Approved Plan of Development means the written and scheduled plan of development approved by Lender, with respect to budgeted capital expenditures and expected schedule for Guarantors’ development activities with respect to those proved oil and gas properties and undeveloped oil and gas properties in Comanche and Erath Counties, Texas, Routt County, Colorado, and Sweetwater County, Wyoming (the “Project Areas”). The initial Approved Plan of Development approved by Lender is attached as Schedule l(d) to this Loan Agreement. The Approved Plan of Development may not be materially modified without Lender’s prior written consent. If Borrower wishes to so modify the Approved Plan of Development, Borrower shall provide an amended Plan of Development for Lender’s approval at least ten (10) days before it is proposed to be effective; and Lender must respond to such request for written consent within such ten-day period. Borrower and Guarantors shall use all “Free Operating Cash Flow” (as defined below) for the purpose of funding the capital expenditures under the Approved Plan of Development.
Approved Plan of Development means TOGA's plan of development for the Subject Properties that describes, among other things: (i) the expenditures and improvements necessary to develop the Project Properties, (ii) the timetable for such development, and (iii) the sources of capital (including but not limited to the Advances) to be used for such development, all as revised and Approved annually by December 1 of each year.
Approved Plan of Development or “APOD” means Company’s written plan of development with respect to budgeted capital expenditures (including maximum annual expenditures) and other development activities that is described in Schedule 6, as amended and supplemented from time to time with the consent of Required Holders; provided that no such consent shall be required for amendments, modifications or supplements to the extent, but only to the extent, that any such amendments, modifications or supplements (a) either (i) are administrative or ministerial in nature, or (ii) would make non-material amendments to the timing for the completion of any such development (other than an amendment extending the timing of the substantial completion of the APOD), and (b) do not increase the aggregate permitted budgeted capital expenditures of Company and its Subsidiaries under such written plan.
Examples of Approved Plan of Development in a sentence
Company will obtain and pay for the services of all engineering and professional staff and other Persons needed to prudently execute the Approved Plan of Development.
Restricted Persons will (a) timely develop the Oil and Gas Properties, and make capital expenditures on the Oil and Gas Properties, in accordance with the Approved Plan of Development, and (b) except to the extent regulatory approval has not yet been obtained, have each producing and injection well which is hereafter completed put into normal operation.
Company will use the proceeds of such Capital Stock solely (a) to fund the Approved Plan of Development, and (b) for working capital purposes.
The Project, if constructed in accordance with the Approved Plan of Development and otherwise developed, constructed, operated and maintained as contemplated by the Loan Documents, is expected to conform to and comply with all covenants, conditions, restrictions and reservations in the Governmental Approvals applicable thereto and all Governmental Rules, except to the extent any such noncompliance could not reasonably be expected to have a Material Adverse Effect on TOGA.
Company will (a) timely develop the Properties, and make capital expenditures on the Properties, in accordance with the Approved Plan of Development, and (b) except to the extent regulatory approval has not yet been obtained, have each producing and injection well which is hereafter completed put into normal operation.
More Definitions of Approved Plan of Development
Approved Plan of Development or “APOD” means Borrower's written plan of development with respect to budgeted Capital Expenditures (including maximum annual expenditures) and other development activities that is delivered to Administrative Agent pursuant to Section 3.1, as amended and supplemented from time to time with the consent of Administrative Agent and the Majority Lenders; provided that no such consent shall be required for amendments, modifications or supplements to the extent, but only to the extent, that any such amendments, modifications or supplements (a) either (i) are administrative or ministerial in nature, or (ii) would make non-material amendments to the timing for the completion of any such development, and (b) do not increase the aggregate permitted budgeted Capital Expenditures of Borrower and its Subsidiaries under such written plan.
