PV-9 Value definition

PV-9 Value means (a) in respect of the Proved Reserves of any Loan Party’s Oil and Gas Properties set forth in the most recently delivered Reserve Report, the aggregate net present value (discounted at 9% per annum) of such Oil and Gas Properties calculated before income taxes, but after reduction for royalties, lease operating expenses, severance and ad valorem taxes, capital expenditures and abandonment costs and with no escalation of capital expenditures or abandonment costs (a) calculated in accordance with SEC guidelines but using Strip Price for crude oil and natural gas liquids (WTI Cxxxxxx) and natural gas (Hxxxx Hub), and (b) calculated (i) in the case of a Reserve Report prepared as of December 31 of any year, by an Approved Petroleum Engineer and (ii) in the case of each other Reserve Report or as otherwise required under this Agreement, at the Borrower’s option, by a petroleum engineer employed by the Borrower or an Approved Petroleum Engineer, in each case, in such person’s reasonable judgment after having reviewed the information from the most recently delivered Reserve Report, (iii) as set forth in the Reserve Report most recently delivered under Section 7.2, (iv) as adjusted to give effect to Hedging Agreements permitted by this Agreement as in effect on the date of such determination and (v) as adjusted to give pro forma effect to all dispositions or acquisitions of Oil and Gas Properties completed since the date of the Reserve Report.
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PV-9 Value means, with respect to any Oil and Gas Properties, the then present value of the future net revenues attributable to such Oil and Gas Properties as determined by the Independent Engineer and using a 9% discount rate and the Price Criteria of the then relevant Reserve Report under Section 5.1(j), and specifically with respect to the Proved Reserves and the Producing Reserves owned by the Contango Entities (other than Contango Offshore Exploration, LLC and Republic Exploration LLC), such value calculated on the basis of the most recent Reserve Report and said Price Criteria.
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PV-9 Value means, as of any date of determination, with respect to the Borrower and its Restricted Subsidiaries, the present value of estimated future revenues less severance and ad valorem taxes, operating, gathering, transportation and marketing expenses and capital expenditures from the production of proved Oil and Gas Properties of the Borrower and its Restricted Subsidiaries as set forth in the Initial Reserve Reports or the most recent Reserve Report delivered pursuant hereto, calculated in accordance with the SPE guidelines determined by Administrative Agent in its reasonable discretion on such date of determination, adjusted for any basis differential, quality and gravity, using prices and 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, and discounted using an annual discount rate of 9%. PV-9 Value shall be adjusted to give effect to the Hedge Transactions with Approved Counterparties then in effect.
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Examples of PV-9 Value in a sentence

  • All title or other information received after the Closing Date by any Loan Party which discloses any material defect in the title to any property included in the Borrowing Base with a PV-9 Value in excess of $5,000,000.

  • Administrative Agent shall be satisfied in its sole discretion with the title to the Oil and Gas Properties of the Loan Parties and that such Oil and Gas Properties constitute at least eighty percent (80%) of the PV9 Value.

  • Borrowers covenant that the aggregate PV9 Value of all proved developed producing and proved developed non-producing oil and gas properties of Borrowers that are evaluated in the most recent engineering report delivered to Bank and are subject to a lien in favor of Bank shall at all times be not less than 150% of the Borrowing Base in effect from time to time.

  • The title of any Loan Party to any of the Oil and Gas Properties subject to the Mortgages in excess of ten percent (10%) of the PV9 Value of such Oil and Gas Properties according to the most recent Reserve Report shall become the subject matter of a claim of title adverse to such Loan Party in litigation before any Governmental Authority or arbitrator and reasonably adequate reserves have not been established for such claim.

  • The Borrower shall not permit the total aggregate Debt of the Borrower and its Subsidiaries (other than the outstanding principal amount of Debt under the RBS Loan Agreement) to exceed the lesser of (a) 100% of the PV-9 Value of the Producing Reserves and (b) 70% of the PV-9 Value of the Proved Reserves, at any time from and after June 30, 2007.

  • In this connection, the Lender will not unreasonably withhold its consent to sales during any 12-month period of Property of the Borrowers, in the aggregate, having PV9 Value of up to 10% of all Property of the Borrowers utilized in determining the Borrowing Base.

