Mortgaged Present Value definition

Mortgaged Present Value means, as of any date of determination, the PV-9 attributable to Mortgaged Properties; provided that in calculating the Mortgaged Present Value the Virginia Borrowing Base Properties shall be deemed to constitute Mortgaged Properties so long as the Administrative Agent, for the benefit of the Secured Parties, has a Lien on and security interest in the Stock of any Credit Party owning Virginia Borrowing Base Properties pursuant to the Pledge Agreement, provided, that the PV-9 attributable to the Virginia Borrowing Base Properties that are deemed to be subject to a Mortgage shall not exceed 35% of the Mortgaged Present Value.
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Mortgaged Present Value means the value of the Oil and Gas Properties evaluated in the most recent Reserve Report and constituting Mortgaged Properties.
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Mortgaged Present Value means, as of any date of determination, the PV-9 attributable to Mortgaged Properties.
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More Definitions of Mortgaged Present Value

Mortgaged Present Value means, as of any date of determination, the PV-9 attributable to Mortgaged Properties; provided that no more than 35% of the Mortgaged Present Value may be attributable to Proved Reserves that are not then categorized as Proved Developed Producing Reserves.
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Mortgaged Present Value contained in Section 1.1 of the Credit Agreement are hereby deleted in their entirety.
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Mortgaged Present Value means, as of any date of determination, the calculation of the present value (using the average of the discount rates then customarily utilized by the Administrative Agent for reserve valuation purposes) of projected future net revenues from proven reserves attributable to the Mortgaged Present Value Production, utilizing the price assumptions then being applied by the Administrative Agent to evaluate the loan value of oil and gas properties, generally. Notwithstanding the foregoing, no more than 25% of any calculation of Mortgaged Present Value may be attributable to proven reserves that are not then categorized as “proved developed producing”.
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Mortgaged Present Value means, as of any date of determination, the calculation of the present value (using the average of the discount rates then customarily utilized by the Administrative Agent for reserve valuation purposes, which, on the Effective Date, is a 9% discount rate) of the projected future net revenues attributable to the Mortgaged Present Value Production utilizing the price assumptions used by the Administrative Agent in evaluating its oil and gas loans generally; provided that, the portion of Mortgaged Present Value attributed to Proven Reserves which are not then categorized as “producing” shall not exceed 25% of the resulting total Mortgaged Present Value. For purposes of calculating “Mortgaged Present Value”, the present value of any Proven Reserves attributable to the Mortgaged Present Value Production which are then categorized as “proved developed non-producing” shall be risk-weighted by 25% and the present value of any Proven Reserves attributable to the Mortgaged Present Value Production which are then categorized as “proved undeveloped” shall be risk-weighted by 50%.
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Related to Mortgaged Present Value

  • Mortgaged Properties the real properties listed on Schedule 1.1B, as to which the Administrative Agent for the benefit of the Lenders shall be granted a Lien pursuant to the Mortgages.

  • Mortgaged Real Property means (a) each Real Property identified on Schedule 1.01(a) hereto and (b) each Real Property, if any, which shall be subject to a Mortgage delivered after the Original Closing Date pursuant to Section 5.11(d) or pursuant to Section 5.11(d) of the Original Credit Agreement or the Prior Credit Agreement.

  • Collateral Value The appraised value of a Mortgaged Property based upon the lesser of (i) the appraisal (as reviewed and approved by the Seller) made at the time of the origination of the related Mortgage Loan, or (ii) the sales price of such Mortgaged Property at such time of origination. With respect to a Mortgage Loan the proceeds of which were used to refinance an existing mortgage loan, the appraised value of the Mortgaged Property based upon the appraisal (as reviewed and approved by the Seller) obtained at the time of refinancing.

  • Mortgaged Property shall have the meaning assigned to such term in the recitals.

  • Appraised Value The value set forth in an appraisal made in connection with the origination of the related Mortgage Loan as the value of the Mortgaged Property.