Proved Reserves Coverage Ratio definition

Proved Reserves Coverage Ratio means, as of any date of determination, the ratio of (i) the Present Value of the Issuer’s and the Guarantors’ Proved Reserves to (ii) the aggregate outstanding principal amount of Secured Debt as of the date of determination.
Sample 1
Proved Reserves Coverage Ratio means the ratio of the (i) PV10 of the Proved Reserves of the Issuers’ and Guarantors’ Oil and Gas Properties as of the latest Reserve Report to (ii) the Consolidated Senior Secured Debt as of the date such ratio is calculated. The Proved Reserves Coverage Ratio will be tested semi-annually on April 1 and October 1 of each year (the “Proved Reserves Coverage Ratio Date”) and will govern the distribution for the succeeding 6 months following the Proved Reserves Coverage Ratio Date. For the avoidance of doubt, the April 1 Proved Reserves Coverage Ratio will be tested based on the January 1 Reserve Report with Strip Pricing as of March 15 and the Consolidated Senior Secured Debt as of April 1. In addition, the October 1 Proved Reserves Coverage Ratio will be tested based on the July 1 Reserve Report with Strip Pricing as of September 15 and the Consolidated Senior Secured Debt as of October 1.
Sample 1Sample 2
Proved Reserves Coverage Ratio means the ratio of (a) the Adjusted PV10 for the Borrower and its Subsidiaries to (b) Total Secured Debt.” “‘PV10’ means, as of any date of determination for the Borrower and the Guarantors, the present value of estimated future revenues less severance and ad valorem taxes, operating, gathering and other expenses and capital expenditures from the production of Proved Reserves from their Oil and Gas Properties, calculated (a) using, to the extent of the notional volumes covered thereby, the prices under Hedging Agreements with Approved Counterparties then in effect, and otherwise using the five-year Strip Price on such date of determination, in each case adjusted for any basis differential, quality and gravity, (b) using costs as of the date of estimation without future escalation, without giving effect to non-property related expenses such as general and administrative expenses, debt service, future income tax expense and depreciation, depletion and amortization, (c) discounted using an annual discount rate of 10%, and (d) to the extent not otherwise specified in the preceding clauses of this sentence, using reasonable economic assumptions consistent with such clauses.” “‘Sanctioned Country’ means, at any time, a country or territory which itself is the subject or target of any Sanctions.”
Sample 1

Examples of Proved Reserves Coverage Ratio in a sentence

  • For the four consecutive fiscal quarters ended as of the Calculation Date, the Proved Reserves Coverage Ratio of Holdings and its Restricted Subsidiaries is _____:1.00.

  • The Loan Parties will not, as of any such Additional Test Date, permit the Proved Reserves Coverage Ratio to be less than (i) 1.1 to 1.0 for any Additional Test Date occurring during the period from January 1, 2015 to and including June 29, 2015, (ii) 1.25 to 1.0 for any Additional Test Date occurring during the period from July 1, 2015 to and including December 30, 2015, and (iii) 1.5 to 1.0 for any Additional Test Date occurring on or after December 31, 2015.

  • Holdings will not permit the Proved Reserves Coverage Ratio, as of the last day of each fiscal quarter beginning with the fiscal quarter ending June 30, 2014, to be less than 2.0 to 1.0.

  • Holdings will not permit the Proved Reserves Coverage Ratio, as of the last day of each fiscal quarter, beginning with the fiscal quarter ending June 30, 2014, to be less than 2.0 to 1.0.

  • The Loan Parties will not, as of the last day of any fiscal quarter permit the Proved Reserves Coverage Ratio to be less than (i) 1.1 to 1.0 for the fiscal quarters ending December 31, 2014 and Xxxxx 00, 0000, (xx) 1.25 to 1.0 for the fiscal quarters ending June 30, 2015 and September 30, 2015, and (iii) 1.5 to 1.0 for any fiscal quarter ending on or after December 31, 2015.


