Collateral Coverage Minimum means that the Mortgaged Properties shall represent at least 90% of the PV-10 of the Issuer’s and the Subsidiary Guarantors’ total Proved Reserves and at least 90% of the PV-10 of the Issuer’s and the Subsidiary Guarantors’ total Proved Developed Producing Reserves, in each case, included in the most recent Reserve Report prepared as of each June 30th and December 31st of each fiscal year.
Collateral Coverage Minimum means that the Collateral, including the Mortgaged Properties, shall represent (a) from the date that is 90 days following the Closing Date up to (but excluding) the date that is 120 days following the Closing Date, at least 50% of the PV-9 of the Credit Parties’ total Proved Reserves and (b) from the date that is 120 days following the Closing Date and thereafter, at least 80% of the PV-9 of the Credit Parties’ total Proved Reserves, in each case, included either in the Initial Reserve Report or in the most recent Reserve Report delivered pursuant to Section 9.14.
Collateral Coverage Minimum means that the Mortgaged Properties shall represent (a) from the date that is 90 days following the Closing Date up to the date that is 120 days following the Closing Date, at least 50% of the PV-9 of the Credit Parties’ total Proved Reserves and (b) from the date that is 120 days following the Closing Date and thereafter, at least 80% of the PV-9 of the Credit Parties’ total Proved Reserves, in each case, included either in the Initial Reserve Report or in the most recent Reserve Report delivered to the Administrative Agent; provided that such timelines set forth in clauses (a) and/or (b) above may be extended with the consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed).
Examples of Collateral Coverage Minimum in a sentence
In connection with each redetermination (but not any adjustment) of the Borrowing Base, the Borrower shall review the applicable Reserve Report, if any, and the list of current Mortgaged Properties, to ascertain whether the PV-9 of the Mortgaged Properties (calculated at the time of redetermination) meets the Collateral Coverage Minimum after giving effect to exploration and production activities, acquisitions, Dispositions and production.
More Definitions of Collateral Coverage Minimum
Collateral Coverage Minimum means a Collateral Coverage Ratio of at least 1.80 to 1.00; provided that during any Investment Grade Period, the Collateral Coverage Minimum shall mean a Collateral Coverage Ratio of 0.00 to 1.00.
Collateral Coverage Minimum means that the Collateral, including the Mortgaged Properties, shall represent at least 90% of the PV-9 of the Loan Parties’ total Proved Reserves attributable to Royalty Interests.
Collateral Coverage Minimum has the meaning assigned to such term in Section 8.14(a).
Collateral Coverage Minimum means that the Mortgaged Properties (excluding any Oil and Gas Properties subject to Production Sharing Contracts) shall represent at least eighty-five percent (85%) of the PV-9 of the Borrowing Base Properties (excluding the PV-9 of any Production Sharing Contracts), in each case, included either in the Initial Reserve Report or in the most recent Reserve Report delivered to the Administrative Agent.
Collateral Coverage Minimum means that the Mortgaged Properties shall represent (a) from the date that is 90 days following the Closing Date up to the date that is 120 days following the Closing Date, at least 50% of the PV-9 of the Loan Parties’ total Proved Reserves and (b) from the date that is 120 days following the Closing Date and thereafter, at least 80% of the PV-9 of the Loan Parties’ total Proved Reserves, in each case, included either in the Initial Reserve Report or in the most recent Reserve Report delivered to the Administrative Agent; provided that such timelines set forth in clauses (a) and/or (b) above may be extended with the consent of (x) if any obligations under the RBL Facility remain outstanding, the administrative agent in respect of the RBL Facility or (y) otherwise, the Administrative Agent (such consent not to be unreasonably withheld or delayed); provided further that the foregoing requirements in this definition of “Collateral Coverage Minimum” shall only apply in the event that (i) the requirements set forth in Article 9 of the RBL Credit Agreement with respect to the Collateral Coverage Minimum cease to apply or are no longer in effect; (ii) the RBL Credit Facility is refinanced, replaced or substituted, in connection with a Permitted Refinancing, with a facility that does not include an obligation substantially the same as the Collateral Coverage Minimum or (iii) the RBL Credit Facility is amended or modified such that, from the date that is 120 days following the Closing Date and thereafter, the Mortgaged Properties shall represent less than 70% of the PV-9 of the Loan Parties’ total Proved Reserves (other than any such amendment or modification that is effective for a period of no more than 120 days) (any of the foregoing clauses (i), (ii) or (iii) being a “Collateral Coverage Springing Event”).
Collateral Coverage Minimum means, at any time, an amount of Mortgaged Properties having a PV-9 value equal to 90% of the PV-9 of all Borrowing Base Properties at such time.
Collateral Coverage Minimum means that the Mortgaged Properties shall represent from the Closing Date and thereafter, at least 85% of the PV-10 of the Credit Parties’ total Proved Reserves that are Borrowing Base Properties and included either in the Initial Reserve Reports or in the most recent Reserve Report delivered pursuant to Section 9.13, it being understood that the value of any Proved Reserves that are not Proved Developed Producing Reserves shall be subject to the Administrative Agent’s normal and customary adjustments for the purpose of calculating the satisfaction of the Collateral Coverage Minimum.