  • Administrative Agent shall have received all documents and instruments requested pursuant to Section 5.10, which title information (i) shall collectively cover at least eighty percent (80%) of the PV9 Value and (ii) shall be in form and substance satisfactory to Administrative Agent in its sole discretion.

  • The Borrower shall not permit the total aggregate Debt of the Borrower and its Subsidiaries to exceed the lesser of (a) 100% of the PV-9 Value of the Producing Reserves and (b) 70% of the PV-9 Value of the Proved Reserves, at any time.

  • In addition, as to any such Oil and Gas Properties, the Borrower must provide title information satisfactory to the Administrative Agent in its sole discretion with regard to Oil and Gas Properties constituting at least eighty percent (80%) of the PV9 Value set forth in the most recently delivered Reserve Report.


More Definitions of PV-9 Value

PV-9 Value means (a) in respect of the Proved Reserves of any Loan Party’s Oil and Gas Properties set forth in the most recently delivered Reserve Report, the aggregate net present value (discounted at 9% per annum) of such Oil and Gas Properties calculated before income taxes, but after reduction for royalties, lease operating expenses, severance and ad valorem taxes, capital expenditures and abandonment costs and with no escalation of capital expenditures or abandonment costs (a) calculated in accordance with SEC guidelines but using Strip Price for crude oil and natural gas liquids (WTI Cushing) and natural gas (Henry Hub), and (b) calculated (i) in the case of a Reserve Report prepared as of December 31 of any year, by an Approved Petroleum Engineer and (ii) in the case of each other Reserve Report or as otherwise required under this Agreement, at the Borrower’s option, by a petroleum engineer employed by the Borrower or an Approved Petroleum Engineer, in each case, in such person’s reasonable judgment after having reviewed the information from the most recently delivered Reserve Report, (iii) as set forth in the Reserve Report most recently delivered under Section 7.2, (iv) as adjusted to give effect to Hedging Agreements permitted by this Agreement as in effect on the date of such determination and (v) as adjusted to give pro forma effect to all dispositions or acquisitions of Oil and Gas Properties completed since the date of the Reserve Report.
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PV-9 Value means, at any date of determination, with respect to any proved Oil and Gas Properties of the Borrower and its Restricted Subsidiaries, the net present value, discounted at 9% per annum, of the future net cash flows expected to accrue to the Borrower’s and its Restricted Subsidiaries’ collective interests in such reserves during the remaining expected economic lives of such reserves, as set forth in the most recently delivered Reserve Report hereunder.
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PV-9 Value means, as of any date of determination, with respect to the Borrower and its Restricted Subsidiaries, the present value of estimated future revenues less severance and ad valorem taxes, operating, gathering, transportation and marketing expenses and capital expenditures from the production of proved Oil and Gas Properties of the Borrower and its Restricted Subsidiaries as set forth in the most recent Reserve Report delivered pursuant hereto, adjusted for any basis differential, quality and gravity, using prices and 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, and discounted using an annual discount rate of 9%. PV-9 Value shall be adjusted to give effect to the Hedging Agreements with Approved Counterparties then in effect.
Sample 1
PV-9 Value means, in respect of the Oil and Gas Properties of the Loan Parties comprising Proved Reserves, the net present value of future cash flows (discounted at nine percent (9%) per annum) calculated by the Borrower based on the information from the most recent Reserve Report delivered by the Parent or Borrower, as applicable, pursuant to Section 5.01(i)(v) or Section 7.02(c) and taking into account all other factors that are reasonably deemed to be material, but provided that each calculation of such expected future cash flow shall be made in accordance with the then existing standards of the Society of Petroleum Engineers, provided that in any event (i) appropriate deductions shall be made for severance and ad valorem taxes, and for operating, gathering, transportation and marketing costs required for the production and sale of Oil and Gas produced from such reserves, (ii) the pricing assumptions used in determining PV-9 Value for any particular reserves shall be based upon the Strip Price and (iii) the cash-flows derived from the pricing assumptions set forth in clause (ii) above shall be further adjusted to account for the historical basis differential, in each case, in a manner and in substance acceptable to the Administrative Agent in its reasonable discretion.
Sample 1
PV-9 Value means, in respect of the Oil and Gas Properties of the Loan Parties comprising Proved Reserves, the net present value of future cash flows (discounted at nine percent (9%) per annum) calculated by the Borrower based on the information from the most recent Reserve Report delivered by the Parent or Borrower, as applicable, pursuant to Section 5.01(i)(v) or Section 7.02(c) and taking into account all other factors that are reasonably deemed to be material, but provided that each calculation of such expected future cash flow shall be made in accordance with the then existing standards of the Society of Petroleum Engineers,
Sample 1
PV-9 Value means, as of any date of determination, with respect to the Borrower and its Restricted Subsidiaries, the present value of estimated future revenues less severance and ad valorem taxes, operating, gathering, transportation and marketing expenses and capital expenditures from the production of proved Oil and Gas Properties of the Borrower and its Restricted Subsidiaries as set forth in the most recent Reserve Report delivered pursuant hereto, calculated in accordance with the SEC guidelines determined by Administrative Agent in its reasonable discretion on such date of determination, adjusted for any basis differential, quality and gravity, using prices and 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, and discounted using an annual discount rate of 9%. PV-9 Value shall be adjusted to give effect to the Hedge Transactions with Approved Counterparties then in effect.
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Related to PV-9 Value