More Definitions of Proved Reserves Coverage Ratio

Proved Reserves Coverage Ratio means, as of any date of calculation, the ratio of the PV-10 Value as reflected in the most recently prepared Reserve Report which has been delivered to the Administrative Agent (together with any supplements, revisions or updates thereto after such date and to the date of such calculation) to Total Funded Secured Debt as shown in Holdings’ financial statements as of the end of the immediately preceding fiscal quarter.
Sample 1
Proved Reserves Coverage Ratio means the ratio of (a) the Adjusted PV10 for the Borrower and its Subsidiaries to (b) Total Secured Debt.
Sample 1
Proved Reserves Coverage Ratio calculated as of the fiscal quarter ended , 201
Sample 1
Proved Reserves Coverage Ratio means, as of any date of determination, the ratio of (i) the amount under clause (1)(a) of the definition of “Adjusted Consolidated Net Tangible Assets” (as adjusted to reflect Modified ACNTA Prices in accordance with the provisions of the definition of “Modified ACNTA”) as of the latest Reserve Report to (ii) the aggregate outstanding principal amount of Secured Debt as of the date of determination.
Sample 1
Proved Reserves Coverage Ratio means, (a) the ratio of the PV-10 Value of the Borrower’s and the Subsidiary Guarantors’ Proved Reserves as reflected in the most recent January 1 Reserve Report (together with any supplements, revisions or updates thereto after such date) to Total Funded Debt as shown in the annual financial statements for the immediately prior fiscal year and (b) the ratio of the PV-10 Value of the Borrower’s and the Subsidiary Guarantors’ Proved Reserves as reflected in the most recent July 1 Reserve Report (together with any supplements, revisions or updates thereto after such date) to Total Funded Debt as shown in the quarterly financial statements for the quarter ending June 30 of the current fiscal year.
Sample 1
Proved Reserves Coverage Ratio means the ratio of (a) the Proved Reserves of the Loan Parties as set forth in the Reserve Report mostly recently delivered pursuant hereto to (b) Consolidated Total Indebtedness.
Sample 1

Related to Proved Reserves Coverage Ratio

  • Cash Flow Coverage Ratio means, for any period, the ratio of (i) Adjusted Parent Operating Cash Flow for such period to (ii) Corporate Charges for such period.

  • Debt Coverage Ratio means the ratio of Consolidated Indebtedness to Consolidated EBITDA.

  • EBITDA Coverage Ratio defined as EBITDA divided by the aggregate of total interest expense plus the prior period current maturity of long-term debt and the prior period current maturity of subordinated debt.

  • Interest Coverage Ratio means, as of the end of each fiscal quarter, the ratio of (a) Consolidated EBITDA to (b) Consolidated Interest Expense, in each case for the then-most recently concluded period of four consecutive fiscal quarters.

  • Fixed Charges Coverage Ratio means, for each period of four consecutive fiscal quarters ending on any Test End Date, the ratio of (a) Cash Flow Available for Fixed Charges for such period, to (b) Fixed Charges for such period. The foregoing shall be determined on a consolidated basis for the Company and its Subsidiaries in accordance with GAAP.

  • Interest Expense Coverage Ratio means, for any period, the ratio of (a) Consolidated EBITDA for such period to (b) Consolidated Interest Expense for such period.

  • Unencumbered Interest Coverage Ratio means the ratio of (a) the Unencumbered Adjusted NOI to (b) the Unsecured Interest Expense for the immediately preceding calendar quarter.

  • Asset Coverage Ratio means, on a consolidated basis for Borrower and its Subsidiaries, the ratio which the value of total assets, less all liabilities and indebtedness not represented by Senior Securities, bears to the aggregate amount of Senior Securities representing indebtedness of the Borrower and its Subsidiaries (all as determined pursuant to the Investment Company Act and any orders of the SEC issued to the Borrower thereunder). For clarity, the calculation of the Asset Coverage Ratio shall be made in accordance with any exemptive order issued by the Securities and Exchange Commission under Section 6(c) of the Investment Company Act relating to the exclusion of any Indebtedness of any SBIC Subsidiary from the definition of Senior Securities only so long as (a) such order is in effect, and (b) no obligations have become due and owing pursuant to the terms of any Permitted SBIC Guarantee.

