PDP Coverage Ratio definition

PDP Coverage Ratio means, as of any date of determination, the ratio of (a) the sum of (i) Total PDP PV-10 as of such date plus (ii) the aggregate amount of all unrestricted cash and unrestricted Cash Equivalents of the Company and its Subsidiaries, in each case, in accounts subject to an Account Control Agreement on such date to (b) the amount of Senior Secured Debt as of such date.

PDP Coverage Ratio means, on any date of determination, the ratio of PV-10 Value (determined by substituting the phrase “from PDP production on the Borrower’s and the Subsidiaries’ Oil and Gas Properties” for the phrase “from Proved Reserves on the Borrower’s and the Subsidiaries’ Oil and Gas Properties” appearing in the second line of the definition thereof) on such date to Total Net Debt on such date.

PDP Coverage Ratio means, as of any date of determination, the ratio of (a) PV10 of Proved Developed Producing Reserves to (b) the sum of (i) the Obligations and (ii) without duplication of clause (a) above, all obligations (after giving effect to any netting requirements) under any Swap Agreement that such Person would be required to pay if the Swap Agreement were terminated at such time, in each case, as of such date. Notwithstanding anything to the contrary contained herein, after giving effect to the netting contemplated by clause (ii) above, in no event shall amounts owing to any Credit Party under any Swap Agreement result in a reduction of the obligations referred to in clause (b).

Examples of PDP Coverage Ratio in a sentence

• Permit (i) the Reserve Coverage Ratio at June 30 or December 31 of any fiscal year to be less than 3.00 to 1.00 or (ii) the PDP Coverage Ratio at June 30 or December 31 of any fiscal year to be less than 0.50 to 1.00.

• The Borrower will not permit, as of the last day of any fiscal quarter ending on or after December 31, 2017, the PDP Coverage Ratio to be less than 1.65 to 1.00.

• The Credit Parties will not, as of the PDP Coverage Ratio Test Date, permit the PDP Coverage Ratio as of such date to be less than 1.50 to 1.00.

• Each of the Parent and the Borrower will not permit, as of each (a) January 1 of each year and (b) July 1 of each year, commencing with the first such date after the Effective Date and as set forth in the Reserve Report for such January 1 or July 1, as applicable, the PDP Coverage Ratio to be less than 1.00 to 1.00.

• The Borrower shall satisfy its obligations under the preceding sentence (y) if the PDP Coverage Ratio as of the end of such fiscal quarter is less than 1.50 to 1.00, within 10 Business Days after the Borrower becomes aware of such circumstance and (z) if the PDP Coverage Ratio as of the end of such fiscal quarter is less than 4.00 to 1.00 but is not less than 1.50 to 1.00, within 45 days after the Borrower becomes aware of such circumstance.

More Definitions of PDP Coverage Ratio

PDP Coverage Ratio means on the date of any determination, the ratio of:

PDP Coverage Ratio is equal to (i) the sum of (a) the Modified NPV10 of Issuer’s PDP Reserves and (b) Issuer’s Working Capital (which, if negative, shall be deducted from such Modified NPV10) divided by (ii) Total Indebtedness.

PDP Coverage Ratio means the ratio of (a) (i) the Loan Parties’ proved developed producing properties’ PV-10 value (based on most recent Reserve Report and the then-current strip pricing as of the date of calculation) plus (ii) the net xxxx-to-market value of commodity Swap Agreements in effect as of the date of calculation based on the then-current strip pricing as of the date of calculation plus (iii) unrestricted cash on hand of the Loan Parties to (b) the Aggregate Commitment Amount.

PDP Coverage Ratio means, as of any date of determination, the ratio of (a) the sum of (i) the PV-9 (based on Strip Pricing) of the total Proved Reserves of the Loan Parties classified as “proved developed producing” reserves (it being understood that, solely for the purposes of calculating the PDP Coverage Ratio, reimbursable CXXXX expenses may, without duplication, be added to such PV-9 value of the total Proved Reserves) and (ii) net mxxx-to-market value of the Loan Parties’ Swap Agreements on such date to (b) Consolidated Total Debt.

PDP Coverage Ratio means, on any date of determination, the ratio of PV-10 Value (determined by substituting the phrase “from PDP production on the Borrower’s and the Subsidiaries’ Oil and Gas Properties” for the phrase “from Proved Reserves on the Borrower’s and the Subsidiaries’ Oil and Gas Properties” appearing in the second line of the definition thereof) on such date to Total Net Debt on such date; provided that Total Net Debt for this purpose shall exclude (a) any Permitted Subordinated Indebtedness incurred pursuant to Section 6.01(h) and (b) any Cash-Pay Preferred issued pursuant to Section 6.01(j).

PDP Coverage Ratio means, as of any date of determination, the ratio of (a) the sum of (i) Total PDP PV-10 as of such date plus

PDP Coverage Ratio means, as of any date of determination, the ratio of (a) the sum of (i) Total PDP PV-10 as of such date plus (ii) the Hedge Mark-to-Market Value as of such date to (b) the sum of (i) the Total Exposure of the Lenders as of such date plus (ii) the outstanding principal amount of Pre- Petition Secured Loans as of such date.