Common use of Asset Coverage Test Clause in Contracts

Asset Coverage Test. (i) The Borrower will not, as of any Test Date, permit the ratio (the “Asset Coverage Ratio”) of (1) Total Proved PW10% as in effect on such Test Date to (2) Consolidated Total Debt as of the date of the Reserve Report used to determine such Total Proved PW10% to be less than the amount set forth below for any Test Date occurring in the relevant period: Closing Date to June 30, 2013 1.00 to 1.0 July 1, 2013 to June 30, 2014 1.25 to 1.0 July 1, 2014 to June 30, 2015 1.50 to 1.0 July 1, 2015 and thereafter 1.75 to 1.0 (ii) For the purposes hereof, “Test Date” means (A) the date of any Scheduled Redetermination of the Borrowing Base under the First Lien Credit Agreement, (B) the date of any Interim Redetermination of the Borrowing Base under the First Lien Credit Agreement, (C) the date of any Material Acquisition or Material Disposition, or (D) such other date during each calendar year, if any, as selected by the Administrative Agent at the request of any Lender and notified to the Borrower at least 10 Business Days in advance, provided that the Administrative Agent shall select no more than one additional testing date during any calendar year.