Proved Gas Collateral definition
Proved Gas Collateral means Proved Reserves that constitute no less than 75% of the total present value of all such Proved Reserves included in the Borrowing Base as such present values are determined in accordance with the most recent Reserve Report, together with as-extracted collateral related to such Proved Reserves.
Proved Gas Collateral means (i) Proved Reserves that constitute no less than 85% of the total present value of all Proved Reserves included in the Borrowing Base Properties as such present values are determined in accordance with the most recent Reserve Report, together with as-extracted collateral related to such Proved Reserves and (ii) Proved Developed Producing Reserves that constitute no less than 85% of the PV10 value of all Proved Developed Producing Reserves included in the Borrowing Base Properties as such values are determined in accordance with the most recent Reserve Report, together with as-extracted collateral related to such Proved Developed Producing Reserves.
Proved Gas Collateral means Proved Reserves having PV-9 no less than the lesser of (i) 85% of the PV-9 of all Proved Reserves included in the Borrowing Base Properties as such present values are determined in accordance with the most recent Reserve Report, together with as-extracted collateral related to such Proved Reserves and (ii) 2.25 multiplied by the Loan Limit.
Examples of Proved Gas Collateral in a sentence
The Administrative Agent shall have received an updated certificate of a Responsible Officer that meets the requirements of Section 8.3.8(c) [Borrower’s Certificate as to Proved Reserves and Proved Gas Collateral] and references this Agreement.
Schedule 1.1(R) sets forth a complete and accurate list of Mortgages as of the Closing Date, which Mortgages encumber the Proved Gas Collateral.
More Definitions of Proved Gas Collateral
Proved Gas Collateral shall have the meaning assigned to such term in Section 8.1.17 [Collateral].