Required Reserve Value definition

Required Reserve Value means Proved Mineral Interests that have a Recognized Value of not less than eighty percent (80%) of the Recognized Value of all Proved Mineral Interests held by Borrower and its Subsidiaries.

Required Reserve Value means Proved Oil and Gas Properties that have a Recognized Value of not less than the lesser of (a) eighty percent (80%) of the Recognized Value of all Proved Oil and Gas Properties owned by Borrower and its Subsidiaries and the Affiliated Operators and (b) one hundred fifty percent (150%) of the portion of the Borrowing Base allocable to Oil and Gas Properties in effect from time to time, as determined by Administrative Agent.

Required Reserve Value means 85% of the Recognized Value of all Proved Oil and Gas Properties evaluated in the most recently-delivered Reserve Report.

Examples of Required Reserve Value in a sentence

Furthermore, any properties described in such notice shall be excluded from the determination of PV-10 and Total PDP PV-10 for any other purpose of calculation under the Loan Documents unless the applicable title defect or properties for which the Required Reserve Value is not satisfied, in each case, is cured to the reasonable satisfaction of the Administrative Agent.
To secure full and complete payment and performance of the Obligations, Borrower shall, and shall cause each of its Restricted Subsidiaries to, grant a first priority Lien (subject to Excepted Liens) against the Proved Oil and Gas Properties of Borrower and its Restricted Subsidiaries pursuant to terms of one or more Mortgages sufficient to cause the Recognized Value of the Mortgaged Properties to be not less than the Required Reserve Value.
Together with such Mortgages, Borrower shall deliver to Administrative Agent title opinions and/or other title information and data acceptable to Administrative Agent such that Administrative Agent shall have received, together with the title information previously delivered to Administrative Agent, acceptable title information regarding the Proved Oil and Gas Properties of Borrower and its Subsidiaries that in the aggregate represent not less than Required Reserve Value.
Borrower covenants that the Recognized Value of all Oil and Gas Properties subject to Mortgages shall at all times be not less than the Required Reserve Value.

Required Reserve Value means, with respect to any Aggregate Commitment, that portion of the Borrowing Base Properties that Administrative Agent has determined, in its sole discretion, is necessary to support such Aggregate Commitment.

Required Reserve Value means both (a) Proved Mineral Interests that have a Recognized Value of not less than 85% of the Recognized Value of all Proved Mineral Interests held by Borrower and its Restricted Subsidiaries and (b) Proved Mineral Interests (without giving effect to clause (b) of the definition of Proved Undeveloped Mineral Interests) that have a Recognized Value of not less than 85% of the Recognized Value of all Proved Mineral Interests (without giving effect to clause (b) of the definition of Proved Undeveloped Mineral Interests) held by Borrower and its Subsidiaries.

Required Reserve Value means eighty percent (80%) of the Recognized Value of all Proved Mineral Interests held by the Loan Parties.

Required Reserve Value means Borrowing Base Properties that have a Recognized Value of not less than ninety percent (90%) of the Recognized Value of all Borrowing Base Properties.

Required Reserve Value means Proven Reserves that have a Recognized Value of not less than eighty percent (80%) of the Recognized Value of all Proven Reserves held by Borrower and its Subsidiaries.

Required Reserve Value means (a) for the purposes of Section 5.1(a) of the Credit Agreement, Proved Mineral Interests that have a Recognized Value of not less than ninety-five percent (95%) of the Recognized Value of all Proved Mineral Interests held by Borrower and its Subsidiaries and included in the Borrowing Base or Conforming Borrowing Base, and (b) for the purposes of Section 5.1(c) of the Credit Agreement, Proved Mineral Interests that have a Recognized Value of not less than ninety percent (90%) of the Recognized Value of all Proved Mineral Interests held by Borrower and its Subsidiaries and included in the Borrowing Base or Conforming Borrowing Base.

Required Reserve Value means Proved Oil and Gas Properties that have a Recognized Value of not less than one hundred percent (100%) of the Recognized Value of all Proved Oil and Gas Properties owned by Borrower and its Subsidiaries.