Approved Plan of Development means the Borrower’s written plan of development with respect to budgeted development expenditures, Capital Expenditures and other development activities for the period from the Third Amendment Effective Date through and including September 30, 2020 which (a) includes (i) $2,400,000 of Capital Expenditures with respect to the Xxxxxx Xxxxxxx 29-32H xxxxx in June 2020 and (ii) $2,600,000 for development expenditures, Capital Expenditures or other development activities to be identified by the Borrower with respect to the Oil and Gas Properties of the Loan Parties and (b) was delivered to the Administrative Agent and the Lenders on the Third Amendment Effective Date. [Credit Agreement]
Approved Plan of Development or “APOD” means the plan of development and budgeted Capital Expenditures (including maximum annual expenditures) and other development activities that is attached hereto as Exhibit L with respect to the Oil and Gas Properties identified therein, as such plan is amended, supplemented or restated from time to time with the consent of Administrative Agent (given or withheld in its sole discretion); provided that no such consent shall be required for amendments, modifications or supplements to the extent, but only to the extent, that any such amendments, modifications or supplements (a) would make non-material amendments to the timing for the completion of any such particular development (other than an amendment extending the timing of the substantial completion of the APOD), (b) relate to Republic or its Affiliates failing to consent to any proposed well in the APOD (each, a “Non-Consent Well”) and, as a result, a substitute well, that is also in the APOD, in which Borrower has a greater working interest than the Non-Consent Well is proposed (each, an “Alternate Non-Consent Well”), or (c) relate to Republic or its Affiliates proposing an alternative well that is not in the APOD (each, an “Alternate Well”) to replace a well that is in the APOD (each, a “Replaced Well”), but in the case of each of clause (b) and clause (c), only to the extent that, at the time of any such amendment, modification or supplement, the ratio of (w) Borrower’s PV9 Value from such Alternate Non-Consent Well or Alternate Well, as applicable, to (x) the aggregate Capital Expenditures to be set forth in the amended APOD allocable to Borrower’s interests in such Alternate Non-Consent Well or Alternate Well, as applicable, is not less than 90% of the ratio of (y) Borrower’s PV9 Value from such Non-Consent Well or Replaced Well, as applicable, to (z) the aggregate Capital Expenditures then set forth in the APOD allocable to Borrower’s interests in such Non-Consent Well or Replaced Well, it being understood that in each case any determination of PV9 Value on a well by well basis will be made in a manner consistent with the methodology set forth in the definition of PV9 Value.
Approved Plan of Development or “APOD” means Borrower’s written plan of development with respect to drilling and completion and workovers with respect to the Oil and Gas Properties, substantially in the form attached hereto as Exhibit A, and as such plan is amended, supplemented or restated by the Borrower from time to time with the consent of Administrative Agent and the Required Lenders (given or withheld in each such Person’s commercially reasonable discretion); provided that no such consent shall be required for amendments, modifications or supplements to the extent, but only to the extent, that any such amendments, modifications or supplements (a) either (i) are administrative or ministerial in nature, or (ii) would make non-material amendments to the timing for the completion of any such development (other than an amendment extending the timing of the substantial completion of the Approved Plan of Development), and (b) do not increase the aggregate permitted budgeted Permitted Expenditures of the Credit Parties under such written plan.
Approved Plan of Development means a plan of development of the Credit Parties’ capital assets, setting forth the Credit Parties’ reasonably anticipated Capital Expenditures in respect thereof during the applicable Covered APOD Period, in each case as approved by the Lead Lender in writing in its reasonable discretion (it being agreed an APOD in the form of the Initial APOD is acceptable to the Lead Lender) and as the same may be updated from time to time in accordance with Section 5.23(b).
Approved Plan of Development or "APOD" means Company's written plan of development with respect to budgeted capital expenditures (including maximum annual expenditures) and other development activities that is delivered to Lenders pursuant to Section 3.1, as amended and supplemented from time to time with the consent of Required Lenders; provided that no such consent shall be required for amendments, modifications or supplements to the extent, but only to the extent, that any such amendments, modifications or supplements (a) either (i) are administrative or ministerial in nature, or (ii) would make non-material amendments to the timing for the completion of any such development, and (b) do not increase the aggregate permitted budgeted capital expenditures of Company and its Subsidiaries under such written plan.
Approved Plan of Development or “APOD” means Company’s written plan of development with respect to budgeted capital expenditures (including maximum annual expenditures) and other development activities that is attached to the APOD Certificate given on or about the Closing Date, as such plan is amended, supplemented or restated from time to time with the consent of Required Lenders (given or withheld in their discretion) as evidenced by one or more additional APOD Certificates; provided that no such consent shall be required for amendments, modifications or supplements to the extent, but only to the extent, that any such amendments, modifications or supplements either (a) are administrative or ministerial in nature, or (b) would make non-material amendments to the timing for the completion of any such particular development (other than an amendment extending the timing of the substantial completion of the APOD).