administrative Agent) of such additional interest or costs from such Lender. If a Lender fails to give notice 10 days prior to the relevant Interest Payment Date, such additional interest or costs shall be due and payable 10 days from receipt of such notice, provided that, with respect to interest payable on any Interest Payment Date, the Borrower shall not be required to compensate a Lender pursuant to the foregoing provisions of this Section 3.04(e) for any reserves (or analogous amount) suffered by such Lender more than four months prior to such Interest Payment Date.

  • FUNDING AVAILABILITY This Contract is contingent upon the continued availability of funding. If funds become unavailable through the lack of appropriations, legislative or executive budget cuts, amendment of the Appropriations Act, state agency consolidation or any other disruptions of current appropriations, DFPS will reduce or terminate this Contract.

  • Minimum Current Ratio The Borrower will not, as of the last day of any Fiscal Quarter (commencing with the Fiscal Quarter ending June 30, 2018), permit the Current Ratio to be less than 1.00 to 1.00.

  • Liquidity Ratio A Liquidity Ratio of at least 1.50 to 1.00.

  • Market Capitalization At the time the Registration Statement was or will be originally declared effective, and at the time the Company’s most recent Annual Report on Form 10-K was filed with the Commission, the Company met or will meet the then applicable requirements for the use of Form S-3 under the Securities Act, including, but not limited to, General Instruction I.B.1

  • Availability Reserves All Revolving Loans otherwise available to Borrower pursuant to the lending formulas and subject to the Maximum Credit and other applicable limits hereunder shall be subject to Lender's continuing right to establish and revise Availability Reserves.

  • RESERVE PRICE The subject property will be sold “as is where is basis” and subject to a reserve price of RM 520,000.00 ( RINGGIT MALAYSIA: FIVE HUNDRED AND TWENTY THOUSAND ONLY) subject to the Conditions of Sale and by way of an Assignment from the above Assignee subject to consent being obtained by the successful bidder(“the Purchaser”) from the relevant authorities, if any, including all terms, conditions, stipulation and covenants which were and may be imposed by the relevant authority. All other fees, costs and charges relating to the transfer and assignment of the property shall be borne solely by the successful bidder (“the Purchaser”).Online bidders are further subject to the Terms & Conditions on xxx.xxxxxxxxxxxxxxxx.xxx All intending bidders are required to deposit 10% of the fixed reserve price by bank draft/ cashier’s order only in favour of RHB Bank Berhad prior to the auction sale with the under mentioned Auctioneer and the balance of the purcLhase price is to be settled within ninety (90) days from the date of auction to RHB Bank Berhad via XXXXXX. Details of payment via XXXXXX, please liaise with Messrs Xxx Xxxxxxx & Xxxx. For further particulars, please contact MESSRS CHE MOKHTAR & LING, Solicitors for Assignee herein whose address is at Level 00, Xxxx Xxxxx, Xxxxxx Xxxxxxx Xxxxxxxx, Xx.0, Xxxxx Xxxxxx Xxxxxxxx, 00000 Xxxxx Xxxxxx. Tel: 00-0000 0000 / Fax: 00-0000 0000 [ Ref: CML- 08A/RHB(1)/MA/37653/17 ] or under mentioned Auctioneer. Dalam menjalankan xxx xxx kuasa xxxx diberi kepada Pihak Pemegang Serah xxx xxx di bawah Perjanjian Kemudahan, Surat Ikatan Penyerahan Hak (Penyerahan Hak Pihak Pertama) xxx Surat Kuasa Wakil (Pihak Pertama) kesemunya bertarikh 06hb Oktober 2008 di antara Pihak Pemegang Serah Xxx xxx Pihak Penyerah Xxx xxx dalam Perjanjian Jual Beli antara Pihak Penyerah Xxx xxx Indah Jaya Development Sdn Bhd (“Penjual”) xxx Rawang Lakes Sdn Bhd (“Tuanpunya”) bertarikh 12hb September 2008, adalah dengan ini diisytiharkan bahawa Pihak Pemegang Xxxxx xxx dengan dibantu oleh Pelelong yang tersebut di bawah.

  • Funded Debt Ratio Permit the Funded Debt Ratio, as of the last day of any Fiscal Quarter, to be greater than the ratio set forth below opposite such Fiscal Quarter or the period during which such Fiscal Quarter ends: Period/Fiscal Quarter Maximum Ratio December 31, 2002 3.50:1.00 March 31, 2003 2.60:1.00 June 30, 2003 2.50:1.00 September 30, 2003 2.00:1.00 December 31, 2003 through March 31, 2004 1.75:1.00 April 1, 2004 through December 31, 2004 1.50:1.00

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