  • RI Value means, in respect of a Reference Item and a ST Valuation Date, (i) the RI Closing Value for such Reference Item in respect of such ST Valuation Date, divided by (ii) the relevant RI Initial Value (expressed as a percentage).

  • Good Value means that the Benchmarked Rates are within the Upper Quartile

  • Worst Value means, in respect of a SPS Valuation Date, the lowest Underlying Reference Value for any Underlying Reference in the Basket in respect of such SPS Valuation Date.

  • Company Value means the actual value of the Company as a going concern based on the difference between (a) the actual value of all of its assets as determined in good faith by the Board, including a majority of the Independent Directors, and (b) all of its liabilities as set forth on its balance sheet for the period ended immediately prior to the determination date, provided that (i) if the Company Value is being determined in connection with a Change of Control that establishes the Company’s net worth, then the Company Value shall be the net worth established thereby and (ii) if the Company Value is being determined in connection with a Listing, then the Company Value shall be equal to the number of outstanding Common Shares multiplied by the Closing Price of a single Common Share averaged over a period of 30 trading days during which the Shares are listed or quoted for trading after the date of Listing. For purposes hereof, a “trading day” shall be any day on which the NYSE is open for trading, whether or not the Common Shares are then listed on the NYSE and whether or not there is an actual trade of Common Shares on any such day. If the holder of Convertible Shares disagrees as to the Company Value as determined by the Board, then each of the holder of Convertible Shares and the Company shall name one appraiser and the two named appraisers shall promptly agree in good faith to the appointment of one other appraiser whose determination of the Company Value shall be final and binding on the parties as to the Company Value. The cost of such appraisal shall be split evenly between the Company and the Advisor.

  • 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.

  • Baseline Value for each of the Company and the Peer Companies means the dollar amount representing the average of the Fair Market Value of one share of common stock of such company over the five consecutive trading days ending on, and including, the Effective Date.

  • Property Value means the fair market value of the real property, as remediated, less

  • Attributable Value means, as to a Capitalized Lease Obligation under which any Person is at the time liable and at any date as of which the amount thereof is to be determined, the capitalized amount thereof that would appear on the face of a balance sheet of such Person in accordance with GAAP.

  • FR Value means, in respect of a ST FR Valuation Date, Worst Value.