  • Consolidated Leverage Ratio means, as of any date of determination, the ratio of (a) Consolidated Funded Indebtedness as of such date to (b) Consolidated EBITDA for the most recently completed four fiscal quarters.

  • Cash Flow Leverage Ratio means as of the last day of any calendar quarter the ratio of the Total Funded Debt as of such day to Adjusted EBITDA for the four calendar quarters then ended.

  • Consolidated Debt Service Coverage Ratio means, as of any date of determination, the ratio of (a) the sum of (i) Consolidated EBITDA for the most recently completed four fiscal quarters minus (ii) income taxes payable for such period minus (iii) Consolidated Capital Expenditures for such period to (b) the sum of (i) Consolidated Interest Charges for such period plus (ii) Consolidated Scheduled Funded Debt Payments for such period.

  • Coverage Ratio As to any one or more of the Combined Leased Properties, the ratio of the EBITDARM generated by such Combined Leased Property(ies) to Base Rent allocable thereto under the applicable Combined Leases, in each case for the four (4) full calendar quarters ending not less than sixty (60) days prior to the occurrence of a Section 16.10.3.1

  • Consolidated Coverage Ratio means as of any date of determination, with respect to any Person, the ratio of (x) the aggregate amount of Consolidated EBITDA of such Person for the period of the most recent four consecutive fiscal quarters ending prior to the date of such determination for which financial statements are internally available to (y) Consolidated Interest Expense for such four fiscal quarters; provided, however, that:

  • Consolidated Interest Coverage Ratio means, as of any date of determination, the ratio of (a) Consolidated EBITDA for the most recently completed four fiscal quarters to (b) Consolidated Interest Charges for the most recently completed four fiscal quarters.

  • Consolidated Total Leverage Ratio means, with respect to any Person as of any Applicable Calculation Date, the ratio of (x) Consolidated Total Indebtedness as of such date to (y) the aggregate amount of Consolidated EBITDA for the period of the most recent four consecutive fiscal quarters ending prior to the Applicable Calculation Date for which internal consolidated financial statements of the Issuer are available, in each case with such pro forma adjustments as are consistent with the pro forma adjustments set forth in the definition of “Fixed Charge Coverage Ratio.”

  • Net Total Leverage Ratio means on any date, the ratio of (A) (i) the sum of, without duplication, (x) the aggregate principal amount of any Consolidated Debt consisting of Loan Obligations outstanding as of the last day of the Test Period most recently ended as of such date (other than Excluded Transaction Debt) and (y) the aggregate principal amount of any other Consolidated Debt of the Borrower and its Subsidiaries as of the last day of such Test Period (other than Excluded Transaction Debt) less (ii) without duplication, the Unrestricted Cash and unrestricted Permitted Investments of the Borrower and its Subsidiaries as of the last day of such Test Period, to (B) EBITDA for such Test Period, all determined on a consolidated basis in accordance with GAAP; provided, that the Net Total Leverage Ratio shall be determined for the relevant Test Period on a Pro Forma Basis.

  • Adjusted Leverage Ratio means, as of any date, the ratio of (a) Consolidated Total Funded Debt outstanding as of such date minus any Unrestricted Cash over $3,000,000 to (b) EBITDA for the period of four consecutive fiscal quarters ending on such date.

  • Total Leverage Ratio means, on any date, the ratio of (a) Consolidated Total Debt as of such date to (b) Consolidated EBITDA for the Test Period as of such date.

  • Unencumbered Leverage Ratio means, as of any date of determination, the quotient (expressed as a percentage) of (a) Unsecured Indebtedness of Parent and its Subsidiaries, divided by (b) Unencumbered Asset Value.

