Total PDP PV-10 means, as of any date of determination, the sum of (a) the estimated market value (whether positive of negative) of the Loan Parties’ hedge position, discounted using an annual discount rate of 10%, plus (b) the present value of estimated future revenues to be realized from the production of Hydrocarbons from the Oil and Gas Properties of the Loan Parties to which Proved Developed Producing Reserves are attributed as set forth in the most recent Reserve Report delivered pursuant hereto and calculated in accordance with SEC guidelines for reporting proved oil and gas reserves, with appropriate deductions for take or pay and other prepayments, severance and ad valorem taxes, operating, gathering, transportation and marketing expenses, capital expenditures (including capitalized workover expenses) and plugging and abandonment costs. Each calculation of such estimated future revenues shall be made (a) using the Five Year Strip Price, adjusted in a manner reasonably acceptable to the Administrative Agent for (i) any basis differential between the actual delivery location and the reference price delivery location and price differential between the actual product delivered and the reference product, in each case, using in each case using methodology consistent with past practices and in good faith based on observable differentials (which utilized differentials shall be, volume weighted on the basis of current and expected future arrangements for the sale of production, the lesser of (A) the average actual differentials for the last twelve months and (B) those future differentials which may be hedged by contract); and (ii) quality and gravity, (b) using costs as of the date of estimation without future escalation and 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. Total PDP PV-10 shall be calculated on a pro forma basis, giving effect to (x) acquisitions and Dispositions of Oil and Gas Properties consummated by the Borrower and the other Loan Parties since the date of the most recently delivered Reserve Report (provided that, in the case of any acquisition of Oil and Gas Properties, the Administrative Agent shall have r...
Total PDP PV-10 means, for any Person or group of Persons, the present value of estimated future net revenues from Proved Developed Producing Reserves on such Person’s or such group’s Oil and Gas Properties as set forth in the Company’s most recent Reserve Report, calculated in accordance with Applicable Securities Legislation and based on the forecast prices and costs utilized in such Reserve Report 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 10%. The Total PDP PV-10 shall be calculated on a pro forma basis, giving effect to (a) acquisitions and dispositions of Oil and Gas Properties consummated by the Company and its Material Subsidiaries (provided that in the case of any acquisition, the Company’s most recent Reserve Report evaluates the Proved Developed Producing Reserves subject thereto); and (b) the Proved Developed Producing Reserves attributable to production from any xxxxx that have commenced and flowed into sales as of the measurement date, subject to such Proved Developed Producing Reserve assessment being prepared by Insite Petroleum Consultants Ltd., Xxxxxxx Associates Ltd., GLJ Petroleum Consultants Ltd., XxXxxxxx & Associates Consultants Ltd. or Xxxxx Xxxxx Company, L.P. or such other national or international firm as may be reasonably selected by the Company.
Total PDP PV-10 means, as of any Term Loan Incurrence Collateral Coverage Ratio Test Date, the net present value, discounted at 10% per annum, of the estimated future net revenues expected to accrue to (i) the Loan Parties’ collective interests in the Proved Developed Producing Reserves evaluated in the applicable Term Loan Incurrence Engineering Report and (ii) to the extent Total PDP PV-10 is being calculated in connection with the incurrence of any Qualifying Acquisition Indebtedness, the Qualifying Acquisition Properties to be acquired by the Loan Parties pursuant to the applicable acquisition (as evaluated in the applicable Term Loan Incurrence Engineering Report), in each case during the remaining expected economic lives of such Proved Developed Producing Reserves, calculated using the applicable Five-Year Strip Price as of the close of business on such Term Loan Incurrence Collateral Coverage Ratio Test Date; provided that (a) appropriate deductions, as reasonably determined by the Borrower in a manner consistent with past practices and as reflected in the Reserve Report most recently delivered pursuant to Section 5.15 (or, if applicable, the most recent Term Loan Incurrence Engineering Report), shall be made for severance and ad valorem taxes, plugging and abandonment costs and for operating, gathering, transportation and marketing costs required for the production and sale of such Proved Developed Producing Reserves, without giving effect to non-property related expenses such as general and administrative expenses, debt service, future income tax expense or depreciation, depletion or amortization, and (b) the cash flows derived from the pricing assumptions described above shall be further adjusted as reasonably determined by the Borrower in a manner consistent with past practices, to account for the basis differential between the actual delivery location and the reference price delivery location, and adjusted for any price differentials between the actual product delivered and the reference product, in each case, using methodology consistent with past practices and in good faith based on observable differentials.
