Liability Management Rating definition

Liability Management Rating means, for any Primary Jurisdiction, the environmental liability management rating (or equivalent) relating to the upstream oil and gas xxxxx, facilities and pipelines located within such jurisdiction, as determined in accordance with the rules and regulations of each applicable Primary Jurisdiction and its Energy Regulator for the then relevant period (and, for certainty, after adjusting the “deemed assets” (or the equivalent) to include any security deposits provided to the applicable Energy Regulator if such security deposits are so included by the applicable Energy Regulator).

Liability Management Rating means the liability management rating as assessed by the AER under the Liability Management Program, Directives 006, 024 and 075 and any other related Applicable Law, as well as any other measure used by the AER to assist in determining licensee eligibility or any required security deposits for licence transfers;

Liability Management Rating means the liability management rating as assessed by the AER under Liability Management Program Directives 006, 024 and 075 and any other related Applicable Law, as well as any other measure used by the AER to assist in determining required security deposits for licence and assets transfers;

Examples of Liability Management Rating in a sentence

• The Borrower shall not permit the Liability Management Rating of itself and each of its Subsidiaries in any Relevant Jurisdiction to be less than 2.00:1.00 at any time (including on a pro forma basis after giving effect to any acquisitions or dispositions by the Borrower or such Subsidiary) for so long (and only for so long) as the Liability Management Rating is utilized by the Energy Regulator in such Relevant Jurisdiction.

• The Borrower shall not permit the Liability Management Rating of itself and each of its Subsidiaries in any Relevant Jurisdiction to be less than [Redacted] at any time (including on a pro forma basis after giving effect to any acquisitions or Dispositions by the Borrower or such Subsidiary) for so long (and only for so long) as the Liability Management Rating is utilized and published by the Energy Regulator in such Relevant Jurisdiction.

• If the Liability Management Rating of any Loan Party which owns or operates any LMR Assets in any Primary Jurisdiction becomes less than 1.25 in such Primary Jurisdiction and remains below such threshold for a period of 90 days after written notice thereof is given by the Agent to the Borrower.

• The Borrower shall not permit the Liability Management Rating of itself and each of its Subsidiaries (excluding an Excluded LMR Loan Party) in any Relevant Jurisdiction to be less than 2.00:1.00 at any time (including on a pro forma basis after giving effect to any acquisitions or Dispositions by the Borrower or such Subsidiary).

• Since the announcement, the Government of Alberta has gradually begun to phase-in the LMF through legislative and AER directive amendments.Prior to the change, the AER administered the Licensee Liability Rating Program (the "AB LLR Program") as part of the Liability Management Rating Assessment Process.

• Liability Management Rating ProgramOn June 20, 2016, the AER issued Bulletin 2016-16, Licensee Eligibility-Alberta Energy Regulator Measures to Limit Environmental Impacts Pending Regulatory Changes to Address the Redwater Decision in an urgent response to a decision from the Alberta Court of Queen's Bench, which was affirmed by a majority at the Alberta Court of Appeal.

• See "Industry Conditions – Liability Management Rating Program".Climate ChangeThe Corporation's exploration and production facilities and other operations and activities emit greenhouse gases which may require the Corporation to comply with GHG emissions legislation at the provincial or federal level.

• The Borrower shall not permit the Liability Management Rating of itself and each of its Subsidiaries in any Relevant Jurisdiction to be less than 1.40:1.00 at any time (including on a pro forma basis after giving effect to any acquisitions or Dispositions by the Borrower or such Subsidiary) for so long (and only for so long) as the Liability Management Rating is utilized by the Energy Regulator in such Relevant Jurisdiction.

More Definitions of Liability Management Rating

Liability Management Rating. Vendor's Liability Management Rating:

Liability Management Rating means the liability management rating of a licensee calculated in accordance with AER Directive 006: Licensee Liability Rating (LLR) Program and Licence Transfer Process dated effective February 17, 2016, AER Directive 011: Licensee Liability Rating (LLR) Program – Updated Industry Parameters and Liability Costs dated effective August 1, 2015, AER Directive 024: Large Facility Liability Management Program dated effective February 24, 2016, AER Directive 068: AER Security Deposits dated effective September 17, 2010 and AER Directive 075: Oilfield Waste Liability (OWL) Program dated effective April 11, 2016, as same (or any of them) may be amended, supplemented or replaced from time to time;