Required Mortgage Value definition

Required Mortgage Value means, as of any date of determination, an amount equal to 80% of the aggregate value attributed to all Oil and Gas Properties (other than Designated Partnership Properties) directly owned (whether in fee or by leasehold) by the Loan Parties in the evaluation of such Properties reflected in the determination of the Borrowing Base in effect as of such date. “Required Mortgage Value” does not include the value, if any, attributed to any Designated Partnership Properties.
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Required Mortgage Value means, as of any date of determination, an amount equal to 80% of the aggregate Present Value of all Proved Reserves directly owned by the Loan Parties as reflected in the most recent Reserve Report delivered pursuant to this Agreement.
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Required Mortgage Value does not include the value, if any, attributed to any Designated Partnership Properties.
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Examples of Required Mortgage Value in a sentence

  • In connection with the execution and delivery of such Mortgages, the Administrative Agent shall be reasonably satisfied that the Security Instruments will, when properly executed and recorded, create first priority, perfected Liens (except for Excepted Liens, but subject to the provisos at the end of such definition and subject to Immaterial Title Deficiencies) on at least the Required Mortgage Value of Oil and Gas Properties (including the Titan Assets).

  • If the aggregate value of the Oil and Gas Properties subject to a Mortgage as determined in accordance with the immediately preceding sentence is less than the Required Mortgage Value, the Super Majority Lenders, in their reasonable discretion, may instruct the Administrative Agent to reduce the Borrowing Base to reflect the value of the title impairment in a manner consistent with its normal oil and gas lending criteria then in effect.

  • In connection with the execution and delivery of such Mortgages, the Administrative Agent shall be reasonably satisfied that the Security Instruments will, when properly executed and recorded, create first priority, perfected Liens (except for Excepted Liens, but subject to the provisos at the end of such definition and subject to Immaterial Title Deficiencies) on at least the Required Mortgage Value of Oil and Gas Properties (including the ▇▇▇▇▇▇▇ Assets).


More Definitions of Required Mortgage Value

Required Mortgage Value means, as of any date of determination, each of (a) an amount equal to (i) 95% of the aggregate value attributed to all Oil and Gas Properties (other than Eagle Ford Properties owned by the Loan Parties as of the Effective Date) directly owned (whether in fee or by leasehold) by the Loan Parties plus (ii) 100% of the aggregate value attributed to all Eagle Ford Properties owned (whether in fee or by leasehold) by the Loan Parties (x) as of the Effective Date (other than Oil and Gas properties sold pursuant to Section 9.11(k)) or (y) for a period longer than 10 days (or such longer period as the Administrative Agent may consent to in its sole discretion) and (b) an amount equal to 85% of the aggregate value attributed (i) to all Oil and Gas Properties directly owned (whether in fee or by leasehold) by the Loan Parties plus (ii) to the Loan Parties’ proportionate share of Designated Partnership Properties, in each case (other than clause (a)(ii) above) to the extent such Properties are evaluated in connection with and included in the determination of the Borrowing Base in effect as of such date.
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Required Mortgage Value means, as of any date of determination, each of (a) an amount equal to (i) 95% of the aggregate value attributed to all Oil and Gas Properties (other than Eagle Ford Properties owned by the Loan Parties as of the Effective Date) directly owned (whether in fee or by leasehold) by the Loan Parties plus (ii) 100% of the aggregate value attributed to all Eagle Ford Properties owned (whether in fee or by leasehold) by the Loan Parties (x) as of the Effective Date (other than Oil and Gas properties sold pursuant to clause (xix) of the definition of “Asset Dispositions”) or (y) for a period longer than 10 days (or such longer period as the Administrative Agent may consent to as directed in writing by the Required Lenders) and (b) an amount equal to 85% of the aggregate value attributed (i) to all Oil and Gas Properties directly owned (whether in fee or by leasehold) by the Loan Parties plus (ii) to the Loan Parties’ proportionate share of Tax Advantaged Drilling Partnership Properties, in each case (other than clause (a)(ii) above) to the extent such Properties are evaluated in connection with and included in the determination of the Borrowing Base in effect as of such date.
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