Examples of Total PDP PV-10 in a sentence
The “Asset Coverage Ratio” as defined in the GoM Term Loan means, as of each March 31, June 30, September 30 and December 31 of each Fiscal Year, commencing December 31, 2020, the ratio of (a) Total PDP PV-10 (as defined in the GoM Term Loan) as of such date to (b) outstanding principal amount of Loans (as defined in the GoM Term Loan) as of such date.
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 is cured to the reasonable satisfaction of the Administrative Agent.
It is understood and agreed that the Total PDP PV-10 that will be contained in each Excess Cash and Distributable Cash Certificate will be as calculated by the Administrative Agent and provided to the Borrower Representative prior to the due date for such Excess Cash and Distributable Cash Certificate.
For the purpose of assessing potential spill impacts for this Final Supplemental EIS, the spill volumes defined and discussed in the Final EIS were simplified from five to three representative spill volumes: small, medium, and large.
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 is cured to the reasonable satisfaction of the Administrative Agent and Lead Lender.
More Definitions of Total PDP PV-10
Total PDP PV-10 means, as of any date of determination, the net present value, discounted at ten percent (10%) per annum, of the future net cash flow expected to accrue to the Note Parties’ collective interest in their Oil and Gas Properties constituting Proved Developed Producing Reserves during the remaining expected economic lives of such Oil and Gas Properties, with such calculation to be made in accordance with Section 1.05.
Total PDP PV-10 means the net present value, discounted at 10% per annum, of the future net revenues expected to accrue to the Company’s and its Subsidiaries’ collective interest in its Oil and Gas Properties constituting Proved Developed Producing Reserves and, solely for purposes of the definition of “Permitted Acquisitions,” Proved Developed Non-Producing Reserves during the remaining expected economic lives of such Oil and Gas Properties, as calculated on any date of determination as set forth in the last sentence of this definition. Each calculation of such expected future net revenues shall be made in accordance with SEC guidelines for reporting proved oil and gas reserves, provided that in any event (a) appropriate deductions shall be made for severance and ad valorem Taxes, capital expenditures and for operating, gathering, transportation and marketing costs required for the production and sale of
Total PDP PV-10 means the net present value, discounted at 10% per annum, of the future net revenues expected to accrue to the Company’s and its Subsidiaries’ collective interest in its Oil and Gas Properties constituting Proved Developed Producing Reserves during the remaining expected economic lives of such Oil and Gas Properties, as calculated on any date of determination as set forth in the last sentence of this definition. Each calculation of such expected future net revenues shall be made in accordance with SEC guidelines for reporting proved oil and gas reserves, provided that in any event (a) appropriate deductions shall be made for severance and ad valorem Taxes, capital expenditures and for operating, gathering, transportation and marketing costs required for the production and sale of such Oil and Gas Properties, and plugging and abandonment (and other asset retirement obligations) or any other expenses in respect of such Oil and Gas Properties (including expenses incurred after the end of the expected economic lives of such Oil and Gas Properties) in respect of such Oil and Gas Properties, (b) the pricing assumptions used in determining Total PDP PV-10 for any Oil and Gas Properties shall be based upon the Strip Price (as set forth in the last sentence of this definition), adjusted in a manner to reflect the Company’s and the Subsidiaries’ Swap Agreements with Approved Counterparties then in effect, (c) the cash flows derived from the pricing assumptions set forth in clause (b) above shall be further adjusted to account for the historical basis differential and (d) any such calculation and the components thereof shall be in form, substance and detail reasonably satisfactory to the Trustee. The amount of Total PDP PV-10 at any time shall be calculated on a pro forma basis for Material Divestitures and Material Acquisitions of Oil and Gas Properties consummated by the Company and the Subsidiaries following the “as of” date of the Reserve Report most recently delivered hereto (provided that, in the case of any such Material Acquisition, the Trustee (and, if requested by any Holder, the Holder requesting such report) shall have received reserve engineering data evaluating the Proved Reserves attributable to the Oil and Gas Properties subject thereto) but prior to the date on which the PDP Coverage Ratio is being calculated. Notwithstanding anything to the contrary contained herein, (i) any calculation of Total PDP PV-10 on any date (other than any March 31, June 3...
Total PDP PV-10 means, as of the date of any determination, with respect to all Proved Developed Producing Reserves described in the most recent Reserve Report delivered to the Administrative Agent, the net present value of future cash flows, discounted at ten percent (10.0%) per annum as calculated set forth in this definition. Each calculation of such expected future cash flows shall be calculated by the Borrower in accordance with its reasonable judgment and consistent with past practice (including using the Strip Price and costs determined in accordance with the Reserve Report); provided that in any event
Total PDP PV-10 means, as of any date of determination, the sum of (a) the estimated market value (whether positive of negative) of the Loan Parties’ hedge position, discounted using an annual discount rate of 10%, plus (b) the present value of estimated future revenues to be realized from the production of Hydrocarbons from the Oil and Gas Properties of the Loan Parties to which Proved Developed Producing Reserves are attributed as set forth in the most recent Reserve Report delivered pursuant hereto and calculated in accordance with SEC guidelines for reporting proved oil and gas reserves, with appropriate deductions for take or pay and other prepayments, severance and ad valorem taxes, operating, gathering, transportation and marketing expenses, capital expenditures (including capitalized workover expenses) and plugging and abandonment costs. Each calculation of such estimated future revenues sha l be made (a) using the Five Year Strip Price, adjusted in a manner reasonably acceptable to the Administrative Agent for (i) any basis di ferential between the actual delivery location and the reference price delivery location and price di ferential between the actual product delivered and the reference product, in each case, using in each case using methodology consistent with past practices and in good faith based on observable di ferentials (which utilized di ferentials sha l be, volume weighted on the basis of current and expected future arrangements for the sale of production, the lesser of (A) the average actual di ferentials for the last twelve months and (B) those future di ferentials which may be hedged by contract); and ( i) quality and gravity,(b) using costs as of the date of estimation without future escalation and without giving e fect 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. Total PDP PV-10 sha l be calculated on a pro forma basis, giving e fect to(x) acquisitions and Dispositions of Oil and Gas Properties consummated by the Borrower and the other Loan Parties since the date of the most recently delivered Reserve Report (provided that, in the case of any acquisition of Oil and Gas Properties, the Administrative Agent sha l have receive...
Total PDP PV-10 means, as of each March 31, June 30, September 30 and December 31 of each Fiscal Year, commencing December 31, 2020, the net present value, discounted at ten percent (10%) per annum, of the future net cash flow expected to accrue to the Mortgaged Properties constituting Proved Developed Producing Reserves during the remaining expected economic lives of such Oil and Gas Properties. At any time Total PDP PV-10 shall be calculated based on the information in the then most recently prepared Reserve Report, as rolled forward by the Administrative Agent to the last day of the next calendar quarter immediately (example: the first Total PDP PV-10 prepared as of March 15th for application on March 31st, 2021, shall be rolled forward to June 30th, 2021) following such date of determination, and updated on a pro forma basis for:
Total PDP PV-10 means, as of any date of determination, the sum of (a) the estimated market value (whether positive of negative) of the Credit Parties’ hedge position, discounted using a per annum discount rate of 10% plus (b) the PV-10 attributable to the Proved Developed Producing Reserves of the Credit Parties. Total PDP PV-10 shall be calculated on a pro forma basis, giving effect to (x) all to extensions, discoveries and other additions and upward (and downward) revisions of estimates of Proved Developed Producing Reserves due to exploration, development or exploitation, production or other activities, acquisitions and Dispositions of Oil and Gas Properties consummated by the Credit Parties since the date of the most recently delivered Reserve Report, in each case, subject to approval by Lead Lender in its reasonable discretion in respect of all APOD xxxxx (provided that, subject to approval by Lead Lender in its reasonable discretion, any new Oil and Gas Property shall be included in the pro forma calculations on or after the date that is thirty (30) days after initial production therefrom; and provided further, that in the case of any acquisition of Oil and Gas Properties, the Administrative Agent shall have received a Reserve Report, in form and substance reasonably satisfactory to it, evaluating the Proved Developed Producing Reserves attributable thereto) and (y) the unwind, monetization or termination of any Swap Agreement to which any Credit Party is a party, in each case occurring since the date of the most recently delivered Reserve Report.