  • Total Asset Value means, without duplication, the sum of (a) the following amounts with respect to the following assets owned by the Company and its Subsidiaries: (i) the Operating Property Value of the Hotel Properties; (ii) the amount of all Unrestricted Cash and Cash Equivalents; (iii) the book value of all Development/Redevelopment Properties, Mortgage Receivables, Laundry Service Properties and Unimproved Land; and (iv) the contract purchase price for all assets under contract for purchase (to the extent included in Indebtedness); plus (b) the applicable Ownership Share of any Unconsolidated Affiliate of the Parent of any asset described in clause (a) above. For purposes of determining Total Asset Value, (u) to the extent the amount of Total Asset Value attributable to Unconsolidated Affiliates would exceed 15% of Total Asset Value, such excess shall be excluded, (v) to the extent the amount of Total Asset Value attributable to Mortgage Receivables would exceed 10% of Total Asset Value, such excess shall be excluded, (w) to the extent the amount of Total Asset Value attributable to Development/Redevelopment Properties would exceed 15% of Total Asset Value, such excess shall be excluded, (x) to the extent the amount of Total Asset Value attributable to Major Renovation Properties (elected to be valued pursuant to clause (c) of the definition of Operating Property Value) would exceed 15% of Total Asset Value, such excess shall be excluded, (y) to the extent the amount of Total Asset Value attributable to Unimproved Land would exceed 2.5% of Total Asset Value, such excess shall be excluded, and (z) to the extent the amount of Total Asset Value attributable to Properties subject to limitation under the foregoing clauses (u) through (y) would exceed 35% of Total Asset Value, such excess shall be excluded.

  • Average value means the value which best represents the amount of the nutrient which a given food contains, and reflects allowances for seasonal variability, patterns of consumption and other factors which may cause the actual value to vary.

  • New value means (i) money, (ii) money's worth in property, services, or new credit, or (iii) release by a transferee of an interest in property previously transferred to the transferee. The term does not include an obligation substituted for another obligation.

  • Portfolio Value means the aggregate amount of portfolio of investments including cash balance without netting off of leverage undertaken by the CDMDF.

  • Net Value has the meaning set forth in Section 1.68(a)(ii).

  • PV-9 means, with respect to any Proved Reserves expected to be produced from any Borrowing Base Properties, the net present value, discounted at 9% per annum, of the future net revenues expected to accrue to the Borrower’s and the Credit Parties’ collective interests in such reserves during the remaining expected economic lives of such reserves, calculated in accordance with the most recent Bank Price Deck provided to the Borrower by the Administrative Agent pursuant to Section 2.14(i).

  • Consolidated Total Asset Value means, without duplication, as of any date of determination, for the Consolidated Parties on a consolidated basis, the sum of: (a) the Operating Property Value of all Real Properties (other than Development/Redevelopment Properties); (b) the amount of all Unrestricted Cash; (c) the book value of all Development/Redevelopment Properties, mortgage or real estate-related loan assets and undeveloped or speculative land; (d) the contract purchase price for all assets under contract for purchase (to the extent included in Indebtedness); and (e) the Borrower’s applicable Unconsolidated Affiliate Interests of the preceding items for its Unconsolidated Affiliates.

  • Inventory Value has the meaning set forth in Section 2.1.

  • Salvage value means the amount received for property retired, less any expenses incurred in connection with the sale or in preparing the property for sale, or, if retained, the amount at which the material recoverable is chargeable to materials and supplies, or other appropriate account.

  • Stored value means monetary value that is evidenced by an electronic record.

  • Added value means that the Contractor performs subcontract management functions that the Contracting Officer determines are a benefit to the Government (e.g., processing orders of parts or services, maintaining inventory, reducing delivery lead times, managing multiple sources for contract requirements, coordinating deliveries, performing quality assurance functions).

  • Adjusted Value as used in subdivision (d) means:

  • Applicable Value means, as of any date, with respect to each Share, the fair value of such Share, as determined in good faith by the Board of Directors.

  • Capitalized Value means, as of any date, Annualized EBITDA divided by the Capitalization Rate.

  • Adjusted Asset Value means, as of a given date, the sum of EBITDA attributable to malls, power centers and all other assets for the trailing four (4) quarters most recently ended, divided by (iii) 7.75%. In determining Adjusted Asset Value:

  • Historical Fair Market Value means the volume weighted average price of the Ordinary Shares during the ten (10) trading day period ending on the trading day prior to the first date on which the Ordinary Shares trade on the applicable exchange or in the applicable market, regular way, without the right to receive such rights. No Ordinary Shares shall be issued at less than their par value.

  • SPS AER Value means the Underlying Reference Value.