  • Consolidated Total Debt to Consolidated EBITDA Ratio means, as of any date of determination, the ratio of (a) Consolidated Total Debt as of the last day of the relevant Test Period to (b) Consolidated EBITDA for such Test Period.

  • Consolidated Senior Leverage Ratio means the ratio of Consolidated Senior Debt, determined as of the last day of any fiscal quarter of the Company, to Consolidated EBITDA for the period of 12 months ending on such last day.

  • Net Leverage Ratio means, at any time, the ratio of (a)(i) Consolidated Total Indebtedness at such time minus (ii) the Qualified Cash Amount to (b) Consolidated EBITDA for the most recently completed period of four fiscal quarters.

  • Maximum Leverage Ratio shall have the meaning assigned thereto in the Pricing Side Letter.

  • Consolidated Fixed Charge Coverage Ratio means, with respect to any Person, the ratio of Consolidated EBITDA of such Person during the four full fiscal quarters (the “Four-Quarter Period”) ending prior to the date of the transaction giving rise to the need to calculate the Consolidated Fixed Charge Coverage Ratio for which internal financial statements are available (the “Transaction Date”) to Consolidated Fixed Charges of such Person for the Four-Quarter Period. In addition to, and without limitation of, the foregoing, for purposes of this definition, “Consolidated EBITDA” and “Consolidated Fixed Charges” shall be calculated after giving effect on a pro forma basis for the period of such calculation to (i) the incurrence or repayment of any Indebtedness or the issuance of any Designated Preferred Stock of such Person or any of its Restricted Subsidiaries (and the application of the proceeds thereof) giving rise to the need to make such calculation and any incurrence or repayment of other Indebtedness or the issuance or redemption of other Preferred Stock (and the application of the proceeds thereof), other than the incurrence or repayment of Indebtedness in the ordinary course of business for working capital purposes pursuant to revolving credit facilities, occurring during the Four-Quarter Period or at any time subsequent to the last day of the Four-Quarter Period and on or prior to the Transaction Date, as if such incurrence or repayment or issuance or redemption, as the case may be (and the application of the proceeds thereof), had occurred on the first day of the Four-Quarter Period; and (ii) any Asset Sales or other dispositions or Asset Acquisitions (including any Asset Acquisition giving rise to the need to make such calculation as a result of such Person or one of its Restricted Subsidiaries (including any Person who becomes a Restricted Subsidiary as a result of the Asset Acquisition) incurring, assuming or otherwise being liable for Acquired Indebtedness and also including any Consolidated EBITDA attributable to the assets which are the subject of the Asset Acquisition or Asset Sale or other disposition and without regard to clause (vi) of the definition of Consolidated Net Income), investments, mergers, consolidations and disposed operations (as determined in accordance with GAAP) occurring during the Four-Quarter Period or at any time subsequent to the last day of the Four-Quarter Period and on or prior to the Transaction Date, as if such Asset Sale or other disposition or Asset Acquisition (including the incurrence or assumption of any such Acquired Indebtedness), investment, merger, consolidation or disposed operation, occurred on the first day of the Four-Quarter Period. If such Person or any of its Restricted Subsidiaries directly or indirectly guarantees Indebtedness of a third Person, the preceding sentence shall give effect to the incurrence of such guaranteed Indebtedness as if such Person or any Restricted Subsidiary of such Person had directly incurred or otherwise assumed such other Indebtedness that was so guaranteed.

  • Consolidated Net Leverage Ratio means, as of any date of determination, the ratio of (a) Consolidated Funded Indebtedness as of such date, minus unrestricted cash and Cash Equivalents of the Loan Parties on deposit with financial institutions located in the United States, not to exceed $75,000,000 to (b) Consolidated EBITDA of the Borrower and its Restricted Subsidiaries on a consolidated basis for the most recently completed Measurement Period.

  • Consolidated Total Net Leverage Ratio means, with respect to any Test Period, the ratio of (a) Consolidated Total Net Debt as of the last day of such Test Period to (b) Consolidated EBITDA of the Borrower and its Restricted Subsidiaries for such Test Period.