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 ▇▇▇▇▇, 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).

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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. Vendor's Liability Management Rating: (i) is greater than or equal to [Redaction - Number]; (ii) will, on completion of the Transaction, be greater than or equal to [Redaction - Number]; and (iii) will be greater than or equal to [Redaction - Number] at the time the AER considers approval of any Specific Conveyance pursuant to this Agreement;

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 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.

• 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).

More Definitions of 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;

Liability Management Rating means, for any Material Jurisdiction, the environmental liability management rating (or equivalent) governing upstream oil and gas ▇▇▇▇▇, facilities, and pipelines for such Material Jurisdiction, as determined in accordance with the rules and regulations of such Material 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), provided that in the case of British Columbia, for so long as the BC Energy Regulator does not provide a calculation of "deemed assets", such calculation shall be made by the Borrower in a manner consistent with past practise of the BC Energy Regulator in calculating the same;