Common use of Asset Coverage Test Clause in Contracts

Asset Coverage Test. The Borrower will not permit the ratio of the PV-9 of the Credit Parties’ Oil and Gas Properties reflected in the most recently delivered Reserve Report to Consolidated Total Debt as of the last day of any Test Period during an Investment Grade Period if, as of such date, the Borrower does not have both (i) a Rating from ▇▇▇▇▇’▇ of Baa3 or better and (ii) a Rating from S&P of BBB- or better, to be less than 1.50 to 1.00.

Asset Coverage Test. The Borrower will not permit the ratio of the PV-9 of the Credit Parties’ its Oil and Gas Properties reflected in the most recently delivered Reserve Report to Consolidated Total Debt as of for any Test Period ending on the last day of any Test Period fiscal quarter during an Investment Grade Period if, as of such date, the Borrower does not have both (i) a Rating an unsecured rating from ▇▇▇▇▇’▇ of Baa3 or better and (ii) a Rating an unsecured rating from S&P of BBB- or better, to be less than 1.50 to 1.00.

Asset Coverage Test. The Borrower will not permit the ratio of the PV-9 of the Credit Parties’ Oil and Gas Properties reflected in the most recently delivered Reserve Report to Consolidated Total Debt to be less than 1.50 to 1.00 as of the last day of any Test Period during an Investment Grade Period if, as of such date, the Borrower does not have both (i) a Rating from ▇▇▇▇▇’▇ of Baa3 or better and (ii) a Rating from S&P of BBB- or better, to be less than 1.50 